The Weekly Drop - December 19, 2012

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 week AND have dropped the largest percentage overall from their original asking price.

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#10 ) Address:# 219 9857 MANCHESTER DR, Cariboo, Burnaby

February 28, 2010	V811970	$199,000	$0	0%
May 04, 2010	V811970	$189,900	$-9,100	-5%
May 15, 2010	V811970	$184,900	$-14,100	-7%
May 30, 2010	V811970	removed after 91 days
June 13, 2010	V836379	$179,900	$-19,100	-10%
August 09, 2010	V836379	removed after 57 days
August 26, 2012	V968176	$169,900	$-29,100	-15%
December 14, 2012	V968176	$159,900	$-39,100	-20%

Assessment: $180,600

LOTS OF CAPS AND A STEADY DECLINE IN ASKING PRICE OVER CLOSE TO 3 YEARS

GREAT VALUE! COMFORT & CONVENIENCE AT BARCLAY WOODS. SPACIOUS, CLEAN, FRESHLY PAINTED THROUGHOUT IN 2012. FEATURES LAMINATE FLOOR, LARGE MASTER BEDROOM, BRIGHT EURO STYLE KITCHEN WITH NEW STOVE. COVERED WALK OUT PATIO TO ENJOY YEAR ROUND PERFECT FOR PETS & PATIO GARDENERS. STORAGE LOCKER / ONE PARKING STALL INCLUDED. HANDY SHARED LAUNDRY JUST STEPS DOWN THE HALL IS EASY TO ACCESS AND USE. WONDERFUL OPPORTUNITY TO BUY A HOME OR MAKE A SOLID INVESTMENT. RENTALS & PETS ALLOWED. RENTAL REVENUE $850. PER MONTH. 5 MINUTE WALK TO SKY TRAIN, TRANSIT, LOUGHEED MALL.

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#9 ) Address:# 108 3709 PENDER ST, Willingdon Heights, Burnaby

March 16, 2012	V937566	$277,900	$0	0%
May 22, 2012	V937566	removed after 67 days
May 26, 2012	V952465	$273,400	$-4,500	-2%
October 01, 2012	V952465	removed after 128 days
October 03, 2012	V974709	$247,800	$-30,100	-11%
November 09, 2012	V974709	$237,900	$-40,000	-14%
December 15, 2012	V974709	$222,900	$-55,000	-20%

Assessment: $254,000

Court Ordered Sale

Court Ordered Sale. Spacious one bedroom suite with nice floor plan. Fireplace in the living room. Fenced South-facing patio. End unit, parking stall and locker. Close to transportation. Great opportunity. A must view this one.All measurements are approximate and to be verified by buyers. Call for appointment now.

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#8 ) Address:4737 GRASSMERE ST, Forglen, Burnaby

March 26, 2012	V939334	$799,000	$0	0%
May 23, 2012	V939334	$788,000	$-11,000	-1%
June 08, 2012	V939334	$749,000	$-50,000	-6%
June 26, 2012	V939334	$699,000	$-100,000	-13%
August 21, 2012	V939334	$688,000	$-111,000	-14%
September 13, 2012	V939334	$648,800	$-150,200	-19%
October 03, 2012	V939334	removed after 191 days
December 16, 2012	V982736	$638,000	$-161,000	-20%

Assessment: $759,000

If you include the $30K in renovations this place is listed for well over 20% BELOW assessment.  ”All Offers will be presented on Tues, Dec 18th at 6 PM.” – Interesting to see if there were any offers

Hot Deal. Priced well below BC Assessment of $759,000. Approx $30,000 in renovations just done. New laminated floors throughout, new S/S appliances, new furnace, blinds and painted up and down and approx 4 yr old roof. 5 bedrooms, 3 baths & 2 kitchens. 3 bedrooms main floor plus 2 bdrm basement suite. Master bdrm with 3 pce ensuite. Private backyard with covered deck. Vaulted ceiling, bright south facing and lots of windows. Great location – Metrotown, Bby Hospital & BCIT. Attached garage or hobby shop plus driveway parking. Can accommodate quick possession. Close to schools and shopping. A pleasure to show. Will not last at this price. Rare find. This renovated SxS half duplex which sits on a large private lot is amazing priced for quick sale. Open House: Monday & Tuesday Dec 17th & 18th,from 12:00 – 2:00 PM. All Offers will be presented on Tues, Dec 18th at 6 PM.

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#7 ) Address:# 202 1675 HORNBY ST, Yaletown, Vancouver West

January 12, 2007	V625270	$888,000	$0	0%
April 01, 2007	V625270	removed after 79 days
August 15, 2008	V728195	$965,000	$0	0%
October 20, 2008	V728195	removed after 66 days
April 02, 2011	V879477	$948,000	$-17,000	-2%
May 11, 2011	V879477	removed after 39 days
July 23, 2011	V901295	$948,000	$-17,000	-2%
September 24, 2011	V901295	$929,900	$-35,100	-4%
December 01, 2011	V901295	removed after 131 days
February 03, 2012	V929236	$929,900	$-35,100	-4%
March 24, 2012	V929236	$899,000	$-66,000	-7%
April 19, 2012	V929236	removed after 76 days
August 18, 2012	V967125	$839,900	$-125,100	-13%
October 02, 2012	V967125	$829,900	$-135,100	-14%
December 18, 2012	V967125	$765,000	$-200,000	-21%

Assessment: $688,000

Sold for $825,000 in September, 2006.  According to the HPI, Vancouver West condo’s have gone up by 17% since then…  I’m very skeptical of the HPI because this is just not matching up to what I am seeing in the real world.  This unit is listed for 7% BELOW what it sold for 6 years ago…  If they sell for list price they will have lost over $100K when factoring in transactional fees not to mention condo fees and property tax for the 6 years plus a little think called inflation.

