5833 replies to this topic

[North Shore]

The home may not be Elton John's idea of luxury, but it sure would be for most of us regular folk.

 

But that's my point - they are just regular folk.  It's not like they're earning exorbitant salaries, driving exotic cars, and spending their days sipping G&T down at the yacht club, while the servants cut the lawn and do the laundry.  They live in a middle-class neighbourhood in a small (but desireable?) city in Canada.  It's a ridiculous notion to suggest that Gordon Head (where many houses are bumping the $1M threshold) is full of luxurious houses...

[johnk]

I'd say "luxury" is a pretty relative word.
In Moose Jaw $1 million is likely "luxury".
In the big time it buys nothing. In Manhattan, London, SF, West LA, HK, Paris the luxury threshold would be closer to $10 million.

[LeoVictoria]

Right, that's what I was thinking (about $2-million). I think they're smart enough to know what the average/median are in each market, and at what percentage above those figures the "luxury" market begins.

 

Given they explicitly stated their methodology for the luxury thermometer to be based on a $1M cutoff, there is only two options:

1.  They used a $1M cutoff and the measure is useless

2.  They did not use a $1M cutoff and the statement about their methodology is incorrect.

 

Pretty simple.

[lanforod]

^ I take that to mean they didn't include any market where less than 1M would still be luxury (like many third world countries etc.). Afterall, they did peg Toronto much higher than 1M, so why wouldn't they have also pegged Victoria higher?

Edited by lanforod, 11 May 2017 - 02:24 PM.

[Mike K.]

A cutoff of $1 million unless otherwise adjusted according to the specifics of each region.

 

They've made that very clear in the executive summary.

[Mike K.]

Ah, lanforod beat me to it.

 

The cutoff for Toronto is US $3-million. The average cutoff is US $2.1 million.

[LeoVictoria]

The analysis is based on a $1M cutoff as stated hundreds of times in the report and specifically in the methodology and the research notes in the end.   The definition of a luxury home varies by region, this is separate from their measures.  

 

 

Anyway I've bored even myself with this topic.  Next.

[Mike K.]

Right, it's $1-million "unless otherwise noted." That's what it says in their methodology, and as they noted in the executive summary. The average cut off is $2.1-million.

Yeesh, and I thought I loved to bicker

[LeoVictoria]

Right, it's $1-million "unless otherwise noted." That's what it says in their methodology, and as they noted in the executive summary. The average cut off is $2.1-million.

Yeesh, and I thought I loved to bicker

We're not progressing here but I'm 99% certain you are reading the report incorrectly. The variable cutoff is used only in the definition of luxury homes in the first section. It is not used in the analysis to gauge market hotness. They use a fixed $1M cutoff and say exactly that dozens of times. If they were using the variable definition of luxury homes then all the methodology would reference "luxury homes" and not "$1M+ homes" which they also call "prime property"

[lanforod]

^ i'll assume you're correct. Which means of course this whole analysis is useless.

[Mike K.]

They track the sales of homes valued at $1-million+ USD in about 100 markets worldwide. But they do not define every single home they track as a luxury home. The definition of a luxury home changes based on local market conditions (such as $3-million USD in Toronto), and they very clearly indicate that the average cutoff for the luxury moniker among the properties they track is $2.1-million USD.

 

So what I'm saying is, posting a picture of a $1-million property in Toronto and claiming the report is misleading misses the point entirely. For that market, even though the sales of $1-million homes in Toronto are tracked, luxury homes are defined as properties valued at about $4-million CAD and up.

 

That being said, I still think a $1.3/$1.4-million home in Victoria is quite likely to be a pretty swanky residence (unless the land holds all of the value, obviously), even though Christie's cutoff for Victoria properties is likely higher at about $2-million CAD.

[VicHockeyFan]

That being said, I still think a $1.3/$1.4-million home in Victoria is quite likely to be a pretty swanky residence (unless the land holds all of the value, obviously), even though Christie's cutoff for Victoria properties is likely higher at about $2-million CAD.

