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 days when most homes sold within a few weeks and often for more than the seller hoped for increasingly appear to be over.
One example, among others, that of 160 Geneva Crescent in Mont-Royal, illustrates this well. The luxurious residence, which was for sale more than a year ago, has just sold for $4.5 million, which is no less than 25% less than the seller’s quoted price.
This 400.5 square foot, two-story residence features six bedrooms, a spacious kitchen and a large dining area that leads to a Nantucket-style sunroom, which in turn leads to a backyard with a large in-ground pool.
A year ago, this residence with garage on a 1,115 sq m lot very close to the future REM station was listed for $5,950,000. Just over 12 months later, the same residence finally sold, but for 25%, or $1.45 million, less than the original asking price.
This residence was purchased in the fall of 2006 by the seller Philippe Saint-Germain. At that time, the seller paid $1,775,000.
At last appraisal, this property was assigned a value of $3,843,700. Three years earlier, it was estimated to be worth $2,726,000.
For buyers, a $114,375 transfer tax payable to the City of Mount Royal will be added to the purchase price.
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].