The Weekly Drop Suburbs – January 14, 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 week AND have dropped the largest percentage overall from their original asking price.

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#10 ) Address:# 217 33545 RAINBOW AV, Central Abbotsford, Abbotsford

January 12, 2008	F2800868	$299,900	$0	0%
February 13, 2008	F2800868	$289,900	$-10,000	-3%
May 01, 2008	F2800868	removed after 110 days
April 25, 2009	F2908757	$259,900	$-40,000	-13%
October 01, 2009	F2908757	removed after 159 days
April 10, 2010	F1009487	$245,000	$-54,900	-18%
July 05, 2010	F1009487	removed after 86 days
April 20, 2012	F1209808	$219,900	$-80,000	-27%
July 21, 2012	F1209808	$209,900	$-90,000	-30%
January 01, 2013	F1209808	removed after 256 days
January 11, 2013	F1300564	$199,800	$-100,100	-33%

Current Days on Market: 269 (0.74 years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $192,000

Incredible, this place is 6 years old and yet “never been occupied”.  That’s probably close to $30K in condo fees and property tax, a few thousand dollars a year in opportunity cost on the down payment plus a horrendous drop in price.

Brand new, never been occupied Tempo @ Marshall/McCallum. Great location, close to hospital, freeway, University, recreation center, rentals ok. Will present any reasonable offers.

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#9 ) Address:32600 BOBCAT DR, Mission BC, Mission

September 07, 2011	F1122311	$319,000	$0	0%
October 07, 2011	F1122311	$299,000	$-20,000	-6%
November 16, 2011	F1122311	$289,000	$-30,000	-9%
January 27, 2012	F1122311	$284,000	$-35,000	-11%
March 01, 2012	F1122311	$250,000	$-69,000	-22%
October 05, 2012	F1122311	removed after 394 days
October 06, 2012	F1224897	$231,900	$-87,100	-27%
November 01, 2012	F1224897	$224,900	$-94,100	-29%
December 05, 2012	F1224897	$217,900	$-101,100	-32%
January 02, 2013	F1224897	removed after 88 days
January 13, 2013	F1300777	$211,900	$-107,100	-34%

Current Days on Market: 495 (1.36 years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $286,000
2011 Assessment: $285,000

Bobcat has been featured a number of times and still opens with “Come for the views, stay for the equity”.  False advertising anybody?  This one is now over 25% BELOW assessment

Come for the views, stay for the equity. Great fixer upper on a quiet street, yet only minutes to town. 3 bedrooms and 2 bathrooms on a large lot with views of the valley below. Home needs some TLC but is priced accordingly. Don’t miss your chance, view today!

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#8 ) Address:16580 104TH AV, Fraser Heights, North Surrey

May 17, 2008	F2814186	$1,975,000	$0	0%
August 07, 2008	F2814186	removed after 82 days
May 15, 2012	F1212689	$1,379,000	$-596,000	-30%
July 14, 2012	F1212689	$1,299,000	$-676,000	-34%
December 31, 2012	F1212689	removed after 230 days
January 12, 2013	F1300688	$1,249,000	$-726,000	-37%

Current Days on Market: 244 (0.67 years)
Current ‘Official’ Days on Market: 3
2012 Assessment: $911,800
2011 Assessment: $905,100

1.2 Acre development property in the heart of Fraser Heights, most recently operated as a garden nursery. 2438 SF bsmt entry, 3 BR older home with several greenhouses and outbuildings. Value mainly in the land. Close to Pacific Academy & all levels of schools. Call for more details on this excellent investment opportunity.

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#7 ) Address:5848 175TH ST, Cloverdale BC, Cloverdale

February 25, 2012	F1204886	$1,600,000	$0	0%
April 04, 2012	F1204886	$1,100,000	$-500,000	-31%
June 23, 2012	F1204886	$999,900	$-600,100	-38%
January 01, 2013	F1204886	removed after 311 days
January 10, 2013	F1300509	$999,900	$-600,100	-38%

Current Days on Market: 324 (0.89 years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $547,000
2011 Assessment: $506,100

“ prime location – downtown Cloverdale.” – this may be the first time these two statements have ever been made in the same sentence.  Relisted at the previous failed price

Future Development – Multi Family potential in prime location – downtown Cloverdale. 15,046 sqft lot – all fenced. Could be a great rental while checking with city for zoning particulars. Close to transport & schools.

