Tear-down sells for $905,000

A home in Scarboro slated for demolition sold yesterday for $55,000 OVER list price. It was listed at $850,000 and was only on the market for two days.

Over list price

Over the past two days, 23 homes have sold for list price or higher. That’s 16% of total SFH sales. A home in Citadel which was listed for $424,900 went for $431,000. It was purchased in 2000 for $186,000.

Flip

A home which was purchased six months ago for $460,000 in Maple Ridge sold yesterday for $575,900.

Supply and demand

We’re down about 800 listings, or approx 17% from where the inventory usually is at this time of year. With April sales up 30%, it shouldn’t surprise anyone that homes are selling over list price. SFH inventory has increased by 32% since Dec 31. Last year in the same period, it was up 60%.

4 responses to “Tear-down sells for $905,000

  1. Price will only go up, because not enough supply houses.Not only in Calgary ,but around too. I can say right priced houses.

  2. A home in Britannia sold today for $1 million OVER list price. It was listed at 4,999,900 and sold for $6,000,000. It was on the market for 3 days.

    A home in Kingsland which was purchased for $340,000 in 2010 sold for $526,000, which was $1,100 OVER list price. The home was on the market for 2 days.

  3. I was looking in the Royal Oak area at homes over $700k..
    In lit of what you are saying here,; my question is what is the story with Royal Oak

    I’m not exactly sure what your question is. In the past 30 days, there were 20 sales in Royal Oak with two going OVER list price.

    There are 12 active listings priced over $700,000 with one sale in the past 30 days. -Bob

  4. Bob,

    Is it possible there was an error in the original listing of that Britannia home. I seriously can’t imagine someone actually putting in an offer for 1 million above list. Granted there is a first time for everything but its unbelievable.

    No errors. I can understand that it may be difficult to evaluate a home in this category. In the entire history of Calgary’s MLS, only 6 homes have sold for over $5 million. The most recent was last year in Elbow Park where a somewhat comparable home went for $5,050,000. -Bob

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s