Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – April 23, 2012

I’ve started this blog to help document the drop in listing prices in various properties in the Vancouver and Fraser Valley region.

For my first post I’ll start with the Weekly Drop which shows listings that have dropped by the largest percentage amount.  I’ll add more stats and trends in upcoming posts but at a minimum you can expect the Weekly Drop post each Monday.  Please note, initial prices are based on the prices of homes as of early March 2012.  Realistically many of the homes on today’s list have dropped from even further and other homes  not on the list should be but as this blog progresses, the information will become more and more relevant and up to date.

UPDATE: I missed one listing earlier so this is now a top 11
UPDATE #2: I also missed 4 lots that dropped so will make this a top 15

The Weekly Drop for the week ending April 22 features 9 of the 11 homes at $1 million or higher and 5 properties from Vancouver West, something I believe will be a constant theme

#1) 

Address: 7547 SELKIRK ST, South Granville, Vancouver West

March 9 V927379 $2,488,000
April 20 V927379 $1,498,000 -$990,000 40%

Assessment: $1,195,000 and sold April 2011 for $1,100,000

Looking into this one further the $2.488M price was listed as a 2800sqft home built on this lot and now they are simply trying to flip the lot.  I’ve kept this here in #1 spot because it epitomizes the problems with real estate in this region.  A developer buys a lot for $1.1M, tries to sell it as a custom home to build for $2.5M and when that fails they try to sell the lot for a $398K profit since the time they bought it 1 year ago.

no photo

BUILD OR RENOVATE … Desirable South Granville 33×121.7 lot. Close to the best schools, shopping, downtown and transit. Property currently tenanted.


#2) 

Address: 32921 14TH AV, Mission BC, Mission

March 9 F1128776 $1,450,000
April 16 F1128776 $1,000,000 -$450,000 31%

Assessment: $442,000 likely before new zoning was introduced

1.47 acre property in central Mission approved for 23 town homes. Complete with drawings, geotech, engineering and site plans. Present zone R558. New zone MT40. Preliminary approval.


#3) 

Address: # LOT 20 SAKINAW RG, Pender Harbour, Sunshine Coast

March 9 V901401 $425,000
April 18 V901401 $295,000 -$130,000 31%

Assessment: New Lot

Situated on British Columbia’s Sunshine Coast is Sakinaw Ridge; a dramatic development offering oceanfront and lakefront acreages, panoramic view acreages and fully serviced estate sized building lots. Only a 40-minute ferry ride, but a lifestyle away from Vancouver. With 182′ of waterfront on 2.24 acres, Lot 20 features a shoreline with arbutus trees and wind-swept evergreens with views of the Malaspina Strait, Texada and Nelson Islands. Walk to nearby Daniel Point Park, hike to vista views from Pender Hill or grab your towel and head for a swim at Sakinaw Lake.


#4) 

Address: # 2601 1499 W PENDER ST, Coal Harbour, Vancouver West

March 9 V918446 $2,680,000
April 17 V918446 $1,900,000 -$780,000 29%

Assessment: $2,289,000

Image

Exceptional value in Coal Harbour’s latest address – West Pender Place – eptimone of style & urban vibrancy. This exquisite 2 & Den designed by Alda Pereira is fitted out with Dada kitchen systems and Gaggeneau/Subzero appliances. Fluid floor plan with large living areas, spacious den, 2.5 baths, floor to ceiling windows, and stunning views of Northshore Mountains, Marina, and City lights. Only two homes per floor. Wide plank hardwood flooring throughout, exceptional finishings and attention to detail. Air conditioning, storage & bicycle locker, two parking included. World class amenities including 24 hour concierge, guest suite and indoor pool. 2-5-10 year warranty. Act now as this suite won’t last.


#5) 

Address: 1406 W 40TH AV, Shaughnessy, Vancouver West

March 9 V934037 $3,499,000
March 26 V934037 removed
April 9 V941908 $2,780,000 -$719,000 21%
April 20 V941908 $2,580,000 -$919,000 26%

Assessment: $2,923,000

dropped down another $200,000 on 4/20 after a $719,000 drop on 4/09.

