The Weekly Drop Metro Vancouver Attached – December 28, 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 (December 20 to 28) AND have dropped the largest percentage overall from their original asking price.

6 listings from Vancouver West, 2 from West Vancouver and 2 from Burnaby

I only have previous sales data for one of these units but you’ll see how badly the HPI index is going to be hit if/when it sells

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#10 ) Address:8571 SEASCAPE LN, Howe Sound, West Vancouver

February 01, 2008	V686443	$959,000	$0	0%
March 25, 2008	V686443	removed after 53 days
October 13, 2011	V915266	$998,000	$0	0%
December 05, 2011	V915266	removed after 53 days
September 23, 2012	V973197	$908,000	$-90,000	-9%
November 21, 2012	V973197	removed after 59 days
December 24, 2012	V983106	$859,000	$-139,000	-14%

Assessment: $854,000

Listing for over 10% below 2008 asking price

Enjoy this rarely offered Bellevue Plan Unit with Stunning West Coast ocean & island views. Situated on Seascape Lane, this contemporary townhome has a level entry leading to bright modern, open plan living, dining, den, kitchen, and spacious master bedroom suite on the main floor. The lower level includes two further bedrooms, large recreation room perfect for children & guests. Additional upgrades include fully soundproofed Media/theatre room and air conditioning throughout.

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#9 ) Address:# 1501 4160 SARDIS ST, Central Park, Burnaby

September 06, 2007	V661092	$228,900	$0	0%
November 01, 2007	V661092	removed after 56 days
January 17, 2008	V683570	$229,000	$0	0%
June 01, 2008	V683570	removed after 136 days
July 12, 2008	V722148	$229,000	$0	0%
October 08, 2008	V722148	removed after 88 days
April 17, 2009	V761387	$179,900	$-49,100	-21%
April 30, 2009	V761387	removed after 13 days
May 05, 2011	V886046	$269,000	$0	0%
July 21, 2011	V886046	$258,000	$-11,000	-4%
September 15, 2011	V886046	removed after 133 days
November 09, 2011	V918945	$258,000	$-11,000	-4%
January 31, 2012	V918945	removed after 83 days
April 20, 2012	V944540	$249,000	$-20,000	-7%
May 11, 2012	V944540	$246,000	$-23,000	-9%
June 18, 2012	V944540	removed after 59 days
June 20, 2012	V957368	$268,000	$-1,000	0%
August 24, 2012	V957368	$273,000	$0	0%
December 19, 2012	V957368	removed after 182 days
December 21, 2012	V982959	$233,000	$-40,000	-15%

Assessment: $226,900

Completely redone in 2010 yet listing for right around 2007 prices.  They tried raising the price in June but surprise, surprise that failed miserably.  Does that ever work?  It’s been listed for over 750 days in the past 5 years

Central Park Place, offers a fantastic 15th floor south facing vista of Central Park. Seller completely renovated the inside of the apartment recently, leaving nothing untouched, features new bathroom, new kitchen (new fridge, stove, dishwasher), new water-proof flooring, new paint. The building envelope (including double glazed windows and new balconies) was completely redone in 2010. Excellent location with Crystal Mall, Metrotown, Patterson Skytrain station, within walking distance. Try your hand at tennis or golf. A pleasure to show.

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#8 ) Address:# 1606 950 CAMBIE ST, Yaletown, Vancouver West

December 11, 2006	V623074	$580,000	$0	0%
February 25, 2007	V623074	removed after 76 days
May 16, 2007	V647496	$570,000	$-10,000	-2%
May 31, 2007	V647496	removed after 15 days
November 25, 2011	V920902	$599,900	$0	0%
January 27, 2012	V920902	$591,900	$-8,000	-1%
February 23, 2012	V920902	removed after 90 days
March 09, 2012	V936133	$579,900	$-20,000	-3%
April 04, 2012	V936133	$559,900	$-40,000	-7%
May 08, 2012	V936133	removed after 60 days
August 06, 2012	V965356	$539,000	$-60,900	-10%
September 26, 2012	V965356	$529,900	$-70,000	-12%
November 04, 2012	V965356	removed after 90 days
November 21, 2012	V980804	$514,900	$-85,000	-14%
December 28, 2012	V980804	$509,900	$-90,000	-15%

Assessment: $537,000

Sold July 2007 for $565,000.  In July 2007 the HPI for Vancouver West apartments was 141.2 and it is currently 151.6.  Using the HPI methodology this apartment would be worth 7.4% more than it did in July 2007 for a calculated value of $607K.  Incidentally that appreciation (if it were real) would not be enough to cover commission and transfer taxes due to the huge transactional costs of real estate.  Here is where it gets interesting though – it is currently listed for almost $100K below what it should have sold for.  What this means is that if this sells for the current asking price, it will register as a 16% drop in the HPI.  Also note that this place has been renovated so even more money has been sunk into the place although to be fair it is a court ordered sale SOLD AS IS WHERE IS.

