Lake Midnapore is a conveniently located lake community in South East Calgary, Alberta. Situated just to the east of McLeod Trail, and to the north another popular Calgary lake community, Sundance, this neighbourhood offers walking distance to shopping and the Calgary C-Train, as well as established schools.
Midnapore also offers home buyers the opportunity to enjoy at lake resort lifestyle in Calgary at relatively affordable prices as we’ll see below in the Lake Midnapore Real Estate Market Report for Fall 2012…
During the fall home sales period from September 1, 2012 – December 20, 2012 17 homes sold in Midnapore. This number is down from the same time frame in 2011, when 32 homes sold. What you’ll notice in the breakdown below, is that 8 of the 17 sold for under $300,000. In this price range, half were apartment style condominiums, three were single family “attached” homes, and one was a single family townhouse.
Many homes in Midnapore were built in the late 1970’s. This affords the opportunity to investors and home buyers to build equity of their own. We certainly see this in the $300,000 - $399,000 price range. Of the 6 that sold, all of them sold for less than $355,000.
In the $400,000 price range, the three that sold, went for under $421,000. It certainly looks like buyers took advantage of some great opportunities here, where the lots are spacious, and the trees are full grown.
The breakdown of homes that sold in the fall of 2012, might lead one to believe that Midnapore is for starter homes. For many it is a good place to start, but Midnapore certainly has its luxury homes as well, though they do not come on the market as often. At the time of writing this report, 10 properties in Midnapore sold for over $500,000 in 2012, 2 of those homes sold well over the million dollar mark.
Year over year, the comparison home sales in Midnapore for the same time period from September 1st to December 20th in 2011 to 2012 shows the number of sales in the fall to be down, as mentioned earlier, from 32 to 17.
The price range buyers have chosen to act on has also decreased in 2012 with the lowest selling price at $185,000 and the highest selling price at $421,000. In the fall of 2011, selling prices ranged from $200,000 to $655,000. Given the shift, the average price in the fall Midnapore real estate market also dropped from $328,211 2011 to $305,000 in 2012. Interestingly, the median price increased from $300,000 in 2011 to $310,000 in the fall of 2012. This means that half of the homes sold for $310,000 or less, and half for $310,000 or more.
There is a great appetite in Calgary for brand new homes in brand new communities. For those who prefer convenient location and large lots with mature trees, Midnapore still offers opportunities to enjoy all these at fairly reasonable prices.
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