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记者的观察
The realities of real estate
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Published: Friday, October 06, 2006 0 [/ p* x* }1 R, A6 q" t6 d
EDMONTON - With her toolbox in hand and overalls on, newcomer Lisa Laas feels she can conquer the plumbing world in Edmonton.7 J; C! \* j0 L. |) U; Z% N
' T0 }( s2 G3 G; R& g( w2 Y( l# vThe 29-year-old plumber from Vancouver had no problem finding work in Edmonton with trades people high in demand in Alberta.8 f A. t$ h5 v0 J' n2 |- P; U
* ]! D" V, F) f5 }1 }$ ~0 QShe moved here in December with dreams of being a homeowner, something she could never afford in Vancouver despite four years of saving her money for a down payment.8 @/ E# w: c( ^# l
/ |0 f" b; v8 U' V/ ZBut she didn't expect Edmonton's world of hot housing where the law of successful buying seems to consist of three elements: speed, cash and no conditions.% N X& S7 e0 F) b
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"It absolutely scared me," she says. "I moved here for a house, and all of a sudden a townhouse went from $105,000 to $155,000 and I'm going, 'Oh my gosh. I have to buy really quick.' I've seen it in Vancouver and now I'm starting to see it here and it's frustrating."" P* W4 Y6 A. }3 K
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Laas started looking in February. She had hoped to buy a house for $160,000, but soon realized she had to change her plans. A townhouse would have to do.( [( H* @2 }( N" V
/ a* B$ G/ W8 M7 r$ A7 x7 ABut she has lost out on four places since beginning her search for a house.
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She's been outbidded, "out-offered" and "outconditioned."
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T: g# V3 i( c6 |% u% POne house, the one she really wanted in the northwest neighbourhood of Calder, went on the market at 4 p.m. and had multiple offers by 6 p.m. so Laas walked away. In two other instances, other buyers had fewer conditions on their bid to purchase a townhouse, so her offer was dismissed.. W6 q' u: Z! d: x
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Laas says she was in tears because of the experience. She has given up working with a real estate agent to look for a home. She says she's backed off the whole thing, but she keeps her eye open every now and then." T/ x- P$ \# Y8 }" o+ S
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Forty-five-year-old Cheryl Daly is also having a tough time finding an affordable home for her 12-year-old son and a 16-year-old daughter.
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9 k g/ O0 O0 h% d1 Y2 B: Q7 MShe left a 23-marriage and a 1,700-square-foot home last year. She works as an administrator and now rents a three-bedroom townhouse.. Z3 K" N, G( i v, U
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Back in April, she started looking for a home, something in the $170,000 range. "I would like to have a half duplex even, but with the prices and with my status, I know that's not realistic," she says.
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So Daly has been checking out townhouses, but even that has been difficult for her.
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"The places, when they come up, if they're at a decent price, they're gone really quickly," she says, "so it's a matter of timing."
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Time has not been her friend. Every month the prices of homes in Edmonton climb higher.* T' t8 k5 W$ \7 U$ a$ i
5 H, p5 M2 v D& P% u0 w: IAn average single dwelling unit in Edmonton sold for $316, 480 in August this year. An average townhouse, which includes the price of duplexes, sold for $262,327 in the same month. Last year in August an average townhouse sold for $175,922.
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The president of the Edmonton Real Estate Board, Madeline Sarafinchan, says the hot market is tough for first-time homeowners and single people.
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; l2 ] [: m' H3 Q"It's definitely making people think about what their options are," Sarafinchan says. "They're having to look at things that maybe are not as what they would have termed as desirable."
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: t7 g0 G* v D. j. c- d1 W: ZThat may mean sellers are not as open to "conditions" on offers as they used to be -- such as a house inspection before the deal is finalized. |
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