Bidding wars on tear down properties are no longer raising eyebrows on the Canadian west coast. International buyers want water views, upscale communities, and a home designed to suit every possible fancy.
West Vancouver, British Columbia, is one of the most expensive suburbs in Canada with the average home valued over $1.5 Million. The waterfront community boasts some of the most spectacular views in the country and offers access to some of the best schools and amenities Vancouver has to offer. It’s no surprise then, that foreign buyers, mostly from Mainland China, are bidding on some of the most prestigious real estate in Canada.
The popularity of Vancouver’s real estate market is unmistakable. Named as the most livable city in Canada, it offers top rated schools, family-orientated communities and architecturally significant homes. In the past 7 months more than 15% of homes were sold over the asking price. In June 2011, 30% of detached homes sold in the elite community of West Vancouver, went over the asking price. On January 21 2011, News 1130 reported “One house near 20th and Laurel has just sold for $500,000 over the asking price". This location is on Vancouver’s Westside and the response to the listing was surprising, especially since the house was a tear down.
One of the most impressive tear downs on the market at present is the most expensive residential listing in Canada: 2190 Camelot drive. The estate spans 5.44 acres and is listed at $39,999,999, which includes plans for the construction of a 21,091 sq. ft mega mansion, along with a 6,768 sq. ft. guest house and 2,580 sq. ft. office and maid’s quarters. The proposed design is fit for the super wealthy:
- 15 car garage with car wash area
- 2,000 bottle state of the art wine cellar complete with an elevator up to the kitchen
- 2 negative edge pools overlooking the 290 degree views of Vancouver, English Bay and Vancouver Island
- Indoor and outdoor ponds and 3 waterfalls
- 16 seat movie theatre
- Billiard and games room fitted with a bar
... and that’s just the main residence.
Enjoying the outside living space is effortless, thanks to the opening glass walls leading out to the pool area, complete with outdoor kitchen and cabanas. It's the perfect viewing area to watch over the tennis courts, putting greens, and numerous walking trails. This is a one-of-a-kind estate that, once completed, will be the most prestigious home in Canada.
Although the plans call for knocking down the current home and horse barn, the price tag doesn’t seem that far-fetched. Most millionaires retrofit their new mansions even before they move in, remodeling to suit their sometimes extravagant needs. Camelot Estate is probably the most appealing luxury property available in Vancouver for that reason. It offers the most in privacy and security, thanks to the topography of the land and the unusually long uphill driveway, and allows the new buyer to truly customize their piece of west coast paradise on the edge of a burgeoning metropolis of more than two million people.
Let the bidding war begin!