2 bdrm, 2 bath professionally measured at 1173 SF. Welcome home to the premier Seawalk South located on the water at the foot of Hornby Street. This amazing home boasts a covered balcony with a SE view of Granville Island. Brand new natural walnut engineered H/W throughout, smooth ceilings, freshly painted. Features include an updated kitchen with stone counters & newer appliances, Shoji screens in the den/2nd bdrm. This waterfront home comes with 2 secured parking spots & 1 storage locker. One pet & rentals permitted. Rooms are large, perfect for entertaining, the must see terrace is a generous 462 SF. The building is extremely well managed with a very proactive council.

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#6 ) Address:# 215 1961 COLLINGWOOD ST, Kitsilano, Vancouver West

July 13, 2012	V961742	$2,688,000	$0	0%
August 31, 2012	V961742	removed after 49 days
September 06, 2012	V969402	$2,499,000	$-189,000	-7%
October 31, 2012	V969402	removed after 55 days
November 02, 2012	V978901	$2,295,000	$-393,000	-15%
December 15, 2012	V978901	$2,095,000	$-593,000	-22%

Assessment: $1,129,000

Don’t understand the assessment value on this one – this is a 3500 square foot 3 level town home in the heart of kits. I wonder what would happen if people’s assessments were adjusted based on their asking price!

PRICE TO GO! REDUCED FROM $2,295,000! Designed by award-winning BBA Design this one-a kind City Home feat. sophisticated luxury finishes of custom oak cabinetry & millwork, Subzero & Miele appl, natural stone & premium fixtures. This 4 BR, den & spacious family rm feat. generous master w/ plenty of clothes strg & grand ensuite. 2 entrances to home allow for multiple uses like a live/work situation (separate entry, private patio & up to 3 office spaces) or for those living w/ in-laws or adult children. Private 316 sf on 2 front patios, 40′ x 12’10″ entertaining deck off dining & kitch. & 39’9 x 13’8″ master terrace. Concrete, steel & brick construction add to the uniqueness of this Premier property.

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#5 ) Address:# 501 1650 BAYSHORE DR, Coal Harbour, Vancouver West

November 03, 2007	V676655	$989,000	$0	0%
January 16, 2008	V676655	removed after 74 days
March 28, 2010	V818178	$1,188,000	$0	0%
June 13, 2010	V818178	$1,088,000	$-100,000	-8%
October 20, 2010	V818178	removed after 206 days
May 19, 2011	V889199	$1,088,000	$-100,000	-8%
January 01, 2012	V889199	removed after 227 days
May 07, 2012	V948144	$999,000	$-189,000	-16%
August 03, 2012	V948144	$948,000	$-240,000	-20%
October 18, 2012	V948144	removed after 164 days
December 15, 2012	V982693	$919,000	$-269,000	-23%

Assessment: $938,000

Sold for $950,000 March 2008.  Another apartment listing for less than it sold for 4 and a half years ago.  The HPI says this should be worth $1.1 million but the market is saying something completely different

“Bayshore Gardens” this well kept 2 bedroom unit faces north having Marina view and partial Stanley Park view. Conveniently located near Bayshore Inn Hotel, Marina, Stanley Park, shopping at Robson and Denman Street to enjoy both waterfront living & downtown living. Comes with 24 hour Concierge, fitness room, 2 parkings etc.

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#4 ) Address:# 204 3709 PENDER ST, Willingdon Heights, Burnaby

June 07, 2007	V651291	$249,900	$0	0%
July 18, 2007	V651291	removed after 41 days
April 15, 2011	V882386	$300,000	$0	0%
June 28, 2011	V882386	$298,000	$-2,000	-1%
August 31, 2011	V882386	removed after 138 days
January 06, 2012	V923629	$298,000	$-2,000	-1%
January 27, 2012	V923629	$297,500	$-2,500	-1%
February 28, 2012	V923629	$297,000	$-3,000	-1%
March 06, 2012	V923629	$295,000	$-5,000	-2%
March 20, 2012	V923629	$289,000	$-11,000	-4%
April 26, 2012	V923629	removed after 111 days
April 30, 2012	V946500	$275,800	$-24,200	-8%
May 09, 2012	V946500	removed after 9 days
June 29, 2012	V959304	$275,800	$-24,200	-8%
November 08, 2012	V959304	removed after 132 days
November 09, 2012	V979685	$242,900	$-57,100	-19%
November 22, 2012	V979685	$234,900	$-65,100	-22%
December 13, 2012	V979685	$224,900	$-75,100	-25%

Assessment: $255,000

They were knocking off $500 at a time from the price earlier this year before the reality check came

Exceptionally well priced 1 bedroom townhouse. Recently rainscreened building. Upgraded windows and decks as well. Underground secured parking….1 parking space and 1 storage locker. Gas fireplace. Insuite laundry. Lots of natural light inside this townhouse. Walk to Hastings bus service. Great location for certain. Easy to view. Pet friendly building: 2 cats or 2 dogs permitted.

