Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Flip Flop – June 1, 2012

We’re back with the weekly flip flop tracking homes that were increased by the largest percentange over the past week and some of these are even more bizarre than typical on this list

#1) Address:# 1101 8111 ANDERSON RD, Brighouse, Richmond

May 21 V951358 $269,000
May 26 V951358 $380,000 $111,000 41% 41%

I suppose the initial price might have been a typo but it was left for 5 days and realistically $269K is probably what they’d get for the place.  That doesn’t stop them from raising the price by over 40%

Assessment: $317,000

Beautiful view of the mountain & city! Quality circular building with 4 units per floor & garbage chute. There are only 36 units in the building & it is very secure & safe. Newly renovated with laminate flooring, newer designer painting. Rental & pet are OK. Walking distance to Brighouse Skytrain Station, Richmond Center, Richmond High & General Currie Elementary. A pleasure to show. 2 parking stalls including 516 & 1 stall on 4th level & storage locker #21. It has loads of visitor parking.

#2) Address:504 HERMOSA AV, Upper Delbrook, North Vancouver

March 14 V936837 $1,139,000
March 21 V936837 removed
May 30 V953296 $1,498,000 $359,000 32% 32%

This property sells itself!!!  No need for silly things like a photo or a description even 2 days after the listing appeared at $360K and 32% over what it last failed to sell for!  I’ll give this a shot… “Buy now or be priced out forever, rarely available, priced to sell!!!”

Assessment: $1,149,100

No Photo

No Description

#3) Address:4875 SKYLINE DR, Canyon Heights, North Vancouver

March 21 V938400 $1,595,000
April 19 V938400 removed
April 21 V944869 $1,498,000 $-97,000 -6%
May 04 V944869 $1,458,000 $-137,000 -9%
Open House: May 19, 20
May 23 V944869 removed
May 28 V952821 $1,750,000 $155,000 10% 20%

This is an amazing listing.  They buy the place less than a year ago for $960,000 and do a renovation.  I’d be shocked if they put $100,000 into it based on the description and pictures and they then list it for $635K above what they paid for it.  No interest and multiple price drops over a period of 2 months.  They then pull the listing, raise the price by $300K and almost $800K over what they paid for it and they have the nerve to put “priced to sell fast” in the description!  Good luck.

Assessment: $1,094,100 and sold Aug 11, 2011 for $960,000

Panoramic view of Lions Gate Bridge, city & water. Enjoy this gorgeous fully renovated stylish home. New roof, new kitchen, new floor &new bathrooms. Infloor radiant heating with heat recovery ventilation system, double glazed brand windows, hardwood floors, too many details to mention here. Beautiful open plan great for your parties. This house present 4 bdrms, 3 full baths, living room & rec room. Entertain your family & your guests here. Family friendly & one of the most prestigious area in North Vancouver. Come & See it for your self. The property is gated with a FLAT driveway & giant grassy yard for the children to play in. Very quiet area. Handsworth Sec School catchment area. Call LS for showing. Priced to sell fast.

#4) Address:# 211 1166 MELVILLE ST, Coal Harbour, Vancouver West

April 28 V946151 $499,000
May 16 V946151 removed
May 26 V952478 $590,000 $91,000 18% 18%

Assessment: $565,000

Exceptional Value 2 bedroom townhome in Coal Harbour! Perfect for investor or first-time buyer. Spacious 947 sqft with 2 bedrooms, 2.5 baths, with private patio & secure entry from courtyard. Updated with laminate floors, freshly painted, window blinds, new washer/dryer. Steps to Robson St shopping, Burrard Skytrain, community centre, seawall & parks. Well maintained building has exercise room, sauna & hot tub, entertainment room, on site manager. 1 Parking & 1 Storage. Pets & rentals welcome.

#5) Address:11820 97TH AV, Royal Heights, North Surrey

May 12 F1212435 $350,000
May 29 F1212435 $410,000 $60,000 17% 17%

Assessment: No assessment

Fully serviced lot. No HST. Build your dream home. Check with City Hall for all the details. All measurements are approximate, buyer to verify.

#5) Address:11808 97TH AV, Royal Heights, North Surrey

May 12 F1212437 $350,000
May 29 F1212437 $410,000 $60,000 17% 17%

Assessment: No assessment

Fully serviced lot. No HST. Build your dream home. Check with City Hall for all the details. All measurements are approximate, buyer to verify.


17 responses to “The Weekly Flip Flop – June 1, 2012

  1. Makaya June 1, 2012 at 9:35 am

    One word: lol!

  2. jr June 1, 2012 at 5:23 pm

    I remember the bidding wars in Seattle in 2005-6. That ended well!

  3. Wendy June 1, 2012 at 8:28 pm

    I am really befuddled b y this strategy. I am not in the real estate business,just a flummoxed citizen, flabberghasted by the lack or realism and by this upside down understanding of market forces. Is it possible that it works? If so, why? And what does that say about buyers? Sigh….

