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Edmonton, AB

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January 2010 Edmonton real estate market update

02-09-10
Jason Thomas
Jason Thomas: Real Estate Sales Person in Edmonton, AB
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  • Office: (780) 431-1900

Well 2010 started out soft, it definitely didn't start with a bang. The sales were just above last years' numbers. The major points are here:

1) JANUARY sales were low (884). We did exceed the 730 sold in January 2009.

2) The listing Inventory level is much lower than last year. Our current inventory is 4864 properties, in Jan 2009 the level was 6573.

3) Months of inventory has moved up to 5.5 (still a sellers market, as it is under 6)

4) SFD Prices Flat, CONDOS prices are falling

5) Days on market average was 57, up from 50 in December 2009. But, much better than Jan 2009 (68 days on market).

I've attached a graph showing the price of a single family dwelling in the metro Edmonton area over the last 2 years. As you can see, we bounced up from the bottom in Feb 2009, and have basically been moving sideways over the last few months.Average sale price sfd in Metro Edmonton

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Who says art doesn't pay?

02-03-10
Todd & Danielle Millar
Todd & Danielle Millar: Real Estate - Other in Edmonton, AB
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  • Office: (888) 780-5940 x251
Another draw to the city.
Check this building out! I think it is classy and if it draws the estimated $2.2M in revenue that would be nice. The gallery has already sold 2000 memberships before it opened and is aiming for 200,000 visitors in the first year.

Tourism is another tier in the diversification table and a welcome stream of income. Plus, it'll be fun to visit even if you're not that keen on the arts.

Here is the map to get there and check out the Art Gallery of Alberta site.

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Newer Mobile Home for Sale in Maple Ridge Edmonton, AB

01-23-10
Robert Rudyk
Robert Rudyk: Real Estate Agent in Edmonton, AB
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  • Office: (780) 464-4100

Newer Mobile Home for Sale in Maple Ridge Edmonton, AB

21 Crystal Cres Edmonton, AB

This mobile home for sale shows like new.  2007 SRI Ambassador Series 16 x 76 offset design.  This 1216 sq ft home for sale has a warm open layout with richly designed eat-in kitchen and plenty of cupboard space.  Its offset design gives it a bright spacious living space.  The master bedroom has an upgraded three piece en-suite and walk-in closet.  It also has two additional bedrooms and a full 4 piece bathroom.  Lots of storage available throughout this home.

This home for sale includes upgrades of being fully drywalled, an additional entry door, and large 16 x 16 south-facing deck.  The site has a parking pad on the front, and includes the new shed in the back.  With this mobile only being 3 years old you also still have warranty. 

This home for sale is situated in an adult living area in the Maple Ridge Mobile Park.  Just off 17 street in the south east part of Edmonton you have easy access to Whitemud and Anthony Henday when you need to get around. 

You will be impressed from the moment you step into this home for sale.  Priced to sell, you will find many others available but none that compare.


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This and That

01-08-10
Todd & Danielle Millar
Todd & Danielle Millar: Real Estate - Other in Edmonton, AB
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  • Office: (888) 780-5940 x251

What a decade. It started with Y2K and ended with a global recession. It seems 2010 is bringing new optimism in it's wake and the news is reflecting that.

Alberta poised to lead in growth - "Following a sharp economic contraction this year, Alberta's economy is forecast to be one of Canada's fastest growing provinces in 2010.

Scotiabank economist Alex Koustas predicts that in 2010, the energy province's GDP will grow by 2.9% after shrinking 2.6% this year.

Only B.C., at 3%, is forecast to grow at a faster rate.

Come 2011, Alberta will be firmly planted ahead of other provinces, thanks to a growth rate of 3.5%, Koustas said."

Housing market rebounds - "It turns out, the Realtors Association of Edmonton president wasn't optimistic enough.

"We predicted residential sales of 15,550 this year and exceeded it in early October," Ponde said on Tuesday as the group released its final month of Multiple Listing Service figures for 2009.

"We anticipated that single-family prices would end the year at $352,000 and condos would be at $222,500."

The average prices turned out to be $364,032 and $240,322, respectively."

Real estate market expected to remain strong in first half of 2010 - "However, the Canadian real estate market has been much quicker to recover than its American counterpart, in part because of a more stable banking industry, historically low interest rates and improving consumer confidence.

Royal LePage executive Phil Soper says Canada's real estate market enters 2010 with "considerable momentum from an unusually strong finish to the previous year."

The stimulus effect of low borrowing costs has contributed to a sharp rise in demand that has driven activity to new highs, he said in a statement.

-Edmonton: Detached bungalow, $299,286 (down 0.7 per cent); standard two-storey home, $340,557 (down 1.2 per cent)"

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The Motivated Seller

01-06-10
Todd & Danielle Millar
Todd & Danielle Millar: Real Estate - Other in Edmonton, AB
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  • Office: (888) 780-5940 x251

After a recent conversation with a potential client, I thought this topic was good to post here. He mentioned that his mentor told him to only buy 3-D (death, divorce, debt) motivated properties.

Many of the properties we buy are undervalue and most of the reasons fall under the 3-Ds as it is a broad blanket. In real estate you call it the 'grave dancers' people who only target sellers in hardship. I'm not a grave dancer but I do look to help sellers in hard times out of their situation with dignity and yes, that sometimes means that properties are purchased under value.

Not all seller's initially jump out and say 'Hey, I'm getting a divorce and I'm totally broke- take this property now!' Some Realtors may put that spin on things, but it is not always the case.

When you train your team to ask the right questions you'll uncover these and other opportunities.

As an investor you must be active in finding your deal, not waiting passively for it to come to you. If you are only hunting the 3-Ds you miss other opportunities or pass over what appears not to be a 3-D deal only to realize later it was.

For example, a mortgage broker I know has a property that he's been trying to sell for a few months on MLS. It's priced right, but there is a lot of competition for that product.

When I spoke to him about it he told me the listing was his, he's knock the price down $15K as he was just diagnosed with a serious health condition and wants to simplify his life. He doesn't want to blast his personal life out there to anyone and let the vultures set in.

One last and important point, being active in finding your deal means that you look at 100-50-25-10 properties in your target zone. You cull the numbers down to say 10 properties based on your investment criteria (profitability). Out of that 10 you may have 1 motivated 3-D seller and 2 regular solid deals. You then work the deals by priority. If you were only targeting 3-Ds you might have missed the other 2 viable opportunities. See, you still get the 3-D deal AND you get 2 more from being active.

It's really a chicken or egg situation as you could lump most motivated sellers in the market today, as motivated by debt. Either current or impending. The first two Ds usually cause the last one.

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