Watermark development in Bearspaw sees strong sales
Despite economic woes, Watermark development in Bearspaw sees strong sales
The upscale Watermark development in Bearspaw is avoiding the sales slump that has hit much of Calgary’s housing market.
Ian Macdonald, director of sales and marketing for the Macdonald Development project, said 183 of the 217 single-family estate lots released have sold. The development, launched in March 2011, will have 469 lots available.
Macdonald said 110 homes are occupied, with the remainder under construction and a few vacant lots that builders have in their inventory.
“We’ve been averaging about 30 lots a year in sales,” said Macdonald.
Grace Yan, of Sotheby’s International Realty Canada, said while Calgary’s high-end housing market has experienced a downturn this year there is still movement at higher price levels.
“In light of recent price adjustments, new opportunities have emerged for buyers and/or investors, contributing to sustained sales in the high-end of the market,” said Yan, who has a $2.2-million home listed in Watermark.
Macdonald said the Villas at Watermark have seen 15 sales this year ranging from $699,000 to $1,140,000 plus GST
and ranging in size from 2,000 square feet to 2,600 square feet.
He said the Watermark at Bearspaw portion has sold 13 quick possession homes this year ranging in price from
$1,149,000 to $3,450,000 and ranging in size from 3,212 square feet to 8,644 square feet. Three of these homes have sold recently ranging from $1.84 million to $3.45 million.
Macdonald added that 10 lot sales for custom homes have taken place this year ranging from $375,000 to $599,000 plus GST.
A quick possession is also known as a “spec” home as it has been built by the builder without a purchaser yet, he said.
“This is the first year we’ve seen more quick possession homes sell than custom lot sales,” said Macdonald. “It’s a really great indicator of what the market is buying and who is the market right now. Mainly that is people who are relocating to Calgary or folks that have sold their home and now they’re looking for a place to move into right away.
“Because of some of the uncertainty in the market, it’s really now become ‘I need to sell my home first before I make a decision to buy a custom home’. But we’ve been actively promoting quick possession homes as a great alternative because once someone’s sold their home well they’ve got to move right away. And here it is.”
Wolf Custom Homes’ Mission Revival estate, an 8,644-square-foot home including a guest house, recently sold in the development for $3.45 million.
The company said recent luxury home sales are an indication that despite economic changes “the luxury lifestyle and market remain strong in Calgary.”
Wolf Custom Homes has also sold its former show home for $1.94 million.
Watermark is on 12 Mile Coulee Road, south of Crowchild Trail/Highway 1A.
Story by Mario Toneguzzi, Calgary Herald