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Anthony Winsor, left, and Louis Godin of RTL-Robinson Enterprises were at phase 7 of the Niven Lake subdivision earlier this year, unloading pole box covers for electrical services. - NNSL file photo

SOMBA K'E/YELLOWKNIFE - Only three lots out of 30 were snapped up in Thursday's Niven Lake phase 7 residential lot ballot draw.

The low turnout was partly due to the timing of the draw, said Kerry Penney, acting director of planning.

With snow on the way buyers won't have much time to lay foundation for houses.

The city had to wait for "everything to fall into place" before it could open the draw, she said.

The uneasy global economic environment is also causing many people to be careful where they put their savings, Penney said.

"We had hoped to sell more than three, but we didn't expect to sell more than 10," she added.

Residents interested in the Niven Lake lots were asked to submit their ballots, along with a $2,000 deposit by Oct. 7.

While the city only sold three lots, it received twice as many ballots. Two people declined to grab a piece of land - and will have their deposit returned - and one individual didn't show up for the draw.

Starting this morning, the city will start a free-for-all for the lots. Anyone who is interested will have to lay down a 15 per cent deposit. Lot prices for this phase range from $92,000 to $158,000.

While the city still expects to get full cost recovery for the lots, it likely won't happen in phase 7.

"We're not there yet, by phase 8 - if we get that far - we're hoping to be there," said Penney.

Phase 8 won't start until phase 7 sells. It all depends on demand, Penney said. If there are a bunch of vacant lots left over from the previous phase, it doesn't make much sense to start a new one.

"It just means we won't be chomping at the bit to start (the next) phase," she said.

Despite the low turnout applicant Trish McFaull was still glad she showed up. She was on her cell phone speaking to her husband Robert when her name was drawn. She's now the proud and excited owner of lot 51, which she expects will have a great view of the bay.

"We're really into building and there's not a lot of vacant land in town," she said.

McFaull added she was "very surprised" more people didn't turn up. Indeed, she was so nervous the night before she barely slept - hoping she would get her dream pick.

Penney thinks more lots will sell in the coming weeks - and next spring - but said those hoping for a bargain in further development phases may want to consider the volatile economic market.

"We can't promise prices won't drop. We can't promise they won't go up," said Penney.