Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – May 28, 2012

Here is the latest edition of the Weekly Drop and only two of the properties are listed below assessment although I suspect that in the coming months you’ll see more and more properties listing below assessment.

Update: The #1 listing was actually a different property using the same address so has been removed



#2) Address:1526 CHARTWELL DR, Chartwell, West Vancouver

April 27 V945860 $3,890,000 $0 0%
May 23 V945860 $2,800,000 $-1,090,000 -28%
Open House: May 26, 27

Assessment: $2,388,000 and sold Feb 7, 2011 for $2,188,000

showing May 25 ,May 26 1:30PM-4:00 PM offer start Monday

#3) Address:13878 30TH AV, Elgin Chantrell, White Rock

March 09 F1204060 $1,788,000 $0 0%
April 18 F1204060 $1,680,000 $-108,000 -6%
May 16 F1204060 removed
May 26 F1213708 $1,339,000 $-449,000 -25%
Open House: May 26

Assessment: $1,292,000

LOCATION, LOCATION! Nestled in a cul-de-sac shared with only one other home. On the edge of a protected forest in West Elgin. As you enter a warm two sided fireplace greets you and beyond that through the large windows all you see is private greenspace. The large master with an exceptional ensuite is on the main floor. Up is a huge games room with separate entrance (great for a nanny or older family member). All bedrooms are a generous size. A custom built home with a great family friendly layout with loads of storage space! A 3 car garage plus lots of extra parking. This is an idyllic location in an excellent neighborhood. Chantrell Creek and Elgin Park school catchments. A stunning property!

#4) Address:8140 SUNNYWOOD DR, Broadmoor, Richmond

March 09 V915995 $1,680,000 $0 0%
May 14 V915995 removed
May 24 V951819 $1,288,000 $-392,000 -23%
Open House: May 27

Assessment: $1,506,000

Solid house nestled in sought-after Sunnymede Subdivision – most exclusive & tranquil neighbourhood. Surrounded by million $$ homes. Centralize location, close to all amenities: school, public transit, shopping malls & recreation center. Beautiful corner & rectangular lot, not to be missed! Live in or bring in your renovations ideas; hold for investment or build later. School catchment – Ferris Elementary & Richmond High. All meas are approx & buyer to verify if important. Open House: Sun, May 27th, 2-4 PM.

#5) Address:2529 264 ST, Otter District, Langley

March 09 F1116719 $1,295,000 $0 0%
May 26 F1116719 $995,000 $-300,000 -23%

Assessment: $737,000

A large family would love this home. Close to all amenities of city yet private with rural feel. 2.37 acres double and single garage. Beautiful Aldergrove rural home. Family custom-built, one owner, set well back from the road with gated entry. Quiet, peaceful, private. Large 2 bdrm unauthorized suite. Custom cabinets throughout, large room, lot of space.

#6) Address:# LOT 1 COSY COVE, Belcarra, Port Moody

March 09 V903884 $390,000 $0 0%
May 02 V903884 removed
May 25 V952163 $299,900 $-90,100 -23%

Assessment: No Assessment Available

Wow! Very rare one plus acre waterfront lot in Balcarra’s Cozy Cove, a development of 10 nature lots. Great western exposure with lots of sunshine and trees. Water access only with possible dock share, but you can hike in on the Jug Island trail – only 20-30 minutes. Great place for an almost in the city wilderness cottage. Not often can you find secluded local waterfront for under $300K.

#7) Address:5540 PARTHENON PL, Eagle Harbour, West Vancouver

March 09 V930920 $2,998,000 $0 0%
April 04 V930920 $2,750,000 $-248,000 -8%
May 02 V930920 $2,498,000 $-500,000 -17%
May 25 V930920 removed
May 28 V952953 $2,349,000 $-649,000 -22%

Assessment: $1,836,000

Enjoy stunning views from this semi-waterfront 4 bedroom family home! This West Coast contemporary home features over 4,000 sq ft of spacious living area on 3 levels, walls of windows and balconies across each floor. Become an exclusive member of ‘P.P.O.A.’ and be a ‘participant owner’ of approximately 1/2 hectare of incredible waterfront property, in addition to this property. This is the only lot of the 15-lot subdivision that touches the private waterfront retreat. Access the property by a private roadway shared with only one neighbour. A great location close to many amenities, the Horseshore Bay ferries and minutes to Eagle Harbour Elementary and Rockridge Secondary!

#8) Address:# 47 3960 CANADA WY, Burnaby Hospital, Burnaby

March 14 V936828 $349,900 $0 0%
March 28 V936828 $328,800 $-21,100 -6%
April 28 V936828 $314,900 $-35,000 -10%
Open House: May 20
May 23 V936828 removed
May 28 V952738 $275,900 $-74,000 -21%

Assessment: $259,200

Beautiful, spacious 1 bedroom corner unit with it’s own private entrance & large patio, rarely becomes available in Lodges in popular Cascade Village. Nicely kept unit.Wood burning fireplace gives a country style feeling to this cozy apartment. Top of the line new appliances, newer hot water tank & in suite laundry. Complex has a very nice recreation facility with indoor pool, weight room, 2 theater rooms & party room looking out to landscaped green area. This kind of unit rarely becomes available.

