Going big: Sale of $15M home set to break records

Photo courtesy of The Invidiata Team RE/MAX Aboutowne Realty Corp Brokerage

A 12,500-square-foot home in Mississauga is set to shatter local real estate sales records after being listed for $14.9 million.

The listing, located off Mississauga Road on Doulton Drive, a neighbourhood well known for multi-million-dollar properties, is being handled by Oakville RE/Max brokerage The Invidiata Team, who are part of an international luxury real estate network.

But despite a dazzling number of features, principal real estate broker Christopher Invidiata expects it’s going to take a while before the home is finally sold. “It could take six to 18 months to sell a luxury property at this level,” he told YourMississaugaBiz.com by phone from Boca Raton, Fla.

Another house on Doulton Drive currently holds the record for the most expensive house ever sold on MLS in Mississauga, having sold last year for $7.5-million, half the price of the current listing.

While there are currently dozens of multi-million-dollar properties listed in Oakville and Mississauga, the president of the Mississauga Real Estate Board says he doesn’t think listings like this say anything specific about the local market.

“These are one-off situations,” Jerry England said. “This is like Hollywood. It doesn’t go on my radar at all. The value there is established not by the real estate market as much as by an individual saying that the home meets the needs I want. Real estate is about shelter and that sounds like its shelter for about 15 families.”

England also thinks that buyers for such properties are much more likely to come from abroad. “Offshore money has dried up a bit,” he said. “Usually you find someone who has come into the country who has access to funds.”

A new report from Sotheby’s International Realty Canada agrees. In its latest trends report released Wednesday, it noted a noticeable increase in the number of foreign luxury homebuyers purchasing Oakville properties, with the strongest influence being from Mainland China.

Photo courtesy of The Invidiata Team RE/MAX Aboutowne Realty Corp Brokerage

The house features seven bedrooms, eight bathrooms, a 12-car garage, nanny suite, golf room, games room, gym and theatre room.

The lot, totalling 2.84 acres, also includes an outdoor area with an in-ground pool, hot tub, multiple fountains, tennis courts and massive patio.

The house has even been host to The Rolling Stones. According to the Mississauga News, it served as the band’s base of operations during one of their previous tours.

With files from Jon Cook

Advertisements