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Luxury home sales plummet

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发表于 2008-9-26 11:54 | 显示全部楼层 |阅读模式
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Luxury home sales plummet# @! Z, {7 w1 M4 r" r0 Y
Slow economy blamed for drop
; f3 g7 r, `) d5 q% zThe Edmonton Journal! V- _2 S% E, S- X- z4 e
Published: 2:33 am2 U9 }" y; |6 n9 I0 P5 M4 k% Q. M
EDMONTON - Sales of luxury homes in Edmonton dropped 39 per cent in the first seven months of the year compared to 2007, says a report released Thursday.6 Z" r* _# I/ _1 p' w
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Real estate group Re/Max said 110 homes priced at $850,000 or more sold in the period during 2007 but the number dropped to 67 this year.
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* T, A$ c8 v$ ^3 x2 d" NSales over the $1-million mark dipped to 40 from 45. There are currently 218 properties for sale that top the $850,000-mark and average number of days on the market jumped to 72 in 2008 from 59 last year.+ A8 S0 i) a  D7 @" m5 ?

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Font:****Re/Max blamed a slowing economy and overheated real estate market for the downward trend.
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' e3 n+ e- m1 |$ z6 p/ }The top price for an MLS sale this year was $2.25 million, while the highest-priced listing is a $6.9-million property in Crestwood. A $1.39-million property in Strathcona is the highest price condo on the market.
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Re/Max predicts prices will soften this year and a rebound isn't expected until late 2009 when excess housing inventory is sold.
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In Calgary, where Re/Max defines a luxury home as costing $1 million or more, sales dropped 17 per cent to 258 from 312 units. And there's lots of choice for high-end buyers -- 395 properties are currently listed.
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: `$ a& E# E$ U% S  C9 Z. V' G5 mBesides Edmonton and Calgary, sales fell in Toronto, Hamilton and Kelowna. Those cities bucked the national trend that saw sales rise in 10 of the 15 major Canadian markets tracked.; `9 V' K$ w) b4 d( h" [
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However, the real estate organization said strength in this market segment is not expected to last.+ t9 X/ M+ Z0 w5 |: T  q

; L$ |; T0 b8 b/ N"The market for luxury homes is usually the first to show pressure cracks, but the reverse is actually true this year, with pent-up demand (due to trade-up activity), less speculation and job transfers all factors contributing to stability in this segment," Michael Polzler, Re/Max's executive vice-president for Ontario and Atlantic Canada, said in statement.% ^4 }+ U( b' g, n% Q
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But financial market conditions and more higher-end homes being put up for sale are expected to curtail both sales volumes and price levels in the coming months, Re/Max said.
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Elton Ash, Re/Max's executive vice-president for Western Canada, said, "We are seeing a return to more balanced conditions. This situation is expected to have an impact on high-end values in coming months, especially in areas that have experienced consistent double-digit growth."
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In terms of growth in upper-end homes sales, Regina saw the most proportionally this year at 306 per cent. Winnipeg was next at 89 per cent, followed by St. John's, N.L., at 78 per cent.1 q- ~' U2 v# y( g2 g" g. ~1 C
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Each market has a different price point that marks what Re/Max defined as the start of the luxury-home category.& g4 Q; w+ a" m- h6 m7 P& G

. f0 O! {4 }/ _$ s0 i& gIt ranges from about $2 million in Greater Vancouver to $1 million in Calgary to $750,000 in Ottawa, and $400,000 in St. John's and Halifax.
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© The Edmonton Journal 2008
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