April 15, 2016 6:51 pm
Updated: April 18, 2016 7:50 am

Multimillion dollar home hits the market in Saskatoon, how long will it take to sell?

WATCH ABOVE: A new listing in Saskatoon is believed to be the most expensive on the market. Meaghan Craig takes us inside the $3.3 million home and finds out what the market is like for high-end property.

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SASKATOON – It’s believed to be most expensive home on the market in Saskatoon. An estate northeast of the city comes with a couple of acres of land and a massive home overlooking the river. The big question now is how hard will it be to sell?

 

The home is luxury at its finest with 10,000 square feet of fully developed space at a price tag of nearly $3.3-million.

“Anybody could technically build a $3 million house in the city but to get five minutes from the city with this amount of land overlooking the river is what you’re really buying here,” said Jordan Boyes, owner of Boyes Group Realty, as we stood in the pricey Rivers Edge Estates home.

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The house also features a private gym, theatre and 1,100 square foot “mother-in-law” suite for when you just need a little space from visitors.

“Well I think it’s excellent to have the extra space especially if someone’s staying with you for a long time, they can still kind of get away and keep out of your hair a bit,” laughed Boyes.

It’s prime time real estate with no expense spared.

“With the windows and the built-in blinds for this house it was almost $400,000.”

As for how long experts expect the home to be on the market, they say that’s the $3.3 million question.

“Typically, the higher you go in price the smaller your market is but the important thing to keep in mind is that any home will sell at any price in any market, as long as it’s priced to the market,” said Jason Yochim, CEO of the Saskatoon Region Association of Realtors (SRAR).

According to the latest data from SRAR, this is how long it typically takes for a house to sell within a specific price point:

  • 0-$250,000: 54 days;
  • $250,000-$500,000: 46 days;
  • $500,000-$750,000: 53 days;
  • $750,000- $1,000,000: 76 days;
  • $1,000,000 plus: 82 days.

Yochim admits that when it comes to averages for homes costing a million dollars or more, those purchases are so few and far between so the 82-day mark may be slightly skewed.

“Homes like this certainly don’t fly off the shelf but all it takes is that one buyer who wants one show piece of a home and with that said we do have an appointment scheduled for next week,” said Boyes.

So who is the current owner? All that can be disclosed is that they’ll be the buyer’s neighbour. They own the private listing next door as well and whichever home sells first, they’ll live in the other.

© 2016 Global News, a division of Corus Entertainment Inc.

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