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#6 ) Address:6177 272ND ST, County Line/Glen Valley, Langley

September 25, 2009	F2921638	$5,000,000	$0	0%
March 01, 2010	F2921638	removed after 157 days
May 02, 2010	F1012157	$5,000,000	$0	0%
November 01, 2010	F1012157	removed after 183 days
September 25, 2011	F1124062	$3,895,000	$-1,105,000	-22%
February 04, 2012	F1124062	$3,495,000	$-1,505,000	-30%
January 09, 2013	F1124062	$3,095,000	$-1,905,000	-38%

Current Days on Market: 477 (1.31 years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $2,323,000

“The prettiest available today” and now down almost $2 million

64 acres with 1500 ft. frontage and 2 road frontage, 3800 sq.ft. custom built home. Large detached workshop/studio. The prettiest available today with rolling pastures. Fenced and crossed fenced.

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#5 ) Address:# 212 33960 OLD YALE RD, Central Abbotsford, Abbotsford

March 13, 2007	F2704662	$212,700	$0	0%
May 04, 2007	F2704662	$207,700	$-5,000	-2%
August 22, 2007	F2704662	removed after 162 days
November 10, 2010	F1027460	$168,700	$-44,000	-21%
March 22, 2011	F1027460	$162,700	$-50,000	-24%
March 31, 2011	F1027460	removed after 141 days
November 11, 2011	F1127571	$169,900	$-42,800	-20%
April 27, 2012	F1127571	removed after 168 days
April 28, 2012	F1210943	$159,000	$-53,700	-25%
June 26, 2012	F1210943	$149,000	$-63,700	-30%
August 29, 2012	F1210943	$144,000	$-68,700	-32%
October 25, 2012	F1210943	$139,000	$-73,700	-35%
January 10, 2013	F1210943	$129,000	$-83,700	-39%

Current Days on Market: 430 (1.18 years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $158,500

“Great investment!!” Really?  Care to share the math?

Ideal for an investor or first time buyer. 2 bedroom and 2 bath condo with Maple kitchen, laminate flooring, in-suite laundry. 2 underground parking stalls. Downtown Abbotsford location, walking distance to restaurants, pubs, grocery stores and more. No age or rental restrictions. Great investment!!

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#4 ) Address:2507 LEHMAN RD, Roberts Creek, Sunshine Coast

March 09, 2012	V929382	$399,000	$0	0%
July 13, 2012	V929382	removed after 126 days
July 15, 2012	V962228	$329,900	$-69,100	-17%
August 11, 2012	V962228	$317,900	$-81,100	-20%
September 12, 2012	V962228	$305,000	$-94,000	-24%
October 13, 2012	V962228	removed after 90 days
November 16, 2012	V980343	$269,990	$-129,010	-32%
December 14, 2012	V980343	$250,000	$-149,000	-37%
January 09, 2013	V980343	$240,000	$-159,000	-40%

Current Days on Market: 311 (0.85 years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $324,700
2011 Assessment: $340,700

Handyman Special. Hobby farm of 4.6 acres in Roberts Creek. This property has a barn and numerous outbuildings. This home needs love and attention, offers a fabulous opportunity for the right buyer. Riding ring and fenced paddocks…bring your horses.

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#3 ) Address:32930 CARDINAL ST, Steelhead, Mission

June 21, 2010	F1017619	$849,000	$0	0%
October 21, 2010	F1017619	removed after 122 days
March 02, 2011	F1105395	$699,900	$-149,100	-18%
May 27, 2011	F1105395	removed after 86 days
October 23, 2011	F1126232	$659,000	$-190,000	-22%
November 15, 2011	F1126232	$599,000	$-250,000	-29%
February 05, 2012	F1126232	removed after 105 days
February 08, 2012	F1203207	$549,900	$-299,100	-35%
March 08, 2012	F1203207	$529,000	$-320,000	-38%
June 07, 2012	F1203207	removed after 120 days
December 20, 2012	F1228837	$549,000	$-300,000	-35%
January 10, 2013	F1228837	removed after 21 days
January 12, 2013	F1300674	$475,000	$-374,000	-44%

Current Days on Market: 25 (0.07 years)
Current ‘Official’ Days on Market: 3
2012 Assessment: $572,000

