Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – June 4, 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 (as of Monday June 4th since this posting is a couple of days late).  This is starting to get interesting…

#1) Address:11377 STAVE LAKE RD, Durieu, Mission

March 09 F1121157 $279,000 $0 0%
March 15 F1121157 $249,000 $-30,000 -11%
May 30 F1121157 $199,900 $-79,100 -28%

If I was a realtor and was selling a view acreage I’d probably so something better than whip out some crayons and a paper napkin to showcase the property

Assessment: $344,000

View acreage high on a superb private bluff with road already done. Shallow well on property. Very well priced. Sign on. Call to show.

#2) Address:4890 HUDSON ST, Shaughnessy, Vancouver West

March 09 V934320 $3,468,000 $0 0%
March 20 V934320 removed
March 22 V938470 $3,298,000 $-170,000 -5%
April 17 V938470 removed
April 19 V944324 $2,998,000 $-470,000 -14%
Open House: May 20
May 18 V944324 $2,798,000 $-670,000 -19%
Open House: May 27
Open House: Jun 03
June 01 V944324 $2,599,000 $-869,000 -25%
Open House: Jun 10

Open houses every weekend and four price drops totalling almost $900K… I’m guessing somebody needs to sell

Assessment: $2,394,000

AMAZING NEW PRICE! Prized corner lot home (72′ x 66′ x 125′) on the highest point in Shaughnessy with mountain and city views. This character home oozes with wonderful heritage charm, plus has been extensively renovated throughout. Main flr: elegant living rm, cross hall dining rm, oversized great rm, updated gourmet kit with top of the line appls, eating area, mud rm/laundry rm-all exposed to a beautifully established 4-season garden. Upstairs: 5 generous sized bdrms! Kids’ wing has a 3pc & 2pc & Master has modern marble 3pc ensuite. Downstairs has many options: kids’ rec/media rm with a space for crafts/computer, yoga/exercise rm. wine cellar; or a revenue generating suite with sep entrance. Open Sun 2pm-4pm.

#3) Address:3560 BARMOND AV, Seafair, Richmond

March 09 V923719 $1,260,000 $0 0%
May 01 V923719 removed
June 02 V953921 $950,000 $-310,000 -25%
Open House: Jun 02

Could be a realtor trick to attract multiple bids but it would be interesting to see if they got any bids.  Listing price is $218K and almost 20% below what they paid last year

Assessment: $1,029,700 and sold Feb 17, 2011 for $1,168,000

No Picture

OPEN House Sat, June 2, 2-4pm. Offers to be presented on Sunday, June 3. Good location,walk to facilities in few minutes.In the Seafair area,this good home offers 3 good size bedroom plus game room up, living room and dining room & family room down with a very open layout. Don’t miss the chance to live or invest in the best location and neighbourhood of Richmond.

#4) Address:2396 E 45TH AV, Killarney, Vancouver East

March 09 V915437 $1,168,000 $0 0%
March 16 V915437 $1,198,000 $30,000 3%
May 31 V915437 $899,800 $-268,200 -23%

Someone else hoping to get out without losses.  Got to love the desperation of this property flipper: “Please Act Quick!”.  Maybe if you priced it at $900K back in March you would have got your wish, but now I’m not so sure

Assessment: $755,400 and sold May 8, 2011 for $801,800

Prime location in Killarney, solid 2 levels house. Two bedrooms main flr and potential 1/2 bedromm suite in the high basment. Priced to sell! Please act quick!

#5) Address:2246 W 8TH AV, Kitsilano, Vancouver West

March 09 V934815 $1,150,000 $0 0%
April 09 V934815 $1,098,000 $-52,000 -5%
April 27 V934815 $998,000 $-152,000 -13%
May 31 V934815 $898,000 $-252,000 -22%
Open House: Jun 02, 03

Our first coach house!  This glorified garage originally listed for $1.15 million…

Assessment: No Assessment Information

COACH HOUSE in new Kits 4 unit development! 3 bedrooms, 2 bathrooms, family room and 1422sq.ft in this unique home. Full RAINSCREEN technology cladding with full 2-5-10 Warranty. Live in your own new private house with the latest in technology and top end finishing. Enjoy views to the south and west from living area and your very own private 200 sq.ft. roof top deck. Family room is the size of the two bedrooms! Ground level easily converted into a separate studio suite with separate entry. See ‘features list’ for finishing details. Modern sleek and an innovative design and floor plan. Don’t miss viewing this masterpiece. There is only one! OPEN HOUSE SAT (June 2nd) 2-4:30PM SUN (June 3rd) 2-4PM

#6) Address:9267 188TH ST, Port Kells, North Surrey

March 09 F1129462 $1,788,000 $0 0%
March 17 F1129462 removed
May 29 F1213865 $1,399,000 $-389,000 -22%

Assessment: $1,171,000

No Picture

INVESTOR ALERT! IN THE PORT KELLS NCP FOR FUTURE DEVELOPMENT. Over an 1.22 acres of flat and usable land. In the mean time, a huge, gorgeous home perfect for the property owner and their family, or a terrific revenue property to rent out. Many updates to the house include flooring, paint, etc and 3 generously-sized rooms with an additional, massive rec room. Very quiet area with tons of yard for kids, entertaining, hobbies or your landscaping dreams. Double garage for working on the car(s), woodworking and all your other activities.

