Desperation Meter – March 13, 2013

I’m shaking things up a little bit and instead of the 3 weekly price drop reports I’m going to post a weekly “Desperation Meter” top 20.  The formula attempts to determine the level of desperation for a particular home by looking at price drops and relistings and weighting them based on the size of the drop and how recently it happened.

• White Rock, Surrey, Richmond and Vancouver West all make the list 3 times with North Vancouver and West Vancouver appearing twice each
• 6 of the homes on the list are new builds
• 10 of the 19 homes with assessment data are currently priced under assessment
• No attached properties made the top 20 but plenty are littering the top 50

UPDATE: MORE LIES!!!  Take a look at #6 in Panorama Ridge with the address 12958 COULTHARD RD.  They claim in their description that it is currently rented for $6500/month and that the renter could stay after sale.  I even commented in the Weekly Drop on February 25th that I was surprised that it had been rented out at such a high amount (despite this still being a poor CAP rate basically anywhere else in the world).  Well check out Craigslist where it is still there, where it has been pretty much constantly for at least a year asking for $4750/month.  Buyer beware!

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#20 ) Address:16728 86TH AV, Fleetwood Tynehead, Surrey

March 13, 2007	F2704369	$798,500	$0	0%
July 10, 2007	F2704369	removed after 119 days
February 07, 2012	F1203015	$974,900	$0	0%
March 16, 2012	F1203015	removed after 38 days
June 25, 2012	F1216499	$925,000	$-49,900	-5%
November 01, 2012	F1216499	removed after 129 days
November 04, 2012	F1226835	$899,000	$-75,900	-8%
December 09, 2012	F1226835	removed after 35 days
December 10, 2012	F1228551	$889,000	$-85,900	-9%
January 04, 2013	F1228551	$859,000	$-115,900	-12%
January 18, 2013	F1228551	$839,000	$-135,900	-14%
February 07, 2013	F1228551	$809,000	$-165,900	-17%
February 22, 2013	F1228551	$789,000	$-185,900	-19%
March 02, 2013	F1228551	$769,000	$-205,900	-21%

Current Days on Market: 401 (1.10years)
Current ‘Official’ Days on Market: 94
2012 Assessment: $752,000
2011 Assessment: $731,000
Desperation Score: 39.7

5 price drops already in 2013 and currently listed for over a year earn this home a spot in the top 20

2 STOREY WITH FULL BASEMENT 4900+ SQ.FT. HOME WITH SUITE! Located in a great area, near all amenities. The yard is .20 acre, all useable. The basement has a full suite with 3 bedrooms, a living room, rec room, laundry, and 2 full baths. The main floor has hardwood and granite and wood cabinets and high ceilings. It’s an island kitchen, and there’s a butler pantry with stove area. Upstairs are 2 master bedrooms with full ensuites, 2 other bedrooms and another full bathroom. The home is in excellent condition. * PREC – Personal Real Estate Corporation

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#19 ) Address:3256 W KING EDWARD AV, MacKenzie Heights, Vancouver West

February 02, 2011	V866506	$1,698,000	$0	0%
February 09, 2011	V866506	removed after 7 days
March 10, 2012	V936503	$3,880,000	$0	0%
March 22, 2012	V936503	$3,580,000	$-300,000	-8%
June 01, 2012	V936503	removed after 83 days
June 11, 2012	V955839	$3,388,000	$-492,000	-13%
July 05, 2012	V955839	$3,288,000	$-592,000	-15%
August 29, 2012	V955839	$2,998,000	$-882,000	-23%
October 26, 2012	V955839	removed after 137 days
October 31, 2012	V978509	$3,188,000	$-692,000	-18%
January 01, 2013	V978509	removed after 62 days
January 13, 2013	V984863	$3,168,000	$-712,000	-18%
February 13, 2013	V984863	$2,999,000	$-881,000	-23%

Current Days on Market: 369 (1.01years)
Current ‘Official’ Days on Market: 60
2012 Assessment: $3,004,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 40.0

New build has been listed for over a year and is already below assessment after close to $900K and 23% in drops.  The owners tried the brilliant move of increasing the price of their lonely home by $200K during a horrible market and after a couple of drops are actually still $1K higher than the previous low price.  Sorry to break it to you but if it didn’t sell for $3 million in August then there is no way it will sell for even $2.7 million today.  Even with this dramatic drop in price they still have plenty of profit room although by the time it sells I doubt it will break even.

