Monday, September 03, 2007

Re-gentrification- The Dream Maker

Although the price of Edmonton Real Estate has increased by almost 77% over the last 18 months, young families are still able to afford housing IF they buy in older areas.

Alberta Ave know for being, tough, crime ridden and cheap is where young families are forced to buy when they $170,000 doesn't fit into the new $417,000 price tag that most housing in Edmonton sports.

Eric Feddes and Krista Polley of Edmonton decided that extreme renovations in the rough neighborhood was the way to go.

"A realtor took them to a rickety two-storey house with boarded-up windows, no bathroom and the lingering smell of human waste. Needles were scattered all over the basement floor and there were remnants of a grow-op.

The place had one big advantage, though - they could afford it.

"We knew we could fix it up, but we didn't think it would be easy," says Feddes.

They got to work - new furnace, plumbing, wiring, windows, doors, bathrooms, walls and paint. As they walked nearby streets, they saw the scene repeated as other young couples settled in."

They work and an incredible market worked in increasing the value of their property by over $100,000.

It goes to show that when you can think outside of the box, don't mind using elbow grease and are willing to invest in the hottest market in North America you can get big payoffs.

Read The Full Article Here

1 comment:

Patrick said...

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