Real eState
Vancouver real estate: listings expire for unsold $35.8 million mansion, four others priced over $15 million – The Georgia Straight
Five of the most expensive homes in Vancouver went unsold after months on the market.
These include a $35.8 million mansion in the wealthy neigbourhood of Shaughnessy.
The four others were priced above $15 million.
Based on information available at the real-estate site Zealty.ca as of Friday mid-morning (November 13), the listings for these luxury properties either expired or were terminated.
This doesn’t mean that these homes will not be offered for sale again.
Sellers can always put back their properties on the market.
The $35.8 million mansion in Shaughnessy was the second most expensive property on the market in Vancouver until its listing by Luxmore Realty expired on November 12, 2020.
The seven-bedroom, eight-bath home was listed on May 11, 2020. It spent 185 days on the market.
Of the five unsold properties, the one that spent the longest on the market was 1611 Drummond Drive.
The five-bedroom, five- bath home was listed by Macdonald Realty on November 9, 2019. It was on the market for 366 days.
The final asking price for 1611 Drummond Drive was $21.5 million. The listing was terminated on November 9, 2020.
The property at 7110 Blenheim Street also did not get a buyer.
The four-bedroom, seven-bath home was listed by Engel & Volkers Vancouver on June 30, 2020. It was on the market for 132 days.
The seller wanted $19.8 million for 7110 Blenheim Street. The listing was terminated on November 9, 2020.
In Downtown Vancouver, a penthouse unit listed for $16.9 million went unsold.
The listing by Macdonald Realty for 3601-1499 West Pender Street went on for 78 days starting from August 15, 2020. It expired on November 1.
Finally, the property at 4818 Fannin Avenue also went unsold.
The four-bedroom, seven-bath home spent 266 days on the market. The listing by Luxmore Realty started on February 17, 2020, and was terminated on November 9.
The seller of 4818 Fannin Avenue increased the selling price $15.8 million from the original listing tag of $14,888,000.
As a caveat and because of likely lag in time in tracking movements in the real-estate market, these properties may have already been listed again as of this post.
Real eState
Unlocking success in real estate with Glenn Zdrill – paNOW
Since Zdrill is well versed in all aspects of the real estate industry, you’ll have answers to questions before you even think to ask them – like, “How does mortgage loan insurance work?” or “How much will I need for closing costs?”
“Closing costs typically range from 1.5 to four per cent of the home’s purchase price and include things like legal and administrative fees, your home inspection, appraisal fees and more. So, you need to budget for this. Its my job to make sure you’re asking all of the right questions and I’m giving you the information you need to make informed decisions.”
As a licensed realtor with RE/MAX P.A. Realty, Zdrill has the option to show any property on the Multiple Listing Service (MLS) database. He prides himself on understanding the market and current trends including property prices and the community.
“Prince Albert continues to have a lot of things happening with the construction of the new hospital, swimming pool and rinks. When I got into real estate over a year ago, I believed Prince Albert was a community on the verge of a boom and we’re starting to see that come to fruition.”
Selling or buying a home involves a multitude of moving parts, from negotiations to closing procedures and Zdrill is committed to helping his clients navigate the complexities with confidence.
Contact Glenn Zdrill through the RE/MAX P.A. Realty office at 2370 – Second Ave. W or give him a call at 306-961-5767.
*Please note, this article is not intended to solicit any properties already listed for sale.
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**This content was created by paNOW’s commercial content division.
Real eState
Ontario regulator freezes assets of unlicensed builder
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The extraordinary measures Ontario’s new homes regulator is taking to deal with a Toronto builder with a history of sanctions highlight the challenge posed by unlicensed builders.
On March 19, the Home Construction Regulatory Authority (HCRA) froze the assets of Albion Building Consultant Inc. Court documents said that an investigation found evidence that the company took money for as many as 53 separate homes in Toronto it did not have the proper licences to build or sell.
The number of homes allegedly illegally built by Albion is several times larger than previously believed, which the HCRA said prompted it to invoke rarely used powers.
The freezing of assets was not punitive, but “to hold any purchaser funds in trust … to prohibit [Albion] from transferring any assets [and] to preserve the deposits for the benefit of homebuyers,” said Wendy Moir, the HCRA’s chief executive officer and registrar.
Ontario’s new home regulations are split between two delegated authorities, HCRA and Tarion. HCRA, which was launched in 2021, licenses builders and polices their conduct. Tarion approves the number of homes a builder can enroll in its home warranty program, an insurance pool that protects new home deposits and serves as a backstop for builder defect complaints.
If homes are built or sold without licences, they cannot be enrolled in the Tarion program, limiting the buyers’ recourse in the event of defaults by the builder.
“The HCRA is taking appropriate action to protect the public and send a clear message to the industry that those who act unlawfully or unethically will be held accountable,” said Ms. Moir.
The principals of Albion – Zamal Hossain and his wife Farida Haque – have already been convicted four times for regulatory offences related to 16 homes built without licences between 2016 and 2022. But in a search warrant application the HCRA filed on Feb. 20 with the Ontario Court of Justice, the agency outlines dozens of other new-build homes Albion is alleged to have sold or constructed. Those allegations have yet to be proven in court.
