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V · 05-29-2006, 10:34 AM

This demand on the lower end houses right now is absolutely killing me. For example, I looked at a foreclosure a couple weeks ago. It was a fairly large 4 level split in Whitehorn listed at 250K. The house was beat to ****, needed a completely new kitchen, new lighting new floors, new paint, some wall repairs, new appliances, the works. In pristine condition that house probably would have sold for somewhere between 320K-350K. I put in an offer at 275K, 25K over list, and thought it could get me the house. This house, in its beat up condition, sold for 315K. 65K over list price!

I just put in an offer for a house in Martindale that's listed at 220K. I offered 235, and I think that after about 10K in renovations I could probably sell it for 275K-ish. It's in pretty bad shape right now. Well, my realtor tells me that I should probably expect the house to go for about 250K. If that's the case I'm going to have to look at a different location, maybe Edmonton, where the demand isn't quite so rabid. This is insane right now.

05-29-2006, 10:34 AM	#46
V Franchise Player Join Date: Feb 2005 Exp:	This demand on the lower end houses right now is absolutely killing me. For example, I looked at a foreclosure a couple weeks ago. It was a fairly large 4 level split in Whitehorn listed at 250K. The house was beat to ****, needed a completely new kitchen, new lighting new floors, new paint, some wall repairs, new appliances, the works. In pristine condition that house probably would have sold for somewhere between 320K-350K. I put in an offer at 275K, 25K over list, and thought it could get me the house. This house, in its beat up condition, sold for 315K. 65K over list price! I just put in an offer for a house in Martindale that's listed at 220K. I offered 235, and I think that after about 10K in renovations I could probably sell it for 275K-ish. It's in pretty bad shape right now. Well, my realtor tells me that I should probably expect the house to go for about 250K. If that's the case I'm going to have to look at a different location, maybe Edmonton, where the demand isn't quite so rabid. This is insane right now.