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The Terry Paranych Team is pleased to announce our latest online venture - ParanychRentals.com.

The Terry Paranych Group Ltd. has served the Edmonton and area rental community for more than 20 years. If you are looking to rent, we can offer you a wide variety of rental accommodations, including single-family homes, duplexes, condominiums, apartment buildings, and adult communities. We take great pride in the quality of properties that we provide for rent. If you are interested in renting property in the Edmonton area, please contact us and speak with one of our Rental Specialists.

We Also Buy Edmonton Investment Properties!

If you currently own an apartment building or portfolio of buildings in Edmonton or within the province of Alberta, the Paranych Group would be interested in speaking with you. We typically purchase buildings that comprise of anywhere between 6 and 100 suites. We can pay cash or offer several tax effective structures which can help vendors defer and reduce potential tax liabilities that can be associated with a sale. The Paranych Group has built a solid reputation in its acquisition program by always paying a fair price for quality buildings.

The Paranych Group also purchase smaller rental properties such as duplexes, triplexes, four-plexes, and any building under 10 units.

Stay tuned for more up-to-date info on the Edmonton Real Estate and Rental Markets.

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Did you know that Edmonton is rated one of the best places to invest in Real Estate?

If you are not already investing, now is the time! Get started on the right path with our FREE Investors Kit - contact us today!

In the summer market, we are beginning to see a tremendous turn around in Edmonton home sales. More buyers are coming onto the market given the fact that there is a lot of inventory. We feel it is going to be a great second half of the year. In the last week, we have seen many homes going pending and or sold. For first time home buyers or Edmonton real estate investors,  opportunities await.

Ready to start your home search - browse all available Edmonton Home Listings!

Taking a look back at the July Market for Edmonton Real Estate, the EREB felt:

“Edmonton, August 4, 2010: While the summer temperatures rose in July, housing prices cooled and prices for all types of residential properties dipped slightly according to figures released by the REALTORS® Association of Edmonton. Single family dwelling prices slid 3.1% while condo prices were down 1.5% and duplex/rowhouse prices dipped just less than one percent. The all-residential average price dropped just 1.7%.

Single family homes sold on average* for $378,979 in July; a reduction from the previous month but up 1.5% from what they sold for last year. Condominiums dropped in price slightly in July moving down about 1.5% from June. The average condo price was $240,371 in July. The duplex/rowhouse average price was also down 0.9% to $304,032 and the average residential price (including all types of residential property) was down 1.7% since last month at $329,734.

The large inventory of 8,892 residential properties available at month end dampened both listings and sales. New listings were off 15% from last month and 3.3% from last July. Sales dropped from 1,741 in June to 1,294 in July (a 15% drop). The sales-to-listing ratio was 43.8% (down from June). As you might expect, sales were also slower and the average days-on-market was up 4 at 51 days. “A well presented property with the right price might still attract multiple offers,” said Westergard. “Most buyers are receiving the expert advice of their REALTOR® and getting access to day-to-day changes to numbers and sales results. It is critical that sellers remain in contact with their REALTOR® and be prepared to modify the price as the market moves.” Residential inventory is expected to follow a seasonal trend and fall through the latter part of the year leading to a more balanced market and price stability.”

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, contact the Terry Paranych Team today.

Don’t Be Fooled By “We Buy Homes For Cash” Advertisements

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I am proud to call myself an Edmontonian! One of the many reasons is because Edmonton is recognized world wide as “Festival City”, a city that offers world class event opportunities and fosters community pride. There is always something to do in Edmonton - Especially in the summer!

4 Happenings This Weekend:

Honda Indy Edmonton - Action Packed Excitement

The Honda Indy Edmonton races back from July 23-25, 2010, as the world’s fastest drivers tackle one of the most challenging tracks of the IZOD IndyCar Series. Gear up for 3 days of wild at the Honda Indy Edmonton as the 3.154 km racetrack makes this a thrilling stop on the IndyCar Series calendar. Anyone who loves cars and movies like “Fast and the Furious”, this event is for you!

A Taste of Edmonton - Gourmet Delights

Looking for an entertaining way to taste a plethora of Edmonton restaurants’ best dishes, while enjoying local entertainment - then A Taste of Edmonton is for you! This year, from July 23rd to August 1st, the Taste of Edmonton will return and over half a million people will indulge their palates with some of the best food and beverages that Edmonton restaurants have to offer. The Festival features a daily  line-up of entertainment on the Taste Main Stage from 11:00 am to 11:00 pm.

