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The art of the $55-million real estate deal
A Saudi prince? Hollywood royalty? A South American industrialist? Or how about a famous footballer?
North Van realtor Sasan Fazli remains tight-lipped — he’s not at liberty to disclose the identity of the buyer who just purchased four adjacent condos at the Fairmont Pacific Rim in Coal Harbour for a combined total of $55 million.
“No, I really [can’t say] — it’s so confidential. There’s tons of rumours out there... I just can’t confirm anything right now about my buyers,” says Fazli, who is with REMAX Crest Reality.
But he can tell you the deal is the largest residential property transaction in Canadian history.
“Combined, the $55 million was the biggest residential sale — condo or home — in Canadian history,” he says.
The real estate mega-deal began when the mystery buyers purchased the two-storey penthouse in the Fairmont Pacific Rim Hotel’s private residences for $25 million, which is the largest-ever MLS condo sale in Canada.
“When I first walked in there my jaw dropped. It’s ultra, ultra, luxury,” Fazli says about the penthouse. “The view is amazing but when you walk in the living area — the ceiling and the windows… it’s unbelievable.”
But there were more ‘sold’ signs to follow. The buyers then purchased the three sub-penthouses in the luxury hotel. Combined, on floors 46 through 48, they now own more than 15,600 square feet of indoor space with a total of 38 rooms and another 3,500 square feet of balcony living.
Of course with multiple agents involved, Canada’s largest real estate deal was probably also one of Canada’s most complicated.
“[It was] very stressful. We’re dealing with four different listing agents, and four different sellers, and each deal had their ups and downs. It was difficult but at the end of the day we got the job done,” Fazli said in an interview. “The most important thing for me was to close the deal for my clients.”
And while Fazli closed the deal, his brother Cameron was integral in the making of the record-breaking real estate transaction.
Cameron, a luxury property manger, was introduced to the buyer three years ago through one of his clients.
“Cameron played a huge role in this and to be honest if it wasn’t for him I don’t think we would have the connection,” Sasan says.
And while he declined to say what the commission on a deal of this magnitude would be, he did say he would be splitting it with his brother. To celebrate, a family holiday is in the works.
“We always put our parents and family first and foremost ahead of anything else,” says Sasan.
The brothers’ grandfather and parents immigrated to Canada from Tehran 32 years ago. Both parents worked two jobs as the boys grew up. From a young age both Sasan and Cameron worked together at their father’s gas station.
“Ever since a young age my father’s always worked, so he figured it would probably be best for us to start working at an early age.”
The North Shore-raised brothers continue to work well together as a team, only now in luxury real estate.
So are their unnamed clients finished their Vancouver real-estate shopping spree?
“I’m not going to say yes or no because I don’t know what they are going to do,” says Sasan. “Obviously they came here for a few days and they made a purchase like this. So I’m going to say anything is possible at this point but there haven’t been any other offers made on other properties.”
But Sasan does see Vancouver luxury properties becoming more coveted by the international jet set.
“Luxury properties here are becoming more [sought after] by the ultra rich and we are seeing a lot more investors coming in from other parts of the world as opposed to just Asia. There’s a lot coming from South America, and there’s a lot coming from the Middle East. Obviously this is our main client but we have other clients who have shown a lot of interest in Vancouver real estate.”
Sasan figures compared to global real estate Vancouver remains a relative bargain.
“I mean you put this penthouse in London you’re looking at $150 million dollars. You put this penthouse in Singapore you’re looking at close to $80-$100 million dollars so people who buy properties like this, this is not their only property — they own all over the world. So when they come here… to them it’s almost like a deal.”