Devaluation of ambitious Calgary home reflects local market’s dire straits

A home in Calgary’s 4219 Britannia Drive that was listed for nearly $5 million a few years ago is now back on the market for far lower than its initial asking price, reflecting the hard times that have befallen the city amid Alberta’s continuous economic struggles.

The 11,000-square-foot, two-and-a-half storey home is one of the largest residential properties in the inner-city area, and is strategically situated on a prestigious property ridge in Britannia.

As told to The Globe and Mail, Scott Inglis—who purchased the home for $6 million in 2012 after his victory in a bidding war—continued the vision of previous owner Ruth Chad, who was in the process of fully overhauling the home before her untimely demise in 2011.

“Even at $6-million, it was still far less than it would have cost me to level and rebuild my bungalow to a similar specification,” Inglis said. “It was solid concrete, constructed like a European country estate and built to last 200 years. Something you don’t find much in Calgary anymore.”

Chad’s plans included lavish additions such as (but not limited to) a central atrium outfitted with a vaulted skylight, an expansive master suite plus three additional bedrooms, a home theatre, and two panic rooms, including a fully furnished nuclear shelter 15 feet underground.

Despite the project’s ambitious goals, the high-end home was listed for a mere $3.995 million recently.

Inglis, who is planning to move to the Mediterranean once the deal is closed, remained level-headed despite possibly losing $2 million in just 5 years.

“I predicted that the house would hold its value in any market because I believe there’s value in purpose and this house was built with great purpose,” he stated. “That hasn’t proven to be correct. But that’s Calgary: It’s a cyclical and commodity-driven economy and real estate is part of that.”

Inglis’s agent Thomas Keeper noted that the repricing was done out of a need to complete the sale.

“Calgary has significantly more sales activity under $4-million than over it,” Keeper explained. “It’s going to be an incredible purchase for somebody because I guarantee when the market turns around this home is going to be reappraised at $6-million.”



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COMMENTS

  • by Sannan 2017-02-20 8:39:31 PM

    Why in the world would.someone want to take a 2 million dollar loss. Apparently they over paid for the property. Why not just sit and wait till Calgary turns back around.

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