Well the house across the street is still for sale. It's been a month and the price has dropped 100K
https://www.edmontonrealestate.pro/listing/Edmonton/Twin-Brooks/e4060006-541-twin-brooks-bay-edmonton-ab-t6j-6x3/Posted by arfmoocat on Saturday, May 20th, 2017 at 1:27am
The reason for the price drop could be that the house was overpriced to begin with. I'm not sure that is a good example to say that the market is falling off the cliff when it's pretty healthy.
The problem with Edmonton is that its a tale of two markets. The newer stuff which you will hardly make money and the top mature neighbourhoods, the builders/investors are making a killing.
Looks to me like it's overpriced by about $200,000.
It'll sell once they come back to reality.
Why don't you just drive by Westmount, Inglewood, University and other infill areas close to downtown. There so so much development going on. Builders can't be that stupid and keep building if they are not selling.
Didn't I say that Edmonton has 2 markets, the new stuff that you are talking about and the the mature neighborhoods. People are finally realizing they want to live near the core. Buying in new neighborhood, new house is like buying a new car. How can the new stuff really go up, when the developer can just open a new phase next door.
Recently, I juts lost a bidding war in the Garneau area and there were 5 parties bidding on the same property. It went $10K above asking. Honestly, if the property is undervalued you will have so many bidders stepping up to the plate. Don't kid yourself, there is lots of money in the city ready to buy.
If the real estate market was so bad, who is buying all these $800,000 in fill in Edmonton. I can tell you a half duplex recently sold in Westmount for $975,000.
I never said the market was falling off a cliff, but it isn't doing anything and hasn't for years.
I agree, the house across the street was totally over priced and still is in my opinion.
There's no shortage of supply or any bidding wars happening in Edmonton.
I went to Bogey Busters driving range yesterday, just down 111 st on the south side of Anthony Henday and right on Ellerslie Rd. There's new homes and townhouses everywhere.
I wen't for two interviews on Thursday, not rush hour traffic, One was at the UofA and the other at Strathcona Refinery. It took me longer to get home on the shorter pot hole drive from UofA then it did on the Anthony Henday drive from Strathcona Refinery. That's f #cked! Could you imagine making that drive daily working 8 to 4.
Well, we had Tom crowing here last week about all-time highs in SFHs. This week, with barely any changes, sees a 4-year low despite apparent double digit appreciation in mature neighbourhoods (which is more than half the city).
You guys just need to buy as much as you can and borrow as much as you can so you can leverage up the profits -- there's no need to try and talk the rest of us into it. I promise you we won't try to talk you out of it.
I'm not sure if you are upset at the world and pissed off at the people who are making lots of money and your not one of them. Everyone can have their opinion and if you have yours that is fine.
1. 12422 103 ave sold $975,000, half duplex
2. 10637 128 street sold for 1.1 million, lot was purchased for $320,000, 4 years ago
Before you start ranting and pissed off you should have your facts straight. I have all the sold prices from a year ago and know what sold even back from 14 years ago.
I'm not sure if you know pre-2006 you didn't even need to qualify for a mortgage, so there is enough people who have made so much money in this market, sure sucks to be left behind, I guess.
I can tell you for sure if any sellers out there will list a 50' lot in Westmount for around $400,000, you will have a lineup of buyers. What do you think that lot was 5 years ago?
I'm not here to change your mind about real estate, but this blog should be about people who share their insights in knowledge about real estate investing. That is probably the reason why you are here.
There is a development on 102 ave/101 ave and that lot was purchased around $500,000 and the developer was able to get 3 lots. I spoke with the builder and he has 2 of the houses pre-sold for $800,000 each and the third house is looking to get $850,000. That site is builable to 2.4 million minus your construction costs.
I don't know, but I think that should be a huge profit. You can blame the city for letting developers split 1 lot into 2-3 lots and making lots of money. Historically real estate has always made the average people really wealthy, so why question that. If you lived in Vancouver and Toronto 20 years ago, you would be saying that real estate doesn't make sense.
101A ave/142 streetPosted by Kenny on Sunday, May 21st, 2017 at 6:15am
YOU + ARE = YOU'RE.
No wonder you're going to so many job interviews. Once they see your writing ability they move onto the next applicant.
12422 103 ave
Half this box ... nice alley, telephone poles and professional buildings in the 360 pic
Like I said, if you paid $975,000 for half this box your an idiot.
Yes, I always seem to forget you are = your'e
Thanks for the Phonics class
As a beginner and only from my experience for the past three month (March to May 2017), i do see the market is quite active in the area of duplexes (with or without condo fees) in the newer area (Terwillegar, Windermere, Rutherford, Allard). 65% of the duplexes properties i viewed or i was interested in viewing was sold/pending. It did make me wonder what's behind the scene that support the strong purchasing power and sometimes it makes me rush to make decision. This is probably the mistake beginners sometimes easily make.
Experts in real estate industry like to talk about economic fundamentals, net Immigration (both international and national), big employer moving in, affordability, etc., can anyone here shed more lights on this kind of analysis for Edmonton?
Thanks Kenny very much for providing some comments about the direction to invest. I hope people from this forum share more of their thoughts.
Some very positive signs for the Alberta economy, https://twitter.com/trevortombe The Edmonton real estate market should follow in the years to come if economic trends continue.Posted by Garry on Thursday, May 25th, 2017 at 3:44am