Vancouver Price Drop

Documenting Vancouver real estate price movements

Vancouver East Spotlight – May 23, 2012

I’ll be adding regional spotlights from time to time showing the 10 current listings that have dropped the most in the area since early March.  Even in so called “hot” areas like Vancouver East there are a lot of sellers quickly learning that their expectations were simply wrong

#1) 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.

#2) Address:5963 TODERICK ST, Killarney, Vancouver East

March 09 V931720 $1,888,000 $0 0%
April 02 V931720 removed
April 13 V942808 $1,775,000 $-113,000 -6%
April 19 V942808 removed
May 17 V950514 $1,576,000 $-312,000 -17%

Assessment: $1,662,000

Award winning Raymond Bontar designed home! Located in Prime Killarney, minutes to schools, transit and shopping. Enjoy the open floor plan with 2 way fireplace separating the living room and dining room. Features are endless incl. imported Italian tiles, Fisher & Paykel appliances, dbl wall ovens, HRV, Air con, Radiant Heat, Weissman High Efficiency boiler system, Steam Shower, PVR Alarm system, 4 car garage, superb finishing carpentry, custom millwork & Mirage H/W floors. Color scheme provided by Benjamin Moore design consultant. Every one of the 4 bdrms features a vaulted ceiling w/ special finishing treatments. A must see!! Plus 1 bedroom luxury suite and potential for a 2 bed suite. Open house, May 26 & 27, 2-4pm.

#3) 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.

#4) Address:2487 TURNER ST, Renfrew, Vancouver East

May 02 V946967 $1,254,000 $0 0%
May 10 V946967 $1,186,000 $-68,000 -5%
May 16 V946967 removed
May 19 V951196 $1,048,000 $-206,000 -16%
Open House: May 19, May 20

Assessment: $748,200

Big and Beautiful! Huge Renovated Character home on large corner lot that is ready to move in! This fabulous home has it all; large bright gourmet kitchen with Corian counters, new appliance and a huge nook for family dinners, the main also offers 2 big bedrooms, huge living room w/ wood fireplace, full bathroom and mud room. Upstairs features 2 large bedrooms. Beautiful original wood floors throughout main and upstairs. Downstairs features 2 self-contained suite that are in great condition and generate huge cash flow BUT can easily be adjoined to the main floor for that growing family. Some updates include electrical and 3 year old roof. Radiant heat on main and upstairs, electric baseboards down. The corner lot with tons of side yard and parking. Amazing location, walk to some of the best schools and shopping. Open Sat & Sun 2-4pm.

#5) Address:# 208 1066 E 8TH AV, Mount Pleasant, Vancouver East

April 20 V944490 $298,000 $0 0%
May 01 V944490 $279,000 $-19,000 -6%
May 12 V944490 $249,000 $-49,000 -16%

Assessment: $285,400

208 – 1066 E 8th, Vancouver, V5T 1T9, 680 sf, S facing 1 bed suite with 500 sf patio at Landmark Caprice. Located in Mt. Pleasant at 8th & Glen. Lots of potential to increase value as kitch & bath are orig but living room has laminate floor. Complex has been re-piped with a new boiler system. Hot-water heat & gas for fireplace (incl. in mtce), pets allowed (1 dog or 2 cats) & rentals not allowed, 1 park #2 & store locker #32. Minutes away from the “hot” Commercial & Main St. areas in the heart of trendy restaurants, shops, parks, Van. Comm. College & skytrain station – 3 stops to DT Please Go to Realtor’s web site for suite video, feature sheet & additional info. $12,000 assessment for balconies, paint & refurbishing.

#6) Address:6888 KILLARNEY ST, Killarney, Vancouver East

March 09 V933024 $1,988,000 $0 0%
March 20 V933024 $1,788,000 $-200,000 -10%
May 10 V933024 removed
May 12 V949811 $1,688,000 $-300,000 -15%

Assessment: $1,527,000 and sold Feb 4, 2011 for $1,398,880

Lovely custom built home situated in most desirable Killarney & 52nd area. 8 year new. Corner lot 47.5×141. Classy heritage exterior with front porch entry & character woodwork design. Executive master bedroom featuring luxury ensuite, walk in closet. Bright & open living & dining room. Other feature such as oak hardwood floor, HRV air circulation system & sound proof insulation. Maple cabinet kitchen has good size eating area leading to a big sundeck. Family room downstairs is used by owner. Fully finished 2 ground floor suites – 2 bedroom & 1 bedroom suite. Killarney High School catchment.

