Mon. Aug 15th, 2022

VANCOUVER –

July 26 update: CTV News has confirmed that the mansion was sold for $ 42 million.

VANCOUVER – A luxury real estate company says a mansion in Vancouver is the most expensive home ever sold in the region, but representatives will not say what the buyer paid for it.

According to Sotheby’s International Realty, a mansion known as the Belmont Estate recently sold at the highest price ever for a single-family home on a single plot in the Metro Vancouver area.

But real estate agent Christa Frosch declined to answer questions from CTV News Vancouver about how much it sold for – or even if the price was at, above or below the listing price – citing privacy as their reason.

A spokesman said Sotheby’s would not even provide the listing price for the sake of their buyer and seller, but the current listing on the company’s website puts the asking price at $ 58 million.

The mansion on Belmont Avenue was built on the site for the same price in February 2020, when CTV News compiled a list of some of the most expensive homes for sale in Canada at the time.

This listing has since been removed, but the images were the same. It is unclear whether the house was sold, then put back on the market, or whether the attempt to sell at the time was unsuccessful, as Sotheby’s said it would not provide an answer due to privacy concerns.

The 21,977-square-foot Belmont property, located on 1.28 acres of land among Vancouver’s most magnificent properties in Point Gray, was just listed for $ 63 million. (Sotheby’s International Realty Canada).

It’s also unclear whether the seller would have to lower the query from the $ 63 million it was listed for in 2017, as Sotheby’s would not answer that question either.

About four years ago, the same real estate agent involved in the 2021 sale issued a statement about Belmont Estate, saying the ornate mansion owned by a couple of longtime philanthropists in Vancouver had broken a record for most expensive listing in the city. .

Again, the images are the same as those used in the current listing, but it is unclear how many people may have owned the house since the listing from owners Joseph and Rosalie Segal.

BC Assessment indicates that there has been no sales history for at least the last three years.

All Sotheby’s wanted to confirm was that the previous record for Metro Vancouver was $ 31.1 million, set in 2016, so Belmont Estates must have sold for more. The company said it confirmed that the undisclosed selling price was a record based on data from MLS.

Some have pointed out that another property in Point Gray was reported to sell for more than $ 51 million in 2014.

But Sotheby’s said the mansion spans three parties. The Belmont mansion is the most expensive sale on a single plot.

(Sotheby’s International Realty Canada)

WHO BOUGHT THE MANSION?

Frosch would not give much detail about the buyers of the 21,977-square-foot home on a 1.28-acre plot in Vancouver’s Tony Point Gray neighborhood.

She said there was interest from international buyers as well as local residents and that in the end it was the successful bid that was Canadian.

“This speaks to the strength of the domestic market,” she said in an email to CTV News.

“Despite COVID-19 restrictive travel, local demand for luxury real estate remains prominent.”

Earlier this summer, Sotheby’s released a report on the sale of luxury homes in Vancouver, suggesting a 300 percent increase year-on-year when looking at those higher than $ 10 million.

Read more about the luxury property report in previous coverage from CTV News.

She did not answer how long it typically takes to sell a house in this price range, saying only that it is about finding the right buyer and that it sometimes means that a house stays on the market longer.

(Sotheby’s International Realty Canada)

POTENTIAL EFFECTS IN THE MARKET

Frosch said the “record-breaking” sale shows the strong interest both locally and globally in Vancouver properties.

“Vancouver is a highly sought after city to live in because of the amazing lifestyle the city offers and we expect to see interest in the city’s luxury market continue,” she said.

But many Vancouver residents are struggling to afford a one-bedroom apartment.

When CTV News asked about the impact on the market as a whole of sales of these types of homes, Frosch said the pandemic showed prospective buyers what really matters to them in terms of lifestyle, and that working from home gave some people more options in terms of location.

“We have witnessed people’s decisions about real estate at any cost, driven by clarity over lifestyle choices,” she said.

She did not answer whether she expected record sales in the luxury category to have a downward effect, which would increase the prices of so-called affordable housing.

(Sotheby’s International Realty Canada)

A PLEDGE AT BELMONT ESTATE

Without the sale price, it’s hard to say what a mortgage on this type of home would cost, but hypothetically, CTV News cracked the numbers through RateHub.ca’s mortgage calculator.

Assuming the home sold for $ 31.2 million, slightly compared to the previous record of $ 31.1 million, the buyer was able to put down 20 percent ($ 6.24 million), the monthly mortgage to the best Available interest rate (1.74 percent) from Thursday morning on a five-year fixed mortgage with a 25-year amortization period would be $ 102,588.

Assuming it sold at the list price of $ 58 million and using the same calculations as above, the new buyer would pay $ 190,709 a month.

And that’s in addition to paying the land transfer fee of between $ 914,000 and $ 1,718,000, depending on the sale price.

They also had to pay annual property taxes based on the provincial estimate of $ 33,839,000.

(Sotheby’s International Realty Canada)

FEATURES IN BELMONT ESTATE

For potential buyers who are still not deterred, here is a quick look at what the anonymous seller is giving up.

The 20-year-old home has 21,977 square feet of living space that includes a dozen bathrooms and five bedrooms.

Designed by Ernest Collins Architect Ltd., in collaboration with the owners, it took more than five years to build. The construction says that every element of the home was carefully chosen.

It has six parking spaces, a stone waterfall and a large hall.

Facilities, as stated by Sotheby’s, include “3+ fireplaces”, underfloor heating, gym, library, whirlpool and indoor pool, steam room, underground sprinkler system, marble countertops, private elevator and wine cellar, among others. .

It has views of the ocean and North Shore Mountains, a fenced deck and a patio.

(Sotheby’s International Realty Canada)

(Sotheby’s International Realty Canada)

All photos from Sotheby’s International Realty listing at 4743 Belmont Ave.

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