Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – May 14, 2012

Here we go with another weekly drop and it is getting more and more competitive to make the list with 15 listings dropping by 21% or more and 3 dropping by 30% or more.  Compare that to last week where 6 listings hit 21% and first place was a 27% drop or the week before that where only 4 hit 21% with the high at 29%.  Now the question is when do we see the first 40% drop?

One other interesting point is that this weeks winner is from the same building as last weeks #2 drop

#1) Address:# 910 5911 MINORU BV, Brighouse, Richmond

March 09 V933002 $99,900 $0 0%
May 09 V933002 $66,000 $-33,900 -34%

Assessment: $64,800

Own a great investment in Downtown Richmond! Airport Hilton Hotel. Located in heart of Richmond. Completely managed & operated w/potential income. Units owner could enjoy benefits which include 30 day per year of personal use at 50% discount rate. Free use of hotel exercise facilities, hotel swimming pool, hotel tennis court & 25% discount on food at hotel restaurant, lounge or room service.

#2) Address:340 184TH ST, Hazelmere, White Rock

March 09 F1129597 $5,988,000 $0 0%
March 31 F1129597 removed
May 12 F1212500 $3,988,000 $-2,000,000 -33%

Assessment: $37,781  (Farm land – value set by BC Regulation 411/95)

No Picture

Endless possibilities await on this Exclusive Executive 20.49 Acre property neighboring Multi Million Dollar homes in the Hazelmere Valley. Embrace this magnificent estate property directly adjacent to a championship Hazelmere Golf Course that accommodates the finest Tennis and Dining facilities. Only minutes from the beaches of White Rock, this once in a lifetime property provides panoramic views of North Shore Mountains and Valley. A few short blocks from the new High Point Estates community. This is a truly rare opportunity for discerning investors or family looking for an Exclusive Estate or development opportunity!!

#3) Address:# 208 5430 201ST ST, Langley City, Langley

March 09 F1129385 $365,000 $0 0%
May 12 F1129385 $256,900 $-108,100 -30%

Assessment: $359,000

Listed for almost 30% below assessment – another first on the weekly drop

CORNER STAIRFREE 3 bdrm condo is the ultimate in space & features at award winning Sonnet. 1501 sqft and loaded with extras: full size independent Double Garage, huge storage locker a few steps away, open style kitchen & living room with large granite island, wine rack, eating bar & deep drawers. High quality Italian fixtures, Plus wet bar or veggie sink with granite counter & additional cabinets. 2 balconies each with retractable screen door. Air conditioning. Luxurious ensuite with rain shower & almost new walk-in jetted (safe step) tub. Spacious foyer for gatherings or wheelchairs. 9′ ceiling. State of the art gym with 3 plasma TVs, library, party room. One level living with space you need, luxury you deserve.

#4) Address:8443 13TH AV, East Burnaby, Burnaby

March 09 V933528 $1,888,000 $0 0%
April 11 V933528 $1,500,000 $-388,000 -21%
May 08 V933528 removed
May 11 V949298 $1,399,000 $-489,000 -26%

Assessment: $1,020,000

This spacious custom built home is not to be missed! The upper level has over 1100 sq.ft. and has four bedrooms and 3 bathrooms, while the basement is over 1400 sq.ft. with 3 bedrooms and 2 bathrooms. The main floor is also over 1400 sw.ft. and has a family room, living room, bathroom, dining room, eating nook, and kitchen. The kitchen is open concept with rich, darker cabinets and granite counters. There are two fireplaces on the main level as well, both gas fuelled. Enjoy the outdoor patio and backyard, complete with a detached two car garage. This home is great for families, with great schools and parks within walking distance.

#5) Address:5051 WILLIAMS RD, Lackner, Richmond

March 09 V930043 $1,589,000 $0 0%
March 28 V930043 $1,498,000 $-91,000 -6%
May 05 V930043 removed
May 11 V949349 $1,168,000 $-421,000 -26%

Assessment: $1,137,000 (Building Unfinished at time of assessment)

HST included in this 3550 SF home (almost $200,000 in savings), it features 6 bedrooms & 6 baths. 10 ft ceilings on the main & 9 ft up, with high efficiency Viessman radiant heat boiler & hot water system, HRV, & A/C. The main & spice kitchen are equipped with all Bosch stainless appliances, granite counters, Sakura range fans. All sinks & toilets are made by Kholer with Delta faucets. The master ensuite features Riobel faucets, shower has 4 jet body spray & steam shower also has a 6 jet jacuzzi. Designer colors were used throughout along with engineered H/W floors. Other features include video intercom system, screens for all windows, high efficiency light bulbs. Separate entrance for the 1 bed suite.

#6) Address:5035 WILLIAMS RD, Lackner, Richmond

March 09 V930050 $1,589,000 $0 0%
March 26 V930050 removed
March 30 V940047 $1,498,000 $-91,000 -6%
May 08 V940047 removed
May 11 V949356 $1,188,000 $-401,000 -25%

3 MLS Numbers in 2 months…

Assessment: $1,138,000 (Building Unfinished at time of assessment)

HST incl for this 3550 SF home (almost $200K savings). 6 bedrooms, 6 baths. 10ft ceilings on main, 9 ft up with 16ft grand living dining. High efficiency boiler/radiant floor system, HRV & A/C. Bosch appliances & granite counters. Kohler & Delta with Riobel in master spa which features 4 jet shower with rain head & steam. Video intercom system window screens & high efficiency bulbs throughout. Sakura hood vents & slow stop drawers in the kitchen. Separate entrance for the 1 bed legal suite as a mortgage helper. Attention to detail make this home sparkle. It is staged to help impress. At this price it won’t last long!

