Large Elbow River suite finds buyers after price trimmed

228 26 Ave. SW, No. 502, Calgary

Asking price: $2,294,990 (March, 2023)

Previous asking price: $2,394,990 (February, 2023)

selling price: $2.125-million (March, 2023)

Taxes: $8,751 (2022)

Days on the market: Two

Property days on market: 27

listing agents: Christina Hagerty, Re/Max Realty Professionals

The action

The Grandview is a well-known high-rise on the Elbow River, and some locals keep a sharp eye out for units to free up. When this 2,517-square-foot suite with views to the north, south and west hit the market there was immediate interest, even though many of its target buyers were still in their wintertime southern residences.

“We had two potential buyers immediately, but both families weren’t ready. But normally, this is a building that people wait to get in,” said agent Christina Hagerty.

“It’s on the river pathway system, steps from grocery stores, a wine store, parks, restaurants, etc. So many residents who downsized from their large family homes in Mount Royal, Elbow Park and Rideau – and belong to the Glencoe Club – love the Grandview.”

Despite its merits, the price was a stumbling block. Over three weeks, 50 visitors toured the unit before the asking price was trimmed by $100,000. Within 48 hours, a bid came in at $2,125-million – a further $169,900 reduction from the revised asking price – that was accepted by the seller.

“We set a new high price per square foot for a unit that needs renovation,” Ms. Hagerty said.

“It sure feels like 2008 with the rest of the country going through corrections, while Calgary’s condo market may see a resurgence of 10- to 15-per-cent increase before the end of the year.”

What they got

The property is actually two units purchased 16 years ago and combined into one large corner suite. There are three balconies and three bedrooms, all with walk-in closets and full bathrooms.

There is a large kitchen, open dining area and a living room with a fireplace.

The unit comes with two parking spots. Monthly fees of $2,292 cover water and heating.

The agent’s take

“Less than 5 per cent of condos in the city of Calgary are over 2,000 square feet, so there is a very limited amount of units with larger square footages,” Ms. Hagerty said.

“It has three balconies, which are so good, and they’re all facing the river and downtown.”