Calgary’s luxury homeowners turn to auction block
Posted Nov 1, 2017 12:12 pm.
This article is more than 5 years old.
Calgary’s luxury homes may not be selling on the market, but they are moving fast at the auction block.
New York-based Concierge Auctions said Wednesday there were 59 homes in Calgary on sale for more than $3 million, but only 13 homes at that price point have sold this year. It said if there are no more homes coming into the market, it would take about five years to absorb the high-end properties.
“The market has certainly changes in the last few years and people are trying to shed some of these, what I call white elephants, these big mega-mansions that were built throughout the good times,” said Alberta Business Development Officer Murray Lange.
Concierge Auctions said putting homes up for bid help sell luxury digs in a competitive environment by putting them at the front of the market.
“Typically the time we get involved is after more than 180 days in the market, some of these homes have been on the market for close to 1,000 days or more. Generally, our sellers have exhausted the more traditional method of listing before they talk to us,” said Lange.
The auction house has also sold luxury properties in recently in Canmore and Banff.