 

30 listed today in that range.

 

Old house in James Bay on the low end :   https://www.realtor....Columbia-V8V2H7

 

Dean Park 6-bed 6-bath on the high end:   https://www.realtor....Columbia-V8L4A9

[G-Man]

Would anyone really put Toronto or Victoria for that matter, as international luxury destinations? Seriously.

[Mike K.]

Absolutely. I'm also hearing that the Customs House development is attracting international attention among people looking for "collector" real-estate. There's some serious wealth in Victoria.

 

I mean look at that machete attack in Oak Bay. The family has international ties.

[dasmo]

This is the new luxury:

https://www.google.c....339874!6m1!1e1

 

Sold for 975k. Half the duplex, not all.....

[LeoVictoria]

^ i'll assume you're correct. Which means of course this whole analysis is useless.

 

Not entirely useless, but a poor measure.  A convincing argument could be made that if a housing market is active and expensive, then the luxury segment of that market (actual luxury, not $1M+) is also doing well.   The luxury market here is definitely active (it's about 350% more active than it was a couple years ago), but the number of Oak bay war shacks that have cracked $1.35M don't influence that market.   

Edited by LeoVictoria, 12 May 2017 - 09:10 AM.

[johnk]

Would anyone really put Toronto or Victoria for that matter, as international luxury destinations? Seriously.

Agreed.
People with serious money can live anywhere they want.
Places with culture, glamour, history, beauty and lifestyle like Paris, NY, London, Beverly Hills, Monaco where they can mingle with similar types. All are powerful draws.
The truly rich, powerful and famous simply would not consider Victoria and Toronto. What would draw them? Our world-class dining? Toronto's exceptional beauty, deep history and marvelous architecture?

Edited by johnk, 12 May 2017 - 10:32 AM.

[Mike K.]

Some of the wealthiest people in the world own homes along our coast. You wouldn't necessarily know it, but they do.

 

Consider the amount of private yachts that dock here in the summer. People from around the world love Victoria. It may be nothing special to those of us who have grown up here, but it's a jewel to many.

[dasmo]

Agreed.
People with serious money can live anywhere they want.
Places with culture, glamour, history, beauty and lifestyle like Paris, NY, London, Beverly Hills, Monaco where they can mingle with similar types. All are powerful draws.
The truly rich, powerful and famous simply would not consider Victoria and Toronto. What would draw them? Our world-class dining? Toronto's exceptional beauty, deep history and marvelous architecture?

Nature with a European stile town.... 

[VicHockeyFan]

Some of the wealthiest people in the world own homes along our coast. You wouldn't necessarily know it, but they do.

 

And on the Islands, right?  TODAY, there are 63 Southern Gulf Islands homes listed at $1M or more.

 

3 of them are over $5M:

 

https://www.realtor....Columbia-V8K1T6

 

https://www.realtor....Columbia-V0N2M1

 

https://www.realtor....Columbia-V0N1P0

 

SENSATIONAL ONE-OF-A-KIND 9.4 ACRE FENCED & GATED PRIVATE WATER FRONT ESTATE WITH 2400 FT OF SPECTACULAR WALK-OUT SHORELINE & "2" DEEP WATER DOCKS! Too many features to mention, see attachments for add features. THIS TROPHY PROPERTY features impeccably built & designed 4-bedrm 4,819 sqft home w/gourmet kitchen, stunning great-rm & amazing master. Sensational 1,400 sqft 2-BDRM GUEST HOUSE, w/living rm, gourmet kitchen, 2 beds & den; exquisite SECOND 650 sqft 1-BDRM GUEST HOUSE w/kitchen, living rm & laundry. 4-hole golf course w/professional greens, private beaches. IDEAL FAMILY COMPOUND or CORPORATE RETREAT! Arrive at private dock by 12-minute float plane ride from YVR South Terminal, grandfathered Helipad, or 5-min driver from Ferry Terminal.