Western Investor’s annual report on Trophy Listings, featured in the August issue, is taking a more pragmatic approach this year.
Sales of luxury residential properties in the first quarter surpassed the action at the same time in 2022, according to Re/Max Canada’s 2023 Spotlight on Luxury Report, released in April. But Western Investor research shows that such sales have slowed since, in reaction to a lack of listings and higher interest rates. Some properties we planned to include were taken off the market. However, we are featuring distinct opportunities this year in the residential and commercial space and, tellingly, two of the commercial listings are court-ordered sales and another has seen a hefty price reduction. These may provide opportunities to acquire legacy property at the best prices we have seen in years. For more, see the August 2023 issue of Western Investor.
Name: Sterling Manor
Location: Penticton, B.C.
Price: $15.5 million (approx.)
This stunning “modern castle” on Penticton, B.C., Okanagan Lake frontage failed to sell at a June 4 Sotheby’s luxury real estate auction in New York City and is now back on the market. “A masterclass of architecture and interior design ensure this lofty aspiration is truly met with no expense spared and every imaginable luxury accounted for,” according to Sotheby’s International marketing presentation. This includes a rotating vehicle display inside the grand entrance and glass elevator to access three floors of the 6,461 square-foot-home. Valued at $15.5 million when it went to auction, the current listings price is only shared with eligible buyers. It is listed by Sotheby’s International Canada, Vancouver.
Property:: Alpine Chalet
Location: Whistler, B.C.
Price: $6.3 million
Once estimated to be worth $13 million, the Alpine Chalet B&B and Wellness Retreat in Whistler, B.C., is now listed under a court ordered Sale at $6.3 million. It is located Whistler's Alta Vista neighborhood, between Creekside and Whistler Village. The chalet features eight spacious ensuite suites as rentals, all with private balconies and mini fridges, a large communal kitchen, plus a separate owners/staff suite, according to agent Elizabeth Chaplin of Whistler Real Estate Co.,who has co-listed the property with NAI Commercial of Vancouver.
Property: Montague Harbour Marina
Location: Galiano Island, B.C.
Price: $3.2 million (reduced)
One of B.C.’s most popular marinas and boating destinations within the Gulf Islands, Montague Harbour Marina is on Galiano Island in one of the largest natural harbours on the southern coast. This is full-service facility offers marine fuel, a restaurant, a general store, kayak and moped rentals. The marina covers 0.77 acres and there is water lot lease on a further 2.34 acres. The asking price has been reduced nearly $500,000 to $3.2 million. “Montague is a well-run operation with tenured key staff, making this suitable for an owner/operator or an investor,” according to Alan Johnson of Colliers Unique Properties. Vancouver.
Property: 72 acres for development
Location: Grande Prairie, Alberta
Price: $1.8 million
Being sold in receivership under a court ordered sale, this opportunity includes 39 fully serviced and subdivided residential lots and 72.1 acres for future development in southeast Grand Prairie, which boasts a population of more 75,000 and an annual growth rate of 2.5 per cent. Interested parties will be required to sign a confidentiality agreement. The package is listed at $1.8 million on behalf of PricewaterhouseCoopers, the Receiver, Colliers, Edmonton, and Robert Hart-Moore of Grassroots Realty, Grande Prairie