Weekly Drop Metro Vancouver Detached - February 12, 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 week AND have dropped the largest percentage overall from their original asking price.

3 properties are from West Vancouver and Richmond, 2 from Burnaby and 1 from Vancouver West and Vancouver East

At least 3 of the homes have been purchased in the last 2 years and 2 of those 3 would lose the owners over $125K if sold for asking

3 “rare” homes…

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#10 ) Address:10491 CAITHCART RD, West Cambie, Richmond

May 21, 2011	V889616	$1,388,000	$0	0%
June 22, 2011	V889616	removed after 32 days
October 20, 2011	V916480	$1,598,000	$0	0%
January 17, 2012	V916480	$1,538,000	$-60,000	-4%
May 08, 2012	V916480	$1,499,000	$-99,000	-6%
July 13, 2012	V916480	removed after 267 days
October 13, 2012	V976508	$1,393,000	$-205,000	-13%
January 05, 2013	V976508	$1,298,000	$-300,000	-19%
February 01, 2013	V976508	removed after 111 days
February 08, 2013	V989637	$1,308,000	$-290,000	-18%

Current Days on Market: 635 (1.74years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $1,316,000
2011 Assessment: $1,328,000
2011 Last Sale: $1,363,000 on 14/Jun/2011
Total Loss IF sold for list price: 72,484 transaction costs and 55,000 loss on sale = LOSS of 127,484
Desperation Score: 21.8

They have relisted $10K higher but still looking at a six figure loss if sold for asking

Contemporary 6 yr old custom built 3803 SF home on an extra large 70×142, 9938 SF south facing lot. Custom features can be seen & felt throughout the entire home. Huge open kitchen with higher ceilings & high end Jenn Air & Wolf appliances with warming drawer. Large backyard with built in basketball court. Easy access to all highways & Richmond Centre. Functional floor plan with 5 bedrooms with full ensuites & den. Convenient bedroom & bath on main floor great for nanny or granny. Other features incl: 3 car garage, California shutters throughout, engineered H/W floors, granite & marble counters, designer master suite & much more.

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#9 ) Address:4719 PILOT HOUSE RD, Olde Caulfeild, West Vancouver

January 18, 2012	V925886	$3,249,000	$0	0%
April 18, 2012	V925886	$2,999,000	$-250,000	-8%
July 02, 2012	V925886	removed after 166 days
July 11, 2012	V961134	$2,999,000	$-250,000	-8%
December 21, 2012	V961134	removed after 163 days
February 07, 2013	V989421	$2,650,000	$-599,000	-18%
February 07, 2013	V989421	removed after 0 days
February 08, 2013	V989479	$2,650,000	$-599,000	-18%

Current Days on Market: 393 (1.08years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $2,208,200
Desperation Score: 18.2

This semi-waterfront sprawling Estate sized lot (almost 16,000 sf) is located steps from Tiddley Cove and features southeasterly views of the City a and English Bay. Rare opportunity to restore this fine Estate to its original splendor or build your Luxury Dream Home on this unique property.

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#8 ) Address:2963 W 30TH AV, MacKenzie Heights, Vancouver West

June 13, 2010	V835422	$2,130,000	$0	0%
December 02, 2010	V835422	removed after 172 days
January 11, 2012	V924307	$3,180,000	$0	0%
February 07, 2012	V924307	$3,080,000	$-100,000	-3%
March 10, 2012	V924307	removed after 59 days
March 14, 2012	V936861	$2,980,000	$-200,000	-6%
April 17, 2012	V936861	$2,880,000	$-300,000	-9%
May 01, 2012	V936861	$2,798,000	$-382,000	-12%
June 30, 2012	V936861	removed after 108 days
August 22, 2012	V967487	$2,798,000	$-382,000	-12%
September 18, 2012	V967487	$2,680,000	$-500,000	-16%
November 15, 2012	V967487	removed after 85 days
January 16, 2013	V985298	$2,638,000	$-542,000	-17%
February 06, 2013	V985298	$2,580,000	$-600,000	-19%

Current Days on Market: 400 (1.10years)
Current ‘Official’ Days on Market: 29
2012 Assessment: $2,561,000
2011 Assessment: $2,694,000
Desperation Score: 28.6

This “Rarely” available home has been available for the past year and had its assessment drop by $130K.  On the plus side, it is “MOVE-IN condition” – imagine that, a $2.5 million home in move in condition… wow!  “The seller is looking for fair market price” – one of the best quotes ever

