Vancouver Price Drop

Documenting Vancouver real estate price movements

Price Changing Champions – May 10, 2012

20 Comments Posted by an observer on May 10, 2012

Has the champion retired or are they just taking a break? This home has been featured the last two times on Price Changing Champions and it changed a record breaking 6th time this past week before being pulled today. Was it sold or will it be listed again under a new MLS number?

UPDATE: There is a currently unconfirmed report that this home did in fact sell for $1,800,000

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

March 09	V934064	$2398000	$0	0%
March 13	V934064	$2298000	-$100000	4%
April 04	V934064	$2248000	-$150000	6%
April 13	V934064	$2198000	-$200000	8%
April 23	V934064	removed
April 25	V945487	$2150000	-$248000	10%
April 27	V945487	$1988000	-$410000	17%
May 8	V945487	$1888000	-$510000	21%

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.

20 responses to “Price Changing Champions – May 10, 2012”

Makaya May 10, 2012 at 9:05 am
Looks like desperation to me…

Reply
vreaa May 10, 2012 at 10:29 am
Interesting property because this represents lot value for the area… Isn’t that a double lot?
In which case this means that local SFH developers may be backing off new projects.

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- an observer May 10, 2012 at 10:37 am
  One interesting thing about a blog is you can see where people are linking from and there is a chinese forum that had a thread linking up to this Crown street listing on my blog. I was able to get the gist of their conversation by using Google Translate and basically there are Feng Shui issues with the lot. Not sure of the details but the comment was made that if you don’t care about Feng Shui then it was probably a good buy. It’s also interesting to see how in these chinese forums they now speak so negatively about Vancouver real estate
  
  Reply
  - Lee May 10, 2012 at 1:07 pm
    What is sthe chinese forum’s web address?
  - an observer May 10, 2012 at 1:24 pm
    http://www.westca.com/Forums/viewtopic/t=385956/start=570/lang=schinese.html
  - Lee May 10, 2012 at 1:30 pm
    Thanks for the website..
  - Jack May 10, 2012 at 7:56 pm
    Don’t trust google translate. I went through the postings, and no one was talking about feng shui. Most comments are predictions of vancouvere re using data from this site and yattermatters.com
  - an observer May 10, 2012 at 8:09 pm
    I’ll try to find the right link – there must have been two forums linking to that property because I checked the link I posted with google translate and you are right, definitely no discussion about that property and feng shui
  - an observer May 10, 2012 at 8:14 pm
    http://forum.canadameet.cc/showthread.php?t=560672
    
    This is the link on the other chinese forum where, according to google translate, a poster says
    
    “LZ said the house seemed terrain irregular, triangular, outside the small talk about is very serious taboo, but not too close from the 16th Street, from a feng shui point of view, although the price is cheap, but the defect is obvious. Vancouver housing market is cool, just buyers and sellers stalemate late toward not say not to judge from the house. A good location of the house and did not significantly reduce the price.”
    
    Of course google translate probably made a bunch of mistakes but I believe the overall message is roughly translated correctly
  - Jack May 11, 2012 at 5:18 am
    Thanks for the link. The guy making that feng shui comment tried to justify the price drop with a feng shui issue, which is total BS. He just doest believe there is a bubble.
    
    More interestingly, one commenter claimed new houses on his block in kerrisdale have been sitting unsold for the past 7 months. Overall, the sentiment on the forum is negative towards RE.
jesse May 10, 2012 at 1:16 pm
Looks like a nice home for a young couple just starting out. Required income with 30% down: about $220,000.

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- Makaya May 10, 2012 at 1:51 pm
  I don’t think they’re targeting young couples… look at how many 8s they’ve managed to sneak in the asked price 🙂
  
  Reply
  - Village Whisperer May 10, 2012 at 2:24 pm
    You could slip in a whole bunch of additional 8’s and offer $888,888.88 and it would still be overpriced IMHO.
  - an observer May 10, 2012 at 3:17 pm
    I’ll have to add a “Crazy 8’s” article soon. There are currently 390 properties that have a price ending in 888 and 5 properties that end in 888,888… In fact the home at http://www.realtylink.org/prop_search/Detail.cfm?MLS=V939321 is so convinced of the power of 8’s with their $4,888,888 price that they didn’t even bother to post a picture or a description and no, it isn’t a brand new listing, it has been listed for a month and a half…
  - Village Whisperer May 11, 2012 at 8:41 am
    Lol
  - moloko May 14, 2012 at 9:53 am
    insane..
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dunbarfarmer May 11, 2012 at 3:24 pm
Another Crown St property to watch is 4492. Started at 2.2M+; lowered the first time to 1.9M+; today showed up at 1.7M+

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- an observer May 12, 2012 at 8:19 am
  A 21% drop would have put that other home on Crown Street that you mentioned into the middle of the top 10 last week but this week, with Monday’s update still to go, it won’t crack the top 10… I think some people are starting to get the message.
  
  Reply
vancouverbubbleman May 13, 2012 at 8:45 pm
great site- great data….keep up the record keeping. bm

Reply