PERSPECTIVE IS EVERYTHING!!!
$2.5 million in today's market, is nothing...right? Think again.
You may not blink an eye, but fact is, the two highest recorded sales in #HamOnt (proper*), over an analysis of the past 21 years, were 2021 and 2022. In fact, 80% of the all-time most expensive Hamilton homes were sold during those two years. 93% post 2019. 100% within the past 6 years.
*Hamilton proper (excludes Stoney Creek, Ancaster, Waterdown, Dundas and Flamborough).
FRESH FACTS on #HAMONT's TOP 15
- 4/15 are century homes, 100+ years old
- 9/15 are century and/or vintage homes up to the mid-century area
- 11/15 are century, vintage, or newer construction, designed in a classical style – character obviously wins!
- The average sale price is $2.460 million ($2.267 million if you factor out the #1 sale which is nearly 2x higher than the second runner-up)
- On average, they sell for 100% of asking price
- The average days on the market are 17.7 – interesting given they typically receive full ask or higher. These luxury properties know their worth and if they hold out, they typically ‘win’.
- They are large homes, at an average of 4,000+ square feet
- The average cost per square foot is $608
- They are 5 beds and 5 baths on average
- Their lots are larger than most, averaging at just over 1/3 of an acre
- Its not cheap to carry one – average property taxes are nearly $15,000 per year
- Most have garages with 2 cars, and additional parking for an average of 8 cars!
- Nearly half have pools and 60% have pools and/or a view
- The majority are lower city (meaning, not on the mountain) – either Durand South or Kirkendall South (2/3 with Durand South addresses)
- Westcliffe is the most expensive (and popular) Mountain location; and most mountain locations boast city views, apart from Seneca Ave and Malton Drive, which were new builds on over-sized lots.
Without further ado, here’s a look at Hamilton’s* most expensive residential home sales recorded in the past 21 years…
Tied - #15-14
165 ABERDEEN Avenue
Sold for $2.1M in 2022
5 days on the market...2,300 sqft...0.12 acres...$8.6k taxes.
520 DUNDURN Street S
Sold for $2.1M in 2022
6 days on the market...2,896 sqft...0.15 acres...$9.1k taxes.
22 AUCHMAR Road
Sold for $2.125M in 2016
1 day on the market...4,200 sqft...0.47 acres...$13.1k taxes.
St. Elizabeth Village / Kennedy
Sold for $2.188M in 2021
7 days on the market...4,050 sqft...0.34 acres...$12.4k taxes.
352 BAY Street S
Sold for $2.2M in 2022
16 days on the market...3,375 sqft...0.15 acres...$12.6k taxes.
706 SCENIC Drive
Sold for $2.2M in 2022
2 days on the market...3,600 sqft...0.51 acres...$10.7k taxes.
32 ABERDEEN Avenue
Sold for $2.2M in 2021
98 days on the market...5,350 sqft...0.13 acres...$15.5k taxes.
125 AMELIA Street
Sold for $2.2M in 2020
16 days on the market...2,902 sqft...0.37 acres...$14.0k taxes.
344 MOUNTAIN BROW Boulevard
Sold for $2.255M in 2022
2 days on the market...3,265 sqft...0.64 acres...$11.4k taxes.
16 INGLEWOOD Drive
Sold for $2.265M in 2021
46 days on the market...2,530 sqft...0.25 acres...$11.9k taxes.
12 RAVENSCLIFFE Avenue
Sold for $2.380M in 2019
20 days on the market...6,896 sqft...0.30 acres...$26.0k taxes.
79 MARKLAND STREET
Sold for $2.450M in 2022
17 days on the market...4,067 sqft...0.27 acres...$8.8k taxes.
57 SENECA Avenue
Sold for $2.480M in 2021
23 days on the market...3,360 sqft...0.31 acres...$12.8k taxes.
112 CHEDOKE AVENUE
Sold for $2.602M in 2022
2 days on the market...3,170 sqft...0.31 acres...$10.5k taxes.
31 COLQUHOUN CRESCENT
Sold for $5.165M in 2021
5 days on the market...8,790 sqft...1.1 acres...$36.8k taxes.
If I'm making some general observations, emotion comes into play on all of these each sharing in common:
Local real estate expert, Colette Cooper, says location was key for both record sales, especially the jaw-dropping city views on Colquhoun. Chedoke's ravine backing location was also a key driver, not to mention exceptional timing with nothing else quite like it on the market at the time.
And Folsetter Taffs and Associates suggests that while there are always lovely homes on the market, a truly special location presents a rare opportunity. Buyers with the means to do so, are typically willing to pay a significant premium for a setting like these properties offer simply because it may take years for the opportunity to present itself again.
Source: 2022 OneHome by CoreLogic using Multiple Listing Service data
Thanks for sharing an informational article.
Extensive range of high quality Bricks from leading UK builders merchants EH Smith. Visit us online to find out more about our range of Bricks.