Hundreds of properties in Quebec change hands every day, most of them without us knowing the exact details. That was before we became interested… Here are the latest transactions that caught our attention.
The trustees of La Fiducie Coventry/The Coventry Trust have just sold an apartment on the upper floors of the chic Ritz-Carlton Hotel in Montreal for $4,095,000.
Just a stone’s throw from the Museum of Fine Arts, on Sherbrooke Street West, the 600-square-foot condo with 11-foot ceilings features two bedrooms, each with a private bathroom, two underground parking spaces and a balcony.
Bonnie Meisels, KW Urban
The Coventry Trustees were represented in this transaction by Brian Kreisman and Hillel Frankel. The Coventry Trust purchased this property in 2013 for $4,044,338, including taxes.
Ten years later, the sale closed for $4,095,000, 8.7% less than the hoped-for $4,450,000. The sellers therefore made a modest profit of $50,662, which is 1.25% of their original investment.
Bonnie Meisels, KW Urban
In the most recent municipal assessment roll, this unit was assigned a value of $4,708,900, which is 10% more than three years earlier ($4,280,800). In 2023, municipal taxes for this residence were $30,983.
Added to the purchase price for the buyer is a transfer tax payable to the City of Montreal in the amount of $141,484.
With the contribution of Philippe Langlois.
Excerpted from the Journal’s weekly real estate column. If you hear of an interesting transaction, do not hesitate to share it at [email protected].