CALGARY- Two impressive properties just outside of Calgary are set to hit the auction block.
One is a 45 acre horse ranch near Spruce Meadows, boasting two riding arenas, horse stalls and an eight car garage. It’s been up for grabs for just a few months, with an asking price of $4.6 million. There will be no reserve.
The other is a 9,100 square foot custom bungalow, which includes a six car garage, solarium, pool and private lake. The asking price is $4 million, with a reserve bid of $2 million.
“It’s exciting,” says Mark Evernden from Sotheby’s International Realty, which is handling the auction. “I think it’s a new dynamic to the real estate market in Calgary.”
Get breaking National news
He adds it will be interesting to see how the bidding plays out.
Sotheby’s has an agreement with Concierge Auctions out of New York, and Evernden says he was bombarded with interest as soon as the plan went into place.
“Within 48 hours, I have received almost 13 hundred e-mails of inquiries on a local base, national base and global base.”
The president of the Calgary Real Estate Board says it’s rare for luxury homes to go up for auction, but it could pay off in what’s currently a hot market.
“On the one hand, you would know exactly where every bid was at any given time, but on the other there is perhaps an element of emotion in winning that house over another buyer,” says Bill Kirk.
The auction is scheduled for May 8.
Comments
Want to discuss? Please read our Commenting Policy first.