It's a real estate sale like you've never seen before — at least in southern Alberta, that is.
Sotheby’s International Realty Canada is partnering with Concierge Auctions, a New York-based luxury real estate auction firm, to auction off two stunning luxury properties in the Calgary area.
The live auction will take place on May 8 at a private location in Calgary.
Check out photos of the properties up for auction. Story continues below the slideshow.
Blue Valley Farms is a 45-acre equestrian training compound located at 242243 64th St. West, 25 minutes from downtown Calgary and a few minutes from internationally-renowned Spruce Meadows. Property features include a 6,428-square-foot indoor riding arena, a 30,000-square-foot outdoor arena, 25 horse stalls, five large fields with shelters and 12 outdoor paddocks. There’s an eight-car garage and workshop and a four-bedroom bungalow is available for an on-site manager. Originally offered for $4.6 million, Blue Valley Farms will sell to the highest bidder without reserve.
The Church Ranches Estates property, 20 minutes from downtown Calgary is located at 70 Timber Ridge Way. The 2.27-acre property features a 9,000-square-foot home with four bedrooms, four full bathrooms, imported finishes, and a 3,000-square-foot solarium with a heated pool, hot tub, tropical gardens, and direct access to the lake. Owners enjoy access to 85 acres of park and nature trails, three large lakes stocked with fish, and sandy beaches for swimming and canoeing. Originally offered for $3.99 million, the highest bidder at or above $2 million will be named the new owner.
"We've seen growing demand for high-end Calgary real estate from local and international buyers over the past year, and marketing these properties demands innovative solutions," said Mark Evernden of Sotheby's, in a press release.
Calgary's high-end real estate market led Canada last year, with 10 consecutive months of record sales and the largest increase in sales of homes over $1 million compared to 2012, according to a Sotheby's report published in January.
In 2013, 722 homes sold for over $1 million in Calgary and seven homes sold for more than $4 million.
The luxury real estate auction is the first of its kind in Calgary, but is part of a trend in luxury markets worldwide.
Laura Brady, Founder and President of Concierge Auctions, says real estate auctions are a smart choice for those looking to buy and sell in the luxury market because the process offers transparancy for all parties.
"Buyers enjoy that we identify committed sellers and instill confidence that they only have to pay what the property is worth on auction day, as the value is unfolded through live bidding. For sellers, we aggregate competition and produce a market-driven sale within their timeframe," she said in a press release.
Both properties are open daily for a preview or for private showings by appointment.