Are you looking for a luxury home? An Anmore property with a large shed, waterfall, elevators, eight-car garage, six bedrooms on a 1.1-acre lot was recently listed for $8.89 million and the realtor claims that there is still a market for luxury homes despite the recent real estate downturn.
As interest rates rise and some homeowners are set to take a financial hit, many have predicted a slowdown in the BC real estate market.
Even in the Tri-Cities, where prices have fallen slightly everywhere but Port Moody, rising interest rates have reduced the purchasing power of new buyers, as prices are still higher than two years ago. year.
But in Anmore, the luxury home market appears isolated from the downturn in the housing market.
Defying the advice of experts who say don’t sell unless you have to, an 11,000 square foot home with six bedrooms, an elevator, an eight-car garage and a waterfall on a 1,000-square-foot lot, 1 Acre recently went on sale for $8.89 million.
A bargain for a luxury property
Glen Bohnet of Royal LePage West Real Estate Services says the home at 3299 Black Bear Way is actually a bargain, compared to similarly sized homes in West Vancouver. Additionally, the lot is much larger than similar sized properties elsewhere in the Lower Mainland.
It also has a nearly 1,800 square foot carriage house with two bedrooms and three bathrooms.
“It’s unique,” Bohnet said of the rural enclave, which he calls the “Hamptons” of Vancouver.
Bohnet told the News from the three cities that Anmore has been a “hidden” secret for many years, but word is slowly spreading about the region’s value.
While the Black Bear Way home price seems steep, Bohnet noted that those who choose to live in Anmore appreciate the proximity to shopping, the short 45-minute drive to downtown Vancouver, and accessibility to both airports. of the region.
Anmore also has many natural assets, including hiking trails and Lake Buntzen, noted Bohnet, who said Anmore residents appreciate the area’s natural assets.
Pandemic buying has driven home prices higher
As for how luxury properties fare during a real estate downturn, Bohnet said they’re not as sensitive to wild swings in value, while the current market downturn is tied to rising demand. of housing during the COVID-19 pandemic.
“We have inflation. We have uncertainties,” he agrees, “[but] it was interesting to see what happened when COVID hit the market.
“People were looking to live more on an estate so their families could be there and they could have their own type of private resort,” said Bohnet, who also sold many luxury homes during his years. 30 years of career. like more typical family homes in the Tri-Cities and Maple Ridge.
Bohnet said if you take out the price spike caused by the pandemic buying, the slowdown that’s happening right now is a natural result of a slight shift in the market. And while he disagreed with raising interest rates instead of cutting carbon taxes on gasoline to reduce inflation, he said it was not unusual to see a price correction in response to fluctuations in the economy.
But Bohnet said Anmore has not had the same ups and downs as elsewhere, he said. Instead, it has grown steadily because people are slowly discovering that Anmore has value.
“Anmore is one of those places they love when they find it and you couldn’t find it [a similar property] anywhere at this price.”