#9) Address:35021 FISHER PL, Hatzic, Mission

March 09 F1202526 $480,000 $0 0%
April 18 F1202526 $410,000 $-70,000 -15%
May 01 F1202526 removed
May 23 F1213391 $380,000 $-100,000 -21%

Assessment: $452,000

is priced over $70,000 Below Assessed Value and offers immediate possession. 3 Huge Bedrooms up plus Big landing for library/office. Main floor has big family room off kitchen plus sep. living/Dining area. Lots of parking and access tobackyard. Garage almost 34′ Deep with Separate access to full unfinished Bsmt, 2 x 6 const. Shows very well.

#10) Address:7333 BARNET RD, Westridge, Burnaby

April 21 V944674 $999,999 $0 0%
May 05 V944674 $869,900 $-130,099 -13%
May 24 V944674 $795,000 $-204,999 -20%

Assessment: $673,700

Some view.


17 responses to “The Weekly Drop – May 28, 2012

  1. Makaya May 28, 2012 at 9:52 am

    #1… -55%: wow!

    • an observer May 28, 2012 at 10:02 am

      Incredible… It’s a float home mind you but still it shows a complete disconnect between what the owner thought it might be worth and what he now hopes to get for it

  2. gokou3 May 28, 2012 at 10:31 am


    Great stats. I know you have separate articles for Richmond, Burnaby, etc. How about doing a sub-section in downtown vancouver? Would be interested in seeing how the concrete forest is doing.

    • an observer May 28, 2012 at 7:13 pm

      I’ll do something like that next month when I updated the regional spotlights. Downtown condo’s for the most part are not having these big drops. I believe this is because the approximate going rate for a downtown apartment unit is much more understood so you don’t get as many ridiculous listings

  3. buffates May 28, 2012 at 12:01 pm

    I love the higher end properties with their price reductions. These huge dollar amounts will have a substantial effect on the monthly average price statistics upon sale. The percentage drops are greater for the cheaper properties but taking 7 digit price reductions are what will eventually make the Media headlines in this city/province.

  4. McLovin May 28, 2012 at 6:56 pm

    You should post the Realtard’s name and company and create a wall of shame.

    • an observer May 28, 2012 at 7:19 pm

      I think in most of these cases it is the sellers fault for the most part but what is really insulting is when the realtor doesn’t bother to take pictures that are in focus or spends about 10 seconds on the property description. Look at #10, “some view.”. Really?!?!? Or #2, no pictures inside the house and poor grammar in the single sentence description. Inexcusable even if they were making 0.1% commission on a $100K apartment let alone 5+% on a multi million dollar home…

  5. jaksun cho May 28, 2012 at 8:45 pm

    #2 looks to be planning for a bidding war…..

  6. jaksun cho May 28, 2012 at 8:48 pm

    This is a great website, I’ve been waiting for the vancouver version of ‘Phoenix flippers in trouble’ website! Please consider doing a White Rock/South Surrey entry…

  7. DoYourHomework May 29, 2012 at 9:17 am

    re: #1 – Let’s stop for a moment and take 30 seconds to actually look at the details on the listings… THESE ARE 2 DIFFERENT FLOATHOMES! Look at the square footage, the bedroom count, the pictures that clearly show a different home (all things that anyone can check on MLS). The address is the same for both as its the address for the entire marina. That first listing has sold (any realtor can check this) and the second one is an active listing. They are not the same property. If you want a credible blog, do your homework on your “55% drops!”.

    • an observer May 29, 2012 at 9:30 am

      Thanks for pointing this out, I have updated the post. Running this blog is fairly time consuming but I do my best to make sure the information is accurate.

      • DoYourHomework May 29, 2012 at 9:38 am

        Thanks for attending to the misleading information so quickly. I imagine that this blog does indeed take up a lot of time. You seem to have quite a following, so just making sure that the info out there is accurate and helpful.

  8. Simple May 29, 2012 at 11:20 am

    Sellers assuming that the house has increased in value by nearly 80% in one year? Who are these idiots?

  9. moloko May 30, 2012 at 11:28 am

    great work, thanks!

  10. crazyvancouver June 1, 2012 at 4:57 pm

    Just saw a very interesting listing V949248. It was listed for about $2.9M at the beginning of May and the price has just been reduced to $2.5M. More interesting is this property was last listed in Jan/Feb 2012 for $2.6M and was sold for $2.8M.
    This “then” buyer/ “now” seller must be really hurting as he is listing his place for $300K less than what he paid for it 3 months ago. I think we are going to see more of this from all these buyers speculating on homes like stocks…..and look at what is happening on the stock market right now.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: