Edmonton Real Estate Investors Association Message Board › Minutes of the Dec 9, 2008 Edmonton Reveue Property Investors Assoc meeting
Sherwood Park, AB
Edmonton Revenue Property Investors Association - December 9, 2008
Karen opened the meeting at 7:00 p.m. with a joke about John who ordered 300 cockroaches to fulfill the requirement that he leave the apartment in the same condition as when he moved in. It is important to ask lots of questions of prospective tenants.
Les recommends pricing your property right – not too high and not too low. Lillian gave us the treasurer’s report. She has filed the non charitable documents to keep us up to date.
Our first guest speaker was David la Patca of Gettel Appraisals. He tracks all commercial, residential and Industrial properties.
Ft McMurray has had an increase in the number of people moving there. “Only
Two banks are presently lending. ATB and Servus. Apartment vacancies are up and the purchase prices have dropped. You can now buy distressed properties if you have the cash.”
Our second guest speaker was Warren Powers of Powers & Associates Appraisal services. Assessments vs. Appraisals. Warren does both. Assessments are only for tax purposes. Appraiasals are for determining the value of a property. At present the city of Edmonton assessments are 10 – 12% higher than their actual value. For an accurate assessment multiply your assessment by 88% to get to-days value. The market is more stable now, except condos are still volatile and prices are falling.
Our third guest was Alberta Financial Solutions. They suggest achieving your financial goals with a Heloc (Home Equity Line of credit.)They have a couple of projects being offered at present. You can check out their offerings at www.albertafinancialsolutions.com
Les: Condo prices are down 2.5% in November compared to Oct 08 Wait until prices stop falling before buying. Do your research on MLS.
Draws completed the evening.