Going, going and just about gone. Wolf Willow Ridge, the new kid on Edmonton's high-end residential block, recently exited the starting gate with a closed-bid lot auction and the project's backers haven't had a chance to look back yet.

With 17 of the development's lots being snapped up at the first opportunity, only 14, from a total of 67, remain on the market.

Initial interest in the 25-acre, single family-home subdivision was high and the idea behind the auction was to give everyone an equal chance at the lot of their choice, said Edmonton-based developer Centennial Valley Properties Inc.

"Over the last couple of years as we worked with the community - although we had not done any marketing of the project - we accumulated a list of 100 individuals who had expressed an interest in purchasing lots," said James Low, Centennial Valley's president.

Illustration courtesy of Wolf Willow Ridge
An inviting path system on the top of the riverbank is one of the development's many features.

The company held a project preview on Oct. 17, and said it would accept offers on any of the lots at the list price or greater until Oct. 28.

By the time the auction ended, 17 lots were sold, with multiple bids having been submitted in a number of instances. This in turn pushed some purchase prices above list prices that began at $179,900 and went as high as $750,000 - excluding one piece of land that includes an existing house that carries a $1.5-million pricetag.

"We wanted to give everyone a fair chance to acquire the lot of their choice," said Low. "I'm not aware of it (the auction) having been done in Edmonton before. I'm sure there are other places where an auction or bids have been used but as far as I know this was unique for single-family residential lots in Edmonton."

However, once the auction ended, the remaining lots went back on the market at their regular list price to be sold conventionally.

Buyers so far include young families and couples whose children are grown up and out of the home, along with up-and-coming and established professionals and business people, said Low.

Adjacent to the Edmonton Country Club, more than three-quarters of Wolf Willow Ridge's lots either overlook a golf course or provide ravine or river valley views.

"The lots are larger than you would normally find in most new subdivisions in the city right now," Low noted. "We made the lots larger because we wanted to cater to the upper end of the market and provide an opportunity for people to build larger estate homes well within the city limits."

Real estate agent Sally Munro, who specializes in the high-end market, said she was pleased with the development. "We have a lack of this type of product in this marketplace - I think the word is 'shortage,' " said Munro.

"I've had clients that have expressed interest in Wolf Willow Ridge because of how unique it is, because of the size and location. It's always been talked about as a very prestigious, elite development," said Munro, a part of the Century 21 Platinum Realty team.

The auctioning of lots in this particular case worked well because it's a select product, she added. "There's more demand than supply and I believe that is why it was successful," though she said she can't see this marketing tool working all the time.

Munro expects to see multi-million-dollar homes built on some of the lots, with these houses priced between $1 million and $5 million each.

With road and service construction set to start early next spring, the new homeowners should be able to start building by late summer 2005.

Architectural guidelines will be restrictive enough to keep quality levels high, but they won't dictate the need for any particular housing style.

Buyers are also responsible for selecting and getting their own builder, added Low, which will allow residents to build homes with their own unique design.

Adding to the development's special feel will be curving sidewalks.

"Where we have sidewalks, there will always be a boulevard between the sidewalk and curb with planting beds and shrubs in them," said Low.

While Centennial Valley had acquired the land for the project back in the summer of 2001, it wasn't until earlier this year that it firmed up the proposal for the parcel off Wanyandi Way and within minutes of Whitemud Drive.

One earlier residential proposal included a medium- density high-end condominium project, though surrounding residents were opposed to the idea.

"We took that into consideration and abandoned that, a four-storey condominium on the southern portion," said Low.

"There was some concern about increased traffic, increased number of units."

Wolf Willow Ridge is Centennial Valley's first development.

"We would like to do other projects, but don't have anything specific on the table right now," said Low.

(Laura Severs can be reached at laura@businessedge.ca)