The Weekly Drop Metro Vancouver Attached - January 9, 2013

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 (actually December 29 to January 9) AND have dropped the largest percentage overall from their original asking price.

3 listings from Vancouver West and Vancouver East, 2 from Richmond and 1 from West Vancouver and Burnaby

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#10 ) Address:# 3101 1028 BARCLAY ST, West End, Vancouver West

June 08, 2011	V892749	$1,298,000	$0	0%
August 22, 2011	V892749	removed after 75 days
August 28, 2011	V907012	$1,188,000	$-110,000	-8%
September 30, 2011	V907012	removed after 33 days
October 18, 2012	V977068	$998,000	$-300,000	-23%
January 01, 2013	V977068	removed after 75 days
January 09, 2013	V983966	$998,000	$-300,000	-23%

2012 Assessment: $1,080,000
2011 Assessment: $1,077,000

Bathroons? Equipt? Dont’? ”QUICK HURRY!”.  They note that this rents for $3200/month.  So, either rent this place for $3200/month or buy it with $100K down payment, about $20K in closing fees, $34K in commission when you sell it and pay $5,136 per month at 3% interest (Add another $1K/month if/when rates go back to 5%) plus pay for the maintenance and special assessments and, most likely, have it depreciate in value…  Which sounds better?

Downtown most prestigious building “The Patina” by Concert Properties. Features unobstructed panoramic view of the city, spacious 1222 sq/ft 2 bedroom, 2 bath home. 5 star quality finishings, features smart geothermal air-con, 9′ ceilings porcelain tile floors, gourmet kitchen with high-end European appliances from Meile and Liebherr, spa inspired bathroons and radiant heating floors. Bonus: New installed hardwood floors! Includes amazing clubhouse, fully equipt fitness centre, rooftop garden, daycare center & 24 hour concierge. Dont’ forget shopping, theaters and restaurants right below and YMCA is next door with newly renovated pool. Currently rents $3200/mth Assess value $1,077,000 QUICK HURRY!

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#9 ) Address:# 211 6688 ROYAL AV, Horseshoe Bay, West Vancouver

July 16, 2008	V722535	$753,000	$0	0%
June 26, 2009	V722535	removed after 345 days
April 17, 2010	V823051	$595,000	$-158,000	-21%
November 01, 2010	V823051	removed after 198 days
July 13, 2011	V899328	$618,000	$-135,000	-18%
January 01, 2012	V899328	removed after 172 days
July 06, 2012	V960214	$598,000	$-155,000	-21%
January 01, 2013	V960214	$578,000	$-175,000	-23%

2012 Assessment: $638,000

Gorgeous large very spacious 1 bedroom mountain view apartment in a new rain screened bldg (only 4 years old) Located in the heart of Horseshoe Bay.Gourmet chef’s kitchen with cherry cabinets, silestone countertops, Viking appls incl gas stove. Limestone floor tiles in entrances & baths, natural maple flooring in living & dining. Radiant floor heat & A/C thru-out. Spa-inspired baths, top-choice finishes. Secured parking and pets allowed.

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#8 ) 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%

2012 Assessment: $220,700
2011 Assessment: $269,500

This place was listed about 8% BELOW assessment… then the assessment dropped almost 20% and now it’s listed 13% ABOVE assessment.  But don’t worry because it’s “ One of the better buys in Richmond today.”

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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#7 ) Address:# 2A 1403 BEACH AV, West End, Vancouver West

April 11, 2009	V760959	$2,488,000	$0	0%
June 17, 2009	V760959	$2,350,000	$-138,000	-6%
September 01, 2009	V760959	removed after 143 days
October 04, 2009	V791281	$2,350,000	$-138,000	-6%
January 29, 2010	V791281	removed after 117 days
February 03, 2010	V807343	$2,350,000	$-138,000	-6%
April 22, 2010	V807343	$2,288,000	$-200,000	-8%
May 30, 2010	V807343	removed after 116 days
June 23, 2010	V838354	$2,195,000	$-293,000	-12%
December 15, 2010	V838354	removed after 175 days
January 09, 2011	V862501	$2,195,000	$-293,000	-12%
April 27, 2011	V862501	$2,090,000	$-398,000	-16%
July 07, 2011	V862501	removed after 179 days
July 23, 2011	V900067	$1,968,000	$-520,000	-21%
January 01, 2012	V900067	removed after 162 days
January 08, 2012	V924087	$1,888,000	$-600,000	-24%
January 01, 2013	V924087	removed after 359 days
January 05, 2013	V983625	$1,868,000	$-620,000	-25%

