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.
A luxury property in Montreal's upscale Outremont neighborhood just sold for $5.5 million after prices fell for nearly two years.
Located at 51-51A McCulloch Avenue, the two-story residence features seven bedrooms, a spacious main floor with a reception room, a refrigerated wine cellar, an indoor spa, a double garage and a carriage house. Ideal, they say, to accommodate a parent or a domestic worker. The house sits on a 1,566 m² plot with a pond and a saltwater pool.
Joseph Montanaro, Re/Max
The seller, Nathalie Boutin, purchased this property in April 2004 with her husband Paolo (Paul) Catania, a builder known for his troubles with the law.
The transaction was then completed for $1,850,000. Five years later, in April 2009, Mr. Catania transferred his share to his wife for $1.
After being announced at $7.5 million in May 2022 and $6,850,000 in summer 2022, the villa's price was again reduced to $6.5 million in January 2023 before being lowered the following year was reduced one last time to $5,950,000 in the spring.
Ultimately, the property found a buyer for $5.5 million, $2 million, or nearly 27% less than originally hoped.
Joseph Montanaro, Re/Max
In the most recent municipal assessment roll, this residence was assigned a value of $5,212,700. This was a 36% increase from the previous valuation of $3,832,900.
For 2024, the taxes associated with this property are $32,148. Added to the purchase price for buyers was a $173,018 transfer tax payable to the City of Montreal.
In collaboration with Philippe Langlois.
Excerpted from the Journal's weekly real estate column. Have you caught wind of an interest rate transaction? Do not hesitate to send it to [email protected].