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记者的观察
The realities of real estate
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Published: Friday, October 06, 2006
( O6 q& M/ Z; Q% i4 T3 s. sEDMONTON - With her toolbox in hand and overalls on, newcomer Lisa Laas feels she can conquer the plumbing world in Edmonton.* Q; |- B5 {" E. R+ ?! b
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The 29-year-old plumber from Vancouver had no problem finding work in Edmonton with trades people high in demand in Alberta.1 X/ ~& `4 Y, R" P
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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.# [ y* p& F8 t
, I" ~7 r$ G) O# }+ BBut 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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"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."- t" v; n% F7 L- E
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Laas started looking in February. She had hoped to buy a house for $160,000, but soon realized she had to change her plans. A townhouse would have to do.
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But she has lost out on four places since beginning her search for a house.
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4 g( |# r C* O6 V( |* ~; eShe's been outbidded, "out-offered" and "outconditioned.": S/ z- d7 t3 @# T: N
: ?8 E/ H: N4 Q) O/ k5 l! q; COne house, the one she really wanted in the northwest neighbourhood of Calder, went on the market at 4 p.m. and had multiple offers by 6 p.m. so Laas walked away. In two other instances, other buyers had fewer conditions on their bid to purchase a townhouse, so her offer was dismissed.
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1 S8 ~3 p! n; L# C7 sLaas says she was in tears because of the experience. She has given up working with a real estate agent to look for a home. She says she's backed off the whole thing, but she keeps her eye open every now and then.# U" R+ ]2 K1 {
7 ]# h, V/ J( s9 u9 q9 BForty-five-year-old Cheryl Daly is also having a tough time finding an affordable home for her 12-year-old son and a 16-year-old daughter.) R" l! Q; n+ T% K, D$ k1 m5 |3 R
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She 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.
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; I8 ^- E7 I7 O9 V. t- FBack in April, she started looking for a home, something in the $170,000 range. "I would like to have a half duplex even, but with the prices and with my status, I know that's not realistic," she says.
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: @: h$ X2 Q! j8 _. s( X9 e3 bSo 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."7 G. F" }6 v+ i$ I
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Time has not been her friend. Every month the prices of homes in Edmonton climb higher.0 x0 ?4 S( H3 F/ W+ O1 w2 }( v0 s
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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.( k- Q8 {! {- \8 v* N) O+ W
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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.& y0 n4 b' {1 B6 }# T2 z
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"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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That 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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