CoryCo Properties Inc.

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Canada
Calgary, AB
CoryCo Properties Inc.

Real Estate / Asset Management

12/20/2024

5 months since the development application with the City of Calgary, Local Area Planning (LAP) has completely revised my vision (check my last post for the original application). LAP wanted street facing building orientations and after a few city meetings option B was verbally approved. Now we can move forward and redesign the entire project. Target build start is still May 2025!! Which layout would you chose?

07/27/2024

Development permit application officially submitted yesterday, 12 units plus 4 secondary suites. 16 doors Highland park. Phase 1 May 2025 target !!

07/21/2024

Buy this house now !!!

05/19/2024

Initial schematic row house design is in, these were the 3 "compelling" Scandinavian facade options presented A/B/C. Nothing like the concept image supplied (Option D) [with the intentions to change the colors, copy some features like the roof overhang] maybe I'm just outdated. We see these Scandinavian designs all over now and curious everyone’s thoughts on this and what you like best!!

04/30/2024

Revised feasibility / Prelim. Schematic Drawing, the last one was from 2022 and a lot has changed since then. With the high demand for housing and zoning changes, I can fit 16 units in this project oppose to the original 12, sacrificing some parking. This was feasible in 2022 just not very appealing so I shelved it. With real estate prices increasing an average of 1.5% a month and now 4 extra doors it makes a lot more sense to proceed. Additionally, one of the original site houses should have been demolished 14 years ago when purchased, before Calgary real estate crashed. Phase 1 target start May 2025!!

04/13/2024

Maybe I shouldn't be property managing !! If you're looking to rent a place... read the entire description instead of tapping on the generic inquiry button. Same as " Is this still available on the fb marketplace " button !! I've never had one of those inquiries result in a tenancy!! Give the landlord an overview or intro of who you are. If you're not including the supplied application form!! In this case, as the description requests.

Typically, I don't even reply anymore.

04/10/2024

105.2% sellers market... insane !! What I'm really focusing on is the row houses similar to my highland park project. Up 20% from last year, almost 3% since last month. Interest rates haven't even dropped. For simple calculations. If you have a 1M$ property and it increases 3% a month. You're looking at 425k profit in 1 year !! On a 10M project valued today. You're up 4.257M $ In 1 year before it's even built, and another year later add 6M. So 2 years later that 10M project is worth 20M.

03/29/2024

I was hesitant to share this, yet if you are into real estate investment and play the leverage game you might find this informative. I always avoided high interest money and B lenders. For my next project it did not make sense to bring in investors or try to use other people's money. I have equity in other properties and prefer not to sell any. So, I wanted to share the numbers on a small 120k loan @ 12.34%. Now at first glance we immediately cringe at that % and want to run away... but wait, it gets worse!! Everyone always says private money is expensive and it is but if that is what gets you to the next step, it is more expensive to not borrow it.

Now the lender shares an estimate list of the additional fees after you accepted the fate of having 12% (14k/yr) interest. I was limited on lenders against this property because it is not in Calgary. Lender estimates the money will cost around 6k in upfront fees. I ended up at 8k. Nearly a 25% variance. Anyways to use 112k for 1 year. You pay back 143k. Therefore, my cost to borrow for 1 year is about 23k essentially 22%. That 12% does not look so bad anymore.

01/09/2024

Looking for experienced builders/developers with proven track record and financial stability interested in backing an inner-city row house development. Lenders require 10-15% (500k +/-) liquidity of construction costs to proceed with financing the project as contingency. The land assembly is 2 lots in Highland Park Calgary with approx. 50% debt to land value. 12 row houses, rezoning not required MC1 contextual. More units if split up for affordability to help qualify for MLI select. I am actively seeking private funding for the contingency and soft costs using equity in my other properties. As I wait for updates from those brokers, I thought I would see who else might want to do this build and possibly a great networking opportunity. The picture is from a project in the area I used for example, the renderings are from my feasibility study.

Address

Calgary, AB

Website

https://corycoproperties.com/

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