Vancouver mansions don't seem to be selling so easily these days
Whether it’s due to the economy or a real estate waiting game, Vancouver mansions don’t seem to be selling as easily these days.
Over the last few months, we’ve covered several of the city’s pricier properties that have been listed for lengthy periods without a buyer.
Another example is 1433 Angus Drive, a property in the mansion-laden neighbourhood of Shaughnessy, which has been listed since 2021. According to Zealty, it has experienced several price drops since then and has not found a buyer.
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An aerial view of 1433 Angus Drive (Heller Murch Realty)
1433 Angus Drive is assessed at $10,491,000 and is listed slightly above that for $10,800,000. The 41-year-old property was last sold in 2018 for $13,200,000.
In April 2021, it was listed for the same price, $13,200,000. No one bit at that price, so it was dropped to $12,700,000 before that listing expired.
It was re-listed for $12,700,000 in May 2022, but again, no buyer came forward. It was listed for the same price in May 2023 but still couldn’t attract a buyer.
Earlier this year, it received another price drop, listed for $11,200,000. That listing expired this September before it was re-listed earlier this week for $10,800,000.
The listing calls the property an “elegant Tudor-style mansion” in the “prestigious Crescent of First Shaughnessy.”
Heller Murch Realty
That elegance shines throughout the interior.
Heller Murch Realty
Heller Murch Realty
Heller Murch Realty
This home features a whopping 5,767 sq ft of space on a 14,365 sq ft lot.
Heller Murch Realty
The property features all the bells and whistles, including a movie theatre, gym and even a nanny’s quarters. It also has a four-car parking garage.
Heller Murch Realty
Some real estate commentators on social media are celebrating this trend in the luxury market.
The number of “millionaires” who are going to lose money on
their $5, $8, $20 million dollar mansions is truly glorious.#VanRE
— Julia Longpre (@juliamarblefaun) September 12, 2024
Several real estate publications, including Property Pistol and Re/Max, have published reports on the cooling luxury real estate market.
Earlier this year, Re/Max said that demand for these uber-luxe properties in Metro Vancouver has cooled due partly to the foreign buyer ban, vacant home taxes, land transfer taxes, high property taxes, and interest rates.
Property Pistol also had similar findings, blaming “high-interest rates, stringent taxes, and a significant regulatory environment.”
Here are some other luxury properties that have had a tough time on the market: