Remote 340-acre Bute Inlet property is priciest new listing of last week, #REWCAP analysis reveals
A $28.8 million, 340-acre estate property in a remote area of BC’s coastline that is rumoured to belong to movie star Michelle Pfeiffer and her TV producer husband David E Kelley was the highest-priced new listing of last week, September 25 to October 1, on the Real Estate Board of Greater Vancouver’s Multiple Listing Service®.
The jaw-dropping log-and-stone cabin-style house, which was built in 2007 as a “sanctuary” and had more than $35 million dollars spent on it, is located at the mouth of Bute Inlet. Neither of the co-listing agents was able to comment on the family behind the property’s ownership.
The reason the listing has no postal code is that this remote area doesn’t have one – the bluff-top estate is located approximately 100km north of Powell River on the BC mainland coast, opposite Sonora Island, and accessible only by boat. Fortunately, the resort-style waterfront property has its own deep-water cove and private docks, in addition to a trout-rich lake.
With a surprisingly few three bedrooms, there are nevertheless many rooms in the 3,979-square-foot home, which boasts massive cathedral ceilings in the living areas, plus a recreation room and a loft. It was listed on October 26 for $28.8 million.
However, that price makes it only the third most-expensive current listing on the REBGV’s MLS® as of October 5, beaten out by a luxury Shaughnessy mansion and a Southlands estate, listed for $34.8 million and $29.8 million respectively. (The former held the temporary honour of being Canada’s most expensive listing before a $35 million Toronto mansion usurped it.)
The median price of a detached home across the Greater Vancouver region crept up again last week, to $2,090,000 – although it’s around a million bucks more than that in Vancouver proper.
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Townhome median listing prices held steady at just $100 lower than the previous week, now at $929,900. But median condo prices on the MLS® crept upwards once more, getting closer to the $700K mark at $698,950.
At 1,148 new units coming on stream last week, September 25 to October 1, this is lower than the previous week’s new listings but caps off a strong month for new inventory in September. Total listings as of October 5 now stand at a healthy 9,336 homes for sale in the Greater Vancouver region. However, the number of listing price reductions increased once more, to 442 price drops during that same week.