Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Flip Flop – June 8, 2012

We’re back with the weekly flip flop tracking homes that were increased by the largest percentange over the past week.  This weeks first place entry is another typo apparently or maybe not.  I’ve seen a bunch of these where an extremely low price is entered and left for many days before being corrected.  Personally, I think this is another dishonest trick used by some realtors to generate interest.

#1) Address:# 74 2450 161A ST, Grandview Surrey, White Rock

March 09 F1205407 $423,777
June 01 F1205407 removed
June 02 F1214398 $239,777 $-184,000 -43%
June 06 F1214398 $399,777 $-24,000 -6% 67%

Assessment: $357,000

Glenmore townhouse by Intracorp. 3 bedroom, 2 bathrooms up and a 2pc powder room on main. Located in the beautiful Morgan Heights in Sunny South Surrey, this home features laminate flooring, composite stone countertops in both kitchen and ensuite and stainless steel appliances. Fenced patio perfect for BBQ. Steps from fine shopping, great restaurants and walking trails.

#2) Address:# 401 789 DRAKE ST, Downtown, Vancouver West

March 09 V934322 $219,900
March 23 V934322 removed
June 04 V954160 $275,000 $55,100 25% 25%
Open House: Jun 09

I used to live in this building as a renter about 15 years ago.  My unit was one below the penthouse with incredible views and 50% larger than this suite and cost me $600/month but after having my car broken into 3 times in 4 months I decided it was time to move on.  How they expect nearly $700/sqft for this unit is mind blowing.

Assessment: $166,800

COMPLETELY RENOVATED, bright, NE garden view, CORNER UNIT studio w/balcony in the recently RAINSCREENED & INTERIOR RENOVATED (exterior wall replacement, new windows & deck membranes under warranty, new lobby, hall carpet & paint) INVESTOR FRIENDLY Century Towers. Features include grey laminate & smooth ceilings throughout, a sleek kitchen w/high gloss white cabinets, quartz counters, under mount sink, glass tile backsplash & Amana S/S appliances & a bathroom w/designer tile work, rain shower fixture & floating vanity. This is the perfect CENTRAL city home (with 5% down a monthly payment of $1100 on a 5 year fixed rate)! Parking available for $50/month from strata.

#3) Address:# 1602 1835 MORTON AV, West End, Vancouver West

March 09 V921674 $1,388,000
March 26 V921674 removed
April 04 V941051 $1,388,000 $0 0%
June 06 V941051 $1,750,000 $362,000 26% 26%

Assessment: No Assessment Available

This English Bay suite is luxurious 1100 sq ft 1 bedroom & den on the 16th floor situated literally across the street from the waterfront. Boutique living with only 4 units per floor. This suite was completely redone to include hardwood & tile floors, quartz & marble countertops, high end fixtures & appliances, windows & lots of storage. Kitchen is stunning with beautiful soft closing drawers & cabinets, high end appliances including a dishwasher & an island with a waterfall countertop. Many added features but too many to list. We are loc next to the historical Sylvia Hotel & our front yard is English Bay. Just steps to walking, biking, roller blading & running trails. Close to all amens. Amazing view, shows fantastic!

#4) Address:8280 ROBINSON RD, Garden City, Richmond

April 20 V944443 $1,968,000
May 18 V944443 removed
June 08 V955275 $2,388,000 $420,000 21% 21%

Assessment: $1,769,000

No Picture

Customs built top quality 8 years young deluxe house on large 66 X 141 sf lot with south exposure back yard. Bright and spacious 4508 sf house, 2 staircases, 5 bedrooms plus large game room, 6.5 baths with unique design of each bathroom. High ceiling entry, living and dining room. Granite foyer and all counter tops, hardwood floors, expensive and classic stained maple cabinets in 2 kitchens.Beautiful moldings thru out. Imported stone fireplaces, top of line appliances,Steam shower,Kohler fixtures, huge crystal chandeliers. Media room with wet bar and built in cabinets, security system, electric gates, lawn sprinkler system, fully hedged South facing backyard with huge patio. Close to City Centre,Best Value House in the area.

#5) Address:# 249 13604 67TH AV, East Newton, Surrey

March 09 F1202905 $169,900
April 03 F1202905 removed
June 06 F1214584 $204,900 $35,000 21% 21%

Assessment: $182,800

HYLAND CREEK – Great, quiet location for this totally reno’d home – Over 25k spent recently for new flooring (hardwood, tile, carpet), stainless appliances in brand new kitchen, electric fireplace, new bath (tub, floor, vanity), lighting, paint, bifolds & hardware, baseboards, etc! Looks out into trees from the back. Private fenced patio, lots of visitor parking, extra parking spots available to rent. 2 pets allowed. Kids welcome. Walk to Hyland Elementary and play with friends in outdoor pool! Investors – Rentals allowed! Low maintenance fees – $111.45/month. Vacant – Move in right away!


5 responses to “The Weekly Flip Flop – June 8, 2012

  1. harden June 8, 2012 at 9:51 pm

    Fascinating um… strategies? Actually, I can’t see the realtors involved in these listings being particularly excited (or behind?) these absurd price increases which offer no hope of a sale/commission in present market conditions.

  2. dg June 9, 2012 at 9:02 am

    Mind blowing in this market that someone would bump their price 20% plus.
    QUESTION – Are there many that have price increases or just a few?

    • an observer June 9, 2012 at 9:26 am

      A lot… 126 properties last week alone had their price raised or relisted at a higher price… Most are under 5%.

      Meanwhile back on earth, last week in the weekly drop 10 properties had 20% drops and so far this week that number is 19 and it will likely take 25% to crack the top 10 on Monday

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