Price reductions are being seen in the Greater Victoria real estate market for big-ticket mansions.
A house in Oak Bay recently sold after 14 years on the market when it was repriced at $7.5 million after being listed as high as $13.5 million (see the link to the story on that listing below).
And now one of the most expensive homes in the Victoria housing market has seen a steep price drop.
The mansion at 3355 Midland Rd. in Oak Bay was first listed on the market on Jan. 6 for $9,940,000, but has recently been listed again for $8,900,000 – a drop of more than $1 million.
The house is familiar to local real estate followers for its all-white exterior and sheer size, with nearly 14,000 square feet of space inside and a lot of nearly one acre.
“This extraordinary estate is perfectly situated on a prized .99-acre property in the coveted community, the Uplands,” reads the listing.
The house has five bedrooms and 12 baths, as well as three kitchens, including one that has purple cabinets, according to the photos posted.
“Internationally imported high-end finishes accent the home throughout. Impressively built to commercial-grade building standards with rebar, concrete walls and floors and a commercial elevator, this legacy home is built to last many generations.”
The house also has a garage that is nearly 4,000 square feet in size and includes a turntable and work area.
“Enjoy the gorgeous south-facing backyard and total privacy surrounded by beautiful mature trees. Close to Uplands Golf Course, down the road from the UVIC, St. Michaels School and a stone’s throw from Cadboro Bay Beach, this property provides the ease of central living while accommodating the in-demand Oak Bay lifestyle.”
The Multiple Listing Service Home Price Index benchmark value for a single-family home in the Victoria core in September 2022 was $1,299,500, according to the latest numbers from the Victoria Real Estate Board.
The benchmark value for the same home in September 2023 increased by one per cent to $1,312,200, which is down from August’s value of $1,323,900. The MLS HPI benchmark value for a condominium in the Victoria core area in September 2022 was $581,500, while the benchmark value for the same condominium in September 2023 increased by 1.4 per cent to $589,600, which is up from the August value of $582,000.
Overall, a total of 493 properties sold in the Victoria Real Estate Board region this September, 20.2 per cent more than the 410 properties sold in September 2022 and a 9.4-per-cent decrease from August 2023.
READ MORE: Oak Bay ‘masterpiece’ finally sells after 14 years on Greater Victoria market
