The Five Million Dollar View
Yesterday, I took the family to check out the homes at Whitby Estates in West Vancouver. Whitby Estates is one of the most prestigious neighborhoods in all of Canada. The Estates offers dramatic ocean and city views from Mount Baker to Vancouver Island. Once you check out the views, you’ll understand why the average home at Whitby Estates cost $5 million.
While $5 million can buy you a huge 10,000+ square foot home on many acres of land anywhere else in Vancouver, at Whitby Estates it will buy you a 6,000 square feet three-level home on a 13,000 square feet lot. You are definitely paying for the view. And what a view it is!
What Kind Home Does $5 Million Buy?
We viewed several homes at the Estates, plus one at the British Properties, and my favorite was this three level unit at 2372 Constantine Place.
Offered at $4.8 million, the home features 6,309 square feet of luxurious living. The views from the rooms are absolutely spectacular. A bright open floorplan perfect for entertaining, this home features five ensuited bedrooms including a huge master suite and seven bathrooms.
The Dream Kitchen
Every builder knows that the kitchen sells the home and this home spared no expense with its custom made Snaidero kitchen featuring top-of-the-line appliances from Miele and Sub-Zero and slam-proof cabinets and draws that close automatically with just a light push. The $20,000 Sub-Zero fridge is located between the two Miele ovens. The fridge doors uses the same wood as the rest of the kitchen. On the left of the kitchen is a $10,000 Sub-Zero wine cooler. The floor is made of limestone.
How Much Does One Have To Make To Afford A House Like This?
The home feature sheet included some sample mortgage calculations. I found that unusual because many people buying homes at this price range generally pay cash. However, the information makes for a great blog post.
According to the mortgage sheet, if you were to put 35% down ($1.68 million) and finance the remaining $3.12 million over 25 years at 5.55% interest, your mortgage payments would be $19,955 per month. To qualify for that big a mortgage you would need an annual income of $779,061. If you can put 50% down and increase the amortization period to 35 years, the income requirements goes down to only $544,036. 😈