Away until next week

I’m heading for some sun so I’ll be away until next Tuesday and then we’ll continue with the weekly drops

Weekly Drop Metro Vancouver Attached – May 1, 2013

It’s been a long time since I posted the attached list.  Here are the 10 attached properties in Metro Vancouver (Vancouver West, Vancouver East, Burnaby, Richmond, North Vancouver and West Vancouver) that changed their price or were relisted under a new MLS number the previous 4 weeks AND have dropped the largest percentage overall from their original asking price.

Number 1 on the list is looking at a loss of $400K and 20% in under 3 years IF they get asking…

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#10 ) Address:# 223 8860 NO 1 RD, Boyd Park, Richmond

February 15, 2008	V688944	$308,000	$0	0%
March 12, 2008	V688944	$328,000	$0	0%
April 16, 2008	V688944	$308,000	$-20,000	-6%
July 01, 2008	V688944	$298,000	$-30,000	-9%
July 31, 2008	V688944	removed after 167 days
January 05, 2013	V983504	$249,000	$-79,000	-24%
April 18, 2013	V983504	$228,000	$-100,000	-30%

Current Days on Market: 118 (0.32years)
Current ‘Official’ Days on Market: 118
2012 Assessment: $220,700
2011 Assessment: $269,500
Desperation Score: 11.3

Assessment takes an almost 20% hit in one year.  A unit in the neighbouring building is also on the list

APPLE GREENE. Very clean and nice 3-Bedroom CORNER UNIT with extra windows and extra light looking north & east. Very quiet. Close to shopping, schools and buses. Social Clubhouse & pool. Maintenance is deceiving as it includes hotwater heat and municipal utility bill (about $60 a month). One of the better buys in Richmond today.

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#9 ) Address:# 3801 1199 MARINASIDE CR, Yaletown, Vancouver West

January 29, 2010	V806717	$10,000,000	$0	0%
January 28, 2011	V806717	removed after 364 days
March 10, 2011	V874363	$10,000,000	$0	0%
May 06, 2011	V874363	removed after 57 days
June 02, 2011	V891490	$8,900,000	$-1,100,000	-11%
September 01, 2011	V891490	removed after 91 days
November 24, 2011	V920696	$7,980,000	$-2,020,000	-20%
June 01, 2012	V920696	removed after 190 days
June 13, 2012	V955991	$7,450,000	$-2,550,000	-26%
September 01, 2012	V955991	$6,400,000	$-3,600,000	-36%
September 19, 2012	V955991	removed after 98 days
March 29, 2013	V997765	$6,900,000	$-3,100,000	-31%

Current Days on Market: 35 (0.10years)
Current ‘Official’ Days on Market: 35
2012 Assessment: $5,757,000
2011 Assessment: $6,339,000
Desperation Score: 22.7

“lrge” – couldn’t add an “a”???  Down $3 million but still $1.1 million over assessment after it dropped $600K from last year.  Despite dropping $600K they decided to relist at a price $500K higher than it failed to sell for last year.

This spectacular and magnificent, completely re-done, waterfront Penthouse offers top quality finishings throughout and is the perfect home for individuals looking for more than the average run of the mill space. 360 degree views,5234 sqft of interior space & a combined 1125 sqft of outdoor space, this home will please the most prestigious buyer. Offering 3 lrge bedrooms, den, entertainment sized dining, living & family rms (25′ ceilings), gourmet kitchen, wine cellar and so much more. The Master Bdrm has a huge walk-in closet/dressing area and a spa inspired ensuite you’ve never seen the likes of before. 4 parking, storage, rooftop hot tub – there is so much here to see, call today for your private appt to view.

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#8 ) Address:# 301 168 POWELL ST, Downtown, Vancouver East

December 20, 2009	V801434	$618,800	$0	0%
March 06, 2010	V801434	$599,000	$-19,800	-3%
May 21, 2010	V801434	removed after 152 days
March 17, 2011	V875921	$489,000	$-129,800	-21%
June 02, 2011	V875921	$469,000	$-149,800	-24%
August 16, 2011	V875921	removed after 152 days
April 18, 2012	V943833	$469,000	$-149,800	-24%
January 01, 2013	V943833	removed after 258 days
March 16, 2013	V996114	$429,900	$-188,900	-31%
April 18, 2013	V996114	$416,900	$-201,900	-33%

Current Days on Market: 380 (1.04years)
Current ‘Official’ Days on Market: 48
2012 Assessment: $424,000
2011 Assessment: $414,000
Desperation Score: 13.5

SMART Gastown Living. This 992 sq ft 2 bedroom, 1 bath with huge living room with a Den that can be a third bedroom. Very bright with laminate bamboo flooring throughout & faces south. Enjoy living in this district bordering historic Gastown. Minutes to all your shopping, restaurants & transit. All measurements are approximate, buyer to verify if important. Easy to show.

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#7 ) Address:905 E 15TH AV, Mount Pleasant, Vancouver East

October 06, 2011	V914244	$698,000	$0	0%
February 21, 2012	V914244	$668,000	$-30,000	-4%
April 13, 2012	V914244	removed after 190 days
April 16, 2012	V943709	$598,000	$-100,000	-14%
July 12, 2012	V943709	$568,000	$-130,000	-19%
October 30, 2012	V943709	$498,000	$-200,000	-29%
March 28, 2013	V943709	removed after 346 days
March 31, 2013	V998388	$468,000	$-230,000	-33%

Current Days on Market: 575 (1.58years)
Current ‘Official’ Days on Market: 33
2012 Assessment: $460,000
2011 Assessment: $518,000
Desperation Score: 24.4

New build has been listed for 1.5 years and is now down 33%.  Assessment dropped over 10% in its first year

Very quiet Mount Pleasant location close to everything. Beautiful ground floor unit in a half duplex with open floor plan. 2 bedrooms with full bath. All on one level this beauty boasts a stunning kitchen with granite countertops, stainless steel appliances including gas range, gleaning engineering wood, radiant in floor heat and superb finishing detailing around window and doors. Outdoor space includes front Eastern patio and large backyard with garden space. Parking space off lane. This home shows like a display suite. Act fast!