Image

Fantastic 58×145 oversized south-facing corner lot with magnificent 1925 Georgian home! Don’t miss viewing this masterpiece – over 3200 sq.ft. of living area on 3 levels with 4 bedrooms, 4 bathrooms, and flooded with natural light from south and east. Perfect home for entertaining with giant family deck through French doors, pool, and lots of yard space to play in. This truly is the perfect family home. This character home was built with first-growth timber and is warm and friendly to live in. Recent upgrades include new roof (2008), exterior paint (2010), bathrooms (2009), French doors (2006), etc. View photos online and call for opening day and showings schedule.


#6) 

Address: PH2 4372 FRASER ST, Fraser, Vancouver East

March 9 V934919 $599,000
March 26 V934919 removed
April 16 V943690 $445,243 -$153,757 26%

Assessment: Brand New

Image

This one bedroom penthouse unit with a super large 456 sq ft roof deck was tastefully designed by award winning architects. Eco friendly building with energy efficient windows, kitchen and bath appliances. It is flooded with natural light by 9 ft floor to ceiling windows. Close to all amenities and public transit. Outdoor courtyard, bike ramps and patio. Garage up to the first floor is concrete. Laminate + tile flooring, stainless steel appliances and in suite storage/laundry. East facing with plenty of morning sunlight! Completion is May 2012. NEW PRICING INCLUDES NET HST! MUST SEE! Agents Open Thurs Apr. 26th, 10-2pm.


#7) 

Address: # LOT 9 SAKINAW RG, Pender Harbour, Sunshine Coast

March 9 V901397 $195,000
April 18 V901397 $149,000 -$46,000 24%

Assessment: New Lot

Situated on British Columbia’s Sunshine Coast is Sakinaw Ridge; a dramatic development offering oceanfront and lakefront acreages, panoramic view acreages and fully services estate sized building lots. Only a 40-minute ferry ride, but a lifestyle away from Vancouver. Lot 9 is a 3.80 acre estate property accessible off of either Lake Road or Milne Road and bordering Spence Lane, a seldom used public access to Sakinaw Lake. Enjoy kayaking on the salt chuck, summer swimming at Sakinaw Lake or exploring the mile of local trails.


#8) 

Address: 3009 E 18TH AV, Renfrew Heights, Vancouver East

April 14 V943087 $888,000
April 21 V943087 $688,000 -$200,000 23%

Assessment: $655,800 and sold August, 2011 at $650,000

Image

Excellent location!!! Super convenient yet very quiet. Close to community centre, schools, public transit, and shopping centres. Very clean and well kept home, totally renovated. New roof, furnace and hot water tank. 6 bedrooms for student housing can generate $3000 monthly! Open house Sat and Sun, Apr 28 and 29, 2-4pm. Offer presentation on Mon, Apr 30.


#9) 

Address: 1180 RENTON PL, British Properties, West Vancouver

March 9 V930529 $5,000,000
March 27 V930529 $4,680,000 -$320,000 6%
April 17 V930529 $3,998,000 -$1,020,000 20%

Assessment: $2,899,000

dropped down another $682,000 on 4/17 after a $320,000 drop on 3/27.

Image

Lovely custom designed 5 bedroom 8 bathroom family home located on a cul de sac with gorgeous south facing city and ocean views. Over 95ft of frontage with a totally magnificent sun drenched pool and back yard garden. A great opportunity for any growing family, very close to fantastic West Van schools all within walking distance. This home has 4 spacious bedrooms up with sensational master suite. On the main is a private office, large formal living room, dining room and custom gourmet kitchen. Down is a rec room and 1 bedroom authorized suite, great for in laws or rental.


#10) 

Address:LT 1 SPRIGGS RD, Pender Harbour, Sunshine Coast

March 9 V926023 $199,000
April 18 V926023 $159,900 -$39,100 20%

Assessment: New Lot

Bright sunny South facing 2 acre parcel in quiet rural neighbourhood of Pender Harbour. Gently sloping well treed with driveway and building site roughed in. Bring your house plans and start enjoying all the amenities of this wonderful recreational community. Close to Marinas, golf, hiking & biking trails.


#11) 

Address:# LT 5 STEPHENS RD, Halfmoon Bay, Sunshine Coast

March 9 V921826 $375,000
April 20 V921826 $299,000 -$76,000 20%

Assessment: New Lot

No Picture

The Big opportunity for those looking for privacy on a large acreage close to all amenities. Local stores for food and beverages, bakery, boat launch, parks, public wharf, less than 5 minutes away. Well marked and paved road from highway leads to this magical retreat. The zoning is good for three single family dwellings and one auxillary unit…allowing for the expanded family. 15 minutes from Sechelt this land is ready for a family to start building.


#12) 

Address: 1268 216TH ST, Campbell Valley, Langley

March 9 F1125911 $3,680,000
March 31 F1125911 removed
April 17 F1209636 $3,380,000 -$300,000 8%
April 21 F1209636 $2,988,000 -$700,000 19%

Assessment: $1,190,412 although Assessment is farm value which is set by BC Regulation

dropped down another $400,000 on 4/21 after a $300,000 drop on 4/17

Image

EQUESTRIAN ESTATE – Gated tree lined driveway. Setting a new precedent for country living, this offering is one of the finest estates available today. Featuring a premier address in Campbell Valley and peerless amenities that include an in-ground pool, this approximately 8,825-square-foot estate home is a showcase of acreage and privacy. A dramatic entry through high gates leads to a long private driveway that introduces this residence. The property has 2 Barns, 7 paddocks and has supported up to 30 horses in the past. Grass fields with shelters, fenced and cross-fenced. Inside of this home you get the warm feeling of a perfect family retreat. Come see what this 33.4 acres of privacy has to offer.


#13) 

Address: 2425 MARINE DR, S.W. Marine, Vancouver West

March 9 V921699 $2,480,000
April 21 V921699 $1,998,000 -$482,000 19%

Assessment: $2,140,000

Image

Large lot 11660 SF located in SW Marine Dr area. House has been totally renovated in 2010, owner has spent approx $200,000 to update the whole house. 5628 SF South facing house with two levels. Main floor, living room, dining room, den, kitchen, family room, 4 bedrooms (3 ensuites) & 3.5 bathrooms. Lower floor; family room, theatre room, laundry room & swirlpool room. Brand new kitchen appliances, new bathrooms, new solid hardwood flooring, new carpet & tile, new lightings, new tiled patio & decks, new theatre room. Landscaped Japanese garden, electric gate & much, much more! 2-car garage plus 3-car open parking. All meas are approx. Buyer to verify.


#14) 

Address: 4637 W 3RD AV, Point Grey, Vancouver West

March 9 V925882 $5,680,000
April 3 V925882 removed
April 23 V945013 $4,680,000 -$1,000,000 18%

Assessment: $4,125,000

Image

Panoramic View. This family home in prestigious Point Grey area offers stunning water, mountain & city view. Over 3,300 sqft of elegant living area features gourmet kitchen with wok room and eating area, living room with 10′ high ceiling, hardwood floor on principal rooms, a total of 5 bedrooms, a roof deck with 360 degree unobstructed view and spacious recreation room. Queen Mary Elementary & Lord Byng Secondary catchment. A rare find.


#15) 

Address: 16790 16TH AV, Pacific Douglas, White Rock

March 9 F1203003 $1,334,200
April 18 F1203003 $1,100,000 -$234,200 18%

Assessment: $1,059,000

Image

GREAT POTENTIAL with this 1.16 acre LOT (50,556sf). NCP area 2 as investment or holding property. Currently zoned RA or RH for 1-2 units per acre. Central Location. 3,000 sq.ft. 4bd.3bth, House with Views, Southern Exposure. Two detached buildings: 2-stall barn with own 120 amp panel and large workshop/garage with grease pit. Corner Lot. Close to all amenities, the US border, and a new Surrey park called Fergus Watershed Park.

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28 responses to “The Weekly Drop – April 23, 2012

  1. ETB WATCHER April 24, 2012 at 6:16 am

    This is terrific. Please keep it up. Thanks.

