The sale of a lakefront estate outside of Montreal broke a short-lived price record for the Canadian province of Quebec.
Ferrari marketing entrepreneur and collector James Upton sold his six-acre property for $ 14.5 million to an unidentified buyer, according to the Wall Street Journal. Upton bought the property in 2017; he listed it earlier this month for $ 15.4 million.
The previous Quebec record was set earlier this month when a house in the Montreal suburb of Westmount sold for $ 14.3 million.
The two sales are more than double the average price of luxury single-family homes in Quebec this year, according to data from Sotheby’s International Realty.
The 1995 lakeside estate main house sold by Upton totals approximately 11,500 square feet. It includes a home theater, wine cellar, gym, music room and games room. There are five fireplaces everywhere.
The property has approximately 400 feet of frontage on Lac des Deux Montagnes and a two-level dock. There are also three garages on the property, with parking for seven cars, as well as a two bedroom guest house and garden.
The main lawn is large enough to land helicopters, which Upton has hosted in the past for Ferrari events.
Listing agent Cassandra Aurora of Sotheby’s International Realty Canada said the Quebec housing market is hot and “listings cannot last two days on the market.”
“We have never had this type of market. We never even had bidding wars, ”she said.
The Canadian real estate market as a whole has been hot since the pandemic, raising fears of a bubble. The market slowed somewhat in late summer and early fall – similar to the United States – but the pace of sales picked up again in October.
Market watchers say Canada is at greater risk than a bubble than the United States because mortgage debt accounts for a larger share of total consumer debt in the country.
[WSJ] – Dennis Lynch