Most expensive residences in Vancouver

[Klazu]

I am not sure which existing thread to use, so opening a new one.

In last few years the most expensive residences in all Canada have been located in Metro Vancouver and I think the highest price tag I have seen has been $38 million for a property in West Vancouver. Now someone claimed that there would be a splurge $58 million estate on sale somewhere in Point Grey are.

The place looks nice (quite an understatement ), but I was wonder if there is any truth to the price tag and where this might be even located? I have been driving around Point Grey area many times, but never seen such house in there. Neither did Google Maps' helicopter pictures reveal where this might be located...







Can't complain, it looks like the most exclusive residence in BC I have seen, so there might be some truth to the price claim.

[Retail-Insider]

Originally Posted by Klazu

I am not sure which existing thread to use, so opening a new one.

In last few years the most expensive residences in all Canada have been located in Metro Vancouver and I think the highest price tag I have seen has been $38 million for a property in West Vancouver. Now someone claimed that there would be a splurge $58 million estate on sale somewhere in Point Grey are.

The place looks nice (quite an understatement ), but I was wonder if there is any truth to the price tag and where this might be even located? I have been driving around Point Grey area many times, but never seen such house in there. Neither did Google Maps' helicopter pictures reveal where this might be located...

Can't complain, it looks like the most exclusive residence in BC I have seen, so there might be some truth to the price claim.

Hey Klazu,

That home's address is 4787 Drummond Drive. It was built by Don Mattrick, former CEO of Electronic Arts and now, CEO of Zynga.

The home consists of three adjacent properties - two on Drummond Drive and one on Belmont Avenue. The Belmont part of the property has an underground garage for about 10 cars, I believe.

4707 Belmont Avenue is also a very expensive property. I had a client who did some work on it, and they said the house cost the owner well over $100 million to build. I think the owner is the founder of Auto Trader, though my client signed some sort of confidentiality agreement so they didn't confirm that.

How bout Canada's most expensive apartment? I believe the highest price paid was $28 million for the penthouse at Toronto's Four Seasons Residences, while the second was the $25 million recent sale of the penthouse at the Fairmont Pacific Rim Estates here in Vancouver. The third was in 2010 - $22.3 million for a Vancouver penthouse at 277 Thurlow Street (3 Harbour Green). Any others?

[Klazu]

Thanks for the information, Retail-Insider! Cool background on this, but you are not able to confirm whether $58M is indeed the asking price for this property currently on sale? Based on your description is sounds very plausible to be true.

I know the area and have been driving there, but it's next to impossible to see anything of these huge houses from the streets.

I have also been trying to gather some information how many billionaires there might be residing in Vancouver or having some properties in here. I am only aware of the Lululemon founder and Mr. Pattison, but is there anyone else publicly known spending time in Vancity? Again, just curious to know about this side of Vancouver...

[twoNeurons]

Originally Posted by Klazu

Thanks for the information, Retail-Insider! Cool background on this, but you are not able to confirm whether $58M is indeed the asking price for this property currently on sale? Based on your description is sounds very plausible to be true.

I know the area and have been driving there, but it's next to impossible to see anything of these huge houses from the streets.

I have also been trying to gather some information how many billionaires there might be residing in Vancouver or having some properties in here. I am only aware of the Lululemon founder and Mr. Pattison, but is there anyone else publicly known spending time in Vancity? Again, just curious to know about this side of Vancouver...

I think the founder of Hootsuite is worth quite a bit of money.

[whatnext]

Why do these places always look like posterchildren for vulgar ostentation?

[theKB]

As much as some of these places are gorgeous, they are still grossly overpriced for what you are getting and the city they are in. I definitely think some of these places should be in the 10-20 million range but 30+ for anything in the GVRD is just insanity. Nothing in this town is worth that much when you start to put things into a global perspective.

[phesto]

Home sales over $20 Million are actually quite rare in Vancouver; I was told by a well-known realtor that only a handful have ever actually sold for greater than $20M (for detached homes).

There are many that might be valued or assessed at much higher, but because the houses are often built for the owner, when they eventually go to sell, the pool of buyers is so small that the value drops substantially.

The fact is people with crazy money who live in Vancouver usually build their own home (see Chip Wilson on Pt. Grey Rd or Don Mattrick). If Vancouver is a second home or pied a terre, you don't need to spend more than $10M to get a kick-ass place.

I agree about some of the interiors of these place being ostentatious and downright ugly. I think it has to do with the older generation and in some cases new (wealthy) immigrants feeling the need to show off the money they've spent. Sometimes more modern designs tend to be minimalist and probably don't appeal to this demographic which makes up the majority of the buyer market.

[jsbertram]

Originally Posted by whatnext

Why do these places always look like posterchildren for vulgar ostentation?

One theory is they are built by instant lotto millionaires and other "New Money", but unfortunately these nouveau riche can't buy taste. That is only acquired over time & generations.


or..

"A fool and his money are soon parted"

[s211]

Originally Posted by phesto

There are many that might be valued or assessed at much higher, but because the houses are often built for the owner, when they eventually go to sell, the pool of buyers is so small that the value drops substantially.

What you will find in the carriage trade is that a guy will plunk $5M down for a property, put another $2-3M into it and then when it comes time to re-sell, it will sell for $5M, i.e. doesn't get any value out of the improvements he put into the property).

