“British Columbia’s man of political intrigue is reaping the rewards at the racetrack, but not so much in the luxury housing market.
Patrick Kinsella was the leading co-owner at Hastings Racecourse for the 2012 meet that ended Sunday. The political strategist and lobbyist behind Gordon Campbell and Christy Clark’s rise to the premiership has slashed the price of his Shaughnessy mansion by $1.082 million.
The 100-year-old, four-storey, 6,441 square-foot house at 3839 Selkirk was listed in July 2011 by Rennie and Associates Realty for $7.28 million. There were no takers. Kinsella and his wife Brenda switched agents to Macdonald Realty BGW, which is now asking $6.198 million. The price has fallen 14.8 per cent since July 2011.
Kinsella is not alone. Real Estate Board of Greater Vancouver figures show there were 32.5 per cent fewer sales in September 2012 than a year earlier. The Vancouver West benchmark price fell 6.5 per cent to $2.09 million. It was the worst September in a decade.
University of B.C. associate professor Tsur Somerville said west side, West Vancouver and Richmond properties are under pressure. Immigrants and investors who were snapping up properties in 2010 and 2011 have “moved from getting a unit at any price to — if they are buying — buying for the best price they can,” he said.
“In any downturn, luxury homes tend to be more cyclical than starter homes. In the slowing market the luxury homes tend to get hit harder,” Somerville said.”
– from ‘Mansion Market Slide Hits Kinsella, Powerbroker to Campbell, Clark’, The Tyee, 15 Oct 2012 [hat-tip Terminalcitygirl; many thanks]
Sorry, now I’m confused…
Are Westside homes resistant to any downturn, or are they expected to “get hit harder”?
For the record, for new readers, we are on record as having asserted that, in the end, all property types and all property areas will get hit by about the same devastating percentage loss, peak to trough.