Rarely available & material benefited Mackenzie Heights house is here for sale! MOVE-IN condition. The sellers have been updating many features: Brand-new Chinese kitchen, all new appliances, new front door & back door, new showers, tiles, bath tubes in the baths, BRAND NEW carpet. Professionally repaired tile roof & gutter. New hot water/heating control system. Fresh painted in & out. Best layout I have ever seen. (Please check the flr plan & video.) This ppty is centrally located in one of the wealthiest areas of Westside; 50×130 south facing lot is on the high side of cherry bloomed street. School catchment: High school: Prince of Wales; Elementary school: Trafalgar. The seller is looking for fair market price. Don’t miss it! PUBLIC OPEN: Saturday February 2nd, 2-4 PM.

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#7 ) Address:5500 WOODWARDS RD, Lackner, Richmond

January 31, 2008	V685981	$1,068,000	$0	0%
August 01, 2008	V685981	removed after 183 days
August 16, 2008	V728621	$1,038,000	$-30,000	-3%
January 01, 2009	V728621	removed after 138 days
January 28, 2009	V750074	$968,000	$-100,000	-9%
August 18, 2009	V750074	$938,000	$-130,000	-12%
September 02, 2009	V750074	removed after 217 days
April 28, 2011	V884266	$1,330,000	$0	0%
May 11, 2011	V884266	removed after 13 days
July 02, 2011	V897509	$1,488,000	$0	0%
October 01, 2011	V897509	$1,468,000	$-20,000	-1%
December 03, 2011	V897509	$1,399,000	$-89,000	-6%
May 15, 2012	V897509	removed after 318 days
May 18, 2012	V950999	$1,398,800	$-89,200	-6%
August 28, 2012	V950999	$1,299,000	$-189,000	-13%
September 07, 2012	V950999	removed after 112 days
September 17, 2012	V971960	$1,299,000	$-189,000	-13%
December 01, 2012	V971960	removed after 75 days
December 05, 2012	V981796	$1,299,000	$-189,000	-13%
January 28, 2013	V981796	removed after 54 days
February 06, 2013	V988999	$1,199,000	$-289,000	-19%

Current Days on Market: 658 (1.80years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $1,186,000
2011 Assessment: $1,224,000
2011 Last Sale: $1,335,000 on 05/May/2011
Total Loss IF sold for list price: 68,872 transaction costs and 136,000 loss on sale = LOSS of 204,872
Desperation Score: 24.0

They are looking at a $200K+ loss on this home and counting.  Close to “Jesse Would Elementary” (actually Jessie Wowk) and “Steven London High” (actually Steveston – London Secondary).  ”Asking price has been adjusted more than $100,000″ (actually $289,000).  ”Priced to sell” (actually no it isn’t really)

A remarkable family home on Woodwards. Functional layout offers entertainment size living, dining & family rm, a quiet den tucked in on one side & a breakfast area looks out a south facing backyard. Spacious granite counter, built in microwave, high end oven, S/S appliances, a walk-in pantry & a wok kitchen complete this kitchen to perfect. Upstairs are Mstr, 3 good size ensuites & a laundry. Other features such as new paint, slate tiled/hard wood floors, radiant heat, concrete tile roof & many more. Located in the best school catchment, Richmond Christian School& Jesse Would Elementary are in the same blk. Walking distance to Steven London High. Asking price has been adjusted more than $100,000. Priced to sell.

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#6 ) Address:1723 NAPIER ST, Grandview, Vancouver East

April 15, 2011	V882445	$769,000	$0	0%
May 03, 2011	V882445	removed after 18 days
July 07, 2011	V898254	$1,210,000	$0	0%
December 09, 2012	V898254	removed after 521 days
February 07, 2013	V989441	$970,000	$-240,000	-20%

Current Days on Market: 671 (1.84years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $861,700
2011 Assessment: $801,000
2011 Last Sale: $830,000 on 25/Apr/2011
Total Profit IF sold for list price: 52,360 transaction costs and 140,000 profit on sale = Profit of 87,640
Desperation Score: 5.5

This was purchased for $830K in April of 2011 and then relisted in July for $1.21 million…  No changes, no improvements, no nothing… just an attempted flip for close to a 50% gain in under 3 months…  Somehow their brilliant master plan didn’t work and almost 2 years later it is still listed.  I’m fairly confident they’ll be losing money on this once it sells.