#7) Address:9990 240TH ST, Albion, Maple Ridge

March 09 V915091 $1,700,000 $0 0%
May 09 V915091 $1,298,000 $-402,000 -24%

Assessment: $704,000

BUILDER ALERT! Albion Crossing is a proposed fully serviced 16-Unit Townhouse Development site. All approvals are in place. Building permit drawings are ready to submit for city. Entire Development can be built at once or in phases. Prime location close to schools, shopping and transportation. Most units will have a water view of the Fraser River. Don’t miss out! Put in an offer. This will sell fast!

#8) Address:3568 E PENDER ST, Renfrew, Vancouver East

March 09 V930209 $1,298,888 $0 0%
April 13 V930209 $1,250,000 $-48,888 -4%
May 01 V930209 removed
May 12 V949858 $999,000 $-299,888 -23%

Assessment:  $885,000

Live in Vancouver in one of the units and collect income from th other. Each suite has been updated. The gross income per year is approximately $61,000 and the cap rate is estimated to be 4.7%. This is definitely a better investment than most mutual funds or the stock market. There is also a coin operated laundry that brings in $20 a month. This is a turnkey investment.

#9) Address:2922 PARK LN, Altamont, West Vancouver

March 09 V911708 $12,800,000 $0 0%
March 22 V911708 removed
May 10 V949010 $9,980,000 $-2,820,000 -22%

Assessment: $4,863,000

WATERFRONT VILLA situated on a private bluff with panoramic water views. Offering three spacious floors, all with direct water views, and a wonderful open floor plan providing access to outside terraces, manicured gardens and your own private beachside oasis..featuring five generous Bedrooms incl. a large top floor Master suite and stunning Bathroom. A full Gourmet Kitchen, entertainment size Dining & Living room. Music Room and Family room. On the lower garden level an Office and Exercise Gym easily convert into 4th & 5th Bedrooms and a fully equipped Media/Games room.

#10) Address:815 ANDOVER CR, British Properties, West Vancouver

April 09 V942024 $2,798,000 $0 0%
April 24 V942024 $2,498,000 $-300,000 -11%
May 07 V942024 removed
May 11 V949361 $2,198,000 $-600,000 -21%

Assessment: $1,589,000

Amazing opportunity to acquire this almost 17,000 sq ft of view property in a prime British Properties location. Outstanding views of City & ocean from almost every essential room. Over 3,200 sq ft of lovely family home has 3 large bedrooms, 3 bathrooms, spacious & bright high ceiling living/dining opening on to a large south facing balcony to enjoy the views and an updated kitchen up & a large family/recreation room, huge nanny/guest room & 2 bathrooms on the lower level. Close to Hollyburn Country Club, Capilano Golf Club & best schools in town. Do not miss this rare opportunity to own this highly sought after property.


10 responses to “The Weekly Drop – May 14, 2012

  1. Makaya May 14, 2012 at 9:23 am

    Looks like lots of flips gone bad. It’s not affecting Vancouver West… yet.
    Question: when will we see the first 50% drop?

    keep up the good work 🙂

  2. moloko May 14, 2012 at 9:47 am

    “Don’t miss out! Put in an offer. This will sell fast!”


  3. dg May 14, 2012 at 1:05 pm

    Langley property must have a little more to that story. I would imagine. It is a strata corporation and there might be something on the horizon….

  4. jack May 14, 2012 at 7:33 pm

    “This is definitely a better investment than most mutual funds or the stock market. There is also a coin operated laundry that brings in $20 a month.” This makes me smile.

    • an observer May 14, 2012 at 7:42 pm

      yeah, pretty ridiculous. Pay a million dollars but wait, there is a coin op laundry that brings in $20 per month which might almost cover the costs of running and maintaining it

  5. vreaa May 15, 2012 at 6:08 am

    Thanks for all this, observer.

  6. working May 15, 2012 at 8:58 am

    did you see that the langley property has had another price change – this time an increase?

    MLS®: F1129385
    For Sale: $356,900

    • an observer May 15, 2012 at 9:04 am

      Seems to be a somewhat common occurrence… I would assume that they dropped the price, hoped for a bidding war and when it didn’t materialize they raised the price back up.

      Or maybe they just wanted to make the Weekly Drop list!

  7. Faizal Tejani May 29, 2012 at 4:23 pm

    I am the Realtor for the 2 properties on Williams rd. this was the strategy that I wanted to employ from day 1 but my sellers wanted to try their approach first. This was very successful to sell at full market value. We had multiple offers on both properties and they were all around the same number and both houses sold within $10,000 of each other. This should indicate that we have done the best job for our clients in achieving maximum returns on their homes. We have sold 5051 for 1.35 mil and 5035 for 1.34 mil.
    My final reflection is that if we had listed at or around that price I feel that we would have received a lower offer but by using our approach we had over 100 people through in the four days before we presented offers and we had people talking about these properties to everyone. I am very pleased with the results and my clients are very pleased that I am working for them and they now see that I can be creative and get the job done.
    In retrospect would I change anything?

    Thanks and if anyone out there needs an innovative Realtor, who is always up for a challenge please call me

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