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Bungalow close to Calgary’s core sells under asking

Done Deal, 316 10 Ave., NE., Calgary

Globe and Mail Update

316 10 AVE., NE., CALGARY

ASKING PRICE $589,900

SELLING PRICE $568,000

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TAXES $3,370 (2016)

DAYS ON THE MARKET 24

LISTING AGENT Joel Gwillim, CIR Realty

The Action: Young professionals and couples showed the most interest in this detached bungalow in Crescent Heights, just north of Calgary's downtown core.

With the sellers pressured by competition from numerous other homes for sales nearby, a buyer was able to negotiate a deal for $21,900 under asking this March.

"It's an inner-city neighbourhood with a lot of older homes, so there are a lot of different shapes and sizes … from $450,000 and $700,000, so we were in the middle, which was appealing," agent Joel Gwillim says.

"It has some character and has been renovated and updated, but the fact is you're situated on a large piece of land in the inner city community where you're about seven or eight minutes right into downtown."

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What They Got: This century-old house is currently set up as two separate living spaces. There's also a detached double garage on the 36-by-121-foot lot.

The main-floor unit provides 992 square feet of living space encompassing two bedrooms, an updated kitchen, dining room and living room with a fireplace. Ceilings are nine-feet high.

The 643-square-foot basement suite has one bedroom, an entertainment area and cooking quarters.

The Agent's Take: "[The seller] rented upstairs and down, then there were two spaces in the oversized garage she could rent out," Mr. Gwillim notes. "So the amount of cash she was pulling in per month was pretty lucrative, if you looked at it from a mortgage standpoint."

Video: This six-bedroom mansion sold for under list price in Vaughan, Ont.
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