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Archive for November, 2011

R.B.C. Housing trends and affordability 2011

Tuesday, November 29th, 2011

R.B.C. This week came  out with their housing trends and afford ability report for 2011. It puts Alberta as the most affordable place in Canada to own a home. 

 R.B.C has compiled statistics from across the country and created a comprehensive document. If you are into graphs and statistics this may just be the thing for you.

Please see the attachment below.

 

Making your Real Estate needs my priority

 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017
 
 

Open house in Newton Sunday Nov 27

Thursday, November 24th, 2011

Please join me from 2-4 pm, take a look at this excetional value where else can you buy on to the top floor of a concrete builing for this price!

Property details.

Making your Real Estate needs my priority
 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

Open house in Ellersile 1Bedroom condo November 19

Wednesday, November 16th, 2011

#324 151 Edwards Drive

Please join me from 2-4 on Saturday November 9. Come and take a look.

This is a well maintained one bedroom condo with all the amenities. Feeling bigger than its stated size. With all stainless steel appliances and raised eating bar in the kitchen, in suite laundry and storage, large master bedroom and living room this is ideal for the urban professional, or student. Relax away from the pressures of downtown while sipping a glass of wine, enjoy the view and evening sun from your balcony. Located just south of the Henday, and close to Hwy 2 gives easy access to the airport, school or downtown in 15 minutes. The complex is well managed and offers an exercise room.

Proprty details and pictures.

Making your Real Estate needs my priority
 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

November newsletter and Stats

Thursday, November 3rd, 2011

Market activity for the month of October 2011

 

   September

Change from      to

August 2011 September 2011   October

Change from     to 

September 2011 October 2011

New Listings

2,585

-366

-12.4%

2,166

-419

-16.2%

Active listings

8,062

-281

-3.3%

7,296

-766

-9.5%

Sales

1,345

-162

        -10.7%

1,170

-175

-13.0%

Average Sale price

*House and Condo sales

$305,931

+$4,890

+1.5%

$293,394

-$12,537

-4.0%

House

$375,738

+$5,390

+1.4%

$362,897

-$12,841

-3.4%

Condo

$236,125

+$4,390

+1.8%

$223,892

-$12,233

-5.1%

 

What do these statistics tell us?

 

    It’s the time of year again when thoughts turn to the holiday season. With that comes a downturn in the market. With that being said property values are still above those of October of last year ($317,422). 2010 was somewhat of an anomaly, in that the market peaked in March as opposed to the typical June or July, as happened this year.

 

 With the exception of a slight upturn in the market in September when prices rose by 1.5% the remainder of the year has followed the established typical trend.

 

 With continued instability in Europe causing almost daily fluctuations in the stock market, and consumers looking for a safe place to park their money, Real Estate in Alberta continues to be a solid and safe investment.

 

 I have had a number of calls from first time Real Estate investors: asking for information on condominium documents and the rules and challenges surrounding investment properties.

 

 With property prices falling and oil prices increasing this may be a good time to get into the market.

 

 As we are all well aware, Edmonton is an oil driven economy, as the price of oil increases so do the oil patch jobs, increasing migration and property values.  There are some specific considerations when it comes to investing in real estate, if managed properly and with patience, can be a great long term investment with little or no holding costs.

 

 Based on average sale price, a property bought in February of 2009 and sold in July of this year would have returned a 7.5% gross return.

 

 If this is something that may interest you I would be happy to give you more information and discuss the specific considerations.

Making your Real Estate needs my priority

 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017

Condo Buyers Guide

Thursday, November 3rd, 2011

Should I Buy a Condo?

As single family home prices have risen, many consumers have been looking to condominiums as an alternative. First time buyers like the lower prices, which makes entry into the real estate ownership market easier. Seniors like the low maintenance aspect and the ability to be in a community catering to their lifestyle. Others like the security advantages that the building provides, especially for those who travel frequently.

Condo Concept
When you purchase a condominium, you purchase and have title to your individual unit in a multi-unit property, and share in the ownership of the land and other common property with all the other unit owners.  The type of common property varies depending on the type of condominium – high rise or townhouse for example – and would include hallways, elevators, heating system, parking structures, landscaped areas, recreation areas etc.

A condominium is a specific form of ownership and does not describe a type of building.

One of the great advantages to owning a condominium is that in most cases, it is owner-occupied and owner run.  Owners ensure their investment is maintained and regard improvements as an investment which increases the value of their individual unit.
 

Advantages and Disadvantages of Condo Ownership

If a winter holiday is part of your lifestyle, you can leave with your mind at ease, without the worry of a driveway to clear. In the summer the grass will be cut, you won’t have any exterior painting projects or fence repairs to look after.

Condo projects are now part of most communities which means being able to stay in the same location where you were a homeowner.  Some condo projects are more successful than others in terms of capital appreciation and length of time to sell. Here are some of the advantages and disadvantages of condo ownership:

Advantages

  • protection from rent increases
  • monthly cost of owning is often less than renting
  • easy financing
  • wide range of property types, prices, locations, sizes and amenities available
  • availability of amenities such as swimming pool, tennis courts, hot tubs, saunas, whirlpools, exercise facilities, health spas, sun decks, community rooms (the cost of which may otherwise not be affordable)
  • you are investing in your own home and build equity
  • appreciation of capital value
  • pride of ownership
  • freedom to make interior changes and enhancements to your unit
  • enhanced security availability and peace of mind when leaving unit unattended
  • maintenance and upkeep is kept down or eliminated
  • security of tenure and permanent occupancy
  • cost is often less than single family home due to efficient use of land and economies of scale
  • very marketable
  • wide range of prices depending on features, luxury and location
  • sense of community due to permanence of residents and resulting social activity
  • developments available geared to a specific lifestyle (restrictions on age, pets, children etc.)
  • participation of owners in operation of development including budgeting, decision making, determination of rules and by-laws.

Disadvantages

  • some loss of freedom may be experienced due to rules and by-laws e.g. type of pets allowed, right to rent unit etc.
  • due to a larger concentration of people you may experience problems with the “5  p’s”, pets, parties, parking, personality and people.
  • money is tied up in equity
  • you may be paying for some amenities you never use
  • boards of directors vary in terms of skill and effectiveness
Making your Real Estate needs my priority
 
Dave Dry
Realtor, Re/Max Real Estate
Office: (780) 457 3777
Cel: (780) 446 3727
Fax: (780) 478 7017
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