Halle Berry’s
loss on her Laurentian getaway illustrates weakness in the cottage market.
Halle Berry’s former Laurentians getaway was often described as “unique” — with its barnlike exterior, high ceilings, views of the estate’s private lake and 24 hectares of forest.
But at a time when buyers have the upper hand in the Laurentians market, the Hollywood actor ended up taking a $400,000 hit when she sold the home this month to a St-Lazare couple for $1.2 million, land registry and Multiple Listing Service docu- ments show. But some brokers say Berry’s loss on the home stemmed from a basic real estate mistake: overpaying for the estate, which was too unique to appeal to a wide range of prospective buyers.
In 2008, Berry purchased the three-bedroom house in St-Hippolyte for $1.6 million through a numbered company. The home, with pine ceilings and heated concrete floors, served as a getaway for the actor when she was with her former boyfriend, Montreal-born model Gabriel Aubry.
After the two broke up, the house was put up for sale; it was listed in September 2011 at just under $1.9 million. The price was later lowered to $1.695 million.
The Laurentians market has struggled with the loss of U.S. and European buyers, who have largely stayed away since the 2008 economic crisis and the appreciation of the loonie.
About a quarter of the homes in the Laurentians are sold as secondary residences, the Chambre immobilière des Laurentides said.
But sales in the Laurentians have rebounded in recent quarters, with real estate board director general Daniel Vandal calling the market relatively stable.
Real estate broker Peter Léo Lemay, who sells homes in St-Hippolyte, among other towns in the Laurentians, said prices have generally remained stable, although he’s sold more homes this year than during the correspond- ing period in 2012.
Lemay said he believes Berry overpaid for the home in 2008 and had trouble recouping her investment because of the “uniqueness” of the property, rather than because of slow sales.
“It’s very secluded,” said Lemay, a broker with Re/ Max. “For a person like Halle Berry, it’s private and its right for her needs.”
But the property — which features a long road (driveway) that needs to be cleaned during the winter — doesn’t fit the needs of the average buyer, he said.
“It’s a very particular property.”