Truly spectacular quality built character home in prestigious MacKenzie Heights location! This stunning home simply offers full attention to supreme finishing & details of craftsmanship, give you feelings of elegant & luxury high end modern living. Almost 4300 sf, high ceilings, quality H/W fls thru-out, gourmet kit w/ wok kit, top of the line Viking appls & cabinetry, A/C, HRV, full entertaining features with wet bar, wine cellar, media room, sauna & steam in bsmt, huge south exposure covered deck, park-like garden, close to Prince of Wales Secondary School, Kitchener Elem School, St. George’s, York House, Crofton House private schools, UBC & transit.

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#18 ) Address:6260 SEMLIN CT, Terra Nova, Richmond

August 05, 2007	V662471	$1,180,000	$0	0%
August 24, 2007	V662471	$1,150,000	$-30,000	-3%
December 21, 2007	V662471	removed after 138 days
December 29, 2007	V681738	$1,150,000	$-30,000	-3%
February 11, 2008	V681738	removed after 44 days
October 01, 2010	V852818	$1,329,000	$0	0%
October 12, 2010	V852818	removed after 11 days
July 27, 2011	V901928	$1,688,000	$0	0%
November 30, 2011	V901928	removed after 126 days
December 15, 2011	V922410	$1,588,000	$-100,000	-6%
March 09, 2012	V922410	removed after 85 days
March 28, 2012	V939639	$1,533,000	$-155,000	-9%
April 17, 2012	V939639	$1,498,000	$-190,000	-11%
June 19, 2012	V939639	removed after 83 days
June 21, 2012	V957748	$1,438,000	$-250,000	-15%
August 21, 2012	V957748	$1,398,000	$-290,000	-17%
October 01, 2012	V957748	removed after 102 days
October 04, 2012	V974979	$1,377,000	$-311,000	-18%
November 09, 2012	V974979	removed after 36 days
January 06, 2013	V983852	$1,398,000	$-290,000	-17%
February 28, 2013	V983852	$1,270,000	$-418,000	-25%

Current Days on Market: 596 (1.63years)
Current ‘Official’ Days on Market: 67
2012 Assessment: $1,438,000
2011 Assessment: $1,631,000
Desperation Score: 40.2

Pulled the home in October and then relisted for more in January despite being listed for over a year and a half!  Currently listed for over 20% BELOW their 2011 assessment and their 2012 assessment dropped by 12%.  “Quiet cul-de-sac location” – except when the planes fly by every 48 seconds…

Quality home by Penta Homes with 9′ ceilings, 5 bedrooms, 4 baths, hardwood floor, maple cabinets, high end stainless steel appliances, granite countertops, inground sprinkler system. Quiet cul-de-sac location. Very well kept as new. Price under 2013 assessment.

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#17 ) Address:2982 161A ST, Grandview Surrey, White Rock

February 23, 2012	F1204404	$3,288,000	$0	0%
May 02, 2012	F1204404	$2,999,000	$-289,000	-9%
July 31, 2012	F1204404	$2,899,000	$-389,000	-12%
September 01, 2012	F1204404	$2,799,000	$-489,000	-15%
October 03, 2012	F1204404	removed after 223 days
October 25, 2012	F1226197	$2,799,000	$-489,000	-15%
January 19, 2013	F1226197	$2,499,000	$-789,000	-24%
March 12, 2013	F1226197	$2,299,000	$-989,000	-30%

Current Days on Market: 385 (1.05years)
Current ‘Official’ Days on Market: 140
2012 Assessment: $2,567,000
2011 Assessment: $2,409,000
Desperation Score: 40.3

A $1 million price drop and 30% in just a year for this south surrey home.  Imagine how much money their greed has cost them!  Higher end homes in south surrey were actually selling last spring and early summer – I doubt they would have had much of a problem getting $2.5 million back then but they were priced at $3 million+ at the time.

AMAZING OPPORTUNITY–SUPER PRICE! Prestigious MORGAN ACRES, custom GRAND RESIDENCE on huge 31,000 sf lot. Hosting 6 Beds/2 Dens/8 Baths within the 9,250 sf in two storey with fully finished walk out basement! Two MASTER RETREATS (one Master on Main); Granite Chef’s kitchen plus WOK KITCHEN; fabulous massive entry hall; every bdrm boasts its own granite ensuite; bsmt level exclusively finished; lovely wrap around 500 sf covered verandah with mtn views; tripple garage & secure RV or Boat parking; Air conditioned, of course! This one of a kind home is nestled high above in an excl. neighbohood and conveniently located close to Southridge School, the Grandview ‘hub’ shops, transit, & freeway! R/I for pool! BELOW ASSESMENT * PREC – Personal Real Estate Corporation

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#16 ) Address:967 ROSLYN BV, Dollarton, North Vancouver