    • bullwhip29 June 4, 2012 at 12:43 pm

      Typical mind games coupled with the usual fear and greed mentality of market participants, nothing more. Prices could be jacked up in advance of what may appear to be a larger discount at time of purchase. Savvy retailers do this all the time. It could also be a case of sellers hoping to create the illusion that the market has turned abruptly and/or supply is drying up and so forth (and boy there is nothing worse than the feeling you could be missing the boat, right?). When the listing is put back on the market, the hope is that someone who was seriously kicking the tires last time (but didn’t buy) might be more inclined to chomp at the bit the second time around. Along with panic selling during market downturns also comes panic buying when times are better (or least appear to be). I personally know folks that fell into this trap. To make a long story short, they ended up having to pay more than what the seller was originally offering on the first go around. They honestly felt they missed out on their dream home (by being too thrifty) and vowed to never let that happen if they ever got a second chance.

  4. Ray June 2, 2012 at 12:06 am

    All of these are a strategy that assumes the buyer isn’t savvy enough to have price history across expired listings. Although the data is in the dark ages and extremely closed (where the hell are you Mr. Tribunal?), the data is obviously accessible and they’ll learn the hard way.

  5. xyz June 2, 2012 at 7:35 am

    If/when I ever entertain the thought of buying a home, I will request both the listing and sales history of the property I am interested in. I know the realtors have access to that information, so if they don’t provide it, I’d just walk and find myself a new realtor 🙂 More buyers should do things like this. Like if you buy a used car, you can google it and find out what it sold as new, or find the ‘blackbook’ value. Why can’t we do that with Real Estate… so dumb

  6. elme June 2, 2012 at 12:23 pm

    At least one of them look like a shill listing. Usually the owners of shill property own multiple properties. They list shill properties working as benchmark to help their other similar property listed for much less price sell quickly. That’s why they say “priced to sell”, the actual meaning of which is “priced to sell my other property”!

    • RE Lurker June 4, 2012 at 5:01 am

      @elme, I’m not sure if I completely follow that reasoning. So what you’re saying that rich foreigners are 1) dumb, 2) have no local connections whatsoever, 3) would act the same in their country of origin — or something to that effect.

      Because, if I flip it around and assume that we (you or I) were the ones buying property in another part of the world — even if the primary language there is one you didn’t understand. Would you really just buy blindly? Or would you at least do what you think is “due diligence” before buying? Certainly, if there’s a glut of ethnic speakers looking to buy, it would be hard to imagine that there wouldn’t be someone in the market willing to provide the service. Your point about crooked realtors and sellers might have some merit, but I think the percentage of crooks is equal across both “english realtors” and “ethnic” ones — that is to say I don’t think the foreign buyer has less access to valid information. Probably the most likely duping is actually coming from their own local and trusted contacts (e.g. “friends”) — after all, how many perma-bulls do you know? “Don’t worry Mr. Xiao, even if you paid too much, prices only go up in Vancouver…”

      So I don’t think that’s the case. If anything, I think it would be opposite because buying somewhere else is more “fearful” than buying at home — due to unfamiliarity. They’ll probably do more research, not less — even if that research means just talking more to their ill-informed local friends who came here a year or two earlier.

      Then again, as humans, we tend to see the world (and others) through glasses of our own making — so I could just be guilty here of projecting. Maybe I really do have Vulcan-like infallible logic compared to the rest of the “greater fools”, but I doubt it. I’m probably just average.

      • elme June 4, 2012 at 4:58 pm

        I know more than a dozen of new comers who bought their homes within less than 2 weeks upon they being landed. How many research and information collecting can be done within 2 weeks? not saying there were viewings, offering, inspection, mortgage and conveyance in there.

  7. elme June 2, 2012 at 12:35 pm

    Don’t forget Vancouver is a city full of new comers and some of them are rich but lack of information and don’t read, speak and understand English. They don’t even know there are data like the assessment, previous sold prices and etc. that are accessible for any buyer, as they don’t have same system back in their country of origin. This creates a lot of opportunities here for crook realtors and sellers.

  8. JG June 3, 2012 at 9:19 am

    I’ve just read a listing for a townhouse located at West 7th & Willow and it’s states the following…” **BONUS:$5000.00 Decorator’s allowance paid upon closing. Think what you can do with that!”. Times are a changing, MLS®: V933069

    • bailinginbc June 4, 2012 at 8:01 am

      Here in Squamish the decorator’s allowance has been being used by realtors for a couple of years. At the moment we also have an agent using 5% cash back to buyers which of course is significant on a 500k property. One assumes that they are hoping to find a buyer with no downpayment. Another realtor is giving away a free ipad if you buy a trailer before June 15th. Desperate times indeed.

      • bullwhip29 June 4, 2012 at 12:17 pm

        My sentiments exactly. These so called freebies that are thrown in seem to draw in the same types of people every time. At the end of the day, the seller gets his money, the agent still gets a nice commission and the buyer winds up with a massive ball and chain strapped around his/her ankles (and probably one that is larger than they originally bargained for too).

  9. bailinginbc June 4, 2012 at 11:20 pm

    But Bullwhip they get a new ipad! For free!!!!!!!!! That’s surely will make it all worthwhile.

  10. bailinginbc June 4, 2012 at 11:23 pm

    Sorry “THAT surely will…..”

  11. Anon July 25, 2012 at 11:08 pm

    looks like somebody just purchased 4875 Skyline for a cool $1.5m……..

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