Alberta Mirror

Wednesday, September 27, 2023

Group of property owners dealing 10-lot block close to Edmonton’s river valley


Key takeaways: 

  • The $12.5M-listing features the properties of 10 houses along Scona Road.
  • A partnership of properties occupied by century-old houses along Scona Road, between 92 Avenue and 93 Avenue, has been recorded by a group of house and property owners for $12.5 million.

Several residential property owners have teamed up to record a whole block around Edmonton’s river valley.

The $12.5-million listing has nine houses along Scona Road and another around the corner of 93rd Avenue.

“Many owners determined that collectively it made more sense to sell these ten houses as a package rather than separately,” stated David Schroder, a real estate broker with Maxwell Polaris. The latter is helping with the sale of the properties.

“Ideally for them, they just felt that rather than being sold each and people setting up million-dollar homes, they simply felt that they offer more housing to sell in one group collectively.” 

Schroder states the age of the two-story houses on the block was one basis for the owners choosing to sell the properties as one.

Read more: The city of Edmonton delighted by housing allocation in the federal budget

Several residential property owners have teamed up to record a whole block around Edmonton’s river valley

“Nine of the houses are around 100 years old, some of them, the effective life, the insurance firms have said in one possibility, six years, another ten years,” stated Schroder. “So there’s a limitation to how long they can be occupied.” 

House sales have been roaring in Edmonton to begin in 2022. The Realtors Association of Edmonton notes a 45.5 percent increase in residential unit sales in March. There was a 34.7 percent growth year over year compared to March 2021.

The properties are presently zoned as RF2 low-density infill, which only lets single-detached, semi-detached, and duplex residential housing.

To potentially make an apartment or high-rise development on the block, the coming owner would have to apply for rezoning and connect the lots.

Schroder feels the location could help from a possible seniors’ housing development.

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