CALGARY -- A luxury real estate report says the most expensive detached home in Calgary since 2015 changed hands in December, but sales of homes in the million-plus level have continued to decline.
The property, located at 102 Crescent Road N.W. in Crescent Heights has an assessed value of $8,610,000, according to the City of Calgary.
The final price has not been disclosed, but Sotheby's International Realty says the property sold at auction for the highest price of any property in the city since January 2015.
(Supplied/Sotheby's International Realty)
The group says "strategic pricing, targeted marketing and comprehensive exposure" all factored into the sale of the nearly 10,000-square-foot, six-bedroom, eight-bathroom home perched on a ridge overlooking the downtown core.
Concierge Auctions, the company who partnered with Sotheby's to sell the home, says the sale concluded on Nov. 15 and the closing took place at the end of December.
Murray Lange with Concierge said the new owner, who is "well-known" in Calgary, did not want to publicize the final price paid for the home.
Concierge has sold 14 properties in Alberta since 2014 and four last year alone.
"Auction will be a far more prevalent way of selling luxury properties going forward," Lange said in an email to CTV News.
However, there are still a fair share of luxury homes and condos available in Calgary, Sotheby's says.
One of those properties, in South Calgary, is listed at just under $2.5 million.
(Supplied/Sotheby's International Realty)
The approximately 4,400-square-foot home has three bedrooms and five bathrooms and boasts a one-of-a-kind three-storey design, media room, wet bar, a three-car garage and a wine cellar.
"Astounding main floor with contemporary lines, gorgeous dining room, decadent great room and stunning kitchen (with) top-of-the-line appliances," the listing reads.
According to Sotheby's annual report released Wednesday, the city's real estate market has largely been driven by homes below the $500,000 mark and it has been oversupplied in homes listed at $1 million or more.
"Residential real estate sales over $1 million (condominiums, attached and single-family homes) decreased to 15 per cent to 519 units sold in 2019."
Sotheby's says the Crescent Road property was just one of two homes listed in the city's ultra-luxury market sold in the year.
When it comes to the 2020 outlook, the firm says "weak oil prices, inconsistent consumer confidence and incremental projected GDP gains" will continue to pose a challenge.
Sotheby's says the sellers of luxury homes will need to explore different methods and places to market their properties this year, including the use of exclusive auction partners.
