IanO
Superstar
My condo:
45 days on the market, 5 showings, 0 offers, reduced price by 3% today to try and bump interest.
45 days on the market, 5 showings, 0 offers, reduced price by 3% today to try and bump interest.
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Bad Move -- take it off the market for a minimum of three months and then re-list it at a higher asking (I am sure that your Agent has suggested the same thing). @Gus Haynes has the right formula.45 days on the market, 5 showings, 0 offers, reduced price by 3% today to try and bump interest.
I had a similarly slow process with my condo a few years ago. I gave up and listed it for rent, and was immediately swamped with applications. Was quite the eye-opener to me in terms of the completely inverse markets for ownership vs. renting. Fortunately, I have wonderful tenants who take great care of the place, so I don't have to test the marketplace again for a while, at least.
Edmonton is behind Calgary in terms of infill development which is surprising as Edmonton's mature neighborhood's are so much nicer than Calgary's. There are very few streets in Calgary that have tree lined boulevards and the ones that are, the starting price for a 40 foot lot with a knock down house on it starts at $650K - at least. A 50 foot lot that can be sub-divided into two 25's runs about $800K. In Edmonton there are tree lined streets with boulevards all over the place and they're like $200K less. Even some of Edmonton's downtown streets have tree lined boulevards and it's an urban feature that Edmonton is doing a poor job of promoting. The tree lined streets are something that Edmonton should be using to distinguish itself from other cities because Calgary, just as an example, is not going to start ripping streets apart and installing boulevards with trees. And even if some cities have the space to start beautifying their streets like that, it's a 50 year project.
You can add insurance to the list of costs massively increasing. There is a huge change in the industry going on across North America. In short, they have dropped quoting down to maybe 10-20% of what they were doing before, and as a building owner you get hammered on renewal because you're no longer getting multiple quotes from other insurers.You mean akin to condo fees, taxes and which way the wind is blowing?
The cost of sprawl. I don't think everyone should be paying for it, though.The approved 4 year property tax rate increase is 27%. 8.9% this year, 7% next year, 5-6% for each year after that. That's if Council doesn't add more spending.
You might have some insights on this, would love your take if you’re comfortable sharingThe approved 4 year property tax rate increase is 27%. 8.9% this year, 7% next year, 5-6% for each year after that. That's if Council doesn't add more spending.