Prime Commercial Drive property!! Currently producing $4,600/month income, property is duplex zoned and has easy access from 3 sides. Potential for development, close to The Drive and amenities, with beautiful mountain views. Character home was built in 1918 and could be restored to a single family home with renovations, or developed into a new duplex . Property comes with fully engineered plans for a duplex.Currently has 8 beds/4 baths/4 kitchens. Stained glass in the foyer, original bannister, bay window, lots of original mouldings, original fir floors. Viewing to qualified buyers only by appointment. PLease do not walk the property or disturb the tenants. No for sale sign on property as requested by Seller.

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#5 ) Address:7135 MCDERMOTT ST, Sperling-Duthie, Burnaby

May 27, 2011	V890581	$1,788,800	$0	0%
July 21, 2011	V890581	removed after 55 days
June 22, 2012	V957911	$1,580,000	$-208,800	-12%
August 08, 2012	V957911	$1,528,000	$-260,800	-15%
October 06, 2012	V957911	removed after 106 days
October 11, 2012	V975922	$1,428,000	$-360,800	-20%
December 11, 2012	V975922	removed after 61 days
February 07, 2013	V989275	$1,428,000	$-360,800	-20%

Current Days on Market: 237 (0.65years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $995,000
Desperation Score: 14.1

A “rare” gem!  Rare in that you rarely see people so out of touch that they list their home for 40% above assessment

Be impressed by this architecturally designed home that has been fully renovated in 2007 by the current owners. On a beautifully landscaped corner lot, this home is a rare gem in the area. The grand 22 ft foyer will welcome you into this home. Stunning vaulted ceilings with exposed accent beams flow perfectly with Brazilian ‘iPE’ hardwood floors throughout. Huge open kitchen with custom cabinets, high end stainless steel Miele appliances & granite counters. Heat pump A/C, security cameras, 2 gas fireplaces, heated floors in all bathrooms, south facing patio & a side yard perfect for BBQ’s. All bedrooms are oversized & master walk-in closet can be converted back to 4th bedroom. Open house on Feb 9 & Feb 10, 2-4pm.

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#4 ) Address:7668 WHEATER CT, Deer Lake, Burnaby

August 20, 2008	V728952	$2,500,000	$0	0%
October 31, 2008	V728952	removed after 72 days
September 15, 2010	V850061	$3,488,000	$0	0%
February 26, 2011	V850061	$2,998,000	$-490,000	-14%
April 14, 2011	V850061	$2,888,000	$-600,000	-17%
May 18, 2011	V850061	$2,488,000	$-1,000,000	-29%
July 25, 2011	V850061	removed after 313 days
July 07, 2012	V960702	$2,439,000	$-1,049,000	-30%
October 16, 2012	V960702	removed after 101 days
February 08, 2013	V989579	$2,688,000	$-800,000	-23%

Current Days on Market: 222 (0.61years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $2,490,000
Desperation Score: 7.3

Burnaby home originally listed at $3.5 million and they have the nerve to say “The house is a bonus”

One level rancher on a huge lot of 27,232 sqft in Deer Lake area. 3 bedrooms (all ensuite)+ den. Walking distance to Deer Lake, schools and transit. This property is located in a new subdivision surrounded by trees & brand new luxury homes. Most value of the property is the lot. The house is a bonus. Direction: the entrance of Wheater Court is on Buckingham Ave between Burris Street & Haszard Street.

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#3 ) Address:6611 WHITEOAK DR, Woodwards, Richmond

September 26, 2009	V789533	$1,180,000	$0	0%
February 03, 2010	V789533	removed after 130 days
May 24, 2012	V951723	$1,698,000	$0	0%
September 06, 2012	V951723	removed after 105 days
September 08, 2012	V969950	$1,580,000	$-118,000	-7%
October 23, 2012	V969950	$1,490,000	$-208,000	-12%
January 18, 2013	V969950	removed after 132 days
January 25, 2013	V987131	$1,468,000	$-230,000	-14%
January 31, 2013	V987131	removed after 6 days
February 06, 2013	V988845	$1,298,000	$-400,000	-24%

Current Days on Market: 266 (0.73years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $1,393,000
2011 Assessment: $1,727,000
Desperation Score: 20.0

They got beat down with the assessment stick – a $334K and close to 20% drop in 1 year

Woodwards charming family home huge huge Southwest backyard, 10430 sqft lot, extensively renovated with hardwood floor in foyer, living, dining room, 2″ blinds, steam washer and dryer, master ensuite with steam bath & jacuzzi, wet bar, granite counters, newer appliances. Fully landscaped front and backyard with sprinkler system. Beautiful street appeal. London High School District.

