Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – April 30, 2012

Here is this weeks edition of The Weekly Drop, the top 10 droppers of the week. I also want to clarify what this list represents. It is not the 10 properties that have dropped the most since they were first listed and it is not the 10 properties that dropped the most over the past week. This is a list of 10 properties that had price changes this past week that have lost the most since they were first listed (or March 9, whichever is earlier).

If you think I should be changing this then feel free to comment but my reasoning is that making it the all-time biggest droppers would create a stale list and just basing it on the biggest drops of the past week will miss some homes that have been dropping consistently week to week. I think this method is a good balance of the two.


#1) Address:3672 W 15TH AV, Point Grey, Vancouver West

March 09 V936044 $2,790,000 $0 0%
April 17 V936044 removed
April 25 V945244 $1,990,000 -$800,000 -29%

Assessment: $2,072,000 and sold May 1, 2011 for $2,099,000.

Looks like someone looking to quickly cut their losses

May 3 Edit: Spoke too soon, after not selling at the open house they are now arranging private showings but at $2,538,000!  So a few days after winning the “Weekly Drop” they are going to be at the top of the list on the “Weekly Flop” showing homes that have had their prices raised by the most in the past week.  That weekly feature will be coming tomorrow

This beautiful character with stunning ocean, city & mountain view, 3-level well appointed home has been completely renovated to the studs in 1990 with new foundation. Spacious main floor plan with hardwood, gourmet kitchen, bright living & dining rooms with French doors onto covered south-facing sundeck. 3 great size bedrooms open to long veranda w/spectacular views of ocean, mountain & city. Enjoy the fireworks show from your bedroom. Garden level w/private entrance, potential for self-contained suite w/2 bedrooms, media room, bath, storage/office and laundry. Prime Point Grey area, close to Lord Byng & Queen Elizabeth, public transit nearby, south-facing backyard. Please to show. Call Listing REALTOR now for private viewing. PUBLIC OPENS: Saturday/Sunday April 28th/29th, 2-4 PM.


#2) Address:# PH2 1415 W GEORGIA ST, Coal Harbour, Vancouver West

March 09 V904153 $3,950,000 $0 0%
April 28 V904153 $2,980,000 -$970,000 -25%

Assessment: $2,364,000

AIR CONDITIONING. REAL PENTHOUSE. Entire top floor of the building. 2 private elevators leads to this special penthouse suite. Features all marble floor throughout. Extra height & glass domed ceiling living room with VIEWS to Stanley Park, N.Shore mountain & Water. Great master 5 pcs ensuite has dress area & W/I closet plus private deck with NE VIEWS. 2nd bedroom is N.facing. 3rd bedroom facing SW with excellent views of English Bay & beyond. Granite counter & gas cooktop kitchen combines with nook area. 3 parking stalls. Other area is SE facing, over 700 sq.ft. private rooftop terrace for party event. Greater 800 sq.ft.private storage room on Mezzanine level. Patio & storage are limited common area and NOT included in sq.ft.


#3) Address:# 413 33960 OLD YALE RD, Central Abbotsford, Abbotsford

March 09 F1127557 $169,900 $0 0%
April 27 F1127557 removed
April 28 F1210945 $129,000 -$40,900 -24%

Assessment: $133,300

Ideal for an investor or first time buyer. 1 bedroom and 1 bath condo with a Maple kitchen, laminate flooring, in-suite laundry & electric fireplace. 2 underground parking stalls and 1 storage locker. Downtown Abbotsford location, walking distance to restaurants, pubs, grocery stores and more. No age or rental restrictions. Great investment!!


#4) Address:# 336 1735 AGASSIZ-ROSEDALE HY, Agassiz, Kent

March 09 H1103414 $85,000 $0 0%
April 27 H1103414 $65,000 -$20,000 -24%

Assessment: $103,100

Why rent? Ownership is less expensive. Well maintained upgraded unit, recently painted and floored. Walk to all amenities and enjoy village life. Live where the action is.


#5) Address:# 307 4369 MAIN ST, Whistler, Whistler Pemberton

March 09 V817945 $159,000 $0 0%
April 25 V817945 $127,000 -$32,000 -20%

Assessment: $103,100

Deluxe studio, fully finished. Located in the heart of Whistler Village. Featuring lofted 9′ ceiling, galley style kitchen complete with full size fridge, stove, dishwasher & microwave oven. Cozy sunken living room. Close to shops, restaurants and ski lifts. The building has an outdoor pool, hot tub, fitness room, sauna and secure underground parking. Affordable luxury with room for four people.


#6) Address:12253 228TH ST, East Central, Maple Ridge

March 19 V937996 $359,900 $0 0%
April 25 V937996 $299,900 -$60,000 -17%

Assessment: $352,100

Investor alert! Two bedroom rancher with family room in central Maple Ridge. This home is set on a 12,000 square foot lot in the Town Center Incentive Area for redevelopment. Just looking for an affordable home on a large lot, then this is it. Close to elementary schools, public transportation and you can walk to down town. Property backs on to a park.


#7) Address:# LT.3 SWARD RD, Durieu, Mission

March 10 F1206134 $299,900 $0 0%
April 28 F1206134 $250,000 -$49,900 -17%

Assessment: Not Available

View Property 8.17 Acres on North Hatzic Lake, Waterfront and beautiful mountains – GRACE MOUNTAIN Property – Bare land, bring your ideas to this beautiful area. Build the dream home, access on the end of a dead end street. Small community with a lovely park with its own launch for private community use. Until your dreams come alive. Come and explore your opportunities. Call today, land never gets cheaper.


