Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Suburbs – February 19, 2014

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 1 week AND have dropped the largest percentage overall from their original asking price.

A lot of carnage in this weeks list – when a 43% drop doesn’t get you in the top 5 drops for the week you know things are nasty.  Look at the assessment prices compared to what is being asked and then also factor in that these assessments have been dropping year over year for the most part


#10 ) Address:2961 COMO LAKE AV, Meadow Brook, Coquitlam

March 05, 2008 V692381 $495,800 $0 0%
March 19, 2008 V692381 $484,000 $-11,800 -2%
April 12, 2008 V692381 $464,900 $-30,900 -6%
May 17, 2008 V692381 $480,000 $-15,800 -3%
May 31, 2008 V692381 removed after 87 days
July 02, 2009 V774832 $479,000 $-16,800 -3%
July 30, 2009 V774832 $449,000 $-46,800 -9%
September 22, 2009 V774832 $444,000 $-51,800 -10%
January 03, 2010 V774832 removed after 185 days
February 03, 2011 V867066 $469,000 $-26,800 -5%
July 22, 2011 V867066 $427,000 $-68,800 -14%
September 01, 2011 V867066 removed after 210 days
September 09, 2011 V908685 $419,000 $-76,800 -15%
October 20, 2011 V908685 removed after 41 days
February 17, 2012 V932025 $469,888 $-25,912 -5%
May 16, 2012 V932025 removed after 89 days
May 19, 2012 V951332 $419,800 $-76,000 -15%
June 06, 2012 V951332 $389,888 $-105,912 -21%
July 18, 2012 V951332 removed after 60 days
September 08, 2012 V969864 $388,000 $-107,800 -22%
November 08, 2012 V969864 removed after 61 days
January 13, 2013 V985017 $400,000 $-95,800 -19%
February 21, 2013 V985017 $375,000 $-120,800 -24%
May 04, 2013 V985017 $360,000 $-135,800 -27%
June 06, 2013 V985017 removed after 144 days
August 29, 2013 V1024311 $360,000 $-135,800 -27%
November 15, 2013 V1024311 $340,000 $-155,800 -31%
February 19, 2014 V1024311 $320,000 $-175,800 -35%

v1024311_1

Current Days on Market: 1113 (3.05years)
Current ‘Official’ Days on Market: 175
2013 Assessment: $448,100
Desperation Score: 19.0

Priced below assessed value! Excellent 64×150 lot with lots of potential is conveniently located close to Meadow Brook Elementary, Coquitlam Centre, West Coast Express & Coquitlam Centre Bus Loop and the future Evergreen Line. The updated home has 766 sq ft with 3 bedrooms and 3 piece bath. Updates include laminate flooring, new ceiling, walls, double size hot water tank, fridge, washer and dryer. Make an offer today!

Close to 30% below assessment


 

 

 

#9 ) Address:10928 N DEROCHE RD, Dewdney/ Deroche, Mission

August 28, 2007 F2722132 $490,000 $0 0%
October 02, 2007 F2722132 removed after 35 days
June 07, 2008 F2817167 $539,900 $0 0%
July 01, 2008 F2817167 $519,000 $-20,900 -4%
July 26, 2008 F2817167 $499,900 $-40,000 -7%
October 22, 2008 F2817167 removed after 137 days
February 22, 2011 F1104493 $508,800 $-31,100 -6%
March 24, 2011 F1104493 $488,800 $-51,100 -9%
April 08, 2011 F1104493 $485,800 $-54,100 -10%
April 22, 2011 F1104493 $480,200 $-59,700 -11%
May 06, 2011 F1104493 $480,800 $-59,100 -11%
May 14, 2011 F1104493 $478,800 $-61,100 -11%
May 20, 2011 F1104493 $475,800 $-64,100 -12%
June 10, 2011 F1104493 $469,800 $-70,100 -13%
June 25, 2011 F1104493 $465,800 $-74,100 -14%
September 11, 2011 F1104493 removed after 201 days
March 02, 2013 F1304787 $430,000 $-109,900 -20%
October 30, 2013 F1304787 removed after 242 days
November 27, 2013 F1326241 $369,000 $-170,900 -32%
January 04, 2014 F1326241 $344,900 $-195,000 -36%
January 23, 2014 F1326241 $342,900 $-197,000 -36%
February 18, 2014 F1326241 $319,000 $-220,900 -41%

f1326241_1

Current Days on Market: 355 (0.97years)
Current ‘Official’ Days on Market: 85
2013 Assessment: $373,000
Desperation Score: 25.0