February 26, 2012	V933878	$3,750,000	$0	0%
March 27, 2012	V933878	$3,690,000	$-60,000	-2%
April 18, 2012	V933878	$3,288,000	$-462,000	-12%
May 16, 2012	V933878	$2,980,000	$-770,000	-21%
June 15, 2012	V933878	$2,750,000	$-1,000,000	-27%
July 25, 2012	V933878	removed after 150 days
August 10, 2012	V965789	$2,690,000	$-1,060,000	-28%
January 03, 2013	V965789	removed after 146 days
February 15, 2013	V990537	$2,388,000	$-1,362,000	-36%

Current Days on Market: 382 (1.05years)
Current ‘Official’ Days on Market: 27
2012 Assessment: $2,255,000
2011 Assessment: $1,840,000
Desperation Score: 40.4

Assessment went up over 20% this past year but this home is now down $1.4 million and 35% from its ridiculous high asking price from a year ago.  Initial price was over double its assessment!!!  “Priced well below replacement cost” so using some math that would mean previously it was priced $1.3 million+ OVER replacement price… for a brand new version of the home…  I wonder why it didn’t sell?

This home has everything! Located a short walk from the oceanside, this custom built home occupies a sunny 1/3 acre private lot with water views. Featuring over 5,000 sqft, this 7 bedroom dream home has everything including; theatre, entertainment sized gourmet chef’s kitchen, 2 bedroom suite, swimming pool with fireplace and waterfalls, Koi pond, large flat backyard with gorgeous waterfalls. This is the perfect family home and it won’t last long. Priced well below replacement cost, this incredible value and outstanding lifestyle on the North Shore!

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#15 ) Address:7306 CLOVER RD, Pemberton, Whistler/Pemberton

March 09, 2012	V901344	$797,000	$0	0%
April 20, 2012	V901344	$849,000	$0	0%
June 30, 2012	V901344	removed after 113 days
July 22, 2012	V963403	$799,000	$-50,000	-6%
August 31, 2012	V963403	$719,000	$-130,000	-15%
September 24, 2012	V963403	removed after 64 days
September 26, 2012	V973469	$694,000	$-155,000	-18%
October 21, 2012	V973469	$669,000	$-180,000	-21%
November 07, 2012	V973469	$649,000	$-200,000	-24%
November 22, 2012	V973469	$619,000	$-230,000	-27%
December 10, 2012	V973469	$604,000	$-245,000	-29%
December 18, 2012	V973469	$594,000	$-255,000	-30%
February 01, 2013	V973469	$579,000	$-270,000	-32%

Current Days on Market: 370 (1.01years)
Current ‘Official’ Days on Market: 169
2012 Assessment: $790,800
2011 Assessment: $1,002,000
Desperation Score: 41.5

Assessment down over 20% this past year and still priced 25% BELOW the new assessment and over 40% BELOW the 2011 assessment…  “This is a court ordered sale”

24 acres in the Pemberton Valley with great possibilities. Currently operating as a hostel, there is plenty of room for everyone here. The lot is very private near the end of a cul-de-sac and not far from the Pemberton Village. There are several outbuildings, a barn, gazebo, and storage shed, some with power. This is a court ordered sale and listed well below assessed value. Great possibilities to build the family estate on this private acreage in the Pemberton Valley.

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#14 ) Address:2688 CRESCENT DR, Crescent Beach/Ocean Park, White Rock

June 21, 2008	F2818635	$1,799,500	$0	0%
August 12, 2008	F2818635	$1,689,500	$-110,000	-6%
October 09, 2008	F2818635	$1,629,500	$-170,000	-9%
November 17, 2008	F2818635	removed after 149 days
March 11, 2009	F2904712	$1,388,000	$-411,500	-23%
May 06, 2009	F2904712	$1,299,000	$-500,500	-28%
August 04, 2009	F2904712	removed after 146 days
July 20, 2012	F1218804	$2,488,000	$0	0%
August 01, 2012	F1218804	$2,399,000	$-89,000	-4%
August 11, 2012	F1218804	$2,380,000	$-108,000	-4%
September 21, 2012	F1218804	$2,188,000	$-300,000	-12%
October 19, 2012	F1218804	$2,088,000	$-400,000	-16%
October 26, 2012	F1218804	$1,998,000	$-490,000	-20%
November 15, 2012	F1218804	$2,148,000	$-340,000	-14%
February 19, 2013	F1218804	$2,088,000	$-400,000	-16%
February 28, 2013	F1218804	$1,998,000	$-490,000	-20%

Current Days on Market: 237 (0.65years)
Current ‘Official’ Days on Market: 237
2012 Assessment: $1,734,000
2011 Assessment: $1,654,000
Desperation Score: 42.2

“2 stoerys”  Initially priced at over 50% ABOVE assessment but working its way down.  Recently increased the price by $150K and just now back to the previous low price point.

