Luxury sale reflects market boost

The deal marks one of the most expensive property sales in Greater Victoria since 2006

  • Nov. 6, 2015 6:00 a.m.

The property at 1069 Beach Drive in Oak Bay was appraised at $8.1 million and while it sold for less than its appraised value

Kendra Wong

Black Press

Driving through the tall gates and up the gravel road of the oceanfront property at 1069 Beach Dr. is like entering another world.

Trees stand tall and lush, and the grass is thick and green. The luxury home is a turn-of-the-century granite mansion at 9,000 square feet stretching along 277 feet of waterfront in Oak Bay.

The home was originally built in 1912 by the family who founded Victoria’s Butchart Gardens and sits across the street from the Victoria Golf Club.

It includes six bedrooms, eight bathrooms, six fireplaces, two kitchens, a drawing and dining room, elevator and library.

All but one of the rooms offers views of San Juan Island and Mount Baker.

Now, after four years on the market, the home has been sold, making it one of the most expensive sales in Greater Victoria since 2006.

“It’s the type of property that gives you warm tingly feelings when you’re on it. It’s incredible,” said Donald St. Germain, a realtor with Sotheby’s International Realty Canada, who sold the home.

“It’s unlike anything you’ve ever seen.”

Over the years, St. Germain has had many prospective buyers, but no takers.

With the average city lot roughly 5,000 to 7,000 square feet in size, the roughly 2.9 acres of land is generally out of the average homebuyer’s price range.

“It’s not one of those houses that you move across town for, for work. People just stand back in awe, it’s huge,” he said.

But late last week, St. Germain was able to place a “sold” sign on the front lawn.

“It hasn’t really sunk in yet. I’m happy for my client that the property has sold. I’m just excited it’s actually happened and I put a sold sign up today,” he said, adding he’s unable to say who the buyers were.

St. Germain said the selling of the luxury home signals an increase in consumer confidence in the Greater Victoria real estate market again.

“The whole real estate industry of the last few years has been going up again,” he said.

“I’m hoping we’ll see this into 2016 and beyond.”

According to Realtor.ca, there are two other luxury homes for sale on Beach Drive in Oak Bay.

One is a Tuscan-influenced home at just over 4,100 square feet listed for $2.1 million.

The other property is more than 10,000 square feet with nine bathrooms, five fireplaces and five bedrooms for a cool $5.8 million.

 

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