Hi Everyone;
I am looking at purchasing a home (with a basement suite and seperate garage rental) for my wife to live in while she is finishing up her degree at U of A.
We are looking very closely at a fully renovated half duplex with a nice basement suite and seperate garage. It`s located about a block away form the Londonderry mall...I live and invest in Fort St. John and Dawson Creek, and while I will be going down to Edmonton shortly to view the property, I was really hoping to hear anyone else`s thoughts on that area.
The property is being offered for $270,000 - but here is the great part. The owners live away in BC, and it has been vacant for nearly a year! They renovated it and did not want tenants to make a mess out of the new reno`s before they sold it...and it didn`t sell nearly as fast as they would have hoped. It`s for sale by owner, and they came to a $270 asking price as they had an appraisal done last Fall for that amount. Over the phone they have stated that they need out badly and are needing to sell ASAP for `much` less than asking price.
Anyone have a good idea about how much prices in Edmonton have come down since last Fall - July `08 to present?
This property looks like it should cash flow approximately $1,000 per month with the garage rented and tenants paying utilities...and it looks in really good shape!
So..anyone with info on Londonderry area and price changes in Edmonton over the past 10 months or so would sure be appreciated!
Thanks in advance;
Mitch
I am looking at purchasing a home (with a basement suite and seperate garage rental) for my wife to live in while she is finishing up her degree at U of A.
We are looking very closely at a fully renovated half duplex with a nice basement suite and seperate garage. It`s located about a block away form the Londonderry mall...I live and invest in Fort St. John and Dawson Creek, and while I will be going down to Edmonton shortly to view the property, I was really hoping to hear anyone else`s thoughts on that area.
The property is being offered for $270,000 - but here is the great part. The owners live away in BC, and it has been vacant for nearly a year! They renovated it and did not want tenants to make a mess out of the new reno`s before they sold it...and it didn`t sell nearly as fast as they would have hoped. It`s for sale by owner, and they came to a $270 asking price as they had an appraisal done last Fall for that amount. Over the phone they have stated that they need out badly and are needing to sell ASAP for `much` less than asking price.
Anyone have a good idea about how much prices in Edmonton have come down since last Fall - July `08 to present?
This property looks like it should cash flow approximately $1,000 per month with the garage rented and tenants paying utilities...and it looks in really good shape!
So..anyone with info on Londonderry area and price changes in Edmonton over the past 10 months or so would sure be appreciated!
Thanks in advance;
Mitch