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#6 ) Address:# 1A 1596 W 14TH AV, Fairview, Vancouver West

October 06, 2006	V609349	$7,500,000	$0	0%
October 31, 2006	V609349	removed after 25 days
May 19, 2007	V648335	$6,500,000	$-1,000,000	-13%
December 06, 2007	V648335	$5,999,000	$-1,501,000	-20%
April 24, 2008	V648335	removed after 341 days
May 04, 2008	V706104	$5,999,000	$-1,501,000	-20%
November 06, 2008	V706104	$4,900,000	$-2,600,000	-35%
December 16, 2008	V706104	removed after 226 days
February 13, 2009	V752579	$4,800,000	$-2,700,000	-36%
October 01, 2009	V752579	removed after 230 days
November 19, 2009	V798083	$4,800,000	$-2,700,000	-36%
May 30, 2010	V798083	removed after 192 days
June 13, 2010	V834935	$4,500,000	$-3,000,000	-40%
November 22, 2010	V834935	removed after 162 days
October 14, 2012	V976636	$5,480,000	$-2,020,000	-27%
January 11, 2013	V976636	removed after 89 days
April 29, 2013	V1003791	$4,999,000	$-2,501,000	-33%

Current Days on Market: 201 (0.55years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $4,051,000
2011 Assessment: $4,034,000
Desperation Score: 15.9

“nezzanine” and still a million over assessment and a $4800/month maintenance!

A two-storey living room with nezzanine and stunning onyx fireplace set the tone in this amazing 4,300 SqFt two-level townhome at the incomparable Kingswood. Recently renovated state-of-the-art kitchen and bathrooms introduce contemporary finishes to the classic European-style of this luxurious 3-bedroom/5-bathroom home. The lavish living, dining, family rooms, kitchen with eating area and panelled office all open to a spectacular lushly landscaped 6,700 SqFt wrap-around terrace with firepit. Features include chevron-pattern hardwood floors, gracious marble foyer, SubZero & Gaggenau appliances, His & Hers walk-in closets & bathrooms, private elevator & 3-car attached garage. 1st class 24-hour concierge service, pets welcome. The best of the best, all within steps of South Granville shops, restaurants and galleries.

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#5 ) Address:# 119 8880 NO 1 RD, Boyd Park, Richmond

November 23, 2011	V920503	$315,000	$0	0%
August 23, 2012	V920503	$295,000	$-20,000	-6%
October 01, 2012	V920503	removed after 313 days
October 05, 2012	V975120	$275,000	$-40,000	-13%
December 04, 2012	V975120	removed after 60 days
February 13, 2013	V989938	$245,800	$-69,200	-22%
March 29, 2013	V989938	$229,800	$-85,200	-27%
April 20, 2013	V989938	$209,800	$-105,200	-33%

Current Days on Market: 527 (1.44years)
Current ‘Official’ Days on Market: 79
2012 Assessment: $212,900
2011 Assessment: $259,700
Desperation Score: 22.0

Another unit from this complex in Richmond which saw assessments drop almost 20% this past year

Great centrally located complex, 2 bedroom + den (which could be made into 3rd bedroom) with a nice layout. Comes with a fantastic recreation centre incl outdoor & indoor swimming pools, hot tub, sauna & guest suites. 2 pool tables. Maint includes HEAT & HOT WATER. Storage locker and washer/dryers on the same floor. 1 covered parking. Pets not allowed, rentals restricted.

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#4 ) Address:# 1910 2024 FULLERTON AV, Pemberton, North Vancouver

October 05, 2006	V612835	$339,900	$0	0%
October 17, 2006	V612835	removed after 12 days
March 15, 2007	V635111	$389,900	$0	0%
March 19, 2007	V635111	$399,900	$0	0%
April 20, 2007	V635111	$385,500	$-14,400	-4%
May 07, 2007	V635111	removed after 53 days
May 11, 2007	V646651	$389,000	$-10,900	-3%
May 16, 2007	V646651	$384,900	$-15,000	-4%
June 02, 2007	V646651	$379,000	$-20,900	-5%
July 16, 2007	V646651	removed after 66 days
May 27, 2011	V890614	$495,500	$0	0%
June 15, 2011	V890614	$449,500	$-46,000	-9%
July 13, 2011	V890614	removed after 47 days
April 14, 2012	V943207	$375,000	$-120,500	-24%
May 25, 2012	V943207	removed after 41 days
April 15, 2013	V1001201	$325,000	$-170,500	-34%

Current Days on Market: 18 (0.05years)
Current ‘Official’ Days on Market: 18
2012 Assessment: $334,000
Desperation Score: 13.7

$170K and 34% in drops and it is finally below assessment

Fantastic view of ocean, bridge, Stanley Park and Capilano building rarely comes on the market. South facing with 1 bedroom and 1 bathroom. A must see!

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#3 ) Address:# 422 666 LEG IN BOOT SQ, False Creek, Vancouver West

April 26, 2007	V643497	$700,000	$0	0%
October 30, 2007	V643497	$680,000	$-20,000	-3%
November 15, 2007	V643497	$650,000	$-50,000	-7%
January 31, 2008	V643497	$599,000	$-101,000	-14%
February 07, 2008	V643497	$539,000	$-161,000	-23%
March 21, 2008	V643497	$498,000	$-202,000	-29%
June 23, 2008	V643497	removed after 424 days
June 25, 2008	V718415	$550,000	$-150,000	-21%
September 30, 2008	V718415	removed after 97 days
October 10, 2008	V738764	$450,000	$-250,000	-36%
April 04, 2009	V738764	removed after 176 days
March 05, 2010	V812944	$299,000	$-401,000	-57%
May 21, 2010	V812944	removed after 77 days
April 15, 2013	V1001055	$448,000	$-252,000	-36%

Current Days on Market: 18 (0.05years)
Current ‘Official’ Days on Market: 18
2012 Assessment: $404,000
2011 Assessment: $410,000
Desperation Score: 4.0

Winner for the absolute worst building address in the history of the world.  ”666 Leg In Boot”???  Was built in the 70′s so you can probably blame this one on LSD

Sold in June 2010 for $299,000 – this is leased land so I wonder if it was renewed after this purchase or if the current owner did some sort of renovation.  Either way it seems like they got a pretty good price is 2010

WONDERFUL WATERFRONT CONDO!In the heart of False Creek, this 2 bedroom corner unit has been completely renovated in 2010. New kitchen with granite counter tops, appliances & cabinets, new bathroom, tile & carpets. Corner unit with plenty of light and a generous balcony. Panoramic water VIEWS of False Creek, Vancouver sky line and North Shore mountains. Great quiet location in the center of the City City of Vancouver prepaid lease until 2036. Well maintained CONCRETE building with parking and 2 storage lockers.

