Vancouver Price Drop

Documenting Vancouver real estate price movements

Vancouver West Spotlight – May 24, 2012

Here are the 10 currently listed properties in Vancouver West that have dropped by the most amount since early March.  Where Vancouver East only has one property at a 20% drop, Vancouver West has ten properties at 20%+ drops totalling over $6 million in combined price drops.  Also, of the 7 properties with valid assessment data, 5 of them are now listed below assessment.

#1) Address:# 2601 1499 W PENDER ST, Coal Harbour, Vancouver West

March 09 V918446 $2,680,000 $0 0%
April 17 V918446 $1,900,000 $-780,000 -29%

Assessment: $2,289,000

Exceptional value in Coal Harbour’s latest address – West Pender Place – eptimone of style & urban vibrancy. This exquisite 2 & Den designed by Alda Pereira is fitted out with Dada kitchen systems and Gaggeneau/Subzero appliances. Fluid floor plan with large living areas, spacious den, 2.5 baths, floor to ceiling windows, and stunning views of Northshore Mountains, Marina, and City lights. Only two homes per floor. Wide plank hardwood flooring throughout, exceptional finishings and attention to detail. Air conditioning, storage & bicycle locker, two parking included. World class amenities including 24 hour concierge, guest suite and indoor pool. 2-5-10 year warranty. Act now as this suite won’t last.

#2) Address:1406 W 40TH AV, Shaughnessy, Vancouver West

March 09 V934037 $3,499,000 $0 0%
March 26 V934037 removed
April 09 V941908 $2,780,000 $-719,000 -21%
April 20 V941908 $2,580,000 $-919,000 -26%

Assessment: $2,923,000

Fantastic 58×145 oversized south-facing corner lot with magnificent 1925 Georgian home! Don’t miss viewing this masterpiece – over 3200 sq.ft. of living area on 3 levels with 4 bedrooms, 4 bathrooms, and flooded with natural light from south and east. Perfect home for entertaining with giant family deck through French doors, pool, and lots of yard space to play in. This truly is the perfect family home. This character home was built with first-growth timber and is warm and friendly to live in. Recent upgrades include new roof (2008), exterior paint (2010), bathrooms (2009), French doors (2006), etc. View photos online and call for opening day and showings schedule.

#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: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.

#5) 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!

#6) Address:4492 CROWN ST, Dunbar, Vancouver West

March 09 V933847 $2,268,000 $0 0%
March 17 V933847 $1,985,000 $-283,000 -12%
April 12 V933847 removed
April 18 V943874 $1,980,000 $-288,000 -13%
May 10 V943874 $1,790,000 $-478,000 -21%

Assessment: $2,048,500

Prime 50′ Dunbar lot 2 blocks to St. Georges Secondary and Elementary! Bonus is cute updated character 2400 sq.ft. bungalow with 4 bedrooms 1up (could be 2up), 3dn. Family room on main easily converted to 5th bedroom. Enjoy eastern exposure backyard with flanking lane (great for laneway house). Excellent family home to expand, or redevelop. Fantastic location next to UBC Pacific Spirit Park trails for jogging, biking, etc. View photos online and call for private showing!

#7) 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
Open House: May 26, May 27

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) Address:2656 W 41ST AV, Kerrisdale, Vancouver West

March 09 V935348 $2,488,000 $0 0%
April 11 V935348 $2,388,000 $-100,000 -4%
April 24 V935348 $2,260,000 $-228,000 -9%
May 23 V935348 $1,998,000 $-490,000 -20%
Open House: May 26 02:00 PM TO 04:00 PM
Open House: May 27 02:00 PM TO 04:00 PM

Assessment: $1,125,000 (Building Unfinished at time of assessment)

Brand New Custom home in prime Kerrisdale loc. Built by Odenza, this home comes fully equipped with top of the line finishes throughout and wonderful layout ideal for families. Approx 3000 sq. ft of living on 3 lvls, all floors offer 9ft ceilings providing for maximum light and an airy feel. The main lvl offers an open concept Living, Dining and Kitchen area ideal for entertaining and family gathering. Large centre island, and 18 ft ceiling over the Living area! Upstairs you’ll find 3 bdrms inc large master w oversized spa like ensuite! Basement offers flexibility for potential Nanny suite with 2 bdrms and spacious rec room. Radiant HW heat, AC & HRV. 2-5-10 Yr warranty. Kerrisdale Elem and Pt Grey Sec school catchments.

#9) Address:5398 TRAFALGAR ST, Kerrisdale, Vancouver West

March 09 V935087 $2,425,000 $0 0%
March 24 V935087 $1,999,000 $-426,000 -18%
May 01 V935087 removed
May 09 V948725 $1,950,000 $-475,000 -20%

Assessment: $2,199,300

Price at $250,000 below assessment. 50×162.65 lot. Kerrisdale location, terrific yard. Point Grey Secondary & Kerrisdale Elementary catchment area. Near to UBC. 3 bdrms/2 bath reasonably maintained so could be good holding property.

#10) Address:3870 W 16TH AV, Dunbar, Vancouver West

March 09 V933991 $2,500,000 $0 0%
May 04 V933991 $2,000,000 $-500,000 -20%

Assessment: $1,200,800  (Property has more than one structure; Property Details may be for multiple structures)

Almost rebuilt 3 bedroom house with an established convenient store on main floor. Also having possibility to build a laneway house of which design and drawings are available. Great opportunity living in the prestigious area while making enough enough money to pay mortgages. Close to Lord Byng Secondary School and Queen Elizabeth Elementary school, about 10 minutes to UBC. The Pacific Park is nearby. Just an excellent live and work property. Don’t let the chance go by.


10 responses to “Vancouver West Spotlight – May 24, 2012

  1. Makaya May 24, 2012 at 8:54 am

    You should have a series: “flips gone bad” – #3 and #7 are two good examples 🙂

    • an observer May 24, 2012 at 10:06 am

      The problem right now is that pulling up the assessment / previous year sell info is a manual effort. If anyone has a data feed that shows previous years address and sale prices then I could easily pull that in and come up with something like you mentioned

  2. dg May 24, 2012 at 9:27 am

    Number one is taking a kicking as well.

    • an observer May 24, 2012 at 10:03 am

      You figure dropping the price by almost 800K and 29% and listing it for almost $400K below assessment would be pricing it to sell quickly but that was 5 weeks ago…

  3. Boomerang May 24, 2012 at 7:55 pm

    This just goes to show how ridiculous the original asking prices were. Sellers are overly greedy and its disgusting. It’s time to get a reality check people. Just like the stock market, the housing market can drop further than they want to contemplate.
    Thanks for putting this blog together, I really enjoy reading it!

  4. Alfred May 26, 2012 at 12:58 pm

    Thank you for this information.
    Could you please include attached properties on West Side?

  5. Karen May 30, 2012 at 4:18 am

    Thanks for hosting this blog; pleasure to read, and keep up the good observations.

  6. dunbarfarmer March 27, 2013 at 11:16 am

    Greetings observer. Further action on #6 (4492 Crown). It sold in the fall after the last price drop and is back on the market today at $2,198,000. MLS V997490 The photo includes the fence which just went up last Friday. A flip gone bad or wishful thinking? There are issues with placement of a new garage because of the location of a guy-wire from a hydro pole in the lane.

    • an observer March 27, 2013 at 11:20 am

      Looks like they bought it for $1.765 million last year which is a relatively good price. The $2.2 million is a bit of a joke – I doubt they could sell it for what they paid for it right now. Thanks for the update

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