VIEWS!!! VIEWS!!! VIEWS!!! 3 bedroom rancher on 1.23 PRIVATE acres in a gorgeous country setting! Beautiful views of the Fraser Valley! Totally private!!! Situated at the dead end of a country street with a long driveway off the road! Has low unfinished walk-out basement (great for storage)!!! Double garage!

15% below assessment after 41% in drops


#8 ) Address:13970 56 AV, Panorama Ridge, Surrey

June 06, 2008 F2816993 $2,800,000 $0 0%
June 02, 2009 F2816993 removed after 361 days
April 22, 2010 F1010766 $2,888,000 $0 0%
November 27, 2010 F1010766 $2,588,000 $-300,000 -10%
October 31, 2011 F1010766 removed after 557 days
May 25, 2012 F1213639 $2,399,000 $-489,000 -17%
August 11, 2012 F1213639 $1,999,000 $-889,000 -31%
November 12, 2012 F1213639 removed after 171 days
March 13, 2013 F1305793 $1,850,000 $-1,038,000 -36%
June 28, 2013 F1305793 $1,600,000 $-1,288,000 -45%
September 07, 2013 F1305793 removed after 178 days
February 16, 2014 F1403549 $1,699,000 $-1,189,000 -41%

No Picture

Current Days on Market: 636 (1.74years)
Current ‘Official’ Days on Market: 4
2013 Assessment: $1,797,000
2011 Assessment: $1,724,000
Desperation Score: 22.7

Ocean Views! 2.11 acres in prestigious Panorama Ridge. One of the last large subividable parcels available. This property is south facing overlooking the ridge and views to the ocean. An excellent opportunity to build your dream mansion and profit later from subdivision. Motivated seller and will entertain offers & including any trades that you have. Hurry on this one!

“Motivated seller and will entertain offers & including any trades that you have. Hurry on this one!” – hurry, it’s been listed every year since 2008.  They actually had the sense of humour to increase the listing price


#7 ) Address:19881 16TH AV, Brookswood, Langley

June 07, 2011 F1114596 $5,100,000 $0 0%
December 01, 2011 F1114596 removed after 177 days
January 08, 2012 F1200405 $5,100,000 $0 0%
June 30, 2012 F1200405 removed after 174 days
July 31, 2012 F1219600 $4,888,000 $-212,000 -4%
January 01, 2013 F1219600 removed after 154 days
February 12, 2013 F1303321 $3,888,000 $-1,212,000 -24%
April 13, 2013 F1303321 $3,400,000 $-1,700,000 -33%
October 04, 2013 F1303321 $3,188,000 $-1,912,000 -37%
December 21, 2013 F1303321 removed after 312 days
February 16, 2014 F1403583 $2,988,000 $-2,112,000 -41%

f1403583_1

Current Days on Market: 989 (2.71years)
Current ‘Official’ Days on Market: 4
2013 Assessment: $1,809,000
Desperation Score: 34.2

Beautiful Rancher with loft home on private 4.22 acre Mountain View Parcel of land in the Campbell Valley area of South Langley. This home has well over 10,000 sq. ft. of living space and features 4 beds and 8 baths. Solid Maple hardwood floors adorn the home throughout. Every room is grand and beautiful, top quality finishes are used throughout. Dream kitchen and games area ideal for entertaining friends. Huge bonus loft space is great for work or play. Amenities include a gym, outdoor swimming pool, and marvellous high end Sports Court. Energy efficient and cost efficient geothermal system heats home in winter, provides AC in summer. Fenced and gated with security system. A 12-minute drive to top ranked Southridge Private School. A stones-throw from South Surrey. Ten minutes to the USA Border. Zoning allows for stables. * PREC – Personal Real Estate Corporation

