Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Suburbs – February 26, 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.

Maple Ridge leads the way with 3 entries


#10 ) Address:43728 RYALL RD, Lake Erock, Mission

March 29, 2008 F2808244 $339,900 $0 0%
May 17, 2008 F2808244 $307,500 $-32,400 -10%
May 26, 2008 F2808244 $299,900 $-40,000 -12%
July 08, 2008 F2808244 removed after 101 days
March 06, 2009 F2904394 $319,000 $-20,900 -6%
March 11, 2009 F2904394 removed after 5 days
August 29, 2013 F1320146 $219,900 $-120,000 -35%
September 07, 2013 F1320146 $199,900 $-140,000 -41%
October 17, 2013 F1320146 removed after 49 days
February 10, 2014 F1403011 $218,000 $-121,900 -36%
February 25, 2014 F1403011 $209,000 $-130,900 -39%

f1403011_1

Current Days on Market: 182 (0.50years)
Current ‘Official’ Days on Market: 17
2013 Assessment: $197,000
Desperation Score: 17.7

Here it is, your little piece of paradise. Located close to Sandpiper Golf Course, Hemlock Valley Ski Resort, and Harrison Hot Springs makes this affordable property perfect for year round living or a great family getaway. Lake Errock is just steps away from your driveway fenced yard and new large 12×20 front deck to BBQ & lounge in the sun. New roof put on in 2009. There is also a 12×23 shed/workshop for your tools & hobbies. Inside you will find a maple kitchen, cedar beams, cozy wood stove & balconies off both upstairs bedrooms. You will fall in love with this quiet lake side community.

In March of 2009 it was pulled after just 5 days – I’m thinking this must have been a sale at near the $300K mark or close to 50% above the current list price


#9 ) Address:# 119 13958 108TH AV, Whalley, North Surrey

May 05, 2009 F2906001 $269,900 $0 0%
June 03, 2009 F2906001 removed after 29 days
July 25, 2009 F2916692 $244,900 $-25,000 -9%
October 29, 2009 F2916692 removed after 96 days
February 24, 2014 F1404316 $164,900 $-105,000 -39%

f1404316_1

Current Days on Market: 3 (0.01years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $201,200
2011 Assessment: $205,300
Desperation Score: 11.2

WOW!!! Here it is. Absolutely perfect for someone looking for a great place at a very affordable price. This home has it all. Ground level with 2 patios, the back patio is very private and overlooks the School yard sports field. The unit features all the modern fixtures making it proud to call home. Features include dark laminate floors, granite counter tops with tile floors in the bathrooms, kitchen has granite counters with breakfast bar sitting area, dark shaker style cabinets, the master bedroom has a small walk in closet, and a full 4 pc. en-suite. The in suite laundry has some storage space as well. There is a front patio and a door from the Master suite to access the huge back patio that is very private. Hurry on this one.

Another condo listed 50% higher (and likely purchased) 5 years ago


#8 ) Address:# 37 14500 MORRIS VALLEY RD, Lake Erock, Mission

July 01, 2008 F2819535 $269,000 $0 0%
October 01, 2008 F2819535 removed after 92 days
June 26, 2010 F1018080 $209,900 $-59,100 -22%
January 02, 2011 F1018080 removed after 190 days
May 11, 2011 F1112215 $199,000 $-70,000 -26%
August 31, 2011 F1112215 $185,000 $-84,000 -31%
January 01, 2012 F1112215 removed after 235 days
February 26, 2014 F1404496 $164,000 $-105,000 -39%

No Picture

Current Days on Market: 1 (0.00years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $151,000
Desperation Score: 7.0

Large Waterfront lot in Eagle Point Estates with Incredible VIEWS of the Harrison River. You get Exception & value at this price for this fully serviced and ready to build on property. Located Next to Sandpiper Golf Resort and only 15 minutes to Harrison Hot Springs or Hemlock Valley. Enjoy your Recreation and retirement in this beautiful natural environment. This is a great deal, HURRY, Call now for your personal viewing.