Reasoning I've been given is that in that market, nobody wants the prior owner's improvements, and want to do their own customizing. A fool's game, I guess.

[Kinetic]

Originally Posted by Retail-Insider

Hey Klazu,

That home's address is 4787 Drummond Drive. It was built by Don Mattrick, former CEO of Electronic Arts and now, CEO of Zynga.

The home consists of three adjacent properties - two on Drummond Drive and one on Belmont Avenue. The Belmont part of the property has an underground garage for about 10 cars, I believe.

4707 Belmont Avenue is also a very expensive property. I had a client who did some work on it, and they said the house cost the owner well over $100 million to build. I think the owner is the founder of Auto Trader, though my client signed some sort of confidentiality agreement so they didn't confirm that.

How bout Canada's most expensive apartment? I believe the highest price paid was $28 million for the penthouse at Toronto's Four Seasons Residences, while the second was the $25 million recent sale of the penthouse at the Fairmont Estates here in Vancouver. The third was in 2010 - $22.3 million for a Vancouver penthouse at 277 Thurlow Street (3 Harbour Green). Any others?

Yes that's definitely 4787 Drummond Drive. You can't see much from the street. The really impressive view is standing in the 'backyard'.

I was invited for a private tour through some of the rooms/yard. Impressive place, but honestly for someone who lives in 800 sq ft.. it's completely over the top.

[WarrenC12]

Originally Posted by s211

What you will find in the carriage trade is that a guy will plunk $5M down for a property, put another $2-3M into it and then when it comes time to re-sell, it will sell for $5M, i.e. doesn't get any value out of the improvements he put into the property).

Reasoning I've been given is that in that market, nobody wants the prior owner's improvements, and want to do their own customizing. A fool's game, I guess.

Sure, but same applies to people who put in a new kitchen, etc. There's limited value and you'll never get everything out of your reno costs.

Despite what house flipping shows on TV will tell you...

[Retail-Insider]

Originally Posted by Klazu

Thanks for the information, Retail-Insider! Cool background on this, but you are not able to confirm whether $58M is indeed the asking price for this property currently on sale? Based on your description is sounds very plausible to be true.

I can't confirm its price (Malcolm, the Realtor, might give the info over the phone) but I was told last year that a Realtor considered the property to be worth in the $60 million range. BC Assessment has the three properties assessed at much less, though BC Assessment is often an unreliable reflection of the potential asking prices for extremely expensive homes like this one.

[Klazu]

News are telling that some unnamed Middle Eastern royal just bought four units and the whole the top 3 floors on Fairmonth Pacific Rim for 55 million (paid all in cash)! That makes for one 15 000 sqf penthouse. I guess it won't be just a summer residence...

[Retail-Insider]

Originally Posted by Klazu

News are telling that some unnamed Middle Eastern royal just bought four units and the whole the top 3 floors on Fairmonth Pacific Rim for 55 million (paid all in cash)! That makes for one 15 000 sqf penthouse. I guess it won't be just a summer residence...

I wonder what it will cost to configure the spaces into one apartment? The original two-level 'Penthouse One' has a small private elevator between two floors (I've got the floorplan). Creating a 15K sq ft 3-level apartment will cost considerable money to reconfigure and, guessing by the cash purchase price, the owner won't cheap out.

[Klazu]

Originally Posted by Retail-Insider

I wonder what it will cost to configure the spaces into one apartment?

Not to mention how difficult the whole thing will be to one day sell forward.

[cornholio]

Originally Posted by Klazu

Not to mention how difficult the whole thing will be to one day sell forward.

Sell forward? This is some middle east royal you are talking about...he will sell it at a loss just so he can brag about how rich he really is...10-20-30-40 mill loss, meh just pocket change...and the reality is that for some middle east royals it really is pocket change.

[idunno]

The Great Estates website has all the information you're looking for Klazu! http://www.greatestates.info/stats_vancouver.html

There's a 'Top BC' list, 'Top Vancouver' List, and a 'Top West Vancouver' list. Enjoy!

[trofirhen]

Originally Posted by idunno

The Great Estates website has all the information you're looking for Klazu! http://www.greatestates.info/stats_vancouver.html

There's a 'Top BC' list, 'Top Vancouver' List, and a 'Top West Vancouver' list. Enjoy!

Wow!! Some of those houses look right out of Beverly Hills or Long Island! But I can't help wondering ... does Vancouver have the kind of economy which provides jobs that can afford such magnificent houses and condominiums?
Just what percentage of them can be bought by people already living and working here, and what percentage is investment property bought with overseas money?

[LeftCoaster]

Well the nature of high end realestate is that it is owned by the jet setting rich, so it doesn't quite matter where they make their money. Many of the massive homes in Monaco, Malibu, Dubai etc... are owned by people who have several homes and it couldn't matter less where they make their money

But to answer your question, yes Vancouver does have the economy to be able to afford massive homes like that. 4 of the top 5 homes are all owned by local business people.

[EastVanMark]

Originally Posted by Klazu

News are telling that some unnamed Middle Eastern royal just bought four units and the whole the top 3 floors on Fairmonth Pacific Rim for 55 million (paid all in cash)! That makes for one 15 000 sqf penthouse. I guess it won't be just a summer residence...

No, it will probably be used far less than a true Summer residence would.