A luxury detached home in Calgary, that has sat on the market for more than two years, will be the first in the city to be put up for auction.
The 4,600 square-foot home in the Collingwood neighbourhood, a 15-minute drive from the downtown core, is listed at $3.88 million.
Mark Evernden with Engel & Völkers Real Estate hopes bespoke features like a Guinness-themed bar, gourmet kitchen, climate-controlled wine cellar, and mountain views will attract international bids.
“The house is set up for entertaining with the openness of it,” he said. “Basically it’s a great, great entertaining area for guests and family.”
He added this will be the first time a single family home goes on the auction block in Calgary. Bidding begins at 6 p.m. ET on Feb. 28.
“All the rest have been rural. They did do a condo last year here in Calgary, but this is truly the first family home we are doing inside city limits,” Evernden said.
Murray Lange with Concierge Auctions said bidders will be required to pay a $100,000 refundable deposit to ensure they are financially equipped to buy the high-end property. Evernden said the auction is unreserved.
Detached homes accounted for the bulk of sales activity in Calgary last month, according to a report by the Calgary Real Estate Board (CREB). The benchmark detached home price remained virtually unchanged year-over-year at $499,400.
CREB said sales activity for homes over $500,000 declined in its latest monthly report. However, sales over $1 million jumped by 25 per cent in January compared to the same period last year.
Lange said he expects more Calgary homeowners will choose auction sales over conventional methods in pursuit of greater value.
“It’s just too efficient, too transparent for it to be denied,” he said. “If you have a home that is unique, it’s hard to value and if you test the market and don’t get the value you’re looking for, you have very limited options in terms of what to do next.”
With a report from CTV Calgary’s Shaun Frenette