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#2 ) Address:# 512 3455 ASCOT PL, Collingwood, Vancouver East

February 23, 2011	V870937	$350,000	$0	0%
March 02, 2011	V870937	$260,000	$-90,000	-26%
January 01, 2012	V870937	removed after 312 days
October 15, 2012	V976737	$239,800	$-110,200	-31%
January 09, 2013	V976737	$235,800	$-114,200	-33%
March 05, 2013	V976737	$226,800	$-123,200	-35%
March 28, 2013	V976737	removed after 164 days
May 01, 2013	V1004029	$216,000	$-134,000	-38%

No Picture

Current Days on Market: 200 (0.55years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $198,800
2011 Assessment: $200,600
Desperation Score: 13.8

38% in drops and still over assessment for a 20 year old apartment in East Van… lots more to go

A well kept unit in a healthy and wheelchair accessible building. Bright & clean 1 bdrm, 1 full bath with functional layout. 2011 Newly changed flooring for living room, dining room & bedroom. Also comes with a large 75 sqft balcony. Superconvenient location: Steps to bus &Joyce skytrain station.

 

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#1 ) Address:# 2801 1455 HOWE ST, Yaletown, Vancouver West

December 23, 2006	V624261	$2,550,000	$0	0%
April 01, 2007	V624261	removed after 99 days
July 04, 2008	V720021	$3,580,000	$0	0%
August 13, 2008	V720021	$3,380,000	$-200,000	-6%
September 05, 2008	V720021	$3,230,000	$-350,000	-10%
October 21, 2008	V720021	$3,080,000	$-500,000	-14%
November 19, 2008	V720021	removed after 138 days
November 22, 2008	V744531	$2,750,000	$-830,000	-23%
January 07, 2009	V744531	$2,380,000	$-1,200,000	-34%
February 07, 2009	V744531	removed after 77 days
February 18, 2009	V753187	$2,280,000	$-1,300,000	-36%
March 25, 2009	V753187	$2,150,000	$-1,430,000	-40%
May 08, 2009	V753187	removed after 79 days
July 12, 2009	V776474	$2,380,000	$-1,200,000	-34%
October 16, 2009	V776474	$2,680,000	$-900,000	-25%
November 21, 2009	V776474	removed after 132 days
November 27, 2009	V799226	$2,550,000	$-1,030,000	-29%
January 27, 2010	V799226	$2,480,000	$-1,100,000	-31%
March 03, 2010	V799226	$2,388,000	$-1,192,000	-33%
March 26, 2010	V799226	removed after 119 days
April 01, 2010	V818938	$2,288,000	$-1,292,000	-36%
May 12, 2010	V818938	removed after 41 days
July 11, 2010	V841466	$1,998,000	$-1,582,000	-44%
February 17, 2011	V841466	removed after 221 days
July 21, 2012	V963211	$1,988,000	$-1,592,000	-44%
October 14, 2012	V963211	$1,888,800	$-1,691,200	-47%
October 15, 2012	V963211	removed after 86 days
October 17, 2012	V976933	$1,888,800	$-1,691,200	-47%
November 29, 2012	V976933	removed after 43 days
February 15, 2013	V990694	$1,889,800	$-1,690,200	-47%
March 02, 2013	V990694	$1,799,900	$-1,780,100	-50%
April 25, 2013	V990694	$1,730,000	$-1,850,000	-52%

Current Days on Market: 286 (0.78years)
Current ‘Official’ Days on Market: 77
2012 Assessment: $1,951,000
2011 Assessment: $1,964,000
Desperation Score: 29.2

“ASSESSMET!!”.  Sold in July 2010 for $2,025,000 – owners are looking at a loss of $295,000 + $98,000 in transaction fees for a total loss of almost $400K not including over $1K/month in maintenance fees.  Why isn’t this profiled in the Vancouver Sun?  

$200,000 UNDER ASSESSMET!! Truly an exceptional sub penthouse with stunning North, East and South views. With over 2100 sqft of living space, this is the perfect open concept floor plan designed to capture the views. There are floor-to ceiling windows throughout, custom roller blinds, and single room temperature/volume control throughout the suite. The kitchen is impressive, and features Sub Zero and Miele appliances including a gas range and wired espresso machine. 2 balconies, 1 North and 1 south, perfect for entertaining. The master is a retreat with a phenomenal closet and spa like ensuite.

Weekly Drop Metro Vancouver Detached – April 30, 2013

Here are the 10 detached properties in Metro Vancouver (Vancouver West, Vancouver East, Burnaby, Richmond, North Vancouver and West Vancouver) that changed their price or were relisted under a new MLS number the previous 3 weeks AND have dropped the largest percentage overall from their original asking price.

4 from West Vancouver and Vancouver West and 1 from North Vancouver and Richmond

It takes a 32% drop to make this list…

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#10 ) Address:1538 E KEITH RD, Lynnmour, North Vancouver

March 16, 2011	V874829	$899,000	$0	0%
April 28, 2011	V874829	$825,000	$-74,000	-8%
September 08, 2011	V874829	removed after 176 days
July 15, 2012	V962083	$739,000	$-160,000	-18%
August 01, 2012	V962083	$709,000	$-190,000	-21%
March 05, 2013	V962083	$657,000	$-242,000	-27%
April 12, 2013	V962083	$607,000	$-292,000	-32%

Current Days on Market: 290 (0.79years)
Current ‘Official’ Days on Market: 290
2012 Assessment: $784,100
Desperation Score: 24.5

“PRICED TO SELL!! BELOW ASSESSMENT VALUE!! SELLER NEEDS THIS TO MOVE!!”, “EXCEPTIONAL INVESTMENT OPPORTUNITY!!”

