Luxury West Vancouver mansion sells for nearly $9M under initial asking price
While it still counts as an ultra-luxury home sale, a West Vancouver mansion sold for way less than the initial asking price.
Located in the British Properties neighbourhood of West Vancouver, 925 Fairmile Rd. was first listed in May 2021 for $19,880,000 when it had an assessed value of $11,238,000.
According to Zealty, the home was reported to have been sold last week on Oct. 11 for $11,000,000, $8.88 million less than the initial asking price. It also sold for significantly less than the most recent asking price of $16.88 million.
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Sutton Group-West Coast Realty
This five-bedroom, eight-bathroom home was built in 2020, and the previous property was sold in 2014 for $6.12 million. After it was built, it was listed twice before the current sale. One of those listings expired, and the other was terminated.
Sutton Group-West Coast Realty
The home is described as a “world-class, lavish mansion on the most prestigious street.”
Sutton Group-West Coast Realty
It features views of the ocean, the City of Vancouver, and the Lions Gate Bridge. The property offers almost 14,000 sq. ft. of living space on over 27,000 sq. ft. of land.
Sutton Group-West Coast Realty
Some of the luxurious touches include imported marble flooring, large picture windows, a spacious outdoor swimming pool, and a hardwood-panelled office that looks straight out of a Hollywood film.
Sutton Group-West Coast Realty
The West Vancouver mansion also features a media room, a sauna, an elevator and a wet bar.
According to Zealty’s BC Assessment history, the peak value for the West Vancouver mansion was reached last year, when it was valued at $13,078,000. The home sold for over $1 million below the most recent assessed value of $12,407,000.
It’s another property that has bucked a trend that was established in the first half of the year, with luxury properties not selling.
“Consumer sentiment and sales activity remained largely restrained, as buyers paused and awaited greater economic clarity — conditions that did not meaningfully improve in light of heightening global volatility,” Sotheby’s International Realty Canada said in July.
Since then, activity in the luxury sector has increased, with several ultra-luxury sales (sales over $10 million), including this one. Over the last six months, a total of 12 properties in Metro Vancouver were sold for over $10 million, with this “palace in heaven” selling for the highest amount of those properties.