Edmonton Real Estate Investors Association Message Board › Edmonton Revenue Property Investors Association Meeting - Aug 10, 2010
Michelle Weslake opened the meeting at 7:10 p.m.. Michelle is a realtor for ReMax. She stated that good properties priced right will sell in 2 months. Buyers have good choices right now with many listings being on the market. Michelle introduced Les, our president.
Les talked about statistics from the Edmonton Realtors Association. Single family homes sold for an average of $378,979 in July, down from June, but up 1.5% over last year. There is a large inventory of 8,892 properties. Sales have dropped 15% from 1,741 in June to 1,294 in July. Less than half the active listings over 30 days had a price reduction but 93% of July sales sold below list price with about 40% of those sales already take a price reduction.
Edmonton Realtor, Brent Davies introduced his new service to new investeors. He organized caravans to look at and evaluate properties. You meet every Thursday at 6:30 p.m. and tour selected properties. Email Brent @ brentdavies.com or call 780-297-2810.
Les introduced our guest speakers, Ron Fediuk and Stuart Reid from Infinity Property Investements. They do multi-family syndication, converting apartment buildings into condos and then selling them to investors. They presented two complexed they have in Lethbridge. Investors can buy a 2 bedroom condo for $125,000 and rent it for $1050/month. There is a rental pool. Phone them at 780-488-9231 for more information.
Book draws were completed to end the evening.