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记者的观察
The realities of real estate
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Published: Friday, October 06, 2006 0 R( R5 ^: Q/ [/ M* |8 u
EDMONTON - With her toolbox in hand and overalls on, newcomer Lisa Laas feels she can conquer the plumbing world in Edmonton.% u h" N9 s, a
, ?" W1 s. {; B% `3 \* `4 @The 29-year-old plumber from Vancouver had no problem finding work in Edmonton with trades people high in demand in Alberta.- y4 F" V4 g* U- G0 N) F- C
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She 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.
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* @ L7 O2 O/ |7 }But 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.
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* \* x9 t( U3 S$ G# }* ~+ b"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."0 g9 S; }6 P7 D
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Laas started looking in February. She had hoped to buy a house for $160,000, but soon realized she had to change her plans. A townhouse would have to do.: m3 |+ m% w9 U4 M* N0 H3 m+ }' j. T
) S( |3 L1 L! L) v1 m! c" OBut she has lost out on four places since beginning her search for a house.
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% d7 E* A' m; d$ H0 x- b: U b$ pShe's been outbidded, "out-offered" and "outconditioned."
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One 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.% c% ]) Z/ S+ w
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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.; _% F* P: h U3 F+ c
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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.6 |9 \6 D2 N& E/ p& T6 V
3 K& w$ ? s% Z2 x/ qShe 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." o2 ?8 H% s* `, j1 d
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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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* t0 A9 u( F9 u/ f. A9 J# k ~4 NSo Daly has been checking out townhouses, but even that has been difficult for her.9 w) W4 ?, C+ h# d
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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."# L7 z3 m% }1 ]4 |0 V# g) n
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Time has not been her friend. Every month the prices of homes in Edmonton climb higher.
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An 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 $175,922.
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5 ~3 F z) n2 n7 G+ N. l2 J3 AThe president of the Edmonton Real Estate Board, Madeline Sarafinchan, says the hot market is tough for first-time homeowners and single people.! v4 n4 N) W2 X+ f3 J* S% D4 o! p
, Q% x& [! H2 X' ?0 S( `4 T"It's definitely making people think about what their options are," Sarafinchan says. "They're having to look at things that maybe are not as what they would have termed as desirable."# E' E* b4 Z [! m W* U$ b5 ?) o0 F
# ~& r) C4 ^6 v2 kThat 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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