Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – May 21, 2012

Here is this weeks weekly drop showing the 10 properties that have dropped the most since early March AND that changed price over the past week.  Interesting that two of the homes were just purchased last year, both in Vancouver West, and with their current ask price, if they are to get it, will yield them a net loss after transaction fees.  These people may have reacted fast enough to the changing market – or were they too late?  We’ll just have to see.

Also interesting to note that only 1 of these properties is listed below assessment and although assessment is simply an estimate value it does show that there is so much more room to drop.

#1) Address:11020 168TH ST, Fraser Heights, North Surrey

March 09 F1116674 $1,578,880 $0 0%
May 10 F1116674 removed
May 15 F1212585 $1,078,688 $-500,192 -32%

Assessment: $920,000

Hampton Woods Beauty! Grand entrance, high ceilings. This home boasts beautiful hardwood floors, a huge pantry and bonus spice kitchen. 3 master bedrooms up, all with ensuites. Walkout basement. Backyard backs onto private green space. Thisis a must view!

#2) Address:6750 232 ST, Salmon River, Langley

March 09 F1125118 $11,250,000 $0 0%
May 17 F1125118 $8,000,000 $-3,250,000 -29%

Assessment: $1,020,495 (Farm land – value set by BC Regulation 411/95)

“Fairmeade Farm” 156 acre, level, cleared & fenced equestrian farm. First time offered, this sprawling ranch occupies the northeast corner of 232 St & 64 Ave with 2,634.48 ft frontage & depth of approx. 2,644 sf. The facility boasts a charming ranch style home, guest house & 3 more caretaker homes. Additional features include tennis court & massive in ground swimming pool. Call for full details.

#3) Address:1467 W 47TH AV, South Granville, Vancouver West

April 14 V943255 $2,880,000 $0 0%
May 17 V943255 removed
May 21 V951343 $2,188,000 $-692,000 -24%

Assessment: $2,615,000 and sold Feb 9, 2011 for $2,080,000

No Picture

Build Your Dream Home on this desirable street! This gorgeous 62′ x 122′ lot sits on a quiet street with beautiful street appeals. Can approximately build a over 5000sqft luxury home. Close to well-known school: Vancouver College, York House, Little Flower, & Magee. Centrally located in prime area of Vancouver West side. Easy access to Downtown Vancouver and Richmond. Don’t wait, this ideal building lot is waiting for your ideas. Purchase price includes building plan. Act fast!

#4) Address:# 100 4865 PAINTED CLIFF DR, Whistler, Whistler Pemberton

March 09 V915712 $1,299,000 $0 0%
May 17 V915712 $999,950 $-299,050 -23%

Assessment: $720,000

The largest townhome available on Blackcomb Benchlands – over 2000 sq ft: 5 bedrooms, 4 bathrooms, a secondary living room, 2 good sized decks, and underground parking at your door for 2 cars! This property has just been given a face lift: fresh paint, new carpet, and some furnishings replaced and flat screen TVs installed. HST is apllicable to the sale or can be deferred.

#5) Address:4255 HIGHBURY ST, Dunbar, Vancouver West

March 09 V931539 $3,888,888 $0 0%
March 23 V931539 removed
March 26 V939234 $3,388,000 $-500,888 -13%
May 16 V939234 $2,988,000 $-900,888 -23%

Assessment: $2,437,000

Lovely Westside family home on a quiet street in sought after Dunbar neighborhood. Close to Crofton & St George’s Private school, Pt Grey HS & UBC. Walking distance to elementary school, shopping, transit, parks & easy access to public & private golf courses, recreation, equestrian facilities, Pacific Spirit Park. Home is situated on a large coner lot with lane access which zoning allows for a coach house. Great floor plan with functional & spacious living-dining-eating-family room, 5 good sized bedrooms, 4 washrooms including massive ensuite bathroom, plus bonus roof top deck. Call now for your private viewing.

#6) Address:564 W 18TH AV, Cambie, Vancouver West

March 09 V924569 $2,550,000 $0 0%
April 02 V924569 removed
April 05 V941284 $2,188,000 $-362,000 -14%
May 16 V941284 removed
May 19 V951249 $1,999,000 $-551,000 -22%

Assessment: $1,406,000 (Building Unfinished)

Everything you want in central Cambie with no detail overlooked! This contemporary new build boasts an inviting floor plan with open living on the main including large entertainment spaces and a top notch chef’s kitchen. Upstairs you’ll find 3 generous bedrooms each with private en-suites. Excellent ceiling height (10′ ceilings), lovely windows and fabulous light throughout. The lower level offers a full height basement 2 bedroom legal suite + space for the family home. A triple car garage, South back garden all on a 33’x122′ lot. Own one of the best homes in Cambie, one of the most enduring and sought after neighbourhoods!