2012 Assessment: $1,588,000
2011 Assessment: $1,611,000

Sold in September 2005 for $875,000

This place is 25% below the initial 2009 ask price and had $600K in renovations although it isn’t clear when those happened.  It’s also been listed basically non stop for almost 4 years

Rare find WATERFRONT location, directly across from English Bay, Sunset Beach and Vanier Park. Complete renovated (cost $600,000) over the year. Bright SE corner unit offering spectacular water views, open floor plan with dramatic floor-to-ceiling curved windows, beautiful hardwood floors, gorgeous feature fireplace & designer lighting, new stainless steel appliances. Total 1815 sf of living on one spacious level. Wonderful building only has 2 units per floor. 2 security under building parking stalls, one locker. Steps to the restaurants and shops and only minutes to the city centre. Must see!

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#6 ) Address:# 703 528 BEATTY ST, Downtown, Vancouver West

July 07, 2012	V960591	$559,000	$0	0%
October 18, 2012	V960591	removed after 103 days
October 21, 2012	V977496	$482,500	$-76,500	-14%
November 09, 2012	V977496	$459,000	$-100,000	-18%
November 21, 2012	V977496	$439,000	$-120,000	-21%
December 10, 2012	V977496	$429,000	$-130,000	-23%
January 05, 2013	V977496	$419,000	$-140,000	-25%

2012 Assessment: $474,000
2011 Assessment: $474,000

Heritage loft conversion. Original Bowman Block was constructed in 1906 and converted to the current use in 2007 by the Salient Group. In 2007, the Bowman Block was honoured with an Award of Excellence for Revitalization, Renovation or Heritage. With original fir floors, exposed brick and massive beams, this is a rare commodity in Western Canada. The modern intervention features interior design by Alda Pereira and architecture by Gair Williamson. New construction atop the original building includes an urban oasis with an outdoor fireplace and built-in barbecue. A very short walk to Chambar, Medina, SkyTrain, and Rogers Arena. Parking available across street (Car2go) or Reserved EasyPark $145/$215mn. OPEN SAT DEC 8TH 1-230PM

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#5 ) Address:# 111 2528 E BROADWAY, Renfrew, Vancouver East

April 15, 2011	V882496	$279,000	$0	0%
December 13, 2011	V882496	removed after 242 days
June 27, 2012	V958723	$245,000	$-34,000	-12%
September 25, 2012	V958723	$234,999	$-44,001	-16%
December 20, 2012	V958723	removed after 176 days
January 04, 2013	V983070	$199,900	$-79,100	-28%

2012 Assessment: $209,000
2011 Assessment: $209,700

“This unit is very private and quiet.”  ”PLEASE NOTE : THIS UNIT IS A NOT A GROUND FLOOR UNIT AND A VERY QUIET”.  ”VERY QUIET !!”.  I have a question, is the apartment quiet?  It’s not clear…  At least the price rent is a little more reasonable than some of the other “investor” examples.

This almost 950 sq. foot spacious and bright 2 bedroom corner condo unit comes complete with 2 baths and a very open floor plan. This unit is very private and quiet and on the backside of the Building facing 10th Avenue not Broadway. The condo SPARKLES and currently IS rented for $1300/mo.+util. Tenant would like to stay. This condominium comes with one parking (#96), one locker (#163 in storage rm#100 and pets are allowed with restrictions (2 pets ok, max 35 lbs each). PLEASE NOTE : THIS UNIT IS A NOT A GROUND FLOOR UNIT AND A VERY QUIET BACK UNIT OVERLOOKING POOL AREA !! VERY QUIET !!Rentals allowed (min 6 months rental). SHOWINGS CAN ONLY BE AT 7:00 PM ON MONDAYS AND THURSDAYS!!