CRESCENT HEIGHTS. Gated estate on 29,272 sqft lot. Charming home w/ 2 stoerys & full basement – 5,624 sqft. 4 beds all w/ walk-in closets, 4 baths, den & games room. Quality finishing’s hardwood floors, stain glass windows & more. Recent updates to kitchen w/cherry wood cabinets, stainless app., granite, plus large eating area overlooking backyard. Master suite w/sitting room & f/p. Full bsmt, partially finished w/separate entry, bdrm, bathrm & games – unfinished area for gym, wine cellar, etc. Private Southeast yard w/ pool, courtyard & beautiful gardens. Other updates include roof w/European gutters, downpipes & gutter box’s. One of the Peninsula’s best kept secrets “Crescent Drive” perched above Crescent Beach.

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#13 ) Address:2 GROSVENOR AV, Capitol Hill, Burnaby

August 30, 2012	V968525	$1,295,000	$0	0%
September 20, 2012	V968525	$1,195,000	$-100,000	-8%
November 03, 2012	V968525	$1,098,000	$-197,000	-15%
November 28, 2012	V968525	removed after 90 days
December 01, 2012	V981659	$1,098,000	$-197,000	-15%
February 01, 2013	V981659	removed after 62 days
February 28, 2013	V992684	$1,095,000	$-200,000	-15%
March 07, 2013	V992684	$1,045,000	$-250,000	-19%
March 13, 2013	V992684	$999,900	$-295,100	-23%

Current Days on Market: 196 (0.54years)
Current ‘Official’ Days on Market: 14
2012 Assessment: $1,027,000
Desperation Score: 42.3

Another new build, this one down 23% and almost $300K in 6 months.  I love the text in the front picture which tries to sell that there is a fire hydrant immediately in front of the house which would save so much on property insurance!  Surprised they don’t mention the safety benefits of the stop sign…

CAPITOL HILL VIEW 33X122′ CORNER LOT built in 2012! This custom 2 storey with basement (& crawl) family home has 4 bedrooms & 3 bathrooms upstairs, plus a bedroom & spacious room for inlaws in the basement; with their own entrance. Den on main great for home office. Deluxe Bosch S/S appliances, granite counters, eng. hardwood floors, tile, marble F/P’s plus heated floors for cozy warmth. Detached garage with lane access. Comes with 2-5-10 warranty.

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#12 ) Address:5411 MYTKO CR, Lackner, Richmond

January 28, 2012	V928193	$1,238,000	$0	0%
February 21, 2012	V928193	$1,188,000	$-50,000	-4%
February 29, 2012	V928193	removed after 32 days
March 08, 2012	V935980	$1,198,000	$-40,000	-3%
April 19, 2012	V935980	removed after 42 days
April 26, 2012	V945523	$1,188,000	$-50,000	-4%
May 08, 2012	V945523	$1,098,000	$-140,000	-11%
June 21, 2012	V945523	removed after 56 days
June 30, 2012	V959431	$1,098,000	$-140,000	-11%
September 20, 2012	V959431	removed after 82 days
September 26, 2012	V973277	$1,088,000	$-150,000	-12%
October 31, 2012	V973277	$1,038,000	$-200,000	-16%
January 16, 2013	V973277	removed after 112 days
January 18, 2013	V985725	$998,000	$-240,000	-19%
March 12, 2013	V985725	$949,000	$-289,000	-23%

Current Days on Market: 411 (1.13years)
Current ‘Official’ Days on Market: 55
2012 Assessment: $884,000
2011 Assessment: $900,000
Desperation Score: 42.6

“Priced to sell”.  It’s above assessment in Richmond – that is 100% NOT priced to sell!

Beautiful 5 bdrm home in Lackner area. Extensively renovated & well cared for by the owner. Designer paints, crystal chandeliers, S/S appliances, gourmet kitchen, new roof are just some of the features. Awesome floor plan on the main includes entertaining-sized family room, formal living & dining rooms & the 5th bedroom which can be an office or a den. 4 huge bedrooms upstairs. Nicely landscaped West exposed backyard with gated fence, easy access to public transit. Walking distance to Jessie Wowk Elem & Richmond Christian School. Double garage plus 2 parking space. Priced to sell. Just move in & enjoy. Open house Sunday, March 17th 2-4pm.