Very nice country estate but how on earth did they think that this was worth $5.1 million!!!  When you compare it to the High Point Estates the current price is getting there in terms of relative value


#6 ) Address:# 8 33136 MILL LAKE RD, Central Abbotsford, Abbotsford

August 02, 2007 F2720141 $169,900 $0 0%
August 23, 2007 F2720141 removed after 21 days
September 24, 2008 F2827642 $174,900 $0 0%
October 31, 2008 F2827642 $164,900 $-10,000 -6%
December 12, 2008 F2827642 $154,900 $-20,000 -11%
March 01, 2009 F2827642 removed after 158 days
March 06, 2009 F2904385 $151,900 $-23,000 -13%
May 16, 2009 F2904385 removed after 71 days
June 05, 2009 F2912165 $144,500 $-30,400 -17%
September 01, 2009 F2912165 removed after 88 days
November 20, 2009 F2926354 $148,500 $-26,400 -15%
January 17, 2010 F2926354 removed after 58 days
February 10, 2010 F1003618 $147,900 $-27,000 -15%
August 05, 2010 F1003618 removed after 176 days
December 13, 2012 F1228617 $139,900 $-35,000 -20%
April 09, 2013 F1228617 removed after 117 days
April 12, 2013 F1308155 $127,500 $-47,400 -27%
June 02, 2013 F1308155 $109,000 $-65,900 -38%
August 15, 2013 F1308155 removed after 125 days
August 19, 2013 F1319509 $105,000 $-69,900 -40%
February 13, 2014 F1319509 removed after 178 days
February 16, 2014 F1403578 $99,900 $-75,000 -43%

f1403578_1

Current Days on Market: 434 (1.19years)
Current ‘Official’ Days on Market: 4
2013 Assessment: $148,500
Desperation Score: 16.9

Affordable adult townhome living 45+, within walking distance of Sevenoaks Shopping Center, beautiful Mill Lake and bus. This upper corner unit features 2 bedrooms and one bathroom. Good sized laundry room with room for storage and cabinets plus laundry tub. Quiet east facing balcony with view of rolling hills. New roof recently redone. No dogs allowed but cats are welcome. Covered parking for one plus visitor parking. Comfortable 8 unit complex. Quick possession possible. Furnished pictures on website.

Over 30% below assessment


#5 ) Address:# 107 2962 TRETHEWEY ST, Abbotsford West, Abbotsford

February 28, 2008 F2805011 $183,888 $0 0%
March 18, 2008 F2805011 $179,999 $-3,889 -2%
April 24, 2008 F2805011 removed after 56 days
May 05, 2013 F1310498 $142,900 $-40,988 -22%
June 04, 2013 F1310498 $137,900 $-45,988 -25%
June 13, 2013 F1310498 $129,000 $-54,888 -30%
July 12, 2013 F1310498 $120,900 $-62,988 -34%
July 27, 2013 F1310498 $118,900 $-64,988 -35%
August 22, 2013 F1310498 $116,900 $-66,988 -36%
October 14, 2013 F1310498 removed after 162 days
February 16, 2014 F1403645 $105,000 $-78,888 -43%

f1403645_1

Current Days on Market: 291 (0.80years)
Current ‘Official’ Days on Market: 4
2013 Assessment: $135,500
Desperation Score: 22.0

Cascade Green. A great start for first time Buyers! 2 bedroom and 2 full bath suite with outlook to walkways and green space. Spacious layout, large covered patio, in-suite laundry and gas fireplace. Needs paint, cleaning and some flooring but priced accordingly. Family and pet friendly, maintenance fee includes gas and hot water, one underground parking stall with potential to rent a second stall. Central location, close to all amenities, walk to schools, art gallery, library, recreation, Rotary Stadium and Discovery trails. 2 cats and 1 dog allowed, max 12″ at shoulder. Rentals not permitted. * PREC – Personal Real Estate Corporation

“Needs paint, cleaning and some flooring but priced accordingly.”.  25% below assessment


