Sunday, October 14, 2012

Sunday Post #1: Definition of deluded?

You have to love the chutzpah of our real estate bubble.

If you click on the image above, you see a realtor's listing photo for 40813 Government Road on the edges of West Vancouver near Squamish (which is the only way I think you can describe it to try and justify the price... for you and I, it's in Squamish).

The realtor's website is here.
This spectacular 13-acre gated estate offers the ultimate in luxury living and complete privacy. With an elegant yet casual ambiance, the 6,050 sqft six-bedroom, timber-framed residence seamlessly blends indoor and outdoor living. The vaulted master suite graces the entire upper floor allowing for panoramic views and a private terrace.The covered outdoor patio features a fireplace, BBQ and bar area opening to the salt water pool and hot tub. Only 45 minutes from Vancouver.
You have to admire the marketing efforts of the realtor.  She's managed to get the home profiled in the Vancouver Sun newspaper (who says our media sells it's journalistic soul for real estate advertising dollars) and that's what being a realtor is all about - getting exposure and selling the property.

But in a market with sales collapsing, doom and gloom in the media, high end properties slashing their asking prices by up to 25% with no sales in sight... this property surely is in the running for most delusional.

For while 40813 Government Road is assessed at $2,481,000... the current asking price on this property is a mere $7,880,000.

Delusion doesn't begin to describe this.

It is a nice property tho.

(hat tip to JR)


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  1. Will all this extra exposure help sell this property? Let's watch and see...

  2. Nice place. Wonder what it rents for?
    (I can think of a dozen ways to put $8M to more productive work than a fricken luxury house in a freakin logging town!)

  3. I hope your tongue was firmly planted in your cheek when you said "on the edges of West Vancouver."

    1. Think he mixed them up. Property is on the edge of Squampton.

    2. My version of realtor-speak :-)

  4. Thanks Whisperer

    But the sad fact is that incredulous rapaciousness gets free advertising on web blogs like yourself

  5. As you have pointed out, it will be amazing if any of the many similar properties ever sell for anywhere near their asking amounts. One has to wonder what will happen to these luxurious homes if people cannot afford to live in them as is? Will they become B & B's, Senior's residences, or Spas? Or maybe they will be split up into multi unit complexes or cooperatives.?

    Should be an interesting zoning conundrum for municipalities as luxury homes, whether single family of condo real estate drops in price. Love your blog, thanks so much for your thoughts.

  6. What I don't get is why would anyone with this kind of money buy someone else's home? I'm pretty sure I would buy some land and let my wife get the house that she wants, not what someone else wife wants. There is nothing unique about this home.

  7. Maybe this new area can be marketed as "West West Vancouver"? I remember realtors in Toronto marketing "Upper" Beaches, almost up to Danforth Avenue...

  8. I was in this house earlier this year.. its nice, not great, layout is not ideal.. property felt pretty waterlogged (was raining but lawns were almost swamps). View is nice, its right on an ugly road with a school near by (which I am sure means buses and traffic). Oh and its in fricken SQUAMISH!! lol..

    Only a fool would part with more than assessed for this, although I am sure assessed was prior to construction maybe?