Group of property owners selling 10-lot block near Edmonton's river valley
$12.5M-listing features the properties of 10 homes along Scona Road
A group of residential property owners have teamed up to list a whole block near Edmonton's river valley.
The $12.5-million listing includes nine homes along Scona Road, and another near the corner of 93rd Avenue.
"Basically, a group of owners ... decided that collectively it made more sense to sell these 10 homes as a package rather than individually," said David Schroder, a real estate agent with Maxwell Polaris who is assisting with the sale of the properties.
Schroder says the age of the two-storey homes on the block was one reason for the owners deciding to sell the properties as one.
"Nine of the homes are over 100 years old and some of them, the effective life, the insurance companies have said in one case, six years, another 10 years," said Schroder. "So there's a limit to how long they can be occupied."
Home sales have been booming in Edmonton to start 2022. The Realtors Association of Edmonton cites a 45.5 per cent increase in residential unit sales in March, when compared February. Year over year, there was a 34.7 per cent increase when compared to March 2021.
The properties are currently zoned as RF2 low density infill, which only allows single-detached, semi-detached and duplex residential housing.
To potentially construct an apartment or high-rise development on the block, the future owner would have to apply for rezoning and to combine the lots.
Schroder feels the area could benefit from a potential seniors' housing development.
"I would love to see a building standing here that can actually perhaps redefine what development looks like having a portion of the building dedicated to seniors who might be living in the neighbourhood and love their neighbourhood and are reaching the point where they no longer can physically look after their properties or they have more house than they need," said Schroder.
Marty Majorowicz, a resident who lives near the properties listed, is intrigued by the joint listing but he would prefer the site to have homes that match the current character of the neighbourhood.
But he said the area has been in need of more nearby businesses after the Wild Earth Bakery and Cafe and grocery store closed about four years ago.
"If they do end up doing condos of some kind, maybe if there was some mixed-use commercial or something."