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#3 ) Address:# 303 1030 QUEBEC ST, Mount Pleasant, Vancouver East

June 21, 2008	V717851	$1,100,000	$0	0%
August 07, 2008	V717851	$1,049,000	$-51,000	-5%
August 29, 2008	V717851	removed after 69 days
August 31, 2008	V730808	$999,000	$-101,000	-9%
September 29, 2008	V730808	removed after 29 days
December 24, 2009	V801558	$1,199,000	$0	0%
March 17, 2010	V801558	$1,085,000	$-114,000	-10%
April 21, 2010	V801558	removed after 118 days
May 09, 2012	V948741	$1,098,000	$-101,000	-8%
May 26, 2012	V948741	$1,048,000	$-151,000	-13%
June 09, 2012	V948741	$999,000	$-200,000	-17%
June 27, 2012	V948741	removed after 49 days
June 30, 2012	V959386	$989,000	$-210,000	-18%
August 01, 2012	V959386	$949,000	$-250,000	-21%
October 12, 2012	V959386	$899,000	$-300,000	-25%
December 01, 2012	V959386	removed after 154 days
December 16, 2012	V982752	$898,000	$-301,000	-25%

Assessment: $912,000

“in the heart of downtown Vancouver!” such a blatant lie – this townhome isn’t even considered to be in Vancouver West!  Thanks Max for pointing this out

Private 3 level townhome in the heart of downtown Vancouver! Views of False Creek and downtown from all 3 levels. This bright, spacious unit has a house-like feel with oversized rooms and lots of storage. There are only 6 townhouse residences sharing their own private elevator and secure lobby. High-end features include hand-scraped hardwood floors, granite counters, custom lighting and blinds, and walk-in closet with custom organizer. The top level is perfect for a third bedroom, family room or office. Great location close to all the hot spots: False Creek, sea wall, BC Place, Athlete’s Village, Chinatown. Only steps to the skytrain and close to the hwy make this location a commuter’s dream!

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#2 ) Address:# 506 8871 LANSDOWNE RD, Brighouse, Richmond

November 08, 2008	V743083	$389,900	$0	0%
August 01, 2009	V743083	removed after 266 days
September 16, 2009	V787192	$359,900	$-30,000	-8%
September 23, 2009	V787192	removed after 7 days
September 28, 2012	V973842	$319,000	$-70,900	-18%
October 12, 2012	V973842	$299,900	$-90,000	-23%
December 15, 2012	V973842	$279,900	$-110,000	-28%

Assessment: $274,000

Well maintained East facing unit. Excellent location. Close to transportation, shopping mall & etc. Good to own or to invest, act quick, won’t last.

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#1 ) Address:# 102 8460 GRANVILLE AV, Brighouse South, Richmond

October 06, 2006	V609652	$315,000	$0	0%
October 29, 2006	V609652	$325,000	$0	0%
February 16, 2007	V609652	removed after 133 days
February 21, 2007	V631503	$325,000	$0	0%
March 13, 2007	V631503	$315,000	$-10,000	-3%
March 19, 2007	V631503	removed after 26 days
April 25, 2009	V763169	$328,000	$0	0%
May 21, 2009	V763169	removed after 26 days
May 20, 2011	V889386	$466,000	$0	0%
June 29, 2011	V889386	$446,000	$-20,000	-4%
September 01, 2011	V889386	removed after 104 days
August 24, 2012	V967816	$368,000	$-98,000	-21%
September 21, 2012	V967816	$355,000	$-111,000	-24%
October 26, 2012	V967816	$349,000	$-117,000	-25%
November 17, 2012	V967816	$335,000	$-131,000	-28%
November 26, 2012	V967816	removed after 94 days
December 13, 2012	V982452	$319,800	$-146,200	-31%

Assessment: $362,000

LOWEST PRICED 900FT2 2 Bdrm apt in Richmond CITY CTR. Priced $42’200 BELOW ASSESSMENT to sell quickly. Rock solid CONCRETE BOSA building. Beautiful kitchen with granite countertops, upgraded stainless steel appliances, spa-like bathrooms, , Open concept living and dining with gas fireplace & access to x-large private patio (great for pets, entertaining etc), in-suite laundry plus 2 PARKING STALLS & 1 locker. Excellent location in City Center close to Central library, Richmond Center Mall, Skytrain, buses, banks, restaurants, shops, Garden City Park, Schools & Kwantlen College, and YVR Airport. DON’T MISS THIS ONE!! WON’T LAST!!! Open House Dec 16th 2:00am-4:00pm