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IanO
15-11-2006, 12:43 PM
City sets up second land draw (11:50 a.m.)
Takes steps to curb rush for 75 housing sites
Susan Ruttan, edmontonjournal.com
Published: Wednesday, November 15, 2006
The city is taking steps to curb a modern-day land rush for the 75 housing sites itís putting on the market next month.

Because of the high demand, city staff will hold two draws instead of one to select the people who get the lots. A preliminary draw on Nov. 27 will choose 200 bidders who will be eligible for the final draw, to be held Dec. 12 at the Clareview Arena.

Up for grabs are single-family lots in Brintnell in northeast Edmonton, which the city is selling for between $118,000 and $166,000 each. Only one lot will be sold to each person or company, and the city strictly forbids more than one family member or company employee putting in a bid.


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Font: ****The lucky 200 who are in the final draw must each bring a cheque for $4,000 to the meeting as a qualifying deposit in case their name is drawn.

Thatís one reason the city has introduced a preliminary draw, said Bill Covey, who handles real estate for the city. With Christmas so close, it didnít seem right to require 300 or 400 bidders to show up with a $4,000 cheque, when most will go home disappointed, he said.

Edmontonís real estate market has been very hot in the past year. A lot sale the city held last year drew more than 300 bidders for 75 lots.