LUXURY LISTINGS
Realtors tour five upscale waterfront homes listed between $1.5M and $3M
For lovers of luxury real estate, co-ordinated open houses held Wednesday for five Riverside Drive properties — ranging in price from $1.5 million to $3 million — was a smorgasbord of eye candy. The two Windsor and three Tecumseh upscale waterfront homes, located along a stretch of shoreline from just east of Lauzon Road to near Beach Grove Golf and Country Club, were opened to local brokers and agents.
“It’s been done sporadically, but never with five luxury end properties like these,” said ReMax agent Terra Lavack, who along with Royal LePage agent Beth Rezoski pitched the idea to their colleagues. “It gives agents a chance to inspect the properties. Quite a few of them have told me they ’re going to go back to their clients and say they’re worth a look.”
With the pool of potential buyers for such high-end properties being limited, the goal was to tap into the wider network of contacts to market the properties. Lavack said the market for such homes has tended to be local buyers more than out-of-towners. However, she did point out that one agent planned to market the homes to clients in Florida. “We’ve had a lot of interest from people in Michigan, too,” Lavack said. “Property is cheaper (with the U.S exchange), it’s waterfront, and they’re still close to the border.”
But most agents are finding 80 per cent of their business remains local, she said. They say more outside money is coming into the market in the $500,000 and under range.
ReMax agent Terri Hughes, who was the host at the most expensive of the homes near Beach Grove, said there are a large number of Riverside Drive homes currently up for sale.
She attributes that to owners trying to take advantage of a buoyant market, young professionals with families upgrading and older homeowners looking to downsize.
“A lot of people are looking for a change in lifestyle,” Hughes said. “You can have a waterfront home, even with a beach, right in the city. That’s a lifestyle not normally associated with a city.” Hughes said there’s no predictable timetable for how long a luxury home will take to sell. One $1.5-million home on the Tecumseh waterfront recently sold in four days after the agent fielded three offers, while others have remained on the market six months or longer. “Luxury home buyers are detailoriented,” said ReMax agent Angie Goulet, who was holding fort in a modern-styled home just east of Lauzon Road worth $2 million. “They have a checklist and they ’re picky. If you’re spending this type of money, you’re looking to get everything you want on your list. “This house ticks off a lot of the boxes for a boater, with the boat lift, and for someone who loves to entertain. It’s got a chef ’s kitchen with $112,000 worth of appliances.” The combined open house event, which also involved ReMax agent Liza Zuidema, is an example of the more creative marketing strategies required to move top end properties.
Other examples were Goulet placing bound booklets about her home at the Windsor Yacht Club, while Hughes was able to get her client’s home featured in Our Homes magazine. Targeted social media is also another key tool. “Most of us have databases with clients who would fit this particular category,” Hughes said. “There’s an expectation from the seller of a certain level of service and investment in marketing the property.”
So what does one get for $1.5 million to $3 million, besides stunning views of the river and Lake St. Clair?
Homes with massive square footage, boat lifts and backyard pools/saunas and lushly landscaped backyards are certainly standard offerings.
Inside, it’s the quality of the stone and wood finishes. Luxurious touches, such as mug warmers so your coffee isn’t poured into a cold cup, are everywhere. Appliances are all high end, fireplaces abound, as do bathrooms that serve as an oasis.
“To get all this at this price point, you just can’t do it in a city like Toronto,” Goulet said. “Windsor has been Ontario’s unknown gem, but it’s been discovered now. But we’re still a long way from catching up to the rest of the Ontario market.
“With all the good things going on, locally and in Detroit, the market is going to be strong for at least four or five years. This isn’t a bubble.”
They have a checklist and they’re picky. If you’re spending this type of money, you’re looking to get everything you want on your list.