Luxury Real Estate Sales Still Attracting Buyers to Vancouver
For sale: cosy home. Yours for just $24 million
Wednesday, July 16, 2008
METRO
VANCOUVER
- Developer Milan Ilich is attempting to notch a new entry in
Vancouver
's ultra high-end real estate market by listing his and his wife Maureen's equestrian estate property, known as Ivy Manor, for $24 million.
Steveston Highway at the bucolic end of No. 3 Road in
Richmond
.
3330 Radcliffe Ave. , a waterfront mansion in
West Vancouver
.
Richmond
.
Canada
. While the Ivy's 2008 property tax assessment came in at just under $9.8 million, MacDougal, who is with the
Vancouver
office of Sotheby's International Ltd., said the asking price was set based on the market, which isn't just Metro Vancouver for a property like this.
Vancouver
is the space," he added. "There's 20 acres, and [it has] that feeling of open space."
Canada
and sales within its 420-office network that spans the globe.
Vancouver
's leading realtors in the luxury market.
West Vancouver
, wasn't yet aware of this specific listing, but noted "there are so few large estate properties for sale in the Lower Mainland, it would not surprise me if an out-of-country buyer purchased it."
Vancouver
's overall real estate market is slowing down, the upper echelon he operates in, and where the Ivy Manor is situated, remains brisk, Hasman added.
China
.
Vancouver
] properties at current prices compared to other cities in
North America
," Hasman explained.
Oak
Bay
near
Victoria
.
Vancouver
has seen two sales in the $10-million-or-over range.
United Kingdom
.
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| Derrick Penner
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The property, which realtor Jamie MacDougal plans to have on the Multiple Listing Service by the end of the week, comprises a 22,000-square-foot country manor-style home set on 20 acres, half of which is landscaped into a lavishly manicured English garden, and half that has been groomed for equestrian use.
An immaculate barn with stalls for five horses is one of the buildings located on the property, situated past the
The $24-million price tag is not too far off the $28.2-million Metro Vancouver record for a residential real estate sale set in January with the sale of
The Iliches built Ivy Manor over three years, moving in in 1991.
Besides the equestrian grounds, the house is built to suit other family pursuits such as the two-lane, five-pin bowling alley located above a six-car garage, a sprawling games and media room and a south-facing terrace and swimming pool surrounded by an immaculate garden.
In an interview, MacDougal said the Iliches decided they wanted to move to a single-level home - "a rancher," also located in
They are listing the Ivy with Sotheby's International Realty
"You use other [comparable] properties as much as possible," he added, "and you come up with a number that is based on the lifestyle, the demand and the supply of these properties."
For the size of the estate and quality of craftsmanship in Ivy Manor, from the grand entrance that soars above a spiral staircase to the master suite that boasts his-and-hers walk-in closets, the price is "bang on" compared with other properties in the same range.
"What differentiates [Ivy Manor] from a lot of other big listings in
MacDougal said Sotheby's didn't just look at comparable properties in B.C., but across
A $24-million price wouldn't be out of the question for an estate property the size of Ivy Manor, according to Malcolm Hasman, one of
Hasman, who is with Angell & Hasman Associates in
While
"There's no question the real estate market is going through a change," he said, with sales slowing and prices "set too high at unrealistic levels" being readjusted.
However, he still sees significant numbers of high-net-worth buyers being drawn to Vancouver, many of them from Mainland
"They still see incredible value in [
Currently, there are 65 homes in B.C. listed at prices above $7.5 million, the most expensive a $29-million waterfront mansion in
Just in the last week, Hasman said,
MacDougal said he expects it will take about a month to properly expose Ivy Manor to the market and get better feedback on where potential buyers lie.
However, he expects it will be someone in the equestrian set, perhaps from the
"I would not discount the local market as well," he added. "There is a [local] market for this type of property."
depenner@png.canwest.com
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