Vancouver Price Drop

Documenting Vancouver real estate price movements

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…


#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%

v989637_11

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.


#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%

v989479_11

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.


#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%

v985298_11

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.


#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%

v988999_11

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.


#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%

v989441_11

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.


#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%

v989275_11

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.


#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%

bb75ed5ce5ca02805f38d79b820b11c4268a0e5bb3d326dd8a428acb7664a273_240x180

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.


#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%

v988845_11

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.


#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%

v988832_11

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.


#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%

v968044_11

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.


 

13 responses to “Weekly Drop Metro Vancouver Detached – February 12, 2013

  1. data junkie February 14, 2013 at 6:13 am

    I’ll summarise my feelings thusly:

  2. RFM February 14, 2013 at 8:15 am

    What entertaining listing prices! What chutzpah! I had to laugh out loud as I reviewed the ups, downs and arounds in the pursuit of a buyer for these places. The only thing missing was rationality.

    You have two choices in picking a listing price right now:

    1. Rational: http://vancouverpeak.com/Thread-Thoughts-on-Pricing-Property-in-a-Declining-Market

    2. Irrational: http://vancouverpeak.com/Thread-PPPP

    Your choice! Your money!

  3. Surrey Girl February 14, 2013 at 9:55 am

    #2 was sold for $1,215,000 in one day. This looks like the realtor who wants to look like a hotshot. You know sold for asking in one day! However, we all know that isn’t true thanks to you. Thank you for all your hard work.

  4. MaxPower February 14, 2013 at 12:34 pm

    #4: Is it me, and maybe I am missing something – but – the pic doesn’t match the description. That appears to be neither a rancher nor a huge lot. You could high five your neighbour through the bathroom windows on that one. I checked the first five hits on a google search for the address and none came back with a picture…

    …and I too enjoy the yummy yummy tears of unfathomable sadness…

  5. M- February 14, 2013 at 5:20 pm

    #8: “professionally repaired tile roof.” Soooo…. the roof’s not leaking right now? I think having a sound roof is hardly worthy of mention as a prime selling feature.

  6. Tsurly February 14, 2013 at 6:22 pm

    “The seller is looking for fair market price”

    Well then they’re in luck, because I’m pretty sure that’s exactly what they’re going to get.

  7. Real Estate Tsunami February 14, 2013 at 7:03 pm

    Thanks An Observer for your great work.
    People, over at VREAA, the MAC story is going viral.
    Check it out.

    http://vreaa.wordpress.com/

  8. Spiltbongwater February 16, 2013 at 3:21 pm

    #8 bath tubes in the baths. What are bath tubes exactly? Little better explanation and that could help the place sell quicker.

  9. Rf February 17, 2013 at 5:42 pm

    How did the Woodburn one last week in west van fall of the list? They dropped the price another $100k. It’s down way more than many on this list.

    • an observer February 17, 2013 at 6:21 pm

      I didn’t register that price change until the 13th and the Detached listings were as of the 12th (even though they were posted on the 14th – I was running behind)

      Woodburn will most likely be #1 this coming Tuesday

    • an observer February 17, 2013 at 6:26 pm

      Also, not sure if you are aware but the weekly drop only includes homes that relisted or had price changes in the previous week. So Woodburn will likely be #1 this coming week but then won’t be back on the list again until it changes price or relists.

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