#7) Address:2135 E PENDER ST, Hastings, Vancouver East

March 09 V936276 $1,159,999 $0 0%
April 03 V936276 removed
May 21 V951463 $998,000 $-161,999 -14%

Assessment: $1,160,000

LOCATION, BEAUTIFUL HOME, SUBDIVIDABLE LOT, DUPLEX ZONING oh, and a VIEW. This solidly built and renovated house has everything possible going for it. It is nestled between two of the hottest neighborhoods in East Vancouver, Nanaimo/Hastings & Commercial Drive. Walking distance to transit, schools, & community centres. The house itself is large with beautiful high ceilings & old world charm. It has been renovated, has new bathrooms & appliances & is move in ready. Move into this spacious, bright home, hold for later development, sub-divide & develop right away. The possibilities are endless. This is the best value in Vancouver & is priced below assessment. Don’t miss out. BUILDERS-Plans ready to go for 2 x 1800 SF homes.

#8) Address:# 109 2215 DUNDAS ST, Hastings, Vancouver East

March 09 V932519 $279,000 $0 0%
March 13 V932519 $259,000 $-20,000 -7%
April 28 V932519 $239,000 $-40,000 -14%

Assessment: $272,000

Investor or 1st time buyer alert. Priced below assessed value of 272,000. Best priced 2 bdrm corner unit. Feat great floor plan, walk thru kitchen, f/p, laminate and tile flooring. Located close to transp. OPEN HOUSE MAY 5, 1 – 3 PM

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

March 09 V933551 $515,000 $0 0%
March 10 V933551 $499,900 $-15,100 -3%
March 17 V933551 $479,900 $-35,100 -7%
April 14 V933551 $469,900 $-45,100 -9%
April 28 V933551 $459,900 $-55,100 -11%
May 03 V933551 removed
May 08 V948052 $449,900 $-65,100 -13%

Assessment: New Building

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.

#10) Address:# 910 251 E 7TH ST, Mount Pleasant, Vancouver East

March 12 V936641 $539,000 $0 0%
March 17 V936641 $529,000 $-10,000 -2%
March 22 V936641 $519,000 $-20,000 -4%
April 04 V936641 $499,000 $-40,000 -7%
April 12 V936641 $479,000 $-60,000 -11%
May 16 V936641 $468,000 $-71,000 -13%
Open House: May 27

Assessment: New Building

All about the view! 2 bedroom with an amazing view of Vancouver, parking and storage! Brand New Condo situated in the up and coming Mount Pleasant neighbourhood. Hardwood floor, stainless appliances, stone countertops and a patio make up some of the condos features. OPEN HOUSE THIS SUNDAY MAY 27th from 3 to 5


11 responses to “Vancouver East Spotlight – May 23, 2012

  1. Makaya May 23, 2012 at 1:45 pm

    #4 is just nuts. Look at the difference between the asked price and the assessment… What the hell are they thinking?

  2. gokou3 May 23, 2012 at 2:01 pm

    So #9 and #10 are engaging in some sort of competitive price reductions? I like that.

    • an observer May 23, 2012 at 2:42 pm

      Yeah, I would love to know what they paid for those units. A google search shows that those units in that floor plan started at $384,900 back in 2009 during the presell. Figuring these ones are on the 6th and 9th floors I’ve got to imagine they’re getting into break even / loss range for the listing price once costs are factored in.

  3. Loon May 23, 2012 at 3:44 pm

    There is also a coin operated laundry that brings in $20 a month. This is a turnkey investment.
    OK, I’m totally sold on that one !

    • an observer May 23, 2012 at 4:19 pm

      That sentence in the description is probably the single most ridiculous thing I have ever seen in a description!

      I’d say it would be right up there with something like

      “the guy squatting in the garage leaves his empty beer cans on the lawn which brings in $20/month in recycling!”

  4. buffates May 24, 2012 at 6:57 am

    I can’t decide whether I prefer the drastic percentage drops or the slow trickle of mini drops… They’re both very entertaining.

  5. dg May 24, 2012 at 9:26 am

    The Vancouver cake is past its due date and beginning to crumble. Wow!

  6. JG May 27, 2012 at 10:41 pm

    Love you blog!!! If I wanted to find out BC assessments how do I do that? My realtor never tells me!

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