The warrant is only the second one the relatively new agency has served. It allowed investigators to comb through Albion’s office at 3028 Danforth Ave. in Toronto for any records of contracts and agreements with buyers about the homes, contracts with trades and subtrades, contact information for the new home purchasers and any correspondence between Albion and purchasers about the new homes.
“We got a lot of information from them – a van full of documents,” said Ms. Moir. “We have hundreds of documents to go through,” she said. “This is one of our largest investigations.”
Albion’s business has been to tear down a single detached home, split the lot and then construct two new homes on the old site. The HCRA warrant suggests the majority of the 53 suspected unlicensed homes are lot-splits located mainly in Scarborough. It’s unclear as yet how many homes the company actually completed.
In the past, Tarion extended a licence to build homes to Mr. Hossain and Albion, but limited the number of new homes he was allowed to enroll into its insurance program.
The evidence HCRA submitted for the search warrant suggests that the actual number of unlicensed homes built by Albion was several times higher than Mr. Hossain admitted.
Mr. Hossain didn’t respond to requests for comment for this story, but in 2023 he offered this comment to The Globe on his previous convictions: “Yes I broke the law. I did the house without the Tarion [new home warranty]. … I didn’t murder anybody.”
According to Ms. Moir, there’s no clear tally of how many unlicensed builders there are in the province. She notes that it is not illegal to build your own home without a licence. But if you hire a contractor to do it, they must be licensed.
“We’ve seen an 80-per-cent increase in illegal building complaints since last year,” she said. “I don’t think it’s more illegal building, we think it’s more awareness.”
Neil Rodgers, Interim CEO of the Ontario Home Builders Association, said the Albion case puts a spotlight on the need for regulatory fixes to tackle illegal vending where an unlicensed builder takes deposits to build homes they aren’t entitled to sell or build.
“There has to be a pro-active regulatory regime,” said Mr. Rodgers. “There needs to be a system put in place that allows for what I’m going to call early warning tracking, whereby purchasers or their agents or their solicitors could register their agreements of purchase and sale with HCRA or Tarion. If there’s a pattern that’s emerging it gives the regulator an opportunity to intervene much faster.”
Mr. Rodgers likens this requirement on buyers to share details of their agreement of purchase and sale’s with HCRA or another agency as similar to mailing a warranty card for an electronic appliance, and says he’s calling on the province for consultations on changes to the requirements.
Karen Somerville of the consumer lobby group Canadians for Properly Built Homes (CPBH) doesn’t agree the burden should be on consumers to identify unlicensed builders, and points to a different screening where there’s already been pilot programs in the past: construction permitting.
“CPBH proposes that the municipality has the responsibility to notify HCRA given the information available in the building permit application,” Ms. Somerville said. “This would result in government organizations working together using information they already have to identify unlicensed builders.”
Real eState
Surreal Estate: $15 million for a turnkey Muskoka resort with 41 guest rooms
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Location: Port Severn, Muskoka
Price: $14,999,000
Size: 17 acres of land with 41 guest rooms and a three-bedroom cottage
Real estate agent: Ali Booth, Sotheby’s International Realty
The place
A fully operational vacation escape sitting on 17 acres of land on Little Lake in Muskoka. The property comes with 41 guest rooms, a three-bedroom cottage, a private island accessible by helicopter and more than 600 metres of shoreline. It’s a short drive from Highway 400 and several neighbouring resorts.
The history
This getaway was originally built in the 1950s. The current owners purchased the place in 2021 and immediately invested $1 million to replace the roof and rebuild the guest cottage. After serving as a filming location for Bachelor in Paradise Canada, it reopened for business in July of 2022. The owners are now taking on a new venture and looking to sell the resort to a wealthy investor.
Related: $11.9 million for a Muskoka compound perched atop its own peninsula
The tour
To begin, here’s an aerial view of the peninsula, with its many docks, green spaces and lodges. That’s Port Severn North Road just beyond the parking lot.
And here’s the main entrance. The original hotel was renovated around Y2K, and the current owners bought it in 2021.
In the lobby: guest check-in, a lounge and doric columns.
The full-service restaurant overlooks the lake and includes a café and lounge.
This reverse angle shows off the bar and dramatic circular ceiling.
There’s also a nail salon down the hall.
The indoor pool and hot tub are open year-round.
The shiplap ceilings and wall of windows add warmth to the massive space.
Here’s the 24-hour gym, with rubber floors.
Now for a peek inside one of the European-style suites, which are larger than traditional hotel rooms. This one is outfitted with hardwood floors, a stone fireplace, a floor-to-ceiling walkout and gold accents throughout.
The hotel also rents out its 90-seat conference centre for weddings and corporate retreats.
Here’s another look at the cavernous conference centre.
Outside, it’s all about the amenities: a tennis court, a patio, a private beach, many docks for water sports and a private island accessible by helicopter.
Speaking of water sports, guests are free to explore Little Lake and its seemingly endless waterways.
Here’s the tropical-themed beach.
Finally, another bird’s eye view of the compound, highlighting the ample space for expansion. While there have been no formal approvals for development, the town has provided zoning guidelines on what could be built here.
Have a home that’s about to hit the market? Send your property to realestate@torontolife.com.
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