The affluent community of Aspen Woods tops all other Calgary neighborhoods in terms of percentage growth in retail home prices over the past decade.
Aspen Woods home prices exhibited the highest growth in Calgary, beating close competitors like Victoria Park, West Springs, Upper Scarboro and Cougar Ridge, according to the Calgary Real Estate Board (CREB®).
CREB® reported that Aspen Woods benchmark price was $903,400 in December, an increase of 176.52% over the last decade. Benchmark price is the average or typical MLS home sale price. For all Calgary residential properties listed with CREB®, the benchmark price was $416,900, up 105.97% over the past decade.
Corinne Poffenroth, a realtor at Sotheby’s International Realty Canada, said buyers value Aspen Woods' close proximity to downtown and easy access to the mountains. She said the neighborhood becomes increasingly enticing because of its location near schools. Poffenroth was the realtor in Calgary who sold the $10.35 million luxury home - the second most expensive Calgary residential MLS listing in 2013.
The CREB® report revealed the other fast-growing developments with highly competitive price increases: Victoria Park, $336,900, 175.82%; West Springs, $649,100, 142.63%; Upper Scarboro, $812,700, 141.42%; and Cougar Ridge, $619,200, 141.27%.
Ross PAVL, a realtor at RE/MAX House of Real Estate, informs first-time visitors that Aspen Woods has increased its popularity because of its proximity to downtown, as compared to new communities in the north and south. Pavl also said that homeowners choose Aspen Woods because of its location near quality private schools like, Webber Academy, Calgary Academy and Rundle College. The larger estate areas of Aspen Woods Estates and Aspen Estates, with their bigger lot sizes, offer excellent curb appeal.
Annually, the CREB overall benchmark price increased 8.74$%. The following are the neighborhoods with the highest annual growth: Radisson Heights, $310,600, 16.96%; Castleridge Estates, $399,000, 17.26%; West Dover, $271,200, 18.49 %; Diamond Cove, $603,000, 23.23%; and Connaught, $314,300, 24.55%.
An expert Calgary realtor also said that an essential factor when looking at decade-long statistics, is its being one of the newer developed neighborhoods. Stats will then be skewed starting at a lower base. And given the average age, may appear better than what it actually is.