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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- `: _: L- R7 T  m- X
Slow economy blamed for drop, D, o0 G- b6 W
The Edmonton Journal
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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.* |, U5 Y5 n/ s/ r

' S9 e2 M8 T0 z* l" cReal 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, w; e; F) K4 f7 ^Sales over the $1-million mark dipped to 40 from 45. There are currently 218 properties for sale that top the $850,000-mark and average number of days on the market jumped to 72 in 2008 from 59 last year.
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Font:****Re/Max blamed a slowing economy and overheated real estate market for the downward trend.3 D( I& V9 x/ k$ N0 Q5 _+ m* r

# k. H3 v: O) kThe 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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" z- _& O) n9 u; IRe/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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% E8 T6 s+ X9 |7 E& V: e! QIn 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.8 v% _. u; A& l5 f/ ^! p2 N( N

2 N. X0 `* J& R" s' t9 O5 SBesides 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.3 ~: B$ {* `; N8 @$ }% m
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However, the real estate organization said strength in this market segment is not expected to last.
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! j) m2 t" U* F& ?  I& g; D: ?"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.8 i! A& a& l0 w; y
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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.3 A, j1 K- {9 i* `8 ^% T( C

4 z* E$ \9 g- B1 P. @3 a! e! WElton 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."" A- i! d% T7 E8 e& Q; u0 X

+ o! s1 m  ~! Y( q6 }$ a3 ^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.
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+ j0 c8 W; [8 H0 |Each market has a different price point that marks what Re/Max defined as the start of the luxury-home category.+ L, \8 f( b8 f7 W8 E
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It 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./ Z  u  U; U/ F3 {3 u

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© The Edmonton Journal 2008
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