PRICED TO SELL!! BELOW ASSESSMENT VALUE!! SELLER NEEDS THIS TO MOVE!! This 2 storey 3 bedroom home on a beautiful 9,037 sq ft lot is located in the up & coming Lynnmour neighbourhood. The entire area lays in the path of future development that has already started with POLYGON’S ‘Wedgewood’ Townhomes just 1 block away. This site is currently designated for townhomes in the OCP from the district of N. Van. Only minutes from the Trans Canada Hwy & Second Narrows Bridge/Lynnmour Elem/Capilano College/Seylynn & Bridgeman Parks/shopping/recreation & only a short commute to the downtown core; making this an EXCEPTIONAL INVESTMENT OPPORTUNITY!!

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#9 ) Address:11520 LAPWING CR, Westwind, Richmond

December 25, 2009	V801653	$1,350,000	$0	0%
April 01, 2010	V801653	removed after 97 days
November 12, 2010	V858270	$1,150,000	$-200,000	-15%
January 20, 2011	V858270	removed after 69 days
May 28, 2011	V890796	$1,275,000	$-75,000	-6%
July 26, 2011	V890796	removed after 59 days
January 25, 2012	V927394	$2,050,000	$0	0%
March 03, 2012	V927394	$1,890,000	$-160,000	-8%
October 18, 2012	V927394	$1,595,888	$-454,112	-22%
January 01, 2013	V927394	removed after 342 days
January 27, 2013	V987465	$1,580,000	$-470,000	-23%
February 20, 2013	V987465	$1,480,000	$-570,000	-28%
April 12, 2013	V987465	removed after 75 days
April 15, 2013	V1001263	$1,380,000	$-670,000	-33%

Current Days on Market: 462 (1.27years)
Current ‘Official’ Days on Market: 16
2012 Assessment: $1,321,000
2011 Assessment: $1,294,000
Desperation Score: 37.6

“ ”Think” TUSCANY – Italian Villa, Morocco mystic, east Asian influence” – then get rid of those crazy thoughts and come see this house

WESTWIND – “Think” TUSCANY – Italian Villa, Morocco mystic, east Asian influence. Knock out unique and a FABULOUS property. Quick & easy access to viewing. MUST SEE – Interior delights. Your eyes will pop with excitement & appreciation. Change colors or change arches to square … you can LIVE in your DREAM residence. Excellent floor plan for private home based business or even potential for a side suite on main with separate entrance. 5 Ensuited Bedrooms including one on main. Outstanding Entertainment deck with lovely view of the mountains across the green fields. Come visit & be prepared to be WOWED!

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#8) Address:3403 W 41ST AV, Dunbar, Vancouver West

November 23, 2011	V920491	$3,690,000	$0	0%
February 01, 2012	V920491	removed after 70 days
February 04, 2012	V929605	$3,688,000	$-2,000	0%
June 23, 2012	V929605	$3,399,000	$-291,000	-8%
July 18, 2012	V929605	$3,350,000	$-340,000	-9%
August 23, 2012	V929605	removed after 201 days
August 25, 2012	V967928	$2,688,000	$-1,002,000	-27%
November 01, 2012	V967928	removed after 68 days
April 13, 2013	V1000923	$2,790,000	$-900,000	-24%
April 25, 2013	V1000923	$2,399,000	$-1,291,000	-35%

Current Days on Market: 525 (1.44years)
Current ‘Official’ Days on Market: 18
2012 Assessment: $2,412,000
2011 Assessment: $2,469,000
Desperation Score: 40.5

“ATTENTION INVESTORS!!!”… $1.3 million and 35% in drops and it now is finally listed below assessment despite trying to raise the price when it returned to the listings in April

ATTENTION INVESTORS!!!New price!LOT size 66′ X 169′, almost 6000sf living space in well appointed PRIME DUNBAR area! True European built and designed home! One of a kind.Newly renovated and an updated new kitchen.7 bedrms plus 1 bedrm suite.There are also 3 rooms for the office, hobby and study which can be used as additional 3 bedrms.8 bathrooms and 3 car garage plus additional 5 car uncovered parking spaces.Radiant heating,hardwood flooring and European tiles,stainless steel appliances,hickory wood cabinets and many more! LIFETIME guaranteed metal roof & Leaf Guard Systems!SOLID Granite water fountain and matured low maintenance landscaping.Please allow 48 hours for your private booking call Tina Ng at 1-604-808-8936 thank you!

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# 7) Address:8035 PASCO RD, Howe Sound, West Vancouver

July 31, 2011	V902907	$7,889,000	$0	0%
August 28, 2011	V902907	$7,200,000	$-689,000	-9%
November 21, 2011	V902907	removed after 113 days
July 13, 2012	V961856	$5,480,000	$-2,409,000	-31%
November 21, 2012	V961856	$4,898,000	$-2,991,000	-38%
February 01, 2013	V961856	removed after 203 days
April 12, 2013	V1000312	$4,898,000	$-2,991,000	-38%

Current Days on Market: 292 (0.80years)
Current ‘Official’ Days on Market: 19
2012 Assessment: $3,629,000
Desperation Score: 24.0

$3 million in price drops and still $1.2 million over assessment

Live in true West Coast style in this gorgeous 5 bedroom, 5 bathroom, 5,836 sq. ft. waterfront retreat. Features of this luxurious custom built home include heated slate floors, massive wooden beams, floor to ceiling windows that bring the outside in and French doors that lead you to the amazing decks so you can soak in the incredible view. The huge architectural skylights and west exposure provide natural light that is unsurpassed. This home has everything you could ask for in waterfront living from the infinity edged pool and hot tub to the waterside deck. Other features include covered parking for 6 cars, a huge sport court and a gorgeous outdoor f/place and BBQ area. This .8 acre waterfront property is truly spectacular.