When you look at other apartments in Vancouver West you see a lot of the same things – selling for asking would be a huge hit on the HPI.  Once these apartments (and homes) start selling again you are going to see a massive shift downwards in the HPI.  At that point there is no amount of spin that can stop this from reaching the MSM and impacting the decisions of all buyers and sellers.

Best priced 2bedroom! Court order sale. Partly renovated, come and finish off the renovation and make it yours! Pacific Place Landmark One. Spacious 2bdrm + huge den enough for home office or 3rd bedroom. Huge windows giving you lots of natural light.Open concept nicely renovated kitchen. Convenient Yaletown location, just a short stroll to seawall, shopping, dining, night life & Canada Line. Lots of potential! SOLD AS IS WHERE IS.

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#7 ) Address:# 3307 833 SEYMOUR ST, Downtown, Vancouver West

September 09, 2011	V908920	$969,000	$0	0%
November 02, 2011	V908920	removed after 54 days
October 04, 2012	V974888	$849,000	$-120,000	-12%
December 28, 2012	V974888	$819,000	$-150,000	-15%

Assessment: $855,000

Based on the price change history and description #7 and #3 are likely owned by the same “investor” although I use that term loosely.  Normally when you see a short listing like we had here last September to November, it means there was a sale.  BC Assessment only shows 2011 sales up to the end of October so it is possible this sold and if that is the case this buyer lost a lot of money

Unmatched LUXURY & SPECTACULAR views of the city Skyline. 33rd floor, NW corner, views from every room in this 2 bdrm & den in the Exclusive Collection at the Capitol Residences. Air conditioned for your comfort, bedrooms on opposite end for ultimate privacy & EXQUISITE INTERIORS:over-height ceilings, marble flrs & granite counters in spa like bathrooms, h/w flrs throughout, s/s GE Monogram appl, gas cooktop, top of the line kitchen & bath finishings. Walking distance everywhere – financial district, city parks, skytrain, Robson St, boutiques & dining in Yaletown, Theatres & Sports Arena’s. Capitol Amenities: concierge, fitness centre, lounge, meeting rooms & 4 high speed elevators. No HST, move-in ready!

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#6 ) Address:# 900 9 SMITHE MEWS, Yaletown, Vancouver West

August 13, 2009	V781494	$2,298,000	$0	0%
February 17, 2010	V781494	removed after 188 days
April 09, 2010	V820499	$1,990,000	$-308,000	-13%
November 01, 2010	V820499	removed after 206 days
March 04, 2012	V935308	$1,899,000	$-399,000	-17%
October 01, 2012	V935308	removed after 211 days
October 20, 2012	V975280	$1,899,900	$-398,100	-17%
December 05, 2012	V975280	removed after 46 days
December 26, 2012	V983110	$1,899,900	$-398,100	-17%

Assessment: $1,760,000

Listing for $400K below what it listed for 3 and a half years ago

900 – 9 Smithe Mews, Vancouver, BC, V6Z 2R8, Executive 2,030 s/f, 3 bed, 3 bath Waterfront 1 lev @ “Coopers Lookout Villas” Suite Feat; gas fireplace & Cooktop, H/W flrs, granite counters, S/S Miele appl, A/C, generous sized balcony, private elevator w/one suite per floor and a view from every room of False Creek. Facilities are located at Coopers Lookout at 33 Smithe Mews, the “Espitit City Club” amenities incl a 60′ indoor pool, steam sauna, gym, billiards, party rm, sports lounge, 2 bowling lanes, yoga studio & Kayaks for owner use. Secure bldg w/24 hr concierge. 2 park stalls #18,#19(P1) but no storage. Go to realtors web site for suite video & feat sheet w/flr plans. Unit is avail for immediate occupancy. Pets & Rentals OK

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#5 ) Address:# 201 1785 ESQUIMALT AV, Ambleside, West Vancouver

February 15, 2007	V630669	$279,900	$0	0%
April 18, 2007	V630669	removed after 62 days
April 16, 2012	V943714	$338,000	$0	0%
May 29, 2012	V943714	$328,800	$-9,200	-3%
June 15, 2012	V943714	removed after 60 days
June 20, 2012	V957499	$319,800	$-18,200	-5%
July 24, 2012	V957499	$299,000	$-39,000	-12%
August 31, 2012	V957499	removed after 72 days
September 29, 2012	V974068	$309,000	$-29,000	-9%
November 06, 2012	V974068	$290,000	$-48,000	-14%
November 29, 2012	V974068	$285,000	$-53,000	-16%
December 22, 2012	V974068	$279,000	$-59,000	-17%

Assessment: $271,700

Another unit back to 2007 asking prices

Charming & tranquil setting in one of the most desirable locations in Ambleside, West Vancouver. Updated kitchen & bathroom with new granite counter tops.New crown moldings & baseboards plus laminate flooring. A short distance to the Sea Wall, shopping & rec centre.

