The home of Jim Shaw at 102 Crescent Rd. NW, Calgary in Crescent Heights recently sold at a record-breaking price of $11.1 million - the highest ever recorded MLS sale price in Calgary. A retired Shaw executive, Jim Shaw found the home to be more than his present needs and opted in downsizing, but is not leaving Calgary.

John Hripko, the listing agent from Royal LePage Foothills who closed the sale, declared that Shaw's home, originally listed at $11.5 million, had been on the market for eight months and was sold to a “long-standing Calgary citizen.”

Jim Shaw HomeThe record-breaking $11.1 million sale of Jim Shaw Calgary home now surpasses the previous highest MLS Calgary sale of $10.35 million in Aspen Woods sold earlier this year. Built in 2010 and listed by Sotheby’s International Realty Canada's Corinne Poffenroth at $11.495 million, it was originally listed in July 2011 at $12 million. This was preceded by the $10.3 million sale of a two-storey home in Elbow Park/Glencoe by Realtor® Mike Vernon of Calgary Flames in August of 2009.

Hripko, the listing agent of Shaw's home, described the Calgary luxury home market to be strong especially in the inner core with not only local but international buyers also. He said the recent sale shows how confident people are in the Calgary marketplace.

The listing described the property being designed for entertaining, with stunning mountain, river valley and downtown views, and nearly 10,000 sq. ft. of luxurious living space. It features a Guggenheim-inspired glass dome ceiling at a massive foyer, a formal dining room, uninterrupted views from the living room, a gourmet kitchen with sitting room and a master retreat with privacy deck, double-sided fireplace, spa-style ensuite and private access to the roof deck with hot tub and spectacular 360° views. In 2008, this same house made headlines for a record sale at $7.5 million.

The luxury home market in Calgary has been robust for the past year or so. It recorded the highest number of $1-million sales for the month of May, with 84 transactions, surpassing the May 2012 one-month high of 80 transactions. The Calgary Real Estate Board (CREB®) expects the mid-year forecast to be in-line with expectations despite the recent flood, although the full extent of the impact won't be known for several months.

According to CREB®’s chief economist, Ann-Marie Lurie, an expected short term fall in listing levels and price discounts in impacted areas will be offset by increased demand in unaffected areas and existing tight supplies, resulting to further price gains. CREB® expects a 4.3% overall sales growth this year, higher than the January 2.2% annual growth forecast - mainly driven by the condominium market, with a 15% year-to-date increase.

Courtesy of: Calgary Herald


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