#4 ) Address:# 346 27358 32ND AV, Aldergrove, Langley

August 04, 2007 F2720330 $218,900 $0 0%
October 17, 2007 F2720330 $214,900 $-4,000 -2%
November 21, 2007 F2720330 removed after 109 days
June 14, 2011 F1115237 $207,900 $-11,000 -5%
June 24, 2011 F1115237 removed after 10 days
December 13, 2013 F1326943 $139,000 $-79,900 -37%
January 16, 2014 F1326943 $129,000 $-89,900 -41%
February 13, 2014 F1326943 $119,000 $-99,900 -46%

f1326943_1

Current Days on Market: 69 (0.19years)
Current ‘Official’ Days on Market: 69
2013 Assessment: $165,200
Desperation Score: 18.6

FORECLOSURE! Priced WAY below tax assessment value! Why rent when you can OWN this spectacular unit for as low as $650 per month! PERFECT for a first time home Buyer! Reside in Willow Creek’s most newest building (Phase 4). 800 square feet worth of space in a 1 Bedroom and Den overlooking spectacular view of Mount Baker. Within walking distance to all local amenities including shopping, schools, parks and recreation. Call today to book your personal viewing before it’s gone! * PREC – Personal Real Estate Corporation

“FORECLOSURE! Priced WAY below tax assessment value! Why rent when you can OWN this spectacular unit for as low as $650 per month! ” – maybe because it is dropping in value daily?


 

#3 ) Address:# 232 2821 TIMS ST, Abbotsford West, Abbotsford

July 18, 2007 F2718535 $127,500 $0 0%
August 14, 2007 F2718535 removed after 27 days
September 25, 2007 F2724636 $169,800 $0 0%
October 05, 2007 F2724636 $164,000 $-5,800 -3%
October 25, 2007 F2724636 removed after 30 days
February 13, 2014 F1402915 $89,900 $-79,900 -47%

f1402915_1

Current Days on Market: 7 (0.02years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $94,900
Desperation Score: 13.0

Affordable “Parkview Estates”. Two bedroom and one full bathroom second floor condo. Covered balcony with reasonable privacy. Well managed 19+ building. Comes with secure u/g parking and additional storage on same floor as unit. Two cats ok, but (sorry) no dogs. Call, email or text for further details. * PREC – Personal Real Estate Corporation

Likely purchased for around $160K in 2007 based on listing history – almost a 50% drop


#2 ) Address:11803 98TH AV, Royal Heights, North Surrey

August 29, 2007 F2722282 $799,900 $0 0%
September 29, 2007 F2722282 $749,900 $-50,000 -6%
November 14, 2007 F2722282 removed after 77 days
April 22, 2008 F2811354 $739,900 $-60,000 -8%
September 05, 2008 F2811354 removed after 136 days
November 13, 2008 F2831841 $749,900 $-50,000 -6%
November 24, 2008 F2831841 removed after 11 days
May 30, 2011 F1113891 $899,000 $0 0%
May 26, 2012 F1113891 removed after 362 days
January 10, 2013 F1300453 $799,000 $-100,000 -11%
February 06, 2013 F1300453 $749,000 $-150,000 -17%
December 28, 2013 F1300453 removed after 352 days
February 13, 2014 F1403283 $468,000 $-431,000 -48%

f1403283_1

Current Days on Market: 406 (1.11years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $643,000
2011 Assessment: $668,000
Desperation Score: 28.0

This MEGA house is a PROJECT. Considerable damage done by tenants. Probably some basement & sub basement works done without City permits. Buyers to verify City requirements. Currently, heat not working. Quick Possession avail. Measurements are approximate and should be verified by the Buyers if important to them. Schedule ‘A’ required with offers.

What a mess – their house was destroyed by tenants.  The whole description can be quoted but this in particular is amusing “heat not working. Quick Possession avail” – so in other words, if you don’t require heat (plus enjoy fire hazards, mold and city officials nailing health warnings to your front door) then you can move in right away!