#7) Address:# 221 31850 UNION AV, Abbotsford West, Abbotsford

March 09 F1205456 $115,000 $0 0%
April 23 F1205456 $99,900 $-15,100 -13%
June 02 F1205456 $89,900 $-25,100 -22%

Assessment: $105,700

Luxurious 2 bedroom retirement condo in desirable Fernwood Manor! This home is fully renovated like brand new again featuring new carpets, new paint, new bathroom, new kitchen, new appliances, simply outstanding value! Friendly + 55 building with entertainment room, walking distance to shopping and all amenities, make your move to affordable luxury today!

#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, 27
May 28 V935348 removed
May 31 V953373 $1,955,000 $-533,000 -21%
Open House: Jun 02

Lots of new homes win Van West dropping 15+ % from the original asking price.  I think we’ll be seeing a lot more dropping 20+ % in the very near future

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 & 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 ofr 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:4219 FRANCIS RD, Boyd Park, Richmond

March 09 V923921 $1,349,000 $0 0%
March 24 V923921 removed
May 30 V953229 $1,068,000 $-281,000 -21%

Looks like they just got themselves a renter and immediately listed the property.  After moving in these people can look forward to realtors and prospective buyers going through their new place on a regular basis.  Or maybe not, pretty sure this isn’t a million+ dollar home anywhere in the world let alone Richmond…

Assessment: $851,000

Located right opposite to Hugh Boyd School Field. Renovated 1 level rancher with marble tiled entrance & cedar vaulted ceilings throughout, brand new paint, laminate floors, new gas stove. Open floor plan with a formal dining room adjoining the sunken living room with a beautiful large new rock fireplace, all rooms are huge. The rec. room opens onto an enormous deck, perfect for BBQ & gathering. Central location with walking distance to everything. Tenanted until May 31, 2013.

#10) Address:# 5 1483 BEACH AV, West End, Vancouver West

March 09 V903565 $7,500,000 $0 0%
April 08 V903565 removed
April 18 V944049 $6,900,000 $-600,000 -8%
May 30 V944049 $5,999,000 $-1,501,000 -20%

Well this place is probably pretty incredible but after dropping $1.5 million I’d say they probably have a long way to go

Assessment: $3,967,000

Imagine an Italian Penthouse villa on Beach Avenue & private rooftop terrace overlooking Sunset Beach & English Bay… Boutique style luxury designed by Paul Merrick with giving you a sense of intimacy, privacy & security un-paralleled in Downtown Vancouver. A true work of art — Offering the epitome of world class living that exudes the utmost quality, high end finishes, craftsmanship, custom millwork & attention to detail throughout. Located minutes from English Bay, Vanier & Stanley Park, Sunset Beach, gourmet restaurants and shops.


7 responses to “The Weekly Drop – June 4, 2012

  1. KM June 6, 2012 at 9:02 pm

    Notice this one is back on the market, with the interior newly painted. Don’t know the whole history but was listed in the 800s for a week this spring, mysteriously upped into the 950s the week after receiving no offers and then pulled off the market til now. MLS®: V954521

  2. eric grill June 6, 2012 at 10:50 pm

    Gotta love #6. Tell me, where else but in bubbly Vancouver does a person buying a house for $1.4M do their own car maintenance? Selling points like “Double garage for working on the car(s)” just reinforces the idea we’ve got such a long way to go before things get “real” again! I wonder if the listing agent is even aware of the greater significance of his words?

  3. Fish10 June 7, 2012 at 7:44 am

    The crayon and napkin listing is priceless!

  4. dg June 7, 2012 at 8:33 am

    That crayon and napkin drawing has been on the market for awhile.
    Vancouver west sure has made a right turn. I remember a year or so back and people I know kept telling me how big there bank account was getting (house value). Also that the Vancouver West market was different as it would never go down. Shows that any market can go down even in Vancouver West. Hope anyone who bought in the last two to three years plans to live there for the next twenty years because it might be that long before they see prices reach that frothy 2010/2011 level again.

  5. bullwhip29 June 7, 2012 at 9:25 am

    Great list…
    Regarding #2: I believe they should apply to have the address changed to 4888 Hudson; also no 8’s in the asking price now…WTF!; maybe this will fool someone into believing this isn’t simply a fluffed up W33rd address.

    #3: house is a teardown; there are dozens like this in the same neighborhood and possibly 100’s like it in Rmd (many of which are sitting on the market right now)

    #4: didn’t realize there was such a thing as prime Killarney; owner is putting this back up on the block after realizing he can’t rent it out for $3k a month???; other the planting a few bulbs and throwing on some Scotts turf builder, was this home even updated at all?

    #5: back in the day, the house in front of the garage sold for this; this comes with it’s own rental suite and Lululemon hottie approved yoga studio (owner willing to negotiate on balance ball and mats)

    #7: 55yr + only, no pets, no rentals; therefore, what does this tell you about the financial health of our seniors?

    #8: lovely home; steps away from Kerrisdale village (and public transit); next stop….$1.888M

    #9: these guys can get in line behind the folks in #3 (at the very least); can’t understand for the life of me why anyone would spend real money to renovate this; I’ll stick in my bid for $600k as this block will ultimately get rezoned one day.

    #10: back in the day, this uber chic party pad would have been snapped up by one of those brash, young, whippersnapper hot shot Howe St paper hangers. Unbeknownst to most, the stock market literally died four years ago (the feeding tube just hasn’t been removed yet)

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