Market Watch: Houses Sold Above $1m, September 8-14, 2024
This week, a total of 30 homes were sold above 1m. The map below shows how they are spread over the city.
In the west end, there are zero transactions north of HWY 417 over $1m. South of HWY 417, one home was sold for $1.4m ($1.355m to be exact) in Stittsville, $5,000 over asking. This house was built in 1986, but is has a big backyard: a pie lot measuring 12,464.60 ft² (0.286 ac). As we noted last week, homes with expansive yards are extremely advantaged in today’s buyer’s market. The home’s value more than doubled since it was purchased in 2011.
Another house sold above $1m is located in the Blackstone community: it is Cardel’s largest “new” series floorplan, the Ridgecrest (2815ft²), built in 2018 with a fully finished basement, on a corner lot. It was sold for $1.16m. The house measures 37’10”, wider than many other builder’s 44′ models. I usually saw this model built on pie lots or corner lots.
This is the first sale of a Ridgecrest that we have seen on resale markets, and the price seems good given the current market conditions.
In the south end, one Uniform home were sold in Barrhaven’s Stonebridge community. Stonebridge is Uniform Urban Development’s first major tract home project in Ottawa, and it has contributed to Uniform’s reputation for stellar quality of construction. However, these Uniform homes are usually sold for lower prices than similar Monarch homes in Stonebridge. Golf-course-backing Monarch 50′ sinngle homes are usually sold above $1.3m, with the highest transaction being $1.42m in April. The Uniform home sold at $1.23m last week is a 52′ single, with no rear neighbours, built in 2003. Compared to Monarch homes, the Uniform homes are about 10 years older, and are only with 2 full bathrooms on the 2nd floor. Comparatively, most 50′ Monarch singles in Stonebridge feature 3 full bathrooms, including 2 ensuites, on the 2nd floor.
In Alta Vista, A custom home newly built in 2022 on a lot measuring 75′ x 111.8′ was sold for $2.8m, $50,000 less than asking. It has 6 bedrooms, 7 bathrooms including 5 ensuites. This home was first listed in June, 2024 and had no price reductions. Note that homes at this price point (>$2m) are extremely illiquid, and prices vary drastically. This is one of the highest sales in Alta Vista over the past 12 months.
In the east end, a home / lot listed for $1m was sold for $1.3m in Orleans. The home was built on a 0.84 acre lot in 1975. The lot is huge in comparison to neighbouring houses, and the sale price is also way above other houses on the same street.
Estate properties: There is not much activity for estate properties this week. One home backing on to the Rideau River was sold for $2.88m. This home was built in 1976 on a 5-acre lot.
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