Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – June 18, 2012

It is getting tougher and tougher to make this weekly list.  This week it took 27% just to hit #9 spot and we’re seeing a few properties from previous weeks getting into the list a second time.  This week half of the properties are building lots which makes sense given the market.  Developers are already either leveraged trying to sell current spec homes or are somewhat aware of the trouble brewing which cuts out a large percentage of potential buyers for the property.

Last week we had our first property returning for the second time to the top 10 drops.  This week we have four returnees…  Maybe the most shocking price drop is #2 in Belcarra dropping from $1.8M to $1.25M and more then 25% below assessment or is #1, a 5 acre parcel of land dropping 32% in under 2 weeks and listing for almost 1/2 assessment?

#1) Address:26000 128TH AV, Websters Corner, Maple Ridge

June 02 V953993 $409,900 $0 0%
June 14 V953993 $279,900 $-130,000 -32%

45% under assessment and a 32% price drop in the 2 weeks it has been listed…

Assessment: $508,000

Build Your Dream Home on this Five acre parcel, city water on 128th. 25928 128th listed for sale 3 acres $299900.00Great wild life get away for the weekend.

#2) Address:144 TURTLEHEAD RD, Belcarra, Port Moody

March 22 V938438 $1,799,000 $0 0%
June 15 V938438 $1,250,000 $-549,000 -31%

Over 25% under assessment and a 31% price drop for this Belcarra home.  I have to think that this is a low balling move by the realtor to spark interest but then again Belcarra, albeit a beautiful place, has a very, very narrow group of potential buyers

Assessment: $1,719,000

WATERFRONT PROPERTY! Peace and tranquility at its finest. Loads of potential in this home on a no-thru road with separate building housing the double garage, upstairs offers a 576 sq ft office & studio or a great place for teenagers or nanny’s quarters. The main house features an abundance of windows, 2 x 6 construction, jetted tub, island in the kitchen, 2 gas fireplaces that consistently heat the home, master bedroom with his & hers closets, views from most rooms, separate storage great for workshop, firepit area & shed down by the water. Enjoy the unbelievable view and summer bbq’s from the many decks including the roof top.

#3) Address:# LT 3 TWIN CREEKS RD, Gibsons, Sunshine Coast

March 09 V874239 $275,000 $0 0%
March 10 V874239 $239,000 $-36,000 -13%
April 11 V874239 $215,000 $-60,000 -22%
June 12 V874239 $190,000 $-85,000 -31%

Assessment: No Assessment

3 acres only three kilometers north of Landgale Ferry Terminal. This is a very affordable area to build your dream home or use as a recreation property until you are ready to move from the city.

#4) Address:# PCL.B KIRKPATRICK AV, Hatzic, Mission

May 10 F1212201 $2,000,000 $0 0%
June 14 F1212201 $1,398,000 $-602,000 -30%

Assessment: No Assessment

Spectacular 30 acre trophy property above the hills of Mission (Grace Mountain) with views of Hatzic Lake and Fraser Valley. Similar views to nearby Westminster Abbey. In the area of other multi-million dollar homes. Rare opportunity for an exciting property. Partially treed. Some buildable plateau areas. Non-ALR, potential for development. Just minutes away from Mission City Hall and all city amenities.

#5) Address:31834 BENCH AV, Mission BC, Mission

March 09 F1118831 $1,150,000 $0 0%
June 13 F1118831 removed
June 14 F1215554 $829,900 $-320,100 -28%

Assessment: $758,000

Stunning mountain and valley views, this Mission home is situated high on a hill in a super quiet neighborhood of exclusive properties and Mission Golf & Country Club. Lots of house here with over 5300 sqft, 8 bdrms, 7 bathrms plus office with separate entrance, perfect for home based business! Triple car garage, spice kitchen, huge covered (3) sundecks are a few of the many extras in this home. Fabulous layout with great room, huge kitchen perfect for entertaining and loads of window for the amazing views. There is room for everyone here, very unique home!

#6) Address:531 S FLETCHER RD, Gibsons, Sunshine Coast

March 09 V881236 $319,000 $0 0%
March 29 V881236 $280,000 $-39,000 -12%
May 02 V881236 $249,000 $-70,000 -22%
June 13 V881236 $229,000 $-90,000 -28%

Assessment: $224,000

PANORAMIC VIEW Corner Lot [1 of a kind]in Gibsons Landing! N/W Corner S. Fletcher & School Rd.! 1 short block to Government Public Wharf&Gazebo, Waterfront Seawalk, Scenic Harbour& Marina, Village Shops, Restaurants! Cleared & ready to build on! Services available!