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#11 ) Address:918 CHARLAND AV, Coquitlam West, Coquitlam

March 02, 2012	V934552	$1,599,000	$0	0%
March 29, 2012	V934552	$1,499,000	$-100,000	-6%
April 24, 2012	V934552	removed after 53 days
April 27, 2012	V945850	$1,399,000	$-200,000	-13%
July 24, 2012	V945850	removed after 88 days
July 27, 2012	V963884	$1,198,000	$-401,000	-25%
September 17, 2012	V963884	removed after 52 days
September 24, 2012	V973236	$1,299,000	$-300,000	-19%
January 01, 2013	V973236	removed after 99 days
February 13, 2013	V990161	$1,299,800	$-299,200	-19%
March 04, 2013	V990161	removed after 19 days
March 10, 2013	V994795	$1,198,000	$-401,000	-25%

Current Days on Market: 377 (1.03years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $1,151,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 42.8

“Best price per square foot.” – well at under $200/sqft with land costs included that is actually a fair and useful comment.  “Great revenue or bed and breakfast opportunity. Hot! Hot! Hot!” – this not to much

LOCATION – LOCATION – LOCATION (across from the Vancouver Golf Club). Features: floor to ceiling windows, 9 bedrooms, 8 bathrooms, 4 kitchens. There are two Brand New Suites: a two bdrm. suite and a one bdrm suite down. Recently renovated home with a new addition and with permits. Work done in 2007 & 2008. Lane access, private yard. Impressive 16 ft floor to ceiling windows that face private yard, hardwood, two stairways to upstairs, open concept living with huge kitchen, lots of parking and with a gated driveway. Best price per square foot. Great revenue or bed and breakfast opportunity. Hot! Hot! Hot!

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#10 ) Address:769 W 61ST AV, Marpole, Vancouver West

October 06, 2006	V613046	$1,398,800	$0	0%
April 16, 2007	V613046	removed after 192 days
May 11, 2007	V646439	$1,398,800	$0	0%
July 12, 2007	V646439	removed after 62 days
September 29, 2007	V670948	$1,350,000	$-48,800	-3%
February 01, 2008	V670948	removed after 125 days
June 29, 2012	V959332	$2,480,000	$0	0%
September 18, 2012	V959332	$2,380,000	$-100,000	-4%
October 02, 2012	V959332	removed after 95 days
October 18, 2012	V977024	$2,090,000	$-390,000	-16%
November 01, 2012	V977024	$1,890,000	$-590,000	-24%
January 02, 2013	V977024	removed after 76 days
January 23, 2013	V986580	$1,980,000	$-500,000	-20%
February 25, 2013	V986580	removed after 33 days
March 01, 2013	V993160	$1,798,000	$-682,000	-28%

Current Days on Market: 258 (0.71years)
Current ‘Official’ Days on Market: 13
2012 Assessment: $1,742,000
2011 Assessment: $1,770,000
Desperation Score: 43.6

“Friendly and family Marpole neighbourhood”  “20 years young” – seriously???  That’s the type of thing you say to a granny to make her feel better, not about a home.  “A personal choice of paint and flooring will make this home cozy and new!”  AKA home has no paint and no flooring.  I wonder if the roof is ok?  “Personal choice of roof make you dry and happy!”.  Another owner who tried the price increase joke

Friendly and family Marpole neighbourhood, this South facing, grand home with spacious interior, almost 3500 sqft, 3 levels sits on a large 44 X 122 lot. 4 bedrooms up, 1 bdrmon main and 2 bdrm suite for mortgage helper/nanny’s quarter below. 20 years young situated on a quiet and beautiful street, convenient location to Churchill Secondary, Laurier Elementary, shopping, rec centre, transit and more. 3 car garage and a private fenced yard. A personal choice of paint and flooring will make this home cozy and new! A must see!!!

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#9 ) Address:6940 NO 1 RD, Riverdale, Richmond

October 06, 2006	V611620	$599,000	$0	0%
January 01, 2007	V611620	removed after 87 days
March 16, 2007	V635573	$599,000	$0	0%
June 11, 2007	V635573	removed after 87 days
January 26, 2011	V865172	$799,000	$0	0%
February 09, 2011	V865172	$889,000	$0	0%
March 09, 2011	V865172	removed after 42 days
January 07, 2012	V923891	$1,878,000	$0	0%
February 15, 2012	V923891	$1,750,000	$-128,000	-7%
February 28, 2012	V923891	removed after 52 days
March 01, 2012	V934428	$1,699,000	$-179,000	-10%
May 29, 2012	V934428	$1,649,000	$-229,000	-12%
June 18, 2012	V934428	removed after 109 days
June 23, 2012	V958156	$1,548,880	$-329,120	-18%
July 12, 2012	V958156	$1,499,000	$-379,000	-20%
July 16, 2012	V958156	removed after 23 days
July 19, 2012	V962746	$1,448,000	$-430,000	-23%
January 18, 2013	V962746	removed after 183 days
February 28, 2013	V992753	$1,489,000	$-389,000	-21%
March 12, 2013	V992753	$1,368,000	$-510,000	-27%

Current Days on Market: 432 (1.18years)
Current ‘Official’ Days on Market: 14
2012 Assessment: $1,642,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 43.8

This new home is now over 15% below assessment and yet another price increase joker.  At the current price, which isn’t selling, they must be taking a substantial loss on this build

Brand new luxury home at a very convenient west Richmond location. Over 3500 sq ft home, high-ceiling in living and family room, deluxe kitchen granite counter, stainless steel appliances, wok kitchen, tasteful colour scheme, engineered hardwood floors on the main and carpet upstairs, blinds throughout the house. 1 bedroom large legal suite, 4 ensuite bedrooms upstairs, air-conditioning, 3 car garage, HRV, electric gate, the list goes on, come and tour the home.