#7) Address:# 1409 9981 WHALLEY BV, Whalley, North Surrey

May 16 F1212754 $445,900 $0 0%
May 18 F1212754 $345,900 $-100,000 -22%

Assessment: $307,900

Park Place 2, 14th floor, 2 bed 2 bath, like brand new, never occupied. Top fo the line appliances. Modern living steps away to everything. Only 40 minutes to downtown Vancouver via sky train. Hurry for this one, won’t last long!!!!

#8) Address:967 ROSLYN BV, Dollarton, North Vancouver

March 09 V933878 $3,750,000 $0 0%
March 28 V933878 $3,690,000 $-60,000 -2%
April 18 V933878 $3,288,000 $-462,000 -12%
Open House: April 29
May 16 V933878 $2,980,000 $-770,000 -21%

This one comes on the market at more than double the assessment value and I’d expect it to be featured on the Weekly Drop again in coming weeks

Assessment: $1,840,000

Spectacular Westcoast contemporary 5000 SF luxury home in seldom available Deep Cove, Dollarton area. Features incl 7 large bdrms, 6 baths & 2 laundry rooms. Top floor incl 5 bdrms & 3 full baths. The master has a huge ensuite with soaker tub, walk in closet & balcony, features vaulted ceiling, indoor water fall & exceptionally bright with oversize windows facing ocean. The gourmet kitchen is equipped with high end S/S appls, 2 sinks & granite counters. A massive granite island completes this custom designed space. Main flr features a prof theatre room, office & high end 2 bdrm legal suite. The home boasts an attached triple car garage, I/G salt water pool & hot tub. All surrounded by palm trees, water falls & poolside F/P. Walk to school etc. Open House Sunday, April 29th, 3-4:30pm

#9) Address:# 1901 1250 QUAYSIDE DR, Quay, New Westminster

April 14 V943137 $999,000 $0 0%
April 24 V943137 $899,000 $-100,000 -10%
May 05 V943137 $850,000 $-149,000 -15%
May 19 V943137 $788,000 $-211,000 -21%

Assessment: $665,000

WOW! 3425 sq ft, 2 level Penthouse on the Water. Possibly the best spot in the Quay & unlimited views. This spotless 1 owner home is very special. Impressive entrance from spiral staircase to Grand rooms this one of a kind home very rarely comes available. Loads of windows, doors & balconies to enjoy sunsets & bbq’s. Enjoy entertaining in the lrg living/dining rooms, fabulous family room w/ BI cabinets and gas fp. 2 kitchens, massive mstr bdrm, WI closet, spa bathrm, skylights, A/C. Gorgeous drapes and shears throughout. To top it off, this is an amazing building with healthy cont. & pro-active council. The bldg was rainscreened /03, new roof /11,boiler/11, plumbing/07,pkg membrane/11. Tons of BI storage, 2 prk. “10”

#10) Address:1030 W 49TH AV, South Granville, Vancouver West

March 29 V939867 $1,898,000 $0 0%
May 14 V939867 removed
May 19 V951308 $1,498,000 $-400,000 -21%
Open House: May 19, May 20

Assessment: $1,405,500 and sold April 13, 2011 for $1,368,000

Popular South Granville. 55’40×119 lot. 6591 SF solidly built. 100% updated house, 1900 SF with 4 bedrooms & 3 bathrooms. New roof, new floor, new painting inside & out. New kitchen. All electric equipment are new. New yard door & more . . good to hold & build. Must see! Best school catchment.


8 responses to “The Weekly Drop – May 21, 2012

  1. dg May 21, 2012 at 6:01 pm

    Nice work.
    Number one a million dollar home in North Surrey….I shake my head.
    And the one on Cambie I guess thought as long as you buy along Cambie corridor you get rich. The condo in Surrey number seven…..where do they get these ideas that someone will pay that much for that.

  2. Chris May 21, 2012 at 8:12 pm

    What audacity these people have, as if they would ever pay that much to buy their own home. U should look at some of the condos in Clayton/Cloverdale no one is buying them, for sale signs hanging all the way down to the ground

  3. bailinginbc May 21, 2012 at 10:18 pm

    I notice in the description of #10 (Sth Granville) that it is 100% up dated, new roof, new kitchen etc. I wonder if this renovation was done by the current owner. If so “ouch!”.

    Perhaps someone with access could check the history on the mls listing from 2011 and see how the photos compare.

  4. buffates May 22, 2012 at 6:45 am

    The percentage changes are shocking but what’s impressive is the dollar value of these drops. People lop off a couple hundred grand like it’s nothing.

  5. joe May 23, 2012 at 9:59 am

    Great report!!!!!! Keep them coming to expose how much money speculators are losing. 🙂 jvg

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