The million-dollar housing market is about to hit Squamish.
Currently there are four homes listed for sale over $1 million with local realtors.
"This is unknown territory for us," said Lisa Bjornson the manager of Royal LePage Black Tusk Realty, whose office has listed two of the homes. "We've never sold one over a million."
Black Tusk Realty has a home listed for $1.5 million at 40616 Thunderbird Ridge, which is still under construction. The 4,378 square foot home is being built by Timberhaven Developments, and has been on the market since September.
The second home is at 202 Smoke Bluffs Road. The asking price for the 4,265 square foot home, listed in November, is $1.15 million.
Timberhaven Developments has another house on Lanark Place, which is listed with a Vancouver real estate company. Both that home and the Thunderbird Ridge home were built on the speculation that 樱桃视频could support million-dollar homes.
"They're hoping that the demand and market exists," Bjornson said. "There's a perception that we've achieved a new level."
Bjornson acknowledged the market has changed and asking prices for home have increased.
"In 樱桃视频we just sold in 2004 our first townhouse over $400,000," she said.
She also pointed out for the first time a handful of homes in the $500,000 and $700,000 range were sold.
"Are we at the $1 million house level now? Only time is going to tell," she said.
The home on Smoke Bluff Road is currently occupied by the owner and builder, and has only had one showing. Re/Max Sea to Sky Real Estate 樱桃视频has a home listed for $1.3 million that is also occupied by its owner. Construction is just being finished at 40781 Thunderbird Ridge. The 4,300 square foot home has some features, like 180-degree views, floor to ceiling windows, a geothermal heating/air conditioning system that draws heat up from the rocks in the ground and a theatre room.
"It shows beautifully," said Denise Salmon, the listing agent for the home, which has been on the market since July.
But million dollar homes aren't shoving lower priced homes off the market.
"It's not the strongest part of our market," Salmon said. "It creates another level. It's not going to impact the average house."
Million-dollar plus homes are marketed to a different crowd through things like luxury magazines and outlets. They are also of interest to international visitors who want a second home close to Whistler and Vancouver, Salmon said.
"A lot of people aren't going to live here full time. They want to be in the corridor, so they want to be in the middle."
But there are other homes worth over $1 million in Squamish.
"Home of this calibre and this size aren't new to Squamish," Bjornson said.
The two unoccupied homes built by Timberhaven Developments are different because they were built to be sold, not built as dream homes by the occupiers.
And Bjornson agreed with Salmon that selling the homes doesn't alter real estate here.
"One over a million doesn't signal any significant change in the marketplace," she said, adding that until the homes were sold it seemed unlikely anyone would build more homes on speculation.
"Until we sell these I can't see our market being flooded with them," Salmon said. "We have to prove this market can support itself.
"Everybody is kind of waiting to see what happens with these."
