RiverLife Real Estate


Is Calgary a $10 million kind of city?

In the midst (or hopefully toward the end) of a global recession, the most expensive house ever to sell in Calgary passed hands at an impressive $10,300,000 recently, as I’m sure many of you have heard in the news.

To put this in perspective, the second most expensive sale ever in Calgary was not too far behind at $7,500,000. But, the third most expensive home sold was way down at $4,812,500, less than half of the $10.3-million home. Interestingly, all three of these sales happened in the past 18 months, not during the boom times of 2006-2007.

Elbow Park photoThere have only been nine sales in Calgary’s history over $4 million and three of those were for land value only (multi-property development).

I would guess that anyone who has $4 million (or $10 million) to spend on a home in Calgary has money to spend on a home elsewhere (Maui? London? LA?). And they’re probably not under pressure to work 9-5 anymore. Which makes me wonder… why buy in Calgary at that point in life? We know the climate leaves much to be desired compared to tropical destinations. The arts and culture scene is getting there but still doesn’t compare to the great cities of the world. Traffic is getting more and more congested and public transportation lacks efficiency. Sports teams? Not bad. Rocky Mountains? They’re great, but if you’ve got $10 million, why not buy in Canmore instead?

There is one thing, however, that Calgary is to many people: home. Your friends, your family, your memories, your long-time coffee shop, the restaurant where they know your name, your season tickets to the Flames or the CPO, your favourite walk along the river. It may very well be this city that made the $4-million purchase possible with its opportunity aplenty.

As mentioned in my post last month about the value of houses, a property is worth whatever someone is willing to pay for it. So now Calgary has joined the ranks of the cities of the world with $10-million homes – cities where at least one (wealthy) individual does feel it’s worth it.

For those who are wondering, the $10.3 million home is 8,588 square feet (above grade, plus another 4000+ in the fully finished basement) with a triple car garage. There are six bedrooms and six bathrooms. It is located on a 15,000-square-foot lot on the banks of the Elbow River. There is even an indoor floor hockey arena.

Oh and one more thing, the annual property taxes are $51,056.

Even if you don’t have $10 million to spend, I’d be happy to help you find the house of your dreams… Drop me a line!

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