Four years ago we purchased a triplex in Saanich, Victoria where secondary suites are illegal. After making a really bad tenant choice and receiving a complaint from a neighbour, the municipality had us shut down two of the suites. We decided it was a great time to sell and reinvest in Edmonton.
We put the house on the market, untenanted, in late March. Since then we have only had three showings and very few calls. We just put another $7000.00 in to stage the house and it shows beautifully. However, there are no people to look at it! The property was assessed at $589K and we listed for $569K. We are now down to $529K and still no interest. My realtor tells me that there has been little interest in any of the properties she is selling and she is recommending we price very aggressively to stay ahead of a quickly deflating market.
The question I am asking myself is whether we should slash the price and hopefully get out while we still can, or if we should hold on to it for the long haul. If we hold on to the property we will be able to re-tenant easily for little risk, the return is 10% (on the $400K we originally paid) and the community plan is calling for a rezoning to `multi-family dwelling` in the next 5-10 years. The downside is my concern that house prices will be falling drastically in the near future and that, in any event, Edmonton will see much more future growth.
I am new to figuring out the economic fundamentals of a region so if anyone has some helpful advice on Victoria I would greatly appreciate it!
I would also love the name of a good realtor in Victoria who specializes in revenue properties.
We put the house on the market, untenanted, in late March. Since then we have only had three showings and very few calls. We just put another $7000.00 in to stage the house and it shows beautifully. However, there are no people to look at it! The property was assessed at $589K and we listed for $569K. We are now down to $529K and still no interest. My realtor tells me that there has been little interest in any of the properties she is selling and she is recommending we price very aggressively to stay ahead of a quickly deflating market.
The question I am asking myself is whether we should slash the price and hopefully get out while we still can, or if we should hold on to it for the long haul. If we hold on to the property we will be able to re-tenant easily for little risk, the return is 10% (on the $400K we originally paid) and the community plan is calling for a rezoning to `multi-family dwelling` in the next 5-10 years. The downside is my concern that house prices will be falling drastically in the near future and that, in any event, Edmonton will see much more future growth.
I am new to figuring out the economic fundamentals of a region so if anyone has some helpful advice on Victoria I would greatly appreciate it!
I would also love the name of a good realtor in Victoria who specializes in revenue properties.