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#6 ) Address:5212 GRANVILLE ST, Shaughnessy, Vancouver West

August 20, 2011	V906021	$3,780,000	$0	0%
November 08, 2011	V906021	removed after 80 days
November 10, 2011	V919181	$2,995,000	$-785,000	-21%
February 29, 2012	V919181	removed after 111 days
March 04, 2012	V935126	$2,688,000	$-1,092,000	-29%
September 02, 2012	V935126	removed after 182 days
September 08, 2012	V969787	$2,498,000	$-1,282,000	-34%
December 01, 2012	V969787	removed after 84 days
December 05, 2012	V981817	$2,378,000	$-1,402,000	-37%
March 27, 2013	V981817	$2,498,000	$-1,282,000	-34%
April 16, 2013	V981817	$2,298,000	$-1,482,000	-39%

Current Days on Market: 620 (1.70years)
Current ‘Official’ Days on Market: 147
2012 Assessment: $1,718,500
2011 Assessment: $1,786,800
Desperation Score: 35.9

“French Imersion” – maybe focus on english first!  BEST BUY!  PRICED TO SELL NOW!  Yet another price yo-yo where they raised the price in March.

BEST BUY! UPPER SHAUGHNESSY PICTURESQUE JEWEL! Extensively upgraded Cape Cod style 5 bdrm + den 3.5 bath family home. Don’t let a Granville St address deceive you. It is QUIET inside! Set-back far away from the street, high hedges, leaded glass & storm windows, A/C throughout – all planned with comfortable living in mind. Move-in now and hold for possible future re-development on this desirable 70′ x 145′ CORNER LOT. Walk to York House & Vancouver College private schools. Near Olser and Hamber public schools and Quilchena & Churchill French Imersion schools. PRICED TO SELL NOW! Must see to believe! Too many features to list here! OPEN HOUSE SATURDAY APRIL 27TH 2-4

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#5 ) Address:2450 MARINE DR, Southlands, Vancouver West

March 16, 2011	V875348	$4,480,000	$0	0%
October 01, 2011	V875348	removed after 199 days
October 16, 2011	V915972	$4,188,000	$-292,000	-7%
January 01, 2012	V915972	removed after 77 days
November 21, 2012	V980718	$2,880,000	$-1,600,000	-36%
February 12, 2013	V980718	removed after 83 days
February 15, 2013	V990697	$2,788,000	$-1,692,000	-38%
April 23, 2013	V990697	removed after 67 days
April 25, 2013	V1003179	$2,688,000	$-1,792,000	-40%

Current Days on Market: 161 (0.44years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $2,044,900
Desperation Score: 32.8

“accomodation”… still 30% above assessment

Enjoy awesome southern views over Marine Dr, Golf & country club and beyond to the Gulf Islands from approx. 2300 sq.ft of private decks situated on your own 1/3 acre estate. Unique tastefully renovated & spacious (over 4000 sq.ft) rancher entry with a fully finished walkout lower level. Features 6 Bdrms and 4 Bthrms as well as 3 gas fpls, 2 laundrys and a self contained in-law accomodation. 2 moderns gourmet kitchens w/granite counters and built in quality appliances. Massive master bedroom (over 400 sq.ft) w/skylights, wall of closets, deluxe ensuite and private deck. Near Magee High School & Maple Grove Elementary. Within mins of U.B.C & Kerrisdale’s shops&restaurants.

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#4 ) Address:5935 MARINE DR, Eagleridge, West Vancouver

April 07, 2011	V880585	$5,288,000	$0	0%
April 21, 2011	V880585	$4,998,000	$-290,000	-5%
June 14, 2011	V880585	$4,498,000	$-790,000	-15%
June 20, 2011	V880585	removed after 74 days
June 23, 2011	V895870	$4,498,000	$-790,000	-15%
September 02, 2011	V895870	removed after 71 days
October 21, 2011	V916656	$4,898,000	$-390,000	-7%
January 23, 2012	V916656	removed after 94 days
February 08, 2012	V930233	$4,298,000	$-990,000	-19%
April 12, 2012	V930233	$3,998,000	$-1,290,000	-24%
August 01, 2012	V930233	removed after 175 days
August 10, 2012	V965867	$3,888,000	$-1,400,000	-26%
November 16, 2012	V965867	removed after 98 days
February 28, 2013	V992691	$3,998,000	$-1,290,000	-24%
April 25, 2013	V992691	removed after 56 days
April 29, 2013	V1003794	$2,999,900	$-2,288,100	-43%

Current Days on Market: 755 (2.07years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $2,532,000
Desperation Score: 39.4

This is a very nice looking home in Eagleridge – they are now down $2.3 million and 43% and cost themselves many hundreds of thousands of dollars by pricing this so poorly over the last 2 years

This luxury 3 level gated estate home of approx. 5000sq/ft is situated in a private setting with southwest views of ocean & sunsets. Main level features: grand foyer, gourmet chef’s kitchen, large eating area/pantry,family/media room, open dining/living rooms. Upper level features: master with cut granite fireplace, 6 piece ensuite, walk in closet, study & private balconies & 3 ensuited bedrooms. Lower level has theatre room, wine cellar, guest suite, mud room & attached 2 car garage. Private terraces for entertaining & negative edge pool & hot tub. Minutes to: Caulfeild Village, maina, golf course & Horseshoe Bay. Don’t miss out!

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#3 ) Address:3390 THE CRESCENT, Shaughnessy, Vancouver West

January 30, 2010	V806985	$17,900,000	$0	0%
August 01, 2010	V806985	removed after 183 days
October 28, 2011	V917626	$31,900,000	$0	0%
September 25, 2012	V917626	removed after 333 days
September 27, 2012	V973696	$22,800,000	$-9,100,000	-29%
January 18, 2013	V973696	$19,900,000	$-12,000,000	-38%
April 16, 2013	V973696	$17,800,000	$-14,100,000	-44%

Current Days on Market: 551 (1.51years)
Current ‘Official’ Days on Market: 216
2012 Assessment: $16,076,000
2011 Assessment: $15,788,000
Desperation Score: 35.9

3390 The Crescent has made many lists on this site in their effort to reach Hall of Fame status.  Once they drop below 50% I’ll have to consider them for induction

Location! In the heart of the 1st Shaughnessy! Rare find 10,516 sf Mansion sets on over One acre in the city’s most exclusive enclave of ‘The Crescent’. The finest and the most prestigious area. Beautiful huge front yard like a private park. Totally rewired and new pipes. The main floor has a grand entry w/a sweeping staircase to second floor. Wok Kitchen, massive living room, & dining room all overlook the garden & pool area. The paneled den, family room & breakfast room open to the large deck which access the garden & pool. The master suite has three dressing rooms, a fireplace. A large recreation room in basement. 5 car garages, a greenhouse & a outdoor pool w/large cab and more.

