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B.C. real estate: Pender Island property listed for $19.8M

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A custom-designed waterfront mansion on Pender Island has just hit the market for $19,800,000 and it comes with a sprawling 105-acre property – impeccably maintained by a live-in caretaker named Terry.

The primary home on the property at 3200 Clam Bay Rd. is only one of a number of buildings on the site – which features trails winding through old-growth trees, an organic farm complete with a large farmhouse, a vineyard, a barn that has been converted to an event space with a stage and dancefloor, a sawmill, and a handful of historical structures.

The listing agents, who are with Sotheby’s International Realty, say the property has evolved over time but has been a working farm since the 1870s. Evidence of that history remains, Realtor Paul Hague says.

“On the beach are the original settler homes – little tiny shacks that they built back in the day to live on the edge of the water while they cut the forest down and got the land prepared,” he told CTV News. There are three of these small cabins, one of which has been maintained as a one-bedroom accommodation heated by a wood-burning stove.

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One of the original buildings is seen in this photo by Lionel Trudel Photography for Sotheby’s International Realty.

The sawmill that was used to cut the trees from which those small shacks were built also remains on site, and is still operational.

The property has passed through a series of owners over the years, and after the latest purchase in 2011 the owner hired Blue Sky Architecture to design a 7,000-square-foot west coast modern home overlooking the bay.

“They took the site and designed a home specifically to fit on the site and fit with the land and created, I would call it, a work of art,” Realtor Nicole Eastman says, noting the lack of sharp angles, the use of local woods and massive windows designed to bring the outdoors in as some of the elements inspired by the landscape.

“It blends quite seamlessly with the trees and it doesn’t look out of place.”

The living room of the main house is seen in this photo by Lionel Trudel Photography for Sotheby’s International Realty.

A bedroom in the main house is seen in this photo by Lionel Trudel Photography for Sotheby’s International Realty.

A massive pier and commercial-grade dock allow access by either boat or float plane and the waterfront portion of the property spans just under a kilometre. Orcas, humpbacks and other marine life are said to be occasional visitors.

Before the new home was built, a farmhouse was the main residence on the property. It’s still there, and Hague says it might be his favourite place on the lot.

“I love it. It’s so welcoming and warm. The kitchen is like an old-style Italian, big house kitchen where you would go and have a bunch of pasta and sauce and wine and have all your friends at the table. It’s just so inviting,” he says.

“The house has got a wrap- around veranda which overlooks the vineyard. You get on the property and really never want to leave.”

The interior of the farmhouse kitchen is seen in this photo by Lionel Trudel Photography for Sotheby’s International Realty.

The porch of the farmhouse is seen in this photo by Lionel Trudel Photography for Sotheby’s International Realty.

A pond with a fountain in its centre overlooked by a cedar gazebo that is currently set up as a home gym are also located on this part of the property.

The vineyard is leased to a local winery, which employs staff to harvest the grapes.

The remainder of the farm produces Haskap berries which are sold to a local cidery, as well as plums, apples, and pears.

“It’s a lot of land,” Eastman admits.

The farm and vineyard are shown in this photo by Lionel Trudel Photography for Sotheby’s International Realty.

Hague points out that’s where Terry comes in.

“It is so clean and so well-maintained. There’s nothing out of place, honestly. The caretaker Terry lives on the property and he keeps it dialled in, it’s beautiful,” he says, adding that there are two other caretakers who live off-site.

“There are three people total who are making sure everything’s always at its best,” Eastman says.

The sheer scale of the property and everything on it makes it almost defy description.

“We can say all we want about the house but there’s nothing like being on the property and the experience of being there,” Eastman says.

 

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China Evergrande Suspends Trading as New Trouble Roils Property Market – The New York Times

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Toronto Restaurant Real Estate Putting A Squeeze On Owners – Storeys

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Why China’s Real Estate Crisis Is Different

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(Bloomberg) —

The troubles facing highly indebted property developers in China have dominated conversations about the Asian nation’s economy and markets this year. Yet according to Rayliant Global Advisors’ Jason Hsu, there’s an important distinction between this housing crisis and previous ones elsewhere: The developers are the ones who are over-leveraged—not households. And that difference is guiding policymakers’ response.Hsu, chief investment officer of Rayliant and a co-founder of Research Affiliates, joined the What Goes Up podcast to discuss China and other emerging markets. “Chinese households are not levered when it comes to real estate,” he says. “They’re not levered because they can buy their first home with money down—and they pay quite a bit money down—and they generally have to sort of have enough income to cover the payment. That bankruptcy you’re seeing in the developer sector is very engineered. On the household side, there’s not a balance-sheet crisis, because they’re not buying real estate on leverage. So they really don’t think there’s a meaningful problem there.”

 

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