 

#1 ) Address:32921 14TH AV, Mission BC, Mission

June 12, 2009 F2912858 $495,000 $0 0%
June 25, 2009 F2912858 removed after 13 days
December 04, 2011 F1128776 $1,450,000 $0 0%
April 16, 2012 F1128776 $1,000,000 $-450,000 -31%
October 26, 2012 F1128776 $880,000 $-570,000 -39%
November 26, 2012 F1128776 removed after 358 days
November 28, 2012 F1228011 $799,000 $-651,000 -45%
January 17, 2013 F1228011 $749,000 $-701,000 -48%
May 21, 2013 F1228011 $699,000 $-751,000 -52%
June 15, 2013 F1228011 $650,000 $-800,000 -55%
August 09, 2013 F1228011 $579,000 $-871,000 -60%
November 29, 2013 F1228011 removed after 366 days
February 16, 2014 F1403715 $550,000 $-900,000 -62%

No Picture

Current Days on Market: 809 (2.22years)
Current ‘Official’ Days on Market: 4
2013 Assessment: $568,000
Desperation Score: 41.1

1.47 AC property in Central Mission. Investor Alert!!!

“Investor Alert!!!”

13 responses to “Weekly Drop Suburbs – February 19, 2014

  1. Ray February 19, 2014 at 12:57 pm

    9 of 10 below assessment. We’re getting there, slowly.

  2. M- February 19, 2014 at 1:27 pm

    For #10, the BC Assessment probably doesn’t adequately take into account the high-voltage power lines next door or the horribly-ugly power substation across the street.

  3. Real Estate Tsunami February 19, 2014 at 1:58 pm

    The burbs are toast.
    Vancouver next.

  4. Finally February 19, 2014 at 5:50 pm

    Sold 2 years ago, now renting. Can put more than 30% down on a YVR House. Family and friends all telling me to buy a house. I tell them it’s too expensive, worst investment ever, it’s like buying a stock at its peak, cheaper to rent in the rent vs buy calculation, economy slowing, interest rates going to increase, debt at record level, 70% already own, prices will correct, will be at least soft landing, absolutely no rush, blah blah blah. Their responses, “…stop wasting money on rent, buy now, prices won’t ever go down!”.

  5. chingon_15 February 20, 2014 at 9:21 am

    The house in Coquitlam is steps to a main road/train tracks. Terrible area imo.

  6. Waiting_to_buy February 20, 2014 at 10:53 am

    I have been waiting to buy for the last 2 years and still in Surrey/White Rock area the houses in nice location sell at or above asking price and many within couple of months of being listed. Based on economics, I will keep waiting until the prices correct.

    • an observer February 20, 2014 at 11:41 am

      I’m seeing something completely different. I also get email sale alerts from south surrey and I don’t remember the last time I saw one sale that was even at asking and most are way under the current asking price which has usually been dropped multiple times and there is a ton of old inventory that just keeps on getting relisted over and over again. If you look at the MOI in south surrey for homes above $1.5 million it paints a scary picture for the sellers.

      • Waiting_to_buy February 20, 2014 at 1:39 pm

        Thanks observer! I have no way of finding out whether it was relisted at a lower price as you provide but I track the property which I like and when it sells, I ask the realtor for sale price. I am tracking properties less than 800k so you must be correct for properties over 1m as I see many being listed for years. There are properties on sale for many months now but they are those whose asking price was significantly over the assessment so maybe buyers are seriously considering city assessment for their buying decision. The properties I am tracking and was talking about are those where listing price is within 10-20% of the city assessment price. As soon as I find a property listed even 5% less than assessment I might go ahead and make an offer.

        Thanks again for all the great information which we won’t have access to otherwise.

      • jaksun February 21, 2014 at 6:06 pm

        where and when can we get some more info about south surrey/white rock esp. about “mortgage” (morgan) creek? just curious…. thanks

  7. Ricky February 21, 2014 at 12:59 am

    Hello observer,

    With Olympic village 50% vacant! and all the high rise building coming up in that area.
    Brentwood mall , oak ridge mall , Metrotown mall all set for tear down and multiple towers there.
    Cambie and marine and Cambie street zoning changed . What is your opinion on this over flow of condos ???
    Are these signs of crash or Vancouver will digest all these condos ???

  8. Tammy A March 23, 2014 at 12:45 pm

    Aside from location, does anyone know why the #10 Como Lake one has never sold?

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