Vancouver real estate: $23-million Shaughnessy mansion sold as luxury home market bounces back in 2020
Last summer, a Vancouver mansion in the upper class neighbourhood of Shaughnessy sold for $23 million.
It is believed to be the most expensive property to sell in the city in 2020.
It is also the first home over $20 million to sell in more than two years, according to Adam Major, managing broker of Hollywell Properties.
The sale of 3738 Selkirk Street isn’t the only significant episode when it comes to luxury homes in 2020.
Major noted that the market for ultra-expensive houses looks to be on the uptick this year.
“There have been 16 sales over $10 million in the last five months so the luxury market appears to be bouncing back,” Major informed the Straight.
So far this year, Major said 19 homes over the said price have changed ownership.
Holywell Properties tracks real estate listings and sales through its online platform Zealty.ca.
Major also looked at the market for super expensive homes in Metro Vancouver and Fraser Valley for over nearly a decade starting in 2011.
According to Major, the market peaked in 2016.
Major recalled that in that year, 57 homes priced over $10 million were sold.
In 2011, Major recalled that 14 homes over $10 million were purchased.
The year 2019 recorded the lowest with only eight sales, he noted.
“The uptick is partly because we are coming off a very low number,” Major said, referring to 2020 sales of luxury homes.
Here’s the breakdown of other years based on Major’s tracking: 2012, 14 sales; 2013, 16 sales; 2014, 18; 2015, 33; 2017, 46; and 2018, 25 sales.
Major also said that Whistler so far in 2020 saw its third and fourth most expensive residential property sales ever in the resort town.
A lakefront home at 3102 St. Anton Way sold for $16,600,000. The French inspired residence was listed for $16,888,000.
A ski-in, ski-out home at 2929 Kadenwood Drive sold for $11,250,000. The asking price was $11,900,000.
Major also went back to 2018 when two luxury homes sold in Vancouver for over $20 million.
One was a 12,619-square-foot home at 3490 Pine Crescent in the Shaughnessy neighbourhold. It was sold for $26 million.
The second was a 10,595-square-foot at 2106 Southwest Marine Drive. It sold for $23 million.
Based on tracking by Holywell Properties’ Zealty.ca site, RE/MAX Crest Realty listed the luxury home at 3728 Selkirk Street on August 7, 2020.
The listing price was $23,985,000.
A buyer represented by Nu Stream Realty Inc. got a $985,000 discount, and bought the property for $23 million.
The listing described the mansion as one that offers “elegance with absolute privacy”.
“This bespoke and gated residence was built for the current owners in 2000 and sits on a 33,000 sf lot with 163 feet of frontage on this lovely and extremely quiet street,” the listing noted.
The home features four bedrooms and eight baths.
The residence boasts of a private tennis court, indoor pool, spa, five fireplaces, a conservatory, painting studio, playroom with virtual golf, and a wine room.
“Multiple terraces to enjoy the abundance of light and sunshine, and not a single neighbour to be seen over the groomed, mature hedges,” the listing noted.
B.C. Assessment placed the 2020 value of 3738 Selkirk Street as of July 1, 2019, at $18,226,000.
This means that its purchase price of $23 million topped its assessed value by 26 percent, Major noted.