Tuesday, August 12, 2008

11 down, 74 to go

The First Place Edmonton program had very few applicants. Even less than I could have expected. Of 85 townhomes 11 have buyers after the draw today. See today's 630 Ched article (thanks squidly):

There were only 15 applications for 85 new town homes designed for first-time buyers.
The city held a draw this morning to match applicants with individual town home projects in Canon Ridge and Greenview. Those are former unused school sites.
Of those 15, there will only be 11 buyers since in four instances applications were sent in for both properties.

10 minutes ago I saw Global Edmonton coverage and they did NOT mention the disappointing application turnout. Actually they covered a couple who applied and mentioned that they were lucky to be picked from the draw. Rohit did confirm that they are making a profit (I presume if they sell) just not as big as other projects. Also in the Global coverage they mentioned that there were 30 townhouses in Millwoods between 250K-285K . They did not point out there are an additional 110 townhouses priced below 250K in Millwoods as well.

See previous posts here and here

Update: here is a link to Global Edmonton's Coverage

2 comments:

Now for something completely different... said...

I'm glad that Rohit and the City of Edmonton have just finally realized that trying to spin "affordable" and 285K in the same scentence while also amending a 89K total family salary cap on their is like being a 1 legged man in an ass kicking contest.

There are families who fit all the prereq's for this program, but there are so many more who are just below or just over this as well. Not to mention being based on a 40 yr mortgage... wow, good luck to these families.

TulipBoy said...

I remember reading somewhere that right about the time the city finished its affordable housing project in the early eighties, the crash hit the RE market in full. I'm watching to see how the process this time matches up with the crash this time. Some things never change.