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done deal

eXp Realty

5007 Marlborough Drive NE., Calgary, Alta

Asking price: $375,000 (December, 2022)

Selling price: $367,000 (December, 2022)

Taxes: $2,610 (2022)

Days on the market: Four

Listing agent: Bryon Howard, eXp Realty

The bi-level home includes 1,121 square feet of living space, including a traditional kitchen and open living and dining areas.eXp Realty

The action

This bi-level house in need of a refit was open for previews for one week before its actual listing for sale, giving interested parties a little more time to consider their options. The sellers rejected two low-ball offers, but a third came closer to the asking price and the deal was sealed.

“There was an appetite for flippers to buy this kind of product,” said agent Bryon Howard.

“The buyer will do a complete renovation down to the drywall and ‘suite’ the basement, so he thinks he can do that for $80,000 and suspects he can bring it back onto the market at $550,000,” Mr. Howard said.

“The highest sale in Marlborough in the last six months was $485,000 for a single-family home, but there are currently three sales pending for $489,000, $495,000 and $538,000.”

The buyer plans a complete renovation of the house down to the drywall.eXp Realty

What they got

Less than 10 kilometers east of the downtown core, this 54-year-old house has 1,121 square feet of living space, including a traditional kitchen and open living and dining areas with hardwood flooring.

A guest room, two games rooms and one of three bathrooms are located downstairs.

The 54-by 100-foot lot has a south-facing yard and a double garage facing a laneway.

The buyer plans to 'suite' the basement as part of the eventual plan to flip the house for re-sale.eXp Realty

The agent’s take

“There are lots of bi-levels and bungalows in the neighbourhood, and … in the last two to five years, people have been updating them significantly, but no one’s tearing them down yet,” Mr. Howard said.

“It’s a really desirable area for relatively new immigrants to Calgary in that it’s centrally located in the northeast end of the city, so it’s very close to downtown, major transportation hubs and the airport, and there’s also lots of ethnic shops close by.”