#8) Address:# 2510 5380 OBEN ST, Collingwood, Vancouver East

March 21 V938381 $399,000 $0 0%
April 17 V938381 removed
April 25 V945331 $333,000 -$66,000 -17%

Assessment: $322,000

Centrally located in Vancouver Collingwood Village! Modern, stylish “URBA” building with spectacular city & mtn view!! Concrete tower, between Joyce and Boundary close to skytrain station, parks, schools & shopping.Most popular floor plan, bright & nice. A MUST SEE!! All meas approx, buyer to verify.


#9) Address:5638 CROWN ST, Dunbar, Vancouver West

March 09 V934064 $2,398,000 $0 0%
March 13 V934064 $2,298,000 -$100,000 -4%
April 04 V934064 $2,248,000 -$150,000 -6%
April 13 V934064 $2,198,000 -$200,000 -8%
April 23 V934064 removed
April 25 V945487 $2,150,000 -$248,000 -10%
April 27 V945487 $1,988,000 -$410,000 -17%

Assessment: $2,095,900

TERRIFIC LOCATION west of Dunbar & north of 41st Ave. Level 66 x 117.5 lot. RS-5 allows approximately 5400 sq ft of new construction. Sunny & private back garden. Easy transit and cycling access to UBC, Crofton & St. Georges. Rent out the cozy 3 bdrm bungalow while you plan a dream home. Now’s the time to make a decision on this Dunbar neighbourhood that is hard to beat for family living.


#10) Address:1350 COAST MERIDIAN RD, Burke Mountain, Coquitlam

March 09 V917871 $2,350,000 $0 0%
April 26 V917871 $1,975,000 -$375,000 -16%

Assessment: $920,000 (Assessed value only reflects actual not potential use)

Mountain fresh air! Dream home for family on spacious 1.1 acre landscaped property. Future with 8 lots or hold for longer term townhome possibilities. Home was custom re-built, Architect designed and supervised. Perfect for extended family. Quality throughout. Great room includes hardwood floors, radiant heating, stainless steel appliances in kitchen with granite counters. Spacious master bedroom with luxurious ensuite. Gated front entrance, private beautifully landscapedyard with back boundry a natural creek. A 2 bedroom separate entrance suite. This is a gem to hold on to as a secure investment and luxurious private lifestyle.


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17 responses to “The Weekly Drop – April 30, 2012

  1. Basement Suite April 30, 2012 at 10:21 am

    ” I think this method is a good balance of the two.”

    Agreed!

  2. David Nelson April 30, 2012 at 10:29 am

    Your blog is a much-needed counterpoint to the propaganda from the realtors that prices only increase and you must buy NOW.

  3. Makaya April 30, 2012 at 10:52 am

    I agree too, keep it the way it is. This is really great information because it gives us live examples of the shenanigans going on in the market. If only we had a willow.com in Canada…

  4. specialfx3000 April 30, 2012 at 11:25 am

    Thanks for the site. Can’t wait for the day that this site matches the activity of http://phoenixflippers.blogspot.com/

  5. Basement Suite April 30, 2012 at 1:10 pm

    If it’s easy to add the year of these too that would be great. Wondering when I read, “This beautiful *character* with …” Tells me it’s old.

  6. gokou3 April 30, 2012 at 1:15 pm

    Suggestion: I see some properties here being listed way above assessment value, kind of indicating that the listed prices were way out of whacked in the first place. I wonder if it’s better to somehow filter out these way-above-assessment listings, or could there be a separate list showing the greatest price drop AND being say 10% below assessment. The latter list could indicate (relative) bargains or motivated selling.

    Thanks for the great work.

  7. M- April 30, 2012 at 3:42 pm

    I like the format here– good work. #8 (on Oben st) is assessed @ $322,000.

  8. moloko April 30, 2012 at 5:56 pm

    keep it this way, thanks!

  9. cchan April 30, 2012 at 6:34 pm

    good job! just great to see how greedy people are!

  10. dg April 30, 2012 at 7:18 pm

    very interesting

  11. leomon84 May 1, 2012 at 2:11 pm

    awesome blog! keep it up!

  12. Ray May 2, 2012 at 12:13 am

    Well, if you have it automated, then clearly you need the “biggest droppers since March 9” list. Just create it (as static as it might be) and keep a link to it on the side. Then this is your weekly dynamic list. Do both.

  13. mark May 2, 2012 at 8:07 am

    large drops on the west side of vancouver! may i suggest making a post, about some properties that was listet above assessed value then repriced below assessed value. I would like to see some underwater people.

    • an observer May 2, 2012 at 8:55 am

      Very few people are underwater at this point unless they bought last year and are trying to sell this year much like listing #1 this week. Getting the assessed value for a home is a manual process so too time consuming to do what you are suggesting but you’ll see more and more homes matching your description in the weeks ahead on “The Weekly Drop”

  14. zerodown May 2, 2012 at 9:12 am

    #7 “land never gets cheaper”, genius.
    As long as they are over assessed what we’re looking at is greedy realtors and sellers mispricing, combined with a (new?) willingness to adjust. Fascinating.

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