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#2 ) Address:2190 CAMELOT AV, Panorama Village, West Vancouver

August 06, 2011	V903716	$39,900,000	$0	0%
June 01, 2012	V903716	removed after 300 days
April 26, 2013	V1003308	$22,088,000	$-17,812,000	-45%

No Picture

Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $5,557,000
Desperation Score: 25.9

Development lot in West Vancouver drops their price by almost $18 million in one shot!!!  They may give 3810 Marine a run for their money

The Property is zoned for single family use (predominantly RS7) and the Seller has obtained a Development Permit and a Preliminary Layout Approval from the District of West Vancouver for a 12 lot single family subdivision of the Property. Upon completion of the subdivision into 12 lots, each lot will be assigned a new civic address on the newly named road called Union Court.

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#1 ) Address:3810 MARINE DR, West Bay, West Vancouver

October 29, 2006	V619157	$15,950,000	$0	0%
April 24, 2007	V619157	removed after 177 days
March 11, 2009	V756184	$30,000,000	$0	0%
April 01, 2010	V756184	removed after 386 days
September 17, 2010	V850547	$30,000,000	$0	0%
June 03, 2011	V850547	removed after 259 days
June 08, 2011	V892922	$30,000,000	$0	0%
January 01, 2012	V892922	removed after 207 days
January 19, 2012	V926362	$37,900,000	$0	0%
February 01, 2013	V926362	removed after 379 days
February 03, 2013	V988782	$37,900,000	$0	0%
March 07, 2013	V988782	$28,888,000	$-9,012,000	-24%
April 09, 2013	V988782	removed after 65 days
April 13, 2013	V1000930	$19,888,000	$-18,012,000	-48%

Current Days on Market: 1512 (4.14years)
Current ‘Official’ Days on Market: 18
2012 Assessment: $6,768,500
Desperation Score: 42.7

Don’t recognize this property?  This is the infamous fake house that was making the rounds in the media a couple of months ago as the most expensive home in Canada complete with fake gold pictures that were passed off as being the current property which happens to be an old home.  They were exposed in the blogosphere and ridiculed and the realtor denied any wrong doing, quickly tried to edit and remove pictures and the media conveniently forgot about it.  The Whispers Blog had the full story, here is a link to catch you up:

http://whispersfromtheedgeoftherainforest.blogspot.ca/2013/02/fake-condo-line-ups-fake-press-photo.html

I wonder if there will be a followup story in the media about the biggest asking price drop in Canadian history for a residential sale?  $18 million and counting.  What has also been dropped are the fake house pictures and realtor Laura McLaren who was the master mind of this debacle.  

This one could be a 75%+ dropper quite easily

Exclusive, private, 34,000 +/- sqft offering approximately 400 +/- feet of waterfront. Surrounded by mature landscaping, an ideal loacation for a beautiful residence with unobstructed exposure to the picturesque waterfront, harbour and cityscapes…Please call for more information..Once in a lifetime opportunity!

Weekly Drop Suburbs – April 29, 2013

Here are the 10 properties outside of Metro Vancouver (Vancouver West, Vancouver East, Burnaby, Richmond, North Vancouver and West Vancouver) that changed their price or were relisted under a new MLS number the previous 3 weeks AND have dropped the largest percentage overall from their original asking price.

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#10 ) Address:828 COTTONWOOD AV, Coquitlam West, Coquitlam

March 07, 2012	V935396	$1,250,000	$0	0%
May 16, 2012	V935396	removed after 70 days
March 27, 2013	V997690	$759,900	$-490,100	-39%
April 13, 2013	V997690	$738,000	$-512,000	-41%

Current Days on Market: 34 (0.09years)
Current ‘Official’ Days on Market: 34
2012 Assessment: $1,268,100
Desperation Score: 31.6

This place pulled their listing then relisted for 39% less only to find that there still wasn’t any interest.  Seems a likely candidate for a foreclosure sale.  Currently over 40% BELOW assessment

UPDATE: This price drop could be due to the owners splitting the property area in two

Cute home in a fantastic location… build your dream home near the Vancouver Golf Club, lane access to this level lot…lot size is approximate, or great home for the young family, close to all amenities. Contract L/S for further details.

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#9 ) Address:5520 MCCOURT RD, Sechelt, Sunshine Coast

July 12, 2012	V961527	$1,700,000	$0	0%
August 04, 2012	V961527	$1,600,000	$-100,000	-6%
August 24, 2012	V961527	$1,500,000	$-200,000	-12%
September 27, 2012	V961527	$1,400,000	$-300,000	-18%
October 26, 2012	V961527	$1,300,000	$-400,000	-24%
February 13, 2013	V961527	$1,200,000	$-500,000	-29%
March 20, 2013	V961527	$1,100,000	$-600,000	-35%
April 25, 2013	V961527	$998,000	$-702,000	-41%

Current Days on Market: 292 (0.80years)
Current ‘Official’ Days on Market: 292
2012 Assessment: $820,000
Desperation Score: 53.9

8 completed units and the remaining 40 haven’t been built and the developer is trying to dump the lot.  41% in drops in just 9 months

Beautiful view property in West Sechelt. The remaining 2.1 acres of ocean view, looking south to the Trail Islands, could accommodate 40 more condo/apartment homes. Zoning approved for 48 units of which 8 have been built and sold in Phase One. (90% of the underground services are in place).

