Market Watch: Houses Sold Above $1m, September 1-7, 2024
Homes above $1m tend to be sensitive to market changes. When interest rates were paused in March and April 2023, the number of sales above $1m increased damatically, but when another interest rate hike came in June 2024, these $1m+ sales dropped off quickly.
From September 1-7, 2024, a total of 21 homes were sold above $1m:
Here are some highlights:
In the west end, a Phoenix single home was sold for c. $1.2m in the Diamondview community. This home is situated on an oversized lot with a swimming pool. The model of this house is Phoenix’s 50′ Rutherford, with 2559 sq.ft of living space above grade.
In the east end—the Avalon community in Orleans—a Minto 43’ single home, the Mapleton model, was sold for c. $1.3m. It is situated on an oversized lot, also with a swimming pool. This floorplan is unique in that it has split levels, with a 11′ raised-ceiling family room set above the garage. Due to the unique home grading, the Mapleton’s foundations are raised more than typical 2-storey singles, with a lookout basement as default.
In Ottawa South, a Minto 52’ single home—the Dahlia model—was sold for c. $1.2m in Minto’s Mahagony development, situated in Manotick. The Mahogany community is one the best selling communities in Ottawa, with one of the highest densities of transactions above $1.2m. It is the only place that currently includes Minto’s 52′ frontage single homes, as well as the most recent community with Minto’s now-discontinued 60′ singles.
These well sold homes have a number of commonalities: Oversized lot, well upgraded with beautiful interior finishes, and well maintained. In the current buyer’s market, these qualities tend to help homes achieve much higher prices & selling times.
Estate properties:
One 2-acre property was sold for $1.7m in Kanata north. This home was built in 1990, well maintained, and is conveniently located just to the north of the Morgan’s Grant community, and to the south of the new Copperwood Estate development by Uniform and Claridge. It is only 2 minutes’ drive from the Kanata High Tech Park.
Another estate property was sold in Manotick for $1.77m. The home was built in 1987, and was situated on a 1.85 acre lot, backing onto the Rideau River. It has a unique design, with 3 bedrooms above grade.
Estate properties are usually one-of-a-kind. The sale price usually has no direct and clear comparables, so it is essentially based on how the Seller and the Buyer reach an agreement on the price.
NOTE
The information on this blog is intended for general informational purposes only and should not be considered legal or financial advice. While we strive to provide accurate and up-to-date information, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the blog or the information, products, services, or related graphics contained on the blog for any purpose. Similarly, we do not endorse any services mentioned on our blog, and we are not responsible for the claims made by any third-party we may refer to from our blog.
In NO event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this blog. Any reliance you place on such information is therefore strictly at your own risk.
We reserve the right to modify or amend this disclaimer at any time, without notice to you. By using our blog, you agree to be bound by the terms and conditions of this disclaimer. If you do not agree with these terms, you should not use our blog.
Please consult with a professional in the relevant field for specific advice related to your situation. We expressly disclaim any and all liability in connection with the use of or reliance on any information contained in this blog.
All trademarks, service marks, and trade names displayed on this website are the property of their respective owners. We may use text, images, and videos with the copyright owners’ license or that are in the public domain for purpose of producing materials on this blog. We do not warrant that the use of such text, images, and videos will not infringe upon the rights of third parties.