Resale condo in Edmonton has a tough go finding a buyer

14810 51 Ave., NW., No. 311, Edmonton

Asking price: $229,000 (December, 2022)

Previous asking price: $249,900 (July, 2022) *under previous agent

Selling price: $221,000 (December, 2022)

Previous selling price: $135,000 (2020)

Taxes: $1,778 (2022)

Property days on market: 179

Listing agents: Clare Packer and Judy Clare-Packer, Re/Max Excellence

The action

This two-bedroom-plus-den suite in a residential suburb near Fort Edmonton Park, went without an offer for roughly five months last year. A new team of agents was brought in and made some subtle changes, including new listing photography and a slimmed-down price tag. Over the next two weeks there were five showings and one visitor made an accepted offer at $8,000 under the asking price.

“Condos are inherently very difficult to sell in Edmonton, the main reason being that there is a lot of new development, therefore you’re competing with brand new construction priced super competitively,” agent Clare Packer said.

“We marketed it a little differently, almost like it’s a condo in an all-inclusive resort, because it included every single utility, indoor pool and sauna.”

Despite a sale price below list, the unit did well in preserving its value due to the maintenance efforts of the owner, a professional designer.

“This was an exciting sale because it’s nice to see some payoff for [my client] after putting so much into it, and … it has a positive effect that ripples out to the whole community in that building where their last data point was maybe $150,000. Now, [after this sale] it’s over $200,000.”

“We’re seeing sales where someone bought a luxury condo downtown for $750,000 in 2018 and now its worth $400,000. That’s the standard,” Ms. Packer said.

What they got

This 1,726-square-foot unit is in a four-storey building constructed in 1976. It has a traditional kitchen and an open den and dining area.

There is a wide balcony off the living room and a primary bedroom with a walk-in closet and one of the suite’s two bathrooms.

The unit includes two parking spots. Monthly fees are $1,238.

The agent’s take

“[The owner] had it cosmetically upgraded and decorated in a way that really gave it a timeless and elegant feeling,” Ms. Packer said. “It’s pretty serene and gorgeous.”