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#8 ) Address:16021 27A AV, Grandview Surrey, White Rock

June 19, 2008	F2818337	$559,900	$0	0%
January 02, 2009	F2818337	removed after 197 days
September 23, 2009	F2921545	$439,900	$-120,000	-21%
November 22, 2009	F2921545	removed after 60 days
March 26, 2011	F1107881	$1,250,000	$0	0%
August 09, 2011	F1107881	removed after 136 days
November 16, 2011	F1127782	$1,250,000	$0	0%
December 28, 2011	F1127782	removed after 42 days
January 07, 2012	F1200374	$1,250,000	$0	0%
April 03, 2012	F1200374	removed after 87 days
April 04, 2012	F1208406	$1,250,000	$0	0%
June 02, 2012	F1208406	$1,238,000	$-12,000	-1%
June 29, 2012	F1208406	$1,199,000	$-51,000	-4%
July 25, 2012	F1208406	removed after 112 days
July 26, 2012	F1219246	$1,199,000	$-51,000	-4%
October 26, 2012	F1219246	removed after 92 days
November 02, 2012	F1226682	$1,299,900	$0	0%
December 04, 2012	F1226682	$1,199,000	$-100,900	-8%
January 01, 2013	F1226682	removed after 60 days
January 06, 2013	F1300213	$1,188,000	$-111,900	-9%
February 05, 2013	F1300213	removed after 30 days
February 09, 2013	F1303060	$1,188,237	$-111,663	-9%
March 06, 2013	F1303060	$1,120,000	$-179,900	-14%

Current Days on Market: 719 (1.97years)
Current ‘Official’ Days on Market: 33
2012 Assessment: $1,212,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 45.2

This new home in White Rock has been listed for 2 years and has had numerous price increases although just recently hit a new low in price

Custom elegance, owner builder, 5 bdrm, 5 bath home has unobstruceted view of mountains, pond and valley, superior quality construction and finishing, 18′ ceilings contemporary floor plan hardwood floor throughout, large entertainment sized kitch, granite counters, deluxe Fisher Paykel appliances, bright open great room with fireplace, 3 bdrm, 3 bath above, fully finished 9 ft. walkout basement has media and games room, 2 large bedrooms plus 2 full bath. Double car garage. Heat pump (air conditioning) in ground sprinkler. Steps to South Ridge school & new elementary, Morgan Crossing and Grandview Shopping. * PREC – Personal Real Estate Corporation

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#7 ) Address:5968 MARINE DR, Eagleridge, West Vancouver

October 26, 2011	V917255	$9,800,000	$0	0%
November 15, 2011	V917255	$8,900,000	$-900,000	-9%
February 01, 2012	V917255	$8,550,000	$-1,250,000	-13%
March 31, 2012	V917255	removed after 157 days
April 05, 2012	V941399	$7,900,000	$-1,900,000	-19%
July 09, 2012	V941399	removed after 95 days
July 13, 2012	V961757	$7,200,000	$-2,600,000	-27%
August 22, 2012	V961757	$6,900,000	$-2,900,000	-30%
January 10, 2013	V961757	removed after 181 days
January 17, 2013	V985358	$6,900,000	$-2,900,000	-30%
February 20, 2013	V985358	removed after 34 days
February 28, 2013	V992869	$5,980,000	$-3,820,000	-39%

Current Days on Market: 505 (1.38years)
Current ‘Official’ Days on Market: 14
2012 Assessment: $4,686,000
Desperation Score: 45.5

Almost $4 million in price drops and still 30% OVER assessment!

