Every day, hundreds of properties change hands in Quebec, most without us knowing the fine details. That was before we were interested in it… Here is the last transaction that caught our attention.
A luxurious Westmount residence targeted by an auction notice for non-payment of taxes has just found a buyer for almost 22% below the asking price.
Located at 215 Edgehill Road in Westmount, this home has six bedrooms, five bathrooms and a double garage. Built in 1946, the latter sits on a corner plot of 617 square meters (6,641 ft2) apparently offering maximum privacy.
The owner-seller, a numbered company (9361-5425 Québec inc. or IMB Reforma) owned by a businessman living in Mexico (Beja Masri Andres), had purchased this property in July 2017 from a certain Helena Grimaldi, for $3.6M.
Google Street View
After undergoing renovations, the same house was relisted at the beginning of 2021 for almost $4.8M ($4,799,000). However, despite successive price drops, the house had difficulty finding a buyer.
In the meantime, the house was subject to several legal hypothecs. A notice of sale for non-payment of taxes has been published by the City of Westmount. Its sale was scheduled for December 9.
Finally, a few days before the auction, and more than three years after the house was initially put up for sale, a purchase offer was finally accepted by the seller for an amount of $3,755,000.
That’s just $155,000, or 4.3% more than the price paid by the seller in 2017, and 21.75% (or $1,044,000) less than the sale price posted by the seller in 2021.
On the last three-year assessment roll, this property was assigned a value of $5,249,600 (reference date, July 2021). Its value had increased by $1,389,600, or 36%, compared to its previous assessment of $3,860,000.
According to the deed of sale, signed before a notary on November 8, the new owner also had to pay a transfer tax of $151,235, payable to the City of Westmount.
– With Philippe Langlois and Nicolas Brasseur, from the Investigation Bureau
THE PRICES OF TEN OTHER RECENTLY COMPLETED TRANSACTIONS
1430, rue de la Montagne # 1802, Montréal 13 911 975$
113, rue de l’Hermitage, Magog 4 495 000$
215, chemin Edgehill, Westmount 3 755 000$
6301, Place Northcrest # PH-S2, Montréal 3 150 000$
1650, rue Sherbrooke Ouest # 15E, Montréal 3 100 000$
727, rue des Châtaigniers, Boucherville 2 999 000$
2357, place du Violoncelle, Saint-Lazare 2 000 000$
170, 115e Avenue, Saint-Hippolyte 1 998 888$
177, rue Les Peupliers, Laval 1 900 000$
836, avenue des Sapins, Saint-Jean-de-Matha 1 650 000$
1101, chemin des Patriotes, Otterburn Park 1 450 000$
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