It is described as a "magnificent property" and "one of the grandest residences" in the country. Property Details.
The 10,000-square-foot mansion in Bearspaw is listed for sale at $14 million -- the most expensive residential property
ever put on MLS in Calgary, the Herald has learned. According to the listing by realtor Rachelle Starnes, of Royal LePage Foothills, the property is set on 1.2 hectares and backs onto a 7.7-hectare environmental reserve. Starnes called the home an "entertaining haven at a world-class level. It's almost as if you're in a six-diamond hotel in Calgary--and never having to leave your house." She said the indoor pool and lounge area has a walk-behind bar similar to what you would see in Las Vegas. Other features are an indoor barbecue, a waterfall going into the pool, a heated outdoor garden entertainment area,
landscaping to rival a luxury hotel and two main-floor suites modelled after a French chateau. "Absolutely the best of everything," said Starnes, adding there is also a huge recording and music studio. "This home has won every builder award possible," says the listing. "Built by McKinley Masters, this property was designed with impeccable taste and refined craftsmanship."
According to the Calgary Real Estate Board, the previous most expensive residential property listing in Calgary was $12
million for two homes in the neighbourhoods of Eagle Ridge and Bel Aire. The highest MLS sale ever in Calgary was earlier this year when former Calgary Flames goaltender Mike Vernon's mansion along the Elbow River sold for $10.3 million.
Starnes said that in the past 30 days sales have essentially doubled in the higher end compared with the same period
a year ago.
"I have seen a huge increase in showings for the higher-end properties in the last few weeks and have sold eight
higher-end homes in the last two weeks, where traditionally during November and December the higher-end sales drop
off significantly," said Starnes. "I think this is the start of an incredibly active 2010 real estate market." She said she has not personally felt this optimistic about the market in three years. The rebound in the overall residential real estate market has had ripple effects in the luxury home market, she said. As well, there have been substantial reductions on properties that have lingered on the market for some time. "Anything that's well priced, even in the high end, is moving," said Starnes. "I'm also seeing a large number of smaller oil and gas companies being bought out by larger conglomerates and those guys are getting paid out and now they're back. Their pockets are full and (they're) spending again. And that's taken a long time to come."
In November, luxury home sales in the Calgary real estate market ballooned compared with a year ago. There were 36 single-family homes that sold for more than $1 million and another four condominiums that hit that price range, according to the latest CREB statistics. In contrast, there were only 15 single-family home sales of more than $1 million in November 2008, and three condos in that range. That trend in the luxury home market is not only confined to the city. In November, there were four properties in surrounding towns that sold for more than $1 million and 13 in the country residential (acreages) market, compared with two sales in each of those markets in that price range in November 2008.
Todd Hirsch, senior economist with ATB Financial in Calgary, said he's not certain why there has been a jump in that
market. "I'd like to say that it's a sign that there's increased confidence in Calgary's home market, but I'm not exactly sure. I'm
not convinced that's the case," said Hirsch. "It might just be that because we're dealing with a small number of homes, it doesn't take a whole lot to get that number doubling. And it might just be a statistical anomaly. But at least it does indicate that, if anything, the market is strengthening not weakening. It's moving in the right direction." And Hirsch said that despite mounting job losses in the city, most people have not been affected by the downturn and
many are high-income earners.
mtoneguzzi@theherald.canwest.com
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