Amidst Alberta’s recession and the resulting depressed housing market, a couple in Calgary has resorted to a creative way to ‘sell’ their upscale home: a raffle.
Homeowners Teresa Rambold and Bill Wyrostok have launched BoldStock, where participants upload a photo of their pet and pay a nominal $35 entry fee for a chance to win their $3-million, 4,000-sq-ft, custom-built home in Calgary’s inner-city neighbourhood of Mount Royal.
But this competition is all about quality, not luck, as winners will be chosen by a panel of judges.
The winner will be awarded the 2014-built home, and three runners up will receive cash prizes of $50,000 each.
And proceeds amounting to $100,000 will be split between the Animal Rescue Crew Society (AARCS) and the MEOW Foundation.
But none of this will kick in until October 22, 2019, when the competition ends, or any time after 100,000 purchase entries have been received, raising $3.5 million for the husband and wife duo’s initiative to relief themselves from what they describe as a “tremendous burden.”
According to a release, the couple say they are thinking out of the box as they are struggling with a mountain of debt, with no possible sale at cost recovery levels and poor prospects for waiting out the market.
The home cost $2.9 million to construct, but the assessed value of their property by the City of Calgary had plummeted to $1.6 million. The depressed trend for Calgary’s housing market, especially for the luxury market, is expected to continue for the foreseeable future.
“We’ve been through a lot since this project started. We had setbacks from the very beginning, but we think our relationship has grown stronger as a result,” said Teresa in a release.
“We had poured everything into this house including our love and dedication to one another.”
The home, located on a large corner lot on a tree-lined street, is a short commute from the city centre. Its contemporary design is complete with luxury finishings, such as a $14,000 Bain Ultra tub, and ample entertainment and recreational space including a large games room and a sizeable fenced yard.
Competition participants must reside in Canada (excluding Quebec) and not be a minor.