The City has adjusted some lot prices in Parkview Estates to reflect current market conditions. (File photo)
Some lots of Parkview Estates have just been adjusted in price. City council has approved an adjustment to reviewed prices for several lots on the west side of the city.
According to the City, lot prices were more reflective of 2015 market conditions. The City reviewed them once in 2017 and once again in May through a third party. It was determined that the prices weren’t competitive in today’s market and should be lowered by about 5 to 10 per cent. Additionally, lot prices need to be adjusted to reflect individual lot attributes.
Several lots on the 3500, 3600, 3700 and 3800 blocks of 70 avenue reduced in price, as well as lots on the 6900 and 6800 blocks of 35 street and in 38 street close. For example, lots originally worth $110,000 are now priced at $102,300.00, or one priced at $130,000 now sits at $123,500.
Some see the change as a proactive move. City councillor Aaron Buckingham believes it’s a positive step to help promote economic development and doesn’t think it’ll cost the city much from it.
“We’re not losing a ton money on a lot we’re not going to sell overpriced,” says Buckingham.
So, I think actually being proactive and looking at those numbers as they come forward is an excellent step in economic development and trying to get some things going where those lots haven’t sold for how long now; one or two lots in that area in the last year. Hopefully, this will spur development.”
Mayor Gerald Aalbers sees it as a reflection of the current economic realities. He’s confident in the judgement of a third party and says that the business world ought to be accommodated for. Aalbers adds that the City had a feeling they might be too high and is happy to confirm the prices outside the city.
“In a business world, if you’re a businessman and you’re selling your product, you have to take a look and readjust to the market conditions, by going out to a third party outside the city and say we might be a little high to what the market is. The information tells us, we kind of knew it, but we just needed to confirm that, and that’s what we did with a third party,” says Aalbers.