Magnificent Waterfront Luxury Home with spectacular Ocean and Island views and private oceanside terraces…Exceptional quality and design with many luxury appointments including gourmet kitchen, large Master Suite, three additionalbedroom suites, media room, wine room, elevator and covered outdoor heated sitting area with fireplace and hot tub…

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#6 ) Address:12958 COULTHARD RD, Panorama Ridge, Surrey

May 05, 2009	F2906473	$1,898,000	$0	0%
October 31, 2009	F2906473	removed after 179 days
February 06, 2010	F1003379	$1,628,000	$-270,000	-14%
April 19, 2010	F1003379	removed after 72 days
April 22, 2010	F1010773	$1,425,000	$-473,000	-25%
June 26, 2010	F1010773	$1,375,000	$-523,000	-28%
July 29, 2010	F1010773	removed after 98 days
October 19, 2010	F1025971	$1,275,000	$-623,000	-33%
January 21, 2011	F1025971	$1,450,000	$-448,000	-24%
February 27, 2011	F1025971	removed after 131 days
April 07, 2011	F1109040	$1,888,000	$-10,000	-1%
July 23, 2011	F1109040	$1,698,000	$-200,000	-11%
September 21, 2011	F1109040	$1,578,000	$-320,000	-17%
October 14, 2011	F1109040	removed after 190 days
November 11, 2011	F1127590	$2,180,000	$0	0%
March 02, 2012	F1127590	$1,998,000	$-182,000	-8%
May 05, 2012	F1127590	removed after 176 days
May 09, 2012	F1212060	$1,880,000	$-300,000	-14%
August 01, 2012	F1212060	removed after 84 days
August 04, 2012	F1220026	$1,780,000	$-400,000	-18%
September 08, 2012	F1220026	$1,688,000	$-492,000	-23%
December 09, 2012	F1220026	removed after 127 days
January 19, 2013	F1301213	$1,588,000	$-592,000	-27%
February 19, 2013	F1301213	$1,498,000	$-682,000	-31%

Current Days on Market: 1409 (3.86years)
Current ‘Official’ Days on Market: 54
2012 Assessment: $1,377,000
2011 Assessment: $1,237,000
Desperation Score: 46.0

This place has been listed for 4 years and it was also a fixture on craiglist as a rental – apparently it is rented now for actually a reasonable rent given the asking price.  “Vendor take back mgt possible short term.”  Such random pricing on this place – $1.275 million in October of 2010, then increased to $1.45 million in January 2011 and $1.888 million in April 2011!  Then a slow drop down to $1.578 million in September only to come back up to a whopping $2.18 million in November!  I’m sure we’ll be testing the low price shortly

Spectacularly built private Georgian brick mansion located in exclusive Panorama Ridge with water & mountain views. Everything is high end in this home. Exotic Rosewood & Brazilian Cherry wide plank flooring compliment high ceilings with beautiful crown molding. Elegant double staircases create easy access from the main floor in this stunning open concept home. Large gourmet kitchen, perfect for entertaining + wok kitchen with quality appliances. Your guests enjoy their own private access. Driveway has been prewired for entrance gates. Make this luxurious house your home with a true half acre for your family to enjoy. Rented at $6500 per month, negotiable to stay on after sale. Vendor take back mgt possible short term.

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#5 ) Address:4507 CEDARCREST AV, Canyon Heights, North Vancouver

June 28, 2012	V959011	$1,325,000	$0	0%
August 04, 2012	V959011	$1,250,000	$-75,000	-6%
August 25, 2012	V959011	$1,175,000	$-150,000	-11%
September 19, 2012	V959011	$1,125,000	$-200,000	-15%
October 06, 2012	V959011	$1,075,000	$-250,000	-19%
October 27, 2012	V959011	$1,025,000	$-300,000	-23%
November 17, 2012	V959011	$975,000	$-350,000	-26%
December 10, 2012	V959011	$925,000	$-400,000	-30%
January 03, 2013	V959011	$899,000	$-426,000	-32%

Current Days on Market: 259 (0.71years)
Current ‘Official’ Days on Market: 259
2012 Assessment: $1,149,500
2011 Assessment: $954,500
Desperation Score: 46.8

Assessment increased 20% in the past year mainly because building lots were flying in this part of North Vancouver.  They missed the boat with their greed and are now over 20% BELOW assessment

UPDATE: Poster “Canyon Heights” let us know that this sold for $876,100 or almost 25% BELOW assessment and almost 35% BELOW their initial asking price

Canyon Heights 2 level, 4 bedroom, 2 bathroom 2,100 sq/ft family home on a large, private lot located on a quiet, low traffic street. Offering an L-shaped dining room and living room with wood burning fireplace, vaulted ceilings, and French doors to a covered deck. Completing the main is a kitchen, 4 piece bathroom, and 2 bedrooms. The suite potential, walk-out lower level offers a recreation room, two bedrooms, 4 piece bathroom, large utility room, and plenty of storage. Featuring a partially treed, private lot, with peek-a-boo view potential. Ideal to renovate, rent and hold, or redevelop. Ideal location minutes to Edgemont Village, and just a short walk to Canyon Heights Elem. and Handsworth Sec. Schools. Sold As Is, Where Is.

