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Re/Max Excellence

16 St. Georges Cres., Edmonton

Asking price: $1,185,000

Previous asking price: $1.5-million (2019)

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Selling price: $1,015,000

Taxes: $12,735 (2019)

Days on the market: 48

Listing agents: Clare Packer and Judy Clare-Packer, Re/Max Excellence

The action

This Cape Cod-style home has formal living and dining rooms.

Re/Max Excellence

Agent Clare Packer expected developers would flock to this ageing two-storey residence for its irregular, 82-by 144-foot lot in a prime neighbourhood near the North Saskatchewan River. But listed last winter with an ambitious asking price of $1.5-million, only one lowball offer was registered and quickly rejected.

“It’s an interesting and difficult property to evaluate because the land values are so significant to that area,” said Ms. Packer. “The house essentially did not contribute to the overall value of the property.”

“With the way the market has gone in Edmonton, we’re finding investors and developers are not as active.”

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In recognition of the harsh market conditions, the home was relisted in April priced at $1.185-million.

“Things are slower during a pandemic, but you never know if that one buyer is looking,” said Ms. Packer. “And if you’re not on the market, your chances are now zero.”

There were about 20 in-person showings before a buyer was found.

“We ended up selling the property to someone who will keep it and renovate it.”

What they got

There is a south-facing patio and a terrace.

Re/Max Excellence

Constructed in 1946, this Cape Cod-style home has formal living and dining rooms and several family rooms, two of which have direct access to the south-facing patio and a terrace.

There are four bedrooms upstairs, four bathrooms and a finished basement.

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The agent’s take

There are several family rooms.

Re/Max Excellence

“St Georges Crescent has some of the most coveted real estate in the entire city,” said Ms. Packer.

“The average [lot] size in square metres is closer to 650 and this one is at 830.”

Heritage elements lent character to the house. “The house had original hardwood and a nicely maintained fireplace,” said Ms. Packer.

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