Luxury lowered: West Van mansion price drops by $25-million
Published Wednesday, September 4, 2013 10:03AM PDT
Last Updated Wednesday, September 4, 2013 10:09AM PDT
A West Vancouver mansion once dubbed the most expensive listed home in Canada is now selling for $25-million less than its original asking price.
The seaside mansion features breathtaking views at 3810 Marine Drive – and gained country-wide attention when it was put on the market in February. That’s because at $38-million, it was considered the priciest property in Canada.
But the opulent home is widely considered to be a tear-down. Since the listing first went up, the price has been marked down repeatedly and now sits at only $12.8-million.
“This is sort of one of those unique properties that appeal to people, to quote F. Scott Fitzgerald, who are not like you and me,” said Tsur Somerville, a professor at UBC’s Sauder School of Business. “The rich are not like you and me.”
Realtors say high-end properties in West Vancouver attract attention from Chinese nationals and wealthy Middle Eastern families. But if, like the Marine Drive mansion, they don’t sell – it doesn’t mean the realtor made a mistake.
“I may not sell that one, but I may sell something else or get a good client out of it,” said realtor Alan Angell. “It doesn’t hurt anybody, and even the person that buys it and overpays still has one of the finest properties in Vancouver.”
Somerville said the property could be worth more if it is subdivided into three units.
“Boom – it’s $36-million. If you can’t, it’s worth a whole lot less,” he said.
With a report from CTV British Columbia’s Scott Hurst