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#2 ) Address:4311 ERWIN DR, Cypress, West Vancouver

June 13, 2010	V836176	$1,185,000	$0	0%
September 07, 2010	V836176	removed after 86 days
September 10, 2010	V849195	$1,125,000	$-60,000	-5%
September 28, 2010	V849195	removed after 18 days
January 15, 2012	V925635	$1,700,000	$0	0%
March 17, 2012	V925635	$1,595,000	$-105,000	-6%
June 01, 2012	V925635	removed after 138 days
February 06, 2013	V988832	$1,215,000	$-485,000	-29%

Current Days on Market: 8 (0.02years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $1,224,400
Desperation Score: 10.1

It is my pleasure to present this superb south-facing 7400 sq ft property ideal for re-development on the highly sought-after Erwin Drive… i.e. “the golden circle” in an area of spectacular mult-million dollar homes! The adorable 1930′s 4 bedroom “Buttercup Cottage” is livable, but the value is in the LAND. An absolutely fantastic location: Walk to Cypress Elementary School, Cypress Market Corner Store & Garage. Beachfront on Erwin Drive, Stearman Beach, parks & trails. Steps to West Van Blue Bus & School Bus. Minutes to Rockridge High School, Caulfeild Village shopping & Cypress Bowl skiing area.

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#1 ) Address:5358 KEW CLIFF RD, Caulfeild, West Vancouver

October 06, 2006	V588935	$2,995,000	$0	0%
October 30, 2006	V588935	removed after 24 days
September 23, 2007	V669957	$4,200,000	$0	0%
October 24, 2007	V669957	$3,950,000	$-250,000	-6%
May 06, 2008	V669957	$3,495,000	$-705,000	-17%
December 09, 2008	V669957	removed after 443 days
January 17, 2009	V748716	$3,495,000	$-705,000	-17%
July 16, 2009	V748716	removed after 180 days
April 04, 2010	V819725	$2,995,000	$-1,205,000	-29%
July 06, 2010	V819725	$2,499,000	$-1,701,000	-41%
July 24, 2010	V819725	$3,200,000	$-1,000,000	-24%
August 31, 2010	V819725	$2,698,000	$-1,502,000	-36%
October 01, 2010	V819725	removed after 180 days
October 08, 2010	V853790	$2,698,000	$-1,502,000	-36%
October 29, 2010	V853790	removed after 21 days
August 25, 2011	V906744	$4,088,000	$-112,000	-3%
August 31, 2011	V906744	$4,290,000	$0	0%
September 20, 2011	V906744	$4,158,000	$-132,000	-3%
October 25, 2011	V906744	$4,870,000	$0	0%
November 24, 2011	V906744	removed after 91 days
December 22, 2011	V922782	$4,870,000	$0	0%
March 13, 2012	V922782	$4,380,000	$-490,000	-10%
April 03, 2012	V922782	$3,990,000	$-880,000	-18%
June 16, 2012	V922782	$3,750,000	$-1,120,000	-23%
July 14, 2012	V922782	removed after 205 days
August 25, 2012	V968044	$3,468,000	$-1,402,000	-29%
February 07, 2013	V968044	$3,198,000	$-1,672,000	-34%

Current Days on Market: 539 (1.48years)
Current ‘Official’ Days on Market: 173
2012 Assessment: $2,261,000
2011 Assessment: $2,437,000
Desperation Score: 32.4

Down almost $1.7 million and 34% in a little over a year.  Also listed a million less than it was listed for 6 years ago

Unique, sophisticated, quietly elegant, handcrafted, naturally beautiful- you’ll be captivated by this home & the lifestyle! Kew Cliff known as one of West Vancouver’s most sought after waterfront cul-de-sac. Situated on a private gated 20,000 sqft fully landscaped estate, this classic heritage style custom built residence has been designed using the highest attention to detail quality & finishing. Boasting over 6000? sqft on 3 levels, where all principal rooms open onto entertainment size concrete patios with amazing sunsets unobstructed ocean views of Passage Island, Bowen Island and out the mighty pacific to Vancouver Island & Nanaimo. Approximate House Size: 6169 sqft. Double Garage Size: 594 sqft.

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