#7 ) Address:7433 200TH ST, Willoughby Heights, Langley

July 31, 2008 F2822984 $1,200,000 $0 0%
January 31, 2009 F2822984 removed after 184 days
September 05, 2013 F1320599 $1,650,000 $0 0%
December 13, 2013 F1320599 removed after 99 days
December 21, 2013 F1327287 $1,599,000 $-51,000 -3%
February 05, 2014 F1327287 $1,199,000 $-451,000 -27%
February 20, 2014 F1327287 removed after 61 days
February 22, 2014 F1404221 $999,000 $-651,000 -39%

No Picture

Current Days on Market: 175 (0.48years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $749,700
Desperation Score: 44.6

Investor’s Alert! 0.96 acre developmental property sitting in the heart of Willoughby. Right on Latimer Neighbourhood plan, this property has a potential to be rezoned for 40-60 units of apartment building. Close to almost all amenities including costco, walmart, rec centre, schools, and transit. Don’t be late!

Was listed 60% higher than the current list price just 3 weeks ago!


#6 ) Address:# 205 12769 72ND AV, West Newton, Surrey

October 05, 2007 F2725478 $189,500 $0 0%
February 28, 2008 F2725478 removed after 146 days
April 20, 2008 F2810627 $199,000 $0 0%
August 01, 2008 F2810627 removed after 103 days
January 21, 2010 F1001531 $209,000 $0 0%
February 10, 2010 F1001531 $199,000 $-10,000 -5%
August 01, 2010 F1001531 removed after 192 days
August 26, 2010 F1022209 $187,900 $-21,100 -10%
February 18, 2011 F1022209 removed after 176 days
March 23, 2011 F1107612 $185,900 $-23,100 -11%
August 01, 2011 F1107612 removed after 131 days
November 11, 2011 F1127631 $178,888 $-30,112 -14%
June 30, 2012 F1127631 removed after 232 days
February 03, 2014 F1402533 $129,900 $-79,100 -38%
February 26, 2014 F1402533 $124,900 $-84,100 -40%

f1402533_1

Current Days on Market: 24 (0.07years)
Current ‘Official’ Days on Market: 24
2013 Assessment: $137,000
2011 Assessment: $152,800
Desperation Score: 13.9

Ideally situated in the complex. Spacious 1 bedroom plus a DEN, perfect for a home office or childs room. Huge private sundeck overlooking east. Living room has laminate floor with a cozy gas fireplace. Central location within walking distance to parks, schools, and more!


#5 ) Address:# 411 11595 FRASER ST, East Central, Maple Ridge

November 10, 2006 V620565 $219,900 $0 0%
August 10, 2007 V620565 removed after 273 days
October 31, 2007 V675904 $235,000 $0 0%
February 15, 2008 V675904 removed after 107 days
January 07, 2012 V923794 $244,900 $0 0%
March 08, 2012 V923794 removed after 61 days
November 29, 2013 V1037506 $169,000 $-75,900 -31%
December 17, 2013 V1037506 $159,000 $-85,900 -35%
January 16, 2014 V1037506 $156,900 $-88,000 -36%
January 31, 2014 V1037506 $149,000 $-95,900 -39%
February 21, 2014 V1037506 $143,000 $-101,900 -42%

v1037506_1

Current Days on Market: 90 (0.25years)
Current ‘Official’ Days on Market: 90
2013 Assessment: $197,100
Desperation Score: 21.4

BIG, BRIGHT top floor corner suite with vaulted ceilings and skylights close to all amenities. 2 bedrooms and 2 full bathrooms, in-suite laundry, gas fireplace and baseboard heating. A little updating will go a long way to make this a very comfortable home. You won’t even need a car as you are centrally located and close to shopping and public transit. Best of all, commuters can walk to the West Coast Express for an easy ride to downtown Vancouver.

