Westmount mansion sells for a record $ 18.5 million

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The bar for the most expensive house ever sold in Quebec went up a notch. A historic home known as the “Downton Abbey of Westmount” sold for $ 18.5 million in a private sale, beating the previous record of $ 18 million set in 2020 in Ville-Marie.

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The 10-bedroom, 10-bathroom Timmins Estate on Sunnyside Ave. boasts panoramic views of Montreal and sits on 43,000 square feet of prime real estate in the heart of the city. The property also includes a separate three bedroom carport.

Inspired by 19th century English architecture, the stone mansion was built in 1910 for the Lieutenant Colonel. Charles A. Smart, a politician, military man, mining investor, banker, and businessman, later owned by Mattawa, Ontario-born mining and rail titan Jules Timmins. The house’s architects, Ross and McFarlane, also designed the old Eaton building in Montreal. Famous McGill architecture professor Percy Nobbs was also involved in designing some of the courtyard’s features, such as the wrought-iron fence.

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The transaction was negotiated by luxury real estate specialist Joseph Montanaro. While Montanaro said he was unable to share details of the sale to protect the privacy of his clients, he did confirm that the sale was conducted privately without the home being listed in the MLS system, and that he represented both the buyer and To the seller.

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“It’s not common practice, but I’ve made quite a few high-level deals outside of MLS,” Montanaro said.

According to a report from the Journal of Montréal , the bill of sale indicates that the new owner is Pinar Cetin, wife of Rami Atallah, 39-year-old CEO and co-founder of Montreal-based luxury online store Ssense. The company was founded 18 years ago by Atallah and his brothers Firas and Bassel in their parents’ basement in Montreal. In June, the company announced a financing agreement with Silicon Valley investment firm Sequoia Capital that valued Ssense at more than $ 5 billion.

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Montanaro said that most of the ultra-luxury home sales he’s been involved in since the COVID-19 pandemic have been to buyers with local roots, not jet-setters from abroad.

“It is no secret that the international (buyer) market has dried up,” he said. “They have been mainly local buyers. But what’s encouraging is that people feel comfortable spending these sums of money in Montreal. The money is earned here in Quebec and invested in real estate and the economy in general. That is a very positive sign. “

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Although listing a property in the MLS can increase the visibility of a home, which in turn can increase the final sale price, Montanaro said some high-end sellers prefer to protect their privacy by signing an exclusive brokerage contract that it does not include a public listing. . By doing this, sellers can avoid posting photos of the interior of their home online and restrict visits to only qualified buyers with the means to close a deal. This style of selling is highly dependent on the broker’s networking ability to find a buyer, a much easier task in today’s tight market.

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Montreal has posted record sales this year in upscale areas like Westmount, Nuns’ Island and West Island, but prices remain well below Vancouver, Toronto and international markets, Montanaro noted.

“I have tons of buyers that I have been working with for years and there is still not enough product for these buyers to buy,” he said. “I think that as long as there is a lack of product, as long as the supply remains low, there will be room for price increases.”

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As impressive as it is, the Sunnyside Ave. home is far from the most expensive home for sale right now in Montreal. At the time of writing, there were at least five households on the island of Montreal asking for even more. Montreal’s most expensive house in Centris, an eight bedroom, 15 bathroom property , was also represented by Montanaro, who described it as “24,000 square feet of luxury.”

The $ 35 million home has had two offers so far, but the seller was unwilling to accept either.