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#8 ) Address:# 636 4591 BLACKCOMB WY, Whistler, Whistler/Pemberton

May 14, 2012	V950139	$218,000	$0	0%
July 18, 2012	V950139	$207,000	$-11,000	-5%
August 18, 2012	V950139	$208,900	$-9,100	-4%
August 21, 2012	V950139	$198,900	$-19,100	-9%
September 22, 2012	V950139	$194,900	$-23,100	-11%
November 05, 2012	V950139	removed after 175 days
November 12, 2012	V980028	$159,900	$-58,100	-27%
February 26, 2013	V980028	$139,900	$-78,100	-36%
April 26, 2013	V980028	$127,900	$-90,100	-41%

Current Days on Market: 351 (0.96years)
Current ‘Official’ Days on Market: 169
2012 Assessment: $161,000
Desperation Score: 24.1

Were hoping for 35% ABOVE assessment last May and now just praying for 20% BELOW assessment as the price drops over 40% in under a year

Enjoy ownership in the finest 5-star hotel resort, facing courtyard on 6th floor of the main building at the Four Seasons Resort in Whistler. This superior king suite sleeps two; has full entertainment features; gas fireplace; high quality finishes and furnishings. Lovely sunsets from your own balcony. Minutes from everything Whistler and steps to Blackcomb Mtn. An easy walk or take the shuttle bus. Luxurious amenities incl. a world class spa and fitness centre, outdoor heated pool, hot tubs, 24-hour front desk/concierge, room service, ski concierge and more. Enjoy world-renowned, Four Seasons Resort on your luxury vacation and generate revenue when you are away.

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#7 ) Address:20457 LORNE AV, Southwest Maple Ridge, Maple Ridge

June 09, 2007	V652400	$309,900	$0	0%
July 04, 2007	V652400	removed after 25 days
July 08, 2007	V657792	$359,900	$0	0%
December 01, 2007	V657792	removed after 146 days
May 17, 2008	V709816	$339,000	$-20,900	-6%
July 21, 2008	V709816	removed after 65 days
October 29, 2011	V917749	$409,800	$0	0%
December 31, 2011	V917749	$389,800	$-20,000	-5%
May 01, 2012	V917749	removed after 185 days
June 30, 2012	V959603	$319,500	$-90,300	-22%
August 08, 2012	V959603	$299,000	$-110,800	-27%
September 21, 2012	V959603	$279,000	$-130,800	-32%
November 08, 2012	V959603	removed after 131 days
February 13, 2013	V989916	$253,900	$-155,900	-38%
March 14, 2013	V989916	$242,900	$-166,900	-41%
April 24, 2013	V989916	$232,900	$-176,900	-43%

Current Days on Market: 549 (1.50years)
Current ‘Official’ Days on Market: 76
2012 Assessment: $257,100
Desperation Score: 27.0

This beautifully renovated rancher is move in ready! Nicely updated throughout to make this cozy home a must see! Corner lot with a covered front porch and a great entertainment sized deck out back for bbqs in the private yard. Exposed wood beam accents and cherry wood windows add interest and warmth to this home. Great package for a great price. Commuters can walk to the West Coast Express. Call Anil today to view!

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#6 ) Address:# 402 15164 PROSPECT AV, White Rock, White Rock

June 21, 2008	F2818600	$1,590,000	$0	0%
December 20, 2008	F2818600	removed after 182 days
February 27, 2009	F2903896	$1,275,000	$-315,000	-20%
August 18, 2009	F2903896	$1,175,000	$-415,000	-26%
January 03, 2010	F2903896	removed after 310 days
January 08, 2010	F1000373	$1,175,000	$-415,000	-26%
May 30, 2010	F1000373	removed after 142 days
April 14, 2011	F1109675	$1,249,000	$-341,000	-21%
June 03, 2011	F1109675	$1,179,000	$-411,000	-26%
September 29, 2011	F1109675	removed after 168 days
October 01, 2011	F1124483	$1,129,000	$-461,000	-29%
March 31, 2012	F1124483	removed after 182 days
August 21, 2012	F1221152	$927,900	$-662,100	-42%
September 21, 2012	F1221152	$911,900	$-678,100	-43%
October 24, 2012	F1221152	$889,900	$-700,100	-44%
November 15, 2012	F1221152	removed after 86 days
November 22, 2012	F1227769	$879,900	$-710,100	-45%
December 13, 2012	F1227769	$867,900	$-722,100	-45%
January 18, 2013	F1227769	$842,900	$-747,100	-47%
February 15, 2013	F1227769	$832,900	$-757,100	-48%
March 19, 2013	F1227769	$815,900	$-774,100	-49%
April 19, 2013	F1227769	$799,900	$-790,100	-50%

Current Days on Market: 747 (2.05years)
Current ‘Official’ Days on Market: 159
2012 Assessment: $1,029,000
2011 Assessment: $1,052,000
Desperation Score: 43.1

This property is closing in on a spot in the hall of fame with 13 price drops, 2 years listed, now down 50% and over 20% BELOW assessment

Waterford Penthouse! An opportunity to enjoy south facing ocean view from this one of a kind 2000 + sqft, 3 bedroom/3 bath + den unit in concrete & steel framed condo. Bright & spacious open design featuring hardwood floors, kitchen custom stained cabinets, center work island, stainless steel appliances, granite counters, 2 fireplaces, 3 balconies affords views of Mt.Baker and ocean. Economical heating + A/C with individual heat pump, 2 parking + locker. Conveniently located, close to shops and transit. A perfect place to call home. THERE IS 2 PARKING FOR THIS UNIT. #33 AND #11

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#5 ) Address:# LOT 36 BONNIEBROOK HEIGHTS RD, Gibsons, Sunshine Coast

March 09, 2012	V718261	$299,500	$0	0%
May 01, 2012	V718261	removed after 53 days
November 28, 2012	V981325	$179,500	$-120,000	-40%
April 24, 2013	V981325	$149,500	$-150,000	-50%

Current Days on Market: 153 (0.42years)
Current ‘Official’ Days on Market: 153
2012 Assessment: Unknown
Desperation Score: 17.0

“SUBSTANTIAL PRICE REDUCTION”

Gorgeous panoramic ocean view lot. Driveway & culvert in place, septic approved, cleared & ready to build on. Close to great beach. Come view the view & picture the lifestyle possibilities for a home on this unique & rare lot offering. SUBSTANTIAL PRICE REDUCTION

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#4 ) Address:4575 UDY RD, Sumas Mountain, Abbotsford