Listed 70% higher just 2 years ago


#4 ) Address:5848 175 ST, Cloverdale BC, Cloverdale

February 25, 2012 F1204886 $1,600,000 $0 0%
April 04, 2012 F1204886 $1,100,000 $-500,000 -31%
June 23, 2012 F1204886 $999,900 $-600,100 -38%
January 01, 2013 F1204886 removed after 311 days
January 10, 2013 F1300509 $999,900 $-600,100 -38%
June 30, 2013 F1300509 removed after 171 days
October 11, 2013 F1323442 $965,000 $-635,000 -40%
November 03, 2013 F1323442 removed after 23 days
February 26, 2014 F1404372 $919,900 $-680,100 -43%

f1404372_1

Current Days on Market: 733 (2.01years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $533,800
Desperation Score: 17.9

Attention INVESTORS/DEVELOPERS 15,000 sq.ft. lot designated for medium density development in Prime location, close to all amenities. Great 4 bedroom home on a large lot featuring 2 full bathrooms and lots of storage space throughout. Lots of parking for RV and large detached garage. Hold now and build later. Please verify all zoning details with the City.

 

 

#3 ) Address:35407 MCKEE RD, Abbotsford East, Abbotsford

December 15, 2006 F2627046 $1,300,000 $0 0%
July 01, 2007 F2627046 removed after 198 days
July 21, 2007 F2718993 $1,300,000 $0 0%
January 05, 2008 F2718993 removed after 168 days
March 07, 2008 F2805807 $1,250,000 $-50,000 -4%
July 01, 2008 F2805807 removed after 116 days
July 15, 2008 F2821064 $1,250,000 $-50,000 -4%
September 21, 2008 F2821064 $1,198,000 $-102,000 -8%
October 01, 2008 F2821064 removed after 78 days
October 09, 2008 F2829175 $1,199,000 $-101,000 -8%
January 31, 2009 F2829175 removed after 114 days
April 17, 2009 F2908077 $1,250,000 $-50,000 -4%
June 11, 2009 F2908077 $1,125,000 $-175,000 -13%
January 17, 2010 F2908077 removed after 275 days
July 30, 2011 F1119393 $1,049,000 $-251,000 -19%
November 01, 2011 F1119393 removed after 94 days
January 16, 2014 F1400467 $649,900 $-650,100 -50%
February 21, 2014 F1400467 $629,900 $-670,100 -52%

No Picture

Current Days on Market: 42 (0.12years)
Current ‘Official’ Days on Market: 42
2013 Assessment: $669,000
2011 Assessment: Unknown
Desperation Score: 28.6

Court order sale, 4 bedroom home, quality finishings, near school and transportation. Circular driveway, double garage plus single carport, cul-de-sac location. Kitchen require and some interior doors.

“Court order sale”, “Kitchen require and some interior doors.”


#2 ) Address:25084 112TH AV, Thornhill, Maple Ridge

February 10, 2008 V688293 $2,099,000 $0 0%
November 27, 2008 V688293 $1,750,000 $-349,000 -17%
May 28, 2010 V688293 $1,500,000 $-599,000 -29%
January 01, 2011 V688293 removed after 1056 days
February 26, 2014 V1049098 $999,000 $-1,100,000 -52%

v1049098_1

Current Days on Market: 1 (0.00years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $659,000
Desperation Score: 22.6

‘Albion Development area’ 4.85 Acres designated residential development in the Official Community Plan. Recent Community Amenity program bylaws will permit density bonus and amenity contributions. Great location near new ‘Grant Hill’ development. Features 4 bdrm rancher with great potential for holding until developed. Great property for residential development.


