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done deal

Re/Max Excellence

14303 MacKenzie Dr., Edmonton

Asking price: $1,050,000 (June, 2022)

Selling price: $910,000 (October, 2022)

Taxes: $7,263 (2021)

Days on the market: 109

Listing agent: Clare Packer, Re/Max Excellence

Inside, there is 1,286 square feet of living space, including a kitchen and open living and dining areas.Re/Max Excellence

The action

Agent Clare Packer allotted several months to track down buyers with the budget and vision to fashion a dream home from this three-bedroom bungalow on a 70- by 145-foot corner lot backing onto the MacKenzie Ravine in an exclusive area of Edmonton.

“The property was really priced for redevelopment, so the number of people who can afford a lot at about $1-million and bear the build cost, is slim,” Ms. Packer said.

“Labour and materials are really expensive right now, so people aren’t building on spec because the margins are so slim. And people can’t afford to build what they want for those reasons too.”

Nonetheless, six potential buyers walked the land and several more were guided through video calls. In the end, an offer from an out-of-town buyer $140,000 below the asking price was accepted.

“There’s a cool, mid-century bungalow on it, but it goes to show in this area how far the value of land supersedes the value of houses,” Ms. Packer said.

“The buyer is probably going to put a $1-million or $1.5-milllion house there, and the value will probably be between $2.5-million to $3.5-million.”

The 70- by 145-foot corner lot, which backs onto Edmonton's MacKenzie Ravine, is prime space to be redeveloped.Re/Max Excellence

What they got

A long driveway leads to a detached double garage and this 64-year-old house with an L-shaped footprint.

Inside, there is 1,286 square feet of living space, including a kitchen and open living and dining areas along a long bank of windows. Directly below are guest and recreation rooms.

The agent’s take

“It’s certainly an affluent area,” Ms. Packer said.

“You’re minutes to downtown and the University [of Alberta], and it’s also minutes to walk to the entire river valley trail system, which is Edmonton’s shining gem.”