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done deal

Re/Max Excellence

10953 141 St., Edmonton

Asking price: $549,900 (Mid-October, 2021)

Previous asking prices: $554,800 (Early October, 2021); $569,000 (September, 2021)

Selling price: $561,000 (Late October, 2021)

Previous selling price: $382,500 (March, 2021)

Taxes: $4,005 (2020)

Days on the market: 15

Listing agent: Clare Packer, Re/Max Excellence

The action

The modernized kitchen features quartz countertops, an island and stainless steel appliances, including a $20,000 gas range.Re/Max Excellence

Last year this two-bedroom bungalow underwent an extensive renovation that the seller – a professional builder – hoped would generate a return north of $569,000. Over five weeks, the price was lowered twice to stir up more interest. With two buyers in negotiations but unwilling to pull the trigger on a written offer, a third swooped in with a formal bid slightly under the asking price, which was accepted.

“This was the highest sale per square foot in the community this year,” said agent Clare Packer.

Inside the house, the mechanics were replaced and two bathrooms were revamped.Re/Max Excellence

“The home was priced above what any other renovated bungalow in the community had sold for, so we were testing the waters and treading in new territory to see if we could – with a higher level of finishing – achieve a higher price.”

What they got

There are open entertaining areas on the main and lower levels.Re/Max Excellence

This 1,034-square-foot bungalow is essentially brand new, starting with upgraded windows, roofing, front veranda and stamped concrete walkway.

Inside, the mechanics were replaced, two bathrooms were revamped, and one bedroom was equipped with a walk-in closet and double doors to a new deck and double garage.

There are open entertaining areas on the main and lower levels, and a modernized kitchen with quartz countertops, an island and stainless steel appliances, including a $20,000 gas range.

The agent’s take

One bedroom was equipped with a walk-in closet and double doors to a new deck and double garage.Re/Max Excellence

“Unlike other people who flip houses or watch a lot of HGTV, my client is actually a luxury home builder and has worked for a luxury home builder for a long time as well,” Ms. Packer said.

“So, he had access to economies of scale, which allowed him to use much higher-end products at a discounted price.”

The 49-foot-by-125-foot lot also sits on a quiet street near numerous attractions, like the science museum. “It’s an up-and-coming, desirable community close to downtown and has all the amenities,” Ms. Packer said.

The 49-foot-by-125-foot lot also sits on a quiet street near numerous attractions, like the science museum.Re/Max Excellence

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