  2. Fish10 April 24, 2012 at 7:55 am

    A great addition to the local RE Blogworld.

  3. Reality April 24, 2012 at 8:03 am

    great work, and you’ll have enough material to keep this blog going for a while. It’s the beginning of the end… wooo hooo!!! can’ t wait for the pop

  4. Spitfirez April 24, 2012 at 8:28 am

    Just a suggestion. To make things a little more readable, you could organize each listing like so:
    #8)

    2425 MARINE DR, S.W. Marine, Vancouver West
    MLS #: V921699 (link MLS num to actual listing)

    Orig Price: $2,480,000
    New Price: $1,998,000.00
    Assessed: $2,140,000
    Price Drop: -$482,000.
    Percentage: -19%

    Pic

    Description

    This or similar would make the data easier to read.

    • an observer April 24, 2012 at 8:35 am

      Thanks for the feedback – I’ll update the original post to make it more clear.

    • Lexlimo April 24, 2012 at 8:51 am

      Good suggestion, +1

    • Light Bulb April 24, 2012 at 1:50 pm

      Great suggestion. I’d like to see dates as well, for example:

      Orig Price (listed Feb 22/12): $2,480,000
      Assessed (2011): $2,140,000
      Price Drop #1 (March 10/12): $2,280,000
      Price Drop #2 (April 6/12) and current price: $1,998,000
      Total Price Drop (listed 63 days): -$482,000
      Percentage Drop (listed 63 days): -19%

      Would also suggest writing month in date (April 22) instead of using number (4/22)

  5. Mike April 24, 2012 at 8:41 am

    This is priceless, Thank You! Gives us a welcomed bird’s eye view of what’s going on and I’m sure you’ll have quite a crowd following you in no time 🙂

  6. Yellow Helicopter April 24, 2012 at 10:24 am

    This is great, thank you for doing this!

  7. Vulture Fun April 24, 2012 at 11:42 am

    Excellent work, but it would be even better if you included some dates. Thanks for setting this up.

  8. Avogadro April 24, 2012 at 2:02 pm

    Great work. I’m looking forward to keeping up with the entries!

  9. Jackson April 24, 2012 at 2:11 pm

    Keep up your great work. This is very interesting. The realtors tell a very different story.

  10. moloko April 24, 2012 at 2:24 pm

    Well this is going to be a fun blog, how exciting!

  11. Loon April 25, 2012 at 8:37 am

    Much appreciated (no pun intended).

  12. an observer April 25, 2012 at 9:41 am

    I updated the format to use a grid and also include if/when the listing was taken down. Looks much easier to process now

  13. M- April 25, 2012 at 10:14 am

    This is awesome! Thanks for posting this!

  14. Suede April 25, 2012 at 10:57 am

    Very great blog idea. Looking forward to visiting this site as part of the regular rotation

  15. Gord April 25, 2012 at 11:01 am

    And the truth shall set ye free. 🙂 Congrats on the blog. Gotta fight the power.

  16. Ray April 25, 2012 at 3:30 pm

    “An Observer”, great name… follows with the show Fringe currently being filmed in Vancouver and the recent episode(s) where the Observers take over Earth. This place is truly on the Fringe.

  17. Jack April 25, 2012 at 10:07 pm

    This is great, love the format updates. Keep it up! May I suggest V923507? It’s on it’s 8th price that I know of, down 32%.

    • an observer April 26, 2012 at 7:27 am

      Hi Jack, my info begins on March 9 so for that listing I’ve only seen 1 price drop (699K down to 671K). 7 drops for 32% shows a lot of desperation to sell. I love the “good for investors” comment… 40% down payment puts you at a negative cash flow even with absolutely no additional expenses.

  18. Village Whisperer April 26, 2012 at 2:34 pm

    I really like how you have added the MLS numbers to the individual properties and the dates of the changes/price drops. Excellent work.

  19. vasper85 April 27, 2012 at 12:01 pm

    This is awesome, I came here from Garth’s blog, he mentioned your blog in his post today.

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