#7) Address:967 ROSLYN BV, Dollarton, North Vancouver

March 09 V933878 $3,750,000 $0 0%
March 28 V933878 $3,690,000 $-60,000 -2%
April 18 V933878 $3,288,000 $-462,000 -12%
May 16 V933878 $2,980,000 $-770,000 -21%
June 15 V933878 $2,750,000 $-1,000,000 -27%

Another home joins the million dollar drop club

Assessment: $1,840,000

Spectacular Westcoast contemporary 5000 SF luxury home in seldom available Deep Cove, Dollarton area. Features incl 7 large bdrms, 6 baths & 2 laundry rooms. Top floor incl 5 bdrms & 3 full baths. The master has a huge ensuite with soaker tub, walk in closet & balcony, features vaulted ceiling, indoor water fall & exceptionally bright with oversize windows facing ocean. The gourmet kitchen is equipped with high end S/S appls, 2 sinks & granite counters. A massive granite island completes this custom designed space. Main flr features a prof theatre room, office & high end 2 bdrm legal suite. The home boasts an attached triple car garage, I/G salt water pool & hot tub. All surrounded by palm trees, water falls & poolside F/P. Walk to school etc. Open House Sunday, April 29th, 3-4:30pm

#8) Address:12320 AINSWORTH ST, Stave Falls, Mission

March 09 F1200684 $1,575,000 $0 0%
March 24 F1200684 $1,299,000 $-276,000 -18%
June 14 F1200684 $1,149,000 $-426,000 -27%

Assessment: $837,000

True luxury is custom made. Raise your family out in God’s Country or purchase as a small resort/retreat/conference centre. Situated at the top elevation of the property, this post and beam home incorporates local trees, slate floors, heated floors and open beams. Floor to ceiling windows that frame panoramic westerly views. Over 2114 sqft sprawling main floor plan with two enormous rooms that boast vaulted post and beam ceilings upstairs. A chef’s kitchen and expansive entertainers patio with a spot for an outdoor kitchen and hottub. Downstairs offers a huge theatre room, Games room and Wine Cellar area. Wood burning broiler system heats the home and 4 bay garage (36×30). High speed internet and cell service. 50×30 shop, back up generator. The mechanics and quality details of this 5 acre property will impress the most picky buyer.

#9) Address:# 1204 1026 QUEENS AV, Uptown, New Westminster

March 09 V931231 $299,000 $0 0%
April 24 V931231 removed
May 04 V947733 $239,000 $-60,000 -20%
June 18 V947733 $218,000 $-81,000 -27%

Assessment: $183,900

Wow! What a view! This one bedroom is on the top floor, solid concrete building. Just minutes to skytrain, New West Quay, Douglas college, shopping and parks. Suite has great layout, covered deck for your morning coffee and summer BBQ. Building has newer roof, exercise room, outdoor pool and garden. Maintence fee includes hotwater, management and recreation facility. Vacant easy to show. Quick possession! Seller movitated. Suite needs TLC bring your ideas and all offers.

#10) Address:# LT 2 TWIN CREEKS RD, Gibsons, Sunshine Coast

March 09 V874230 $229,000 $0 0%
March 10 V874230 $219,000 $-10,000 -4%
April 11 V874230 $200,000 $-29,000 -13%
June 12 V874230 $175,000 $-54,000 -24%

Assessment: No Assessment

3 acres located 3 kilometers north of Langdale Ferry Terminal. This is a very affordable area to build your dream home or use as a recreation property until you’re ready to move from the city.


7 responses to “The Weekly Drop – June 18, 2012

  1. dg June 18, 2012 at 1:09 pm

    I wonder on the first one if they sub divided the land.

    • an observer June 18, 2012 at 1:59 pm

      I don’t believe so, the description was the same before and the two properties shown on the map are two different addresses both of which had their own assessments as of last year

  2. spitfires June 18, 2012 at 3:01 pm

    Seems that most of the properties are on the periphery of Vancouver (Maple Ridge, Mission, Sunshine Coast).

    Seems pretty typical of a bubble implosion.

  3. jack June 19, 2012 at 8:07 am

    Love the rainbow in #8 – that is a realtor worth their commission.

  4. Fred June 19, 2012 at 8:24 am

    Would it be possible to see the next 10? While the top ten is definitely interesting,the next 10 might be a more accurate description of what’s really happening.

  5. vreaa June 22, 2012 at 7:10 pm

    Good work.

    BTW, note how a 5300 sqft house in Mission is on the market for $830K (with assessment value of $750K) when we’re told in Vancouver that you pretty much can’t even build for that price per square foot.
    Free land in Mission!

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