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#4 ) Address:# 203 6333 LARKIN DR, University, Vancouver West

April 07, 2007	V639627	$628,000	$0	0%
May 22, 2007	V639627	removed after 45 days
April 06, 2011	V879954	$859,000	$0	0%
August 31, 2011	V879954	removed after 147 days
March 23, 2012	V938801	$788,000	$-71,000	-8%
June 23, 2012	V938801	removed after 92 days
June 29, 2012	V959301	$748,000	$-111,000	-13%
December 18, 2012	V959301	removed after 172 days
December 21, 2012	V982955	$699,000	$-160,000	-19%

Assessment: $702,000

Best priced 3 bedrooms condo in UBC! Legacy is a 5-year new award winning development by Adera. This big, airy 3 bedroom ground level suite, with access to large private patio/garden is ideal for your family. Private entrance from garden. Lovely upgraded hardwood floors, spacious living room, open-plan kitchen complete with granite counters, S/S GE Monogram oversized fridge/freezer, gas stove & built-in oven/microwave. Luxuriate in ‘ his-hers’ hotel-style bathrooms. Next to Old Barn center, parks and Pacific Spirit Park nature trails. Enjoy the vibrant academic community of UBC campus, U-Hill Elem School, new U-Hill Secondary School. Immediate possession. Just move-in and enjoy!

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#3 ) Address:# 3404 833 SEYMOUR ST, Downtown, Vancouver West

April 13, 2011	V881768	$1,018,000	$0	0%
May 26, 2011	V881768	$968,000	$-50,000	-5%
October 01, 2011	V881768	removed after 171 days
October 21, 2011	V916634	$890,000	$-128,000	-13%
November 02, 2011	V916634	$899,000	$-119,000	-12%
December 29, 2011	V916634	removed after 69 days
October 03, 2012	V974697	$855,000	$-163,000	-16%
December 28, 2012	V974697	$825,000	$-193,000	-19%

Assessment: $873,000

SPECTACULAR views of the city skyline and unmatched LUXURY! 34th floor, SW corner, air conditioned 2 bdrm+den open plan with spacious living/dining, 2 balconies, master suite with walkthrough closets, ensuite bath w/double sinks and separate tub & shower. EXQUISITE INTERIORS: over-height ceilings, marble floors, granite countertops, h/w floors throughout, s/s GE monogram appl, gas cooktop, top of the line kitchen & bath finishings. Walking distance everywhere – financial district, city parks, skytrain, Robson St, boutiques and dining in Yaletown, theaters & Sports Arena’s. Capitol Amenties: concierge, fitness centre, lounge, meeting rooms & 4 high speed elevators. No HST, move -in ready!

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#2 ) Address:8785 OAK ST, Marpole, Vancouver West

October 02, 2008	V737009	$584,060	$0	0%
November 05, 2008	V737009	$473,860	$-110,200	-19%
March 05, 2009	V737009	$449,800	$-134,260	-23%
July 01, 2009	V737009	removed after 272 days
August 01, 2009	V779827	$448,000	$-136,060	-23%
October 01, 2009	V779827	removed after 61 days
November 06, 2009	V796456	$498,000	$-86,060	-15%
December 11, 2009	V796456	removed after 35 days
October 11, 2012	V975846	$440,900	$-143,160	-25%
November 09, 2012	V975846	$429,900	$-154,160	-26%
December 01, 2012	V975846	$424,900	$-159,160	-27%
December 21, 2012	V975846	$419,900	$-164,160	-28%

Assessment: $479,000

Not sure why you wouldn’t need a car, this is Marpole not downtown…  This one had a peak list price in 2008

Superb location. No need for a car in this location. Generous sized bedrooms. Bright corner unit. Easy to view. Move into this lovely home for Christmas.

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#1 ) Address:# 801 9232 UNIVERSITY CR, Simon Fraser Univ., Burnaby

October 05, 2006	V613909	$375,000	$0	0%
November 04, 2006	V613909	$369,800	$-5,200	-1%
February 25, 2007	V613909	removed after 143 days
September 02, 2007	V666397	$515,000	$0	0%
September 13, 2007	V666397	removed after 11 days
December 04, 2008	V745619	$510,000	$-5,000	-1%
March 03, 2009	V745619	removed after 89 days
July 01, 2011	V897386	$420,000	$-95,000	-18%
November 02, 2011	V897386	removed after 124 days
September 21, 2012	V972623	$385,900	$-129,100	-25%
November 17, 2012	V972623	$374,900	$-140,100	-27%
December 21, 2012	V972623	$364,900	$-150,100	-29%

Assessment: $363,000

30% below 2007 asking prices

Welcome to Novo 2 by Intergulf at S.F.U University living complex! This 2 bedroom & 2 bath corner suite on top of the world with gorgeous mountain & private forest views!! It has an open concept kitchen, complete with granite counter tops, 2 big balconies offers great entertainment space and fantastic views! Located within a 5 minute walk to SFU Campus, Bus Loop, Grocery Market, Bank, Pharmacy and Restaurants. Call today for your private showing! OPEN HOUSE: OCT 27, 2-4PM