Bids on the open market outpace private offer for Calgary fourplex

DONE DEAL

2413 and 2415 9 St., NW., Calgary

MOUNT PLEASANT

Asking price: $939,900 (November, 2022) Selling price: $939,900 (December, 2022) Taxes: $5,502 (2022) Days on the market: Three Listing agent: Bryon Howard, eXp Realty

THE ACTION The owner of this fourplex on a 125- by 180-foot lot hoped to sell it directly to a friend, but they were also curious about the amount it could fetch on the open market. Agent Bryon Howard suggested the owner give their friend a deadline to draft a formal bid. Meanwhile, he worked his contacts to find not one, but three buyers ready to make an offer.

“Lots of sellers will think they can sell it on their own and avoid commissions, but they get less in the end,” Mr. Howard said.

In this case, the seller’s friend increased their initial offer of $850,000 to $900,000. However, one of Mr. Howard’s bidders came in at the seller’s $939,900 asking price, giving the seller a bigger payout, even after agent’s fees were factored in.

“The inventory was really low on fourplexes, so that’s why we were also able to get a lot of people on short notice,” Mr. Howard said.

“If this had been a bungalow, a builder would tear it down and they would have paid about $600,000 for the lot, so this fourplex has a value of about $339,000.”

WHAT THEY GOT About 100 meters south of Confederation Park, this more than 50-year-old building has two upper units and two lower units.

Each apartment has a similar two-bedroom plan with a kitchen, dining area, and a living room with a fireplace, plus a four-piece bathroom and five appliances.

The upper units also have front balconies.

Four cars can park on site.

THE AGENT’S TAKE “It was built as a fourplex with four furnaces, four hot water tanks, four electrical panels and nice, big windows,” Mr. Howard said.

“It’s a great property in a great location, less than half a block from a beautiful park.”