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#4 ) Address:2656 W 41ST AV, Kerrisdale, Vancouver West

June 18, 2010	V837762	$929,000	$0	0%
August 13, 2010	V837762	removed after 56 days
March 04, 2012	V935348	$2,488,000	$0	0%
April 11, 2012	V935348	$2,388,000	$-100,000	-4%
April 24, 2012	V935348	$2,260,000	$-228,000	-9%
May 23, 2012	V935348	$1,998,000	$-490,000	-20%
May 28, 2012	V935348	removed after 85 days
May 31, 2012	V953373	$1,955,000	$-533,000	-21%
June 25, 2012	V953373	removed after 25 days
June 29, 2012	V959234	$1,880,000	$-608,000	-24%
September 07, 2012	V959234	removed after 70 days
October 05, 2012	V975091	$2,295,000	$-193,000	-8%
November 13, 2012	V975091	removed after 39 days
November 16, 2012	V980268	$2,088,000	$-400,000	-16%
February 01, 2013	V980268	removed after 77 days
February 23, 2013	V992255	$1,999,000	$-489,000	-20%

Current Days on Market: 375 (1.03years)
Current ‘Official’ Days on Market: 19
2012 Assessment: $1,945,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 48.1

Pulled the listing in September at $1.88 million and then relisted in October at $2.295 million.  Good luck with your awesome plan

Brand new family home in the heart of Kerrisdale. 2-5-10 year warranty. Extra deep 33×134′ lot. Extremely quiet inside. Light, bright & airy; overheight ceilings with skylights throughout. Top of the line appliances: Viking, Miele, Bosch. Beautiful dream kitchen perfect for entertaining or great family moments. Floor to ceiling glass sliding doors off kitchen area brings the outdoors in. Meticulous attention to detail from designer tiles to restoration hardware touches. All upstairs bedrooms are ensuite. 2 bdrm basement can be suited w/own laundry. A must see at this spectacular value. Kerrisdale Elem & Pt. grey Sec catchment. Also close to best private schools: Crofton House, St. Georges. HST included.

 

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#3 ) 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%
March 13, 2013	F1300826	$899,000	$-1,081,000	-55%

Current Days on Market: 396 (1.08years)
Current ‘Official’ Days on Market: 60
2012 Assessment: $1,003,000
2011 Assessment: $1,017,000
Desperation Score: 50.7

This property has made the various lists many times and is now down 55% from the absurd $1.98 million price from a year ago

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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#2 ) 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%
January 23, 2013	F1214691	$121,000	$-178,900	-60%
February 07, 2013	F1214691	$111,000	$-188,900	-63%
February 21, 2013	F1214691	$108,000	$-191,900	-64%

Current Days on Market: 369 (1.01years)
Current ‘Official’ Days on Market: 281
2012 Assessment: No Assessment
Desperation Score: 52.1

“wet at the bottom, then rises steeply up” – this Vancouver Price Drop Hall of Fame property has had 17 price drops in the past year!

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

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#1 ) Address:4611 WOODBURN RD, Cypress Park, West Vancouver

March 15, 2012	V937107	$3,388,000	$0	0%
April 11, 2012	V937107	$3,188,000	$-200,000	-6%
April 24, 2012	V937107	$2,888,000	$-500,000	-15%
May 01, 2012	V937107	$2,688,000	$-700,000	-21%
June 29, 2012	V937107	removed after 106 days
July 02, 2012	V959849	$2,398,000	$-990,000	-29%
August 10, 2012	V959849	$2,198,000	$-1,190,000	-35%
October 01, 2012	V959849	removed after 91 days
October 06, 2012	V975394	$1,999,999	$-1,388,001	-41%
January 31, 2013	V975394	$1,888,000	$-1,500,000	-44%
February 13, 2013	V975394	$1,788,000	$-1,600,000	-47%

Current Days on Market: 364 (1.00years)
Current ‘Official’ Days on Market: 159
2012 Assessment: $2,481,000
2011 Assessment: $2,279,000
Desperation Score: 56.7

Initially listed at about 50% ABOVE assessment and is now priced almost 30% BELOW assessment!  $1.6 million and 47% in under a year… ouch!

Fabulous 1.35 Acre (58,806sqft) property boasting absolutely striking ocean views amidst total privacy. Enter through a private gated entry, down a long winding driveway to the home situated on a rocky bluff. Inside is a spacious 5700 sqft floor plan with vaulted ceilings, a fantastic kitchen, a master bedroom with a fabulous ensuite and his & her walk-in closets. Add to this an indoor pool. Outside, soak in the tremendous views and fabulous exposure on the huge sunlit patio. Located only a moment to Caulfield Village, near Rockridge High School and Caulfield Elementary. Try your offer.