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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%
January 03, 2013	V979685	$214,900	$-85,100	-28%

2012 Assessment: $297,000

It has been “Exceptionally well priced” in the description since November 9th.  That was 12% ago, shouldn’t it be “EXCEPTIONALLY WELL PRICED” by now?  No capitalized words at all, don’t you want to sell this place!  This apartment is now over 25% BELOW assessment.

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:# 209 2336 WALL ST, Hastings, Vancouver East

September 08, 2012	V970352	$312,000	$0	0%
September 28, 2012	V970352	$284,500	$-27,500	-9%
November 10, 2012	V970352	$239,900	$-72,100	-23%
November 28, 2012	V970352	$235,000	$-77,000	-25%
December 21, 2012	V970352	removed after 104 days
January 01, 2013	V983214	$219,900	$-92,100	-30%

2012 Assessment: $305,000
2011 Assessment: $300,900

What a slap in the face – they are having no luck selling this place even for $219K and yet BC Assessment tells them their place has gone up in value to $305K…  30% in price drops in under 4 months

Live on WALL Street, a secret oasis on the East side. Friendly neighbours, amazing harbour views, beautiful sunsets. WALL st is one of the nicest streets in the City. Close to North Shore, D/T, shopping, schools, parks, and an outdoor pool. You are 5-10 mins to the city, yet it feels like you are in the quiet suburbs! This ground level home offers a huge 636 sf sunny, peaceful, private & secure patio area to enjoy the outdoors or a BBQ with friends, plus a great place for a pet as this building is pet friendly. This home has been well cared for by long term owners. Building is in good shape w updated pipes and roof and no upcoming assessments. Includes prkg, locker & bike room. Bldg under rental limit.

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#2 ) Address:# 212 14200 RIVERPORT WY, East Richmond, Richmond

October 06, 2006	V506364	$469,900	$0	0%
October 23, 2006	V506364	removed after 17 days
March 03, 2012	V934864	$498,500	$0	0%
April 12, 2012	V934864	removed after 40 days
April 14, 2012	V943239	$459,900	$-38,600	-8%
April 28, 2012	V943239	$449,900	$-48,600	-10%
May 11, 2012	V943239	$435,000	$-63,500	-13%
June 09, 2012	V943239	$424,500	$-74,000	-15%
June 19, 2012	V943239	$415,000	$-83,500	-17%
July 10, 2012	V943239	$399,900	$-98,600	-20%
July 28, 2012	V943239	$389,900	$-108,600	-22%
September 05, 2012	V943239	$372,500	$-126,000	-25%
October 11, 2012	V943239	$362,900	$-135,600	-27%
November 09, 2012	V943239	$352,500	$-146,000	-29%
December 29, 2012	V943239	$339,000	$-159,500	-32%

2012 Assessment: $399,000
2011 Assessment: $432,000

HAVE TO LOVE ALL CAPS!!!  You have to assume that they bought this place in 2006 for around $470K based on the listing history.  They are now trying to sell it for almost 30% below that

SPECTACULAR RIVER VIEWS FROM YOUR SOUTH FACING BALCONY. THIS 2 BED/ 2 BATH WATERFRONT CONDO IS LARGE, OVER 1100 SQ. FT. WITH A BONUS DEN, LOCKER, IN SUITE LAUNDRY AND STORAGE ROOM.

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#1 ) 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%

2012 Assessment: $198,800
2011 Assessment: $200,600

They listed this place initially at 75% over assessment and probably wonder why they haven’t sold the place.  ”Meas from strata plan” – what’s a Meas?

East facing, Well kept unit. Bright and clean 1 bdrm & 1 full bath. 2011 Newly changed flooring for living room, dining room & bedroom. Parking stall #131, storage locker #148. Shared laundry. Super convenient location. Steps to bus & Joyce sky-train station. Meas from strata plan, not including, 75 sf balcony. Wheelchair access. Great for investors!