#1 ) Address:11920 228TH ST, East Central, Maple Ridge

February 13, 2009 V751855 $4,490,000 $0 0%
May 01, 2009 V751855 removed after 77 days
April 17, 2011 V882836 $3,590,000 $-900,000 -20%
July 15, 2011 V882836 $3,390,000 $-1,100,000 -24%
September 08, 2011 V882836 $2,995,000 $-1,495,000 -33%
October 22, 2011 V882836 $2,699,000 $-1,791,000 -40%
January 09, 2012 V882836 removed after 267 days
January 21, 2012 V926926 $2,500,000 $-1,990,000 -44%
January 26, 2012 V926926 $2,380,000 $-2,110,000 -47%
April 12, 2012 V926926 removed after 82 days
April 16, 2012 V943461 $2,380,000 $-2,110,000 -47%
May 25, 2012 V943461 removed after 39 days
May 30, 2012 V953297 $2,185,000 $-2,305,000 -51%
August 22, 2012 V953297 removed after 84 days
August 24, 2012 V967838 $1,995,000 $-2,495,000 -56%
January 01, 2013 V967838 removed after 130 days
February 24, 2014 V1048913 $1,979,000 $-2,511,000 -56%

v1048913_1

Current Days on Market: 3 (0.01years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $1,973,000
Desperation Score: 8.6

Zoned for highrise, previous application was for 156 units and was ready for building permit. New development permit would be required. Great potential to rezone to C-3 Commercial.

12 responses to “Weekly Drop Suburbs – February 26, 2014

  1. Aman Gupta February 26, 2014 at 4:23 pm

    Thankyou for your valuable expert comments!

  2. Ricky February 26, 2014 at 4:53 pm

    So badly waiting to see real estate MAYHEM in this beautiful city . Sooner the Better.

  3. Exurban February 26, 2014 at 6:19 pm

    Just a quibble, “Lake Errock, Mission” is a bit of realtorese. Lake Errock is several miles east of the District of Mission, near where the Harrison River joins the Fraser. That is IMO a bit too far out to call suburban.

  4. Mike February 26, 2014 at 7:43 pm

    http://tinyurl.com/np6xbnk
    Can’t wait :) hopefully some good news for Bears!

  5. Alexcanuck February 26, 2014 at 9:00 pm

    My assessment:
    10: Squatted by hillbillies.
    9: Empty.
    8: Land.
    7: Land.
    6: Empty
    5: Empty
    4: No inside pictures, lot value. Note pic 3; prime develpoment location. (sic)
    3: Occupied, but with rather odd taste in decor.
    2: No inside pics.
    1: No pictures at all.

  6. Real Estate Tsunami February 26, 2014 at 9:30 pm

    #3
    Kitchen require and some interior doors.
    ______________
    I guess the tenants kicked the slats out of this place.
    Probably owned by the Bacon Brothers.

  7. bailinginbc February 27, 2014 at 9:39 am

    Looks like – Zoned for highrise, designated residential development, designated for medium density development, has a potential to be rezoned for 40-60 units of apartment building – isn’t always the road to riches that it promised to be. These owners are learning that the hard way.

  8. Cate February 27, 2014 at 9:54 pm

    I have a question that maybe someone can answer…. House for sale at 397 East 31st Vancouver. Listed at $849,000 and then re-listed with the price increased to $869,000. Not a drop, an increase. Was the listing agent/owner hoping for a bidding war that did not materialize or were there too many low ball offers?

  9. Natalie March 20, 2014 at 6:13 pm

    Observer, re #10
    F2904394 Active $ 319000 05-Mar-09
    F2904394 Sold $ 280000 02-Apr-09

    My history report doesn’t show it being pulled after 5 days. It shows it sold for $280,000 April 2.

    • an observer March 20, 2014 at 6:44 pm

      Hi Natalie, thanks for checking the listing. “Pulled” was a poor choice of words, what I meant was that it was removed from the mls after 5 days (despite closing a few weeks later) and as per my comment normally when a listing lasts a short period if time like that it was probably a sale and at close to asking. In this case it wasn’t close to asking but I was right about it being sold and about it being a huge loss for the current owners

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