Langley estate home takes big price cut for sale

7790 264 St., Langley, B.C.

Asking price: $5-million (Dec. 9, 2022)

Previous asking price: $6.2 million (March 2, 2022)

Selling price: $5-million (Jan. 6, 2023)

Days on market: 282

Taxes: $13,563.52 (2022)

Listing agents: Paul Hague, Christa Elizabeth Frosch, Sotheby’s International Realty Canada

The action

The estate, named Silver Ridge, had been operated as a successful movie set and short-term rental, particularly for equestrians. The seller also lived in the house.

The property went on the market on March 2, 2022 at $6.2-million and although the seller received offers, they were too low. The seller pulled it off the market and continued to receive inquiries, so it was relisted Dec. 9 at a firm $5-million. It quickly received three offers. The buyer is a young local family that fell in love with the house and its privacy, listing agent Paul Hague says.

“All sellers were challenged with releasing their properties because they still thought they were in a sellers’ market,” he says.

But the super hot pandemic market had changed by end of March last year, and prices continued to fall.

What they got

This 12-acre rural estate includes an 8,500-square-foot house with a 1,500-square-foot garage and extensive landscaping.

Designed by architect Tomizo Yamamoto for a sole occupant and his caregiver in 1993, the 26-room home has only had one other owner prior to the recent sale. There are seven bedrooms, nine bathrooms, nine fireplaces, wood features and stained-glass windows throughout the four levels.

Although it’s in pristine condition, it’s still stuck in the nineties and in need of a makeover, which the new owners plan to do, Mr. Hague said.

The agent’s take

Mr. Hague says the market for high-priced homes is stronger than the remainder of the market. There is a shortage of decent estates to suit demand, and buyers in the niche market do not generally rely on mortgages.

“At that price point, they are pretty close to paying cash,” he says. “Nobody wants to play with these mortgage rates.”

The sale completes on Feb. 4.