Capital Ex - Something For Everyone

The list goes on and on and on. From concerts to rides to shopping to eating; there’s just so much to do in only 10 days.

- For the younger kids, there is Family Fun Town with interactive construction building, option to catch fish, as well as a firefighter zone where kids can learn how to create their own escape plan and more.

- For a full 10-days, TELUS Stage comes alive with daytime Family Entertainment and every evening, TELUS Stage Concerts showcasing some of the hottest musical acts in Canada.

- For adults only entertainment, Capital EX presents “Sip, The Wine and Food Experience” - Cool atmosphere, dim lights and plenty of character makes this the perfect place to meet up with friends or make new ones.

- For Everybody - Every evening the sky above the EX comes alive with a spectacular fireworks show that will be sure to dazzle you. Don’t miss a night of the excitement.

For more info - visit Captial EX’s Website

Forkfest - Locally Inspired

Take Edmonton’s tastiest independent restaurants, feature an affordable multi-course menu, spread the love over 10 days and what do you have? A reason to celebrate! And a reason to leave your belt at home…

Fork Fest is:

• A 10-day festival of fabulous food celebrating Original Fare’s independent restaurants in Edmonton

• Not in one location, but all participating Original Fare locations – Fork Fest happens simultaneously at each member restaurant.

• A culinary treat! Each Original Fare member restaurant is offering a multi-course meal for $25 or $45 —a great opportunity for newbies to surrender their taste buds to the difference an independent restaurant has to offer. It’s also a fantastic way to say ‘thanks’ to the regular customers who choose to keep Edmonton’s palate diverse by supporting independent restaurants.

• An affordable way for people to try many of Edmonton’s most flavourful places to eat. There’s no guessing what the bill might be, you’re assured there will be a menu of either $25 or $45 (some restaurants will offer both).

• When: July 18 - 22 & 25-29, 2010

These are just a few of the many options Edmontonians can enjoy - take time out of your schedule to experience your own city!

Thinking of investing in the Edmonton Real Estate Market?

We recommend starting small! Focus on the properties that can give you the biggest bang for your buck - like multi-family investing (four-plexes). Have questions about how to become a great real estate investor? Ask us here, by leaving your comments below.

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The current state of the Edmonton Real Estate market reminds me of the mid to late 90’s! We are seeing major price reductions on homes making it an incredible time to buy a fantastic home at a great price!

There is an overabundance of inventory! Something that has not been seen since the early 2000’s. Buyers - this is great news! Presently, there is an amazing opportunity for Edmonton homebuyers to get homes at unbelievable prices. Investors or first time buyers, I recommend getting on the home buying bandwagon soon.

Personally, as a seasoned Edmonton Real Estate investor, I am buying as much real estate as I possibly can! Not only can I find the deals I am looking for, but also because I firmly believe that these opportunities will not be here for long. From my perspective, by 2014, we will be seeing record prices again. BUYERS ACT NOW!

From the EREB:

Edmonton, July 5, 2010: REALTORS® report normal client activity in the Edmonton real estate market with listings, showings and sales. The residential inventory is approaching record levels set in 2007 but prices held steady in the second quarter with the expectation that they will soften as usual through the fall and early winter.

“It has been quiet on the news front but very busy in REALTORS® offices as they list client’s properties for sale, book showings for buyers and attend open houses. This has not resulted in immediate sales, however, and, in anticipation that this slowdown will continue through the year, we have reduced our 2010 sales forecast by 2,000 units from 21,000 to just 19,000.”

The slight rise in prices for single family residences in the Edmonton area in May continued in June. SFD prices are up to $391,497 – an increase of half a percent. In the first half of the year average prices are up over 7.5% and are tracking higher than 2009. Condominium prices peaked in April and then flattened out to match the prices reported in 2009. In June the average condo sold for $242,644 – down 2.4% month-over-month. Duplex and rowhouse prices of $306,905 were down 4.6% from last month. Overall, the average residential price was down $4,795 in a month. As usual prices are expected to soften in the second half of the year as sales activity slows. “With the increased choices that buyers have in the marketplace right now it is that much more imperative that sellers consult with their REALTOR® to make sure their property is priced to attract an offer.”

