Unlike many of the other houses in the area, Elkoshairi points out the backyard is fully landscaped and sodded providing a level lawn and cement patio.
One would find many houses listed at $1 million in the south end of Halifax, but they would be a fraction of the size and on a comparably tiny lot, he said.
"If you move this house down into the south end, you would get three times as much for it."
But while it's gargantuan and beautifully laid-out, Elkoshairi has had trouble selling it — partly due to the owner not wanting to budge on the price and also because it's size dissuades people.
"Not many people look at a house this big," he says.
"Two types of people, in my experience, buy these types of properties: a couple who want to entertain a lot … (or) large families."
But compared to Toronto or Vancouver, the price of this house is excellent due to its size and amenities, he said.
He estimates a house like this in Vancouver would fetch around $8 million.
"It's astronomically superb value," he says.
However, the $1-million home market in Halifax has seen an uptick in the last six years.
In late March there were 65 $1-million houses and apartments on the market, according to realtor.ca.
According to real estate database MLS Charts, which tracks homes sold north of $1 million in Halifax: in 2011, 18 homes over the $1-million mark were sold; in 2017, there were 45.
There was a steady rise in $1-million homes sold over the six-year period.
Jake Hubbard started his career as a real estate agent in 2011, right when the $25-billion Irving shipbuilding contract hit Halifax and he says people started buying up property.
"The housing market went crazy," he said during a recent interview. "Prices sparked so fast so everybody thought it was probably the best time to invest when in turn, it was probably not the best time to invest."
He says homes would be on the market for mere hours and sell for very close to the asking price.
In today's market, which has levelled off, he says the same homes would sell for two-thirds of the price tags back in 2011.
He says it will take time to see growth from the shipbuilding contract, though right after the announcement, people thought it would happen overnight.
All the same — with interest levels low, the development and growth of the city, and housing prices staying reasonable, Hubbard believes now is the best time to be buying up property.
But urging caution, with the housing market being subject to chaotic forces that are totally unpredictable, he says things can change rapidly — like the housing market did in Vancouver before the foreign buyer's tax was introduced in 2016.
"We're on oceanfront, we have populations that are (coming) from all kinds of different backgrounds in life," he says. "In 20 years, I wouldn't be surprised if we were like a Vancouver."
There are relatively few $1-million condos in Halifax, but there is an upward trend in the market which one realtor says is undersaturated.
In front of the $1-million view overlooking the Halifax harbour, on the seventh floor of the King's Wharf Aqua Vista development in Dartmouth, real estate agent Dale Cameron says there's growth in the market.
At $1.149 million, it was only one of five condos in HRM priced at over $1 million in early April.
"It's the view — this will have an unobstructed view of the harbour," says Cameron while showing off the glamorous property.
It's has two bedrooms, two bathrooms, and a living room. At 2,160 square feet it's actually two units combined into one.
It's commonly mentioned that there are a lot of condos in Halifax, but the market is in need of more, believes Cameron.
"We don't have enough," he says. "There's not enough product mix, (because) you've got families that are now looking at going to condos as opposed to going into a traditional house."
Condos will go up in value, says Cameron, especially if people purchase them pre-construction.
"By the time of pre-construction, and the time that the building is finished, there's a bit of lift in equity," Cameron notes.
And barring any major announcements, like another $25-billion shipbuilding contract, he doesn't see the market being flooded and Halifax turning into another Vancouver.
"I don't think there's enough population base," he says.
But having clients from all over North America — and Nova Scotia — tells him that people are wanting to live in areas like downtown Dartmouth; ripe with new restaurants, cafés, and markets.
"You're buying community."
Around Tower Road in the south end of Halifax, lots are being bought so that owners can renovate and build $1-million dollar homes — and people from all over the world want them.
Sandra Bryant has one of them listed at 574 Tower Road for $1.1 million, and says she's seen a lot of people from Ontario, Europe and the United States buying them up.
The foundation of the modernized building is part of the original building, but on top is a bright two floor, four-bedroom home designed with natural light and soft colours in mind.
"It's all about no mess, no responsibilities, (no) weight, it's all about the lightness of life," says Bryant during a tour of the property.
While she doesn't see Halifax turning into a Toronto, Calgary or Vancouver, she's confident we'll see growth in the housing market.
Many of her clients are older folks who may have outgrown their family abode, or are re-entering the workforce, she said.
"Older people who are coming back into our environment … it's almost more exciting," says Bryant.
The 2,541 square-foot property is likely to be sold soon. She had just received a call from a woman in Toronto about looking at properties and she planned to show her 574 Tower Road.
With the markets in Vancouver and Toronto changing, the Halifax housing market is seeing some benefits.
"Those buyers are more likely to come here now," she said, adding that this home's price would double, at least, in Vancouver or Toronto.
What $1M gets you in other cities
Location: 550 Queen's Drive, Toronto, Ontario
Bedrooms: 3 Bath: 3 Square Feet: 2,235
Description: For close to a million and a half dollars you can live in this home near downtown Toronto. It offers a bright spacious living room dining room combination and a family room that leads to a walk out patio. The master bed chamber has a three-piece ensuite and walking closet to house all your high fashion items. The finished basement has a wet bar and sauna with a shower to relax after a hard days work.
Type: Single Family Home
Location: 5585 Chester Street, Vancouver, British Columbia
Bedrooms: 4 Bath: 2 Square Feet: 1,836
Description: This 1950s family home is in the heart of East Vancouver Fraserview. This home has many upgrades. Coved ceilings, original fir floors, updated kitchen with adjoining den. There are two bedrooms upstairs with a shared full bathroom. Downstairs two bedrooms, living room and a kitchen. The property has a single car garage. The house is walking distance to shopping and the bus route.
Source : https://www.thespec.com/news-story/8387381-condos-mansions-and-townhouses-what-1-million-gets-you-in-halifax/