“All offers subject to Court approval.”  This property was pulled after 21 days just to be relisted $74K lower and is now down 44% from 2010 asking prices

Steelhead community association is next door to this 4.5 acre property, giving it a rural community setting. With a year round creek running right by one of the two homes there is much to enjoy. Older home on Cardinal St. needing some upgrades, is considered to be the principle residence. Measurement detail is for the 2nd residence which is a newer, 1784 sq. ft., double wide trailer, nicely situated on the property with separate access off Dewdney Trunk Rd. There are several out buildings near the older home that look like they could be brought back to life. The 4.5 acres is partially cleared. Great property for two families with room to be separate yet together. All offers subject to Court approval.

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#2 ) Address:14120 TRITES RD, Panorama Ridge, Surrey

February 12, 2012	F1203674	$1,980,000	$0	0%
March 22, 2012	F1203674	removed after 39 days
March 23, 2012	F1207274	$1,189,900	$-790,100	-40%
June 23, 2012	F1207274	$1,139,000	$-841,000	-42%
August 02, 2012	F1207274	removed after 132 days
August 04, 2012	F1220063	$1,089,000	$-891,000	-45%
September 27, 2012	F1220063	$1,039,000	$-941,000	-48%
November 17, 2012	F1220063	$999,000	$-981,000	-50%
December 31, 2012	F1220063	removed after 149 days
January 13, 2013	F1300826	$949,000	$-1,031,000	-52%

Current Days on Market: 337 (0.92 years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $1,003,000
2011 Assessment: $1,017,000

Trites is another property that has been features numerous times.  The $1.98 million feels like it must be a typo but it was listed at that price for almost 6 weeks!

PANORAMA RIDGE – Private Estate – 5191 SQFT, 1.41 ACRE – 2 Storey w/Basement. Great STREET APPEAL. Situated on a very private, treed road. Spacious floor plan with 20′ vaulted ceilings in both family & living room (features grand stone fireplace), hardwood & tile flooring througout main. Large ‘gourmet’ kitchen + additional spice kitchen & large W/I pantry. Up – Large Master with private patio, full ensuite & soaker tub, an additional 4 oversized bedrooms are also located upstairs. Down – is currently partially finished, potential for optional media/recreation and/or gym. Back – features a very private view of the valley + densely treed location. Call now to arrange a viewing. * PREC – Personal Real Estate Corporation

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#1 ) Address:# LT.3 SWARD RD, Mission BC, Mission

July 17, 2009	F2908175	$299,000	$0	0%
October 31, 2009	F2908175	$269,000	$-30,000	-10%
September 01, 2010	F2908175	removed after 411 days
March 10, 2012	F1206134	$299,900	$0	0%
April 28, 2012	F1206134	$250,000	$-49,900	-17%
June 04, 2012	F1206134	removed after 86 days
June 06, 2012	F1214691	$249,000	$-50,900	-17%
June 21, 2012	F1214691	$234,000	$-65,900	-22%
July 07, 2012	F1214691	$226,500	$-73,400	-24%
July 26, 2012	F1214691	$214,900	$-85,000	-28%
August 11, 2012	F1214691	$201,900	$-98,000	-33%
August 28, 2012	F1214691	$189,900	$-110,000	-37%
September 22, 2012	F1214691	$185,900	$-114,000	-38%
October 16, 2012	F1214691	$179,900	$-120,000	-40%
November 03, 2012	F1214691	$169,900	$-130,000	-43%
November 15, 2012	F1214691	$154,900	$-145,000	-48%
December 04, 2012	F1214691	$146,000	$-153,900	-51%
January 01, 2013	F1214691	$137,000	$-162,900	-54%
January 09, 2013	F1214691	$132,000	$-167,900	-56%

Current Days on Market: 310 (0.85 years)
Current ‘Official’ Days on Market: 6
2012 Assessment: No Assessment

#1 yet again… “Not subdividable. No driveway, property begins at the end of the street. It is wet at the bottom, then rises steeply up the mountain.” Bonus points for honesty.  14th price drop in 8 months

8.17 ACRES at the north end of Hatzic Lake. Access off the end of a dead-end street. Neighborhood has a park and boat launch. Not subdividable. No driveway, property begins at the end of the street. It is wet at the bottom, then rises steeply up the mountain. * PREC – Personal Real Estate Corporation