Vancouver Price Drop

Documenting Vancouver real estate price movements

Price Changing Champions – May 17, 2012

We have two more properties that have changed 6 times since we’ve been keeping track in early March and I added an honourable mention property this week with 5 price changes, 3 already in May!

#1) Address:# 208 5388 GRIMMER ST, Metrotown, Burnaby

This weeks winner decided that after 5 price drops and 2 MLS numbers since March that they would relist once again but at a higher price…  I’m thinking we’ll be seeing this one at 7 price changes by this time next week.

March 09 V927330 $304,900 $0 0%
March 13 V927330 $299,900 -$5,000 2%
March 29 V927330 removed
March 31 V940335 $294,900 -$10,000 3%
April 13 V940335 $291,000 -$13,900 5%
April 17 V940335 $287,000 -$17,900 6%
May 02 V940335 $283,000 -$21,900 7%
May 14 V940335 removed
May 17 V950692 $287,000 -$17,900 6%

Assessment: $248,200

The PHOENIX – Brand NEW ready to move in, HST Paid. Quiet END unit with mountain view located in Metrotown area. Open concept layout with 9′ ceilings. Finishing include granite countertops, undermount cabinet lighting, stainless steel appliances, laminate flooring, insuite laundry. Parking & storage. Just a short walk to the skytrain, 20 minutes to DT or 2 minutes to Metrotown, next to Fitness World & close to shopping & restaurants. 2-5-10 warranty. All sizes & ages are approx only. Buyer to verify.


#2) Address:# 610 251 E 7TH AV, Mount Pleasant, Vancouver East

Looks like a speculator flip – wonder if they are in the red yet?

March 09 V933551 $515000 $0 0%
March 10 V933551 $499900 -$15100 3%
March 17 V933551 $479900 -$35100 7%
April 14 V933551 $469900 -$45100 9%
April 28 V933551 $459900 -$55100 11%
May 03 V933551 removed
May 05 V948052 $459900 -$55100 11%
May 08 V948052 $449900 -$65100 13%

Assessment: New Apartment

I am a brand spanking new HST free 2 bed 2 bath fresh on the market. I am situated on the NE corner of the newly constructed District in the heart of South Main. I have outstanding views of the city lights, the mesmerizing mountains, and the enchanting sunsets over English Bay. Amacon didn’t cheap out on any of my amenities either. My appliances are top notch, my balcony is a good size, my bathrooms are great, the rooftop common area is awesome, and the gym is definitely no joke. The best amenity of all is my location. I’m just steps to all Main has to offer. But if you are feeling a little more adventurous, the Olympic Village is only 5 minutes away.


#3) Address:# 125 3 RIALTO CT, Quay, New Westminster

March 31 V940336 $369900 $0 0%
April 12 V940336 $359900 -$10000 3%
April 21 V940336 $350000 -$19900 5%
May 02 V940336 $340000 -$29900 8%
May 12 V940336 $334900 -$35000 9%
May 17 V940336 $329900 -$40000 11%

4 price drops in under a month

Assessment: $322,000

The Rialto at the Quay. Lovely, spacious, 2 bedroom, 2 bathroom, east-facing, garden suite. An open floor plan that’s great for entertaining. Tasteful upgrades include a stunining kitchen with granite counters, stainless steel appiances & backsplash, island, roomy pantry for plenty of storage, & granite breakfast bar. Living area highlighted by cozy fireplace with laminate flooring in LR/DR, tiled flooring in kitchen & bathrooms, BONUS, lots of crown moldings, nicely renovated bathrooms & new lighting throughout. This great location (surrounded by the lagoon & serene landscaping) is a short walk to Quay market & just steps to transit. No rentals but pets allowed with restrictions. Open House: Sunday May 6th 2-4pm.



9 responses to “Price Changing Champions – May 17, 2012

  1. donald May 17, 2012 at 10:14 am

    Is it possible to also indicate when they had open houses scheduled?

    • an observer May 17, 2012 at 10:30 am

      Yeah good idea. I won’t be able to grab old open house info but starting next post I’ll include open house dates in the grids

    • jack May 17, 2012 at 8:35 pm

      My favorite is when they have open house data in the listing, but it’s two or three months old. Overconfident realtors assume it will sell immediately, and then are too lazy to edit.

      • bailinginbc May 18, 2012 at 8:25 am

        Yeah that’s awesome. Of course the next question is why don’t the sellers call their realtor and scream at them until they do change it?

      • Yellow Helicopter May 18, 2012 at 11:17 pm

        Couldn’t agree more!!

        Thanks for this site and info Observer.

    • an observer May 18, 2012 at 8:38 am

      The price drop grids will now show open house information starting today. Should be interesting

  2. bailinginbc May 17, 2012 at 5:18 pm

    Thanks observer, this is gripping stuff. What on earth can be going through someones head when they change their price 3 times in 15 days? Why dosn’t their realtor just write “ABSOLUTLY DESPERATE” in the description and be done with it?

  3. harbottle May 17, 2012 at 6:48 pm

    ❤ it. just sitting back and enjoying the show.

  4. donald May 18, 2012 at 9:25 am

    Must be hard to be hosting open houses in the summer on the weekends when the weather is so nice! Thanks for implementing the extra information and hope it’s not alot of extra work!

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