¹. Residential includes SFD, condos and duplex/row houses.
². Single Family Dwelling
³. The middle figure in a list of all sales prices

* Average prices indicate market trends only. They do not reflect actual prices, which vary from house to house and area to area. For information on a specific area, call the Terry Paranych Team today!

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Terry, What is your opinion of selling For Sale By Owner?

Think about it - If 90% of Edmonton Homes are being sold by an Edmonton Real Estate professional - where do you think the motivated Edmonton Home Buyers are looking? Watch my video on Edmonton For Sale By Owner to learn about my viewpoint on FSBO vs. Traditional REALTOR® Home Marketing System.

Guess what Edmontonians - Edmonton made the cut as one of 22 Canadian cities earning the spot on the Monopoly: Canada Edition. Valued at 3 million, Edmonton shares the green section of the boardwalk with Calgary and Sarnia. From the viewpoint of Stephen Mandel, the chosen location  was very appropriate - “given the city’s environmental leadership and our beautiful river valley.”

According the official Monopoly website “The votes are in!  Now you can play the new MONOPOLY Canada Edition featuring Canadian cities voted by you! Wheel and deal your way to a fortune even faster using debit cards instead of cash. All it takes is a card swipe for money to change hands. Now you can collect rent, buy properties and pay fines – all with the touch of a button! It’s a new way to play the family classic that’s been brought up-to-date with higher property values and locations based on your favourite Canadian cities!”

The Edmonton Sun reported that “after a whirlwind of online voting to determine which Canadian cities would earn a property spot on the special edition Monopoly: Canada, Edmonton came out on top as the fourth most expensive real estate in the game.” - with Calgary beating us at a value of 3.2 million.

Monopoly has had a long history in both American and Canadian culture, first coming into its own in 1934 during the Great Depression. Since that time, various versions of Monopoly have been played by over 500 million users. The unique aspect of Monopoly though, is that it really can teach everyone key components of the Real Estate process - particularly when looking for investments.

The Real Estate Game - Lessons From Monopoly (and tips to apply them in real life):

Tip #1 - It is all about the Location

In monopoly - it isn’t always about owning the most expensive property, but rather the ones that will most likely be landed on more frequently. This holds true, when investing in real life as well. Typically as an investor (especially if your planning to rent the property) - the most expensive property and chicest neighbourhood would not be the most desirable investment option. As an investor, you will want to consider all factors - Location of property to local amenities, vacancy rates, and average rental rates in comparison to the costs of ownership. Remember that you are responsible for the bills even if the home is sitting vacant…

Tip # 2 - When Investing Start Slow and Go From There

In monopoly, each player starts with a set income in terms of what they can spend on investment property. This holds true in life too. When investing, keep in mind your budget - if it is small, start small and build your rental portfolio up from there. I always recommend looking for real estate with double the rent potential - like duplexes. As you grow your rental share, you can begin to think about diversifying your properties.

Tip # 3 - Seek Out Deals

Real Estate Deals are out there - and you never know who is ready to sell. Obviously finding out this info in monopoly is easier as there is always one player in need of money - this holds true in real life too. The obstacle in real life - is simply finding a seller that is motivated to give a deal.

Tip # 4 - Renovate Moderately

Remember that when renovating that you are NOT renovating a home for your needs - but rather for potential renters. Renovations can only add so much value to home which is why you never want to go overboard. I see this time and time again, especially with new investors - buying into a “moderate income” property and renovating to the nines. Reserve the luxury items for a truly luxury home.

Tip # 5 - Strategize - Have a Plan

Every year I have plan as to how I am going to grow my rental portfolio (where and at what price), how I am going to promote renters to rent from me and an expected maintenance budget. Working with a Real Estate professional that understands investing (who does it themselves) and who understands the in’s and out’s of investing successfully is key.

So know that I have given you valuable insight into how Monopoly can teach young and old a like that Monopoly is both fun and provides a valuable learning opportunity, I would like to ask you this:

If the city of Edmonton really was on the world-wide real estate market - what would be it’s true value? Whatever it’s true value would be - who would be the lucky buyer ultimately?

Until next time - Have fun playing the new Canadian Edition of Monopoly!

–> Share your Monopoly stories today via normal comments or try our new “Video” commenting (all you need is a webcam)