February 06, 2010	F1003388	$1,800,000	$0	0%
April 22, 2010	F1003388	removed after 75 days
March 29, 2011	F1108035	$1,295,000	$-505,000	-28%
July 01, 2011	F1108035	$1,150,000	$-650,000	-36%
September 07, 2011	F1108035	$1,095,000	$-705,000	-39%
December 29, 2011	F1108035	removed after 275 days
February 25, 2012	F1204808	$999,900	$-800,100	-44%
May 19, 2012	F1204808	$949,900	$-850,100	-47%
August 09, 2012	F1204808	removed after 166 days
November 16, 2012	F1227424	$938,000	$-862,000	-48%
February 09, 2013	F1227424	$928,000	$-872,000	-48%
April 10, 2013	F1227424	$875,000	$-925,000	-51%

Current Days on Market: 763 (2.09years)
Current ‘Official’ Days on Market: 165
2012 Assessment: $933,000
Desperation Score: 25.8

Another 50%+ dropper yet just recently finally listed for below assessment after 2 years on the market

Long secluded driveway takes you up to this ‘Stunning’ Custom Crafted ‘Log Home’ on 5 private treed acres. ‘International’ attention on this beauty due to attention to detail + state of the art, Custom built vaulted rooms from this one of a kind ‘Log Home’ with 2 storeys + walkout basement home. 6140 total sqft with gorgeous Hickory Kitchen with solid S/S appliances Fridge + Stove ($14,000). Huge island. Massive vaults. Massive windows. Rock fireplaces. Fir floors. Energy efficient infloor heating. Beautifully landscaped with ponds + gardens. Attached 20×39 tandem garage. Detached 25×45 workshop. 15×24 hip roof barn. ‘Wow’ factor home on peaceful cul-de-sac, yet 5 mins to Ledgeview Golf Course, 7 mins to New Whatcom Mall/Connector.

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#3 ) Address:11070 LOCKWOOD ST, Thornhill, Maple Ridge

July 21, 2010	V842772	$1,200,000	$0	0%
August 19, 2010	V842772	removed after 29 days
June 03, 2011	V892049	$2,490,000	$0	0%
November 08, 2011	V892049	removed after 158 days
May 05, 2012	V947809	$1,580,000	$-910,000	-37%
October 01, 2012	V947809	removed after 149 days
April 25, 2013	V1003241	$1,200,000	$-1,290,000	-52%

Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $908,000
Desperation Score: 30.5

“Was there a grow-op on this property? Is the house habitable at this time? No.” – I think they forgot to answer the first question…  Previous listing last year said “The property has a solid basement entry home on it that is easily rented while development progresses.” – guess they should have been a little more picky with the renters?

A gently sloping 4.64 acres in the designated urban area of Maple Ridge’s Official Community Plan. This is a panhandle-shaped lot with frontage running all the way from 112th to 110th. Was there a grow-op on this property? Is the house habitable at this time? No. Is it a great holding property? Yes. Priced to sell. *Inquire with LR about surrounding land assembly.*

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#2 ) Address:# LT.8 HAWKINS PICKLE RD, Dewdney/ Deroche, Mission

July 10, 2010	F1019142	$2,880,000	$0	0%
November 10, 2010	F1019142	removed after 123 days
June 16, 2011	F1115374	$1,900,000	$-980,000	-34%
June 30, 2011	F1115374	$1,499,000	$-1,381,000	-48%
August 25, 2011	F1115374	$1,900,000	$-980,000	-34%
October 25, 2011	F1115374	$2,200,000	$-680,000	-24%
June 30, 2012	F1115374	removed after 380 days
April 17, 2013	F1308778	$1,340,000	$-1,540,000	-53%

No Picture

Current Days on Market: 13 (0.04years)
Current ‘Official’ Days on Market: 13
2012 Assessment: Unknown
Desperation Score: 24.8

Pricing history is interesting / absurd

47.51 Acres of Prime, fertile Farm land. Great organic soil, Peaceful, Private, Scenic setting. Good for crops, Berries, Dairy, Beef. Only 10 min. E of Mission. Located within Dyking. Includes water rights.

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#1 ) Address:4478 STALASHEN DR, Sechelt, Sunshine Coast

May 21, 2012	V951633	$69,000	$0	0%
June 21, 2012	V951633	$59,000	$-10,000	-14%
July 18, 2012	V951633	$39,000	$-30,000	-43%
October 23, 2012	V951633	$37,500	$-31,500	-46%
April 12, 2013	V951633	$29,500	$-39,500	-57%

Current Days on Market: 344 (0.94years)
Current ‘Official’ Days on Market: 344
2012 Assessment: $147,400
Desperation Score: 21.3

And our winner is listed at 80% BELOW assessment!!!  It is a leased land property and the lease runs out next year.  

Lowest priced home in Tsawcome properties – 2 bedroom rancher-style home shows pride of ownership throughout and boasts a recently replaced roof and pressurized septic field. The open floor plan with vaulted ceilings and skylights in the living room, master bedroom and bathroom areas provide a spacious feeling and the abundance of over-sized windows further enhance the bright and welcoming interior. A gas fireplace for romantic evenings, private treed yard with privacy fence in front, covered parking and just a few steps to the beach make this home an ideal situation for full time AND weekend living in an “ALMOST WATERFRONT” setting! A prepaid lease to 2014 with option to extend lease to 2037!

Drop From Peak Chart – March 2013

Here is an updated chart showing the pace of the Lower Mainland’s detached home price drop from peak compared to other regions.   In this chart I have combined the data from Vancouver West, Vancouver East, North Vancouver, West Vancouver, Richmond and Burnaby.  HPI data is being grabbed from MLS HPI

We had a fairly large increase in March in the HPI at 0.83% bringing the increase from the last 2 months up to 0.96%.  Like I mentioned last month, I’d expect 1 more month of flat or slight increases to the HPI before the MOI, public sentiment shifts, a likely government change, another month of poor employment and economic growth, unaffordability etc etc start to make their impact.  Out of the 15 cities being profiled on the chart, Vancouver is now in 4th spot.

Here are the results for each city in the calculation since May 2012.  Note that Richmond and Vancouver West peaked a month earlier and Burnaby and Vancouver East peaked a month later

City	Drop since May 2012
Burnaby	5.5% (5.8% from June 2012)
North Vancouver	4.8%
Richmond	7.9% (8.6% from April 2012)
Vancouver East	4.5% (4.8% from June 2012)
Vancouver West	9.9% (10.2% from April 2012)
West Vancouver	7.1%

Click to expand