Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – June 25, 2012

This week on the Weekly Drop I’ve expanded it to a top 20 as was suggested by a poster and 9th spot on the list this week dropped 28% from its peak, 20th spot has dropped 20%.  We have 5 listings from Richmond, 4 from Vancouver West, 2 from West Vancouver and then 9 different regions with one a piece.


#1) Address:14120 TRITES RD, Panorama Ridge, Surrey

March 09 F1203674 $1,980,000 $0 0%
March 22 F1203674 removed
March 23 F1207274 $1,189,900 $-790,100 -40%
June 23 F1207274 $1,139,000 $-841,000 -42%

A 40% drop wasn’t enough to unload this home.  It’s a nice looking place on the outside – hard not to speculate on what “Needs TLC” means. 

Assessment: $1,017,000

PANORAMA RIDGE – 5191 sqft, 1.41 ACRE 2 storey w/Basement. Great STREET APPEAL. Situated on a very private treed road. Spacious floor plan with 20′ vaulted ceilings in both family & living room (features grand stone fireplace), hardwood & tile flooring throughout main. Large ‘gourmet’ kitchen + additional spice kitchen & large WI pantry. Up – Large Master with private patio, full ensuite & soaker tub, an additional bedrooms are also located upstairs. Down – is currently partially finished, optional media/recreation and/or gym. Back – Features a very private view of the valley + densly treed location. Needs TLC – Call now to arrange a viewing.


 

#2) Address:5848 175TH ST, Cloverdale BC, Cloverdale

March 09 F1204886 $1,600,000 $0 0%
April 04 F1204886 $1,100,000 $-500,000 -31%
June 23 F1204886 $999,900 $-600,100 -38%

Assessment: $506,100

Future development multi family potential in prime location in downtown Cloverdale. Good rental while waiting for rezoning. 15046 sq.ft. lot. All fenced. Check with city for zoning particulars.


 

#3) Address:6140 MARA CR, Granville, Richmond

March 09 V931950 $1,938,000 $0 0%
March 20 V931950 removed
March 22 V938480 $1,879,000 $-59,000 -3%
April 03 V938480 removed
April 25 V945428 $1,897,000 $-41,000 -2%
May 23 V945428 $1,879,000 $-59,000 -3%
June 04 V945428 removed
June 07 V954888 $1,719,000 $-219,000 -11%
June 14 V954888 removed
June 21 V957754 $1,299,000 $-639,000 -33%
Open House: Jun 23, 24

This realtor has used this strategy of dropping the price by a huge amount to gain interest and potentially multiple offers and based on a comment he made a while back it does seem to work.   This property will likely be sold but at far less than the current owners would have ever imagined a few months ago.

Assessment: $1,168,000 (Building unfinished at time of assessment)

Tis 5 bedroom home boasts 6 bathrooms, theatre room, enclosed patio & a grand entrance. It features include 120 inch projector & screen in media room, crystal chandeliers, A/C & HRV, Bosch appls, 10′ ceilings. This custom home has a very unique, functional floor plan. The master features a double jacuzzi & a steam shower with multiple shower heads. A gorgeous home built by reputable builder Heritage Lane HOmes with 2-5-10 yr warranty is a must see. Burnett & Brighouse are the schools in the area. At this price it will not last long, pls call LS now to book your viewing or come Sat or Sun to our Open House. All offers presented on Tuesday at 2PM.


 

#4) Address:5347 KEW CLIFF RD, Caulfeild, West Vancouver

March 09 V906191 $12,980,000 $0 0%
April 11 V906191 $9,980,000 $-3,000,000 -23%
June 14 V906191 removed
June 23 V958265 $8,998,000 $-3,982,000 -31%

This property has now taken over #1 spot in the “If I Lost a Million Dollars” list!.  Let’s put this in perspective… It takes apx $170K/year before tax income for an individual to make the “1%”.  This equates to $115K after tax.  If this person making more than 99% of the Canadian population did not spend a single dollar on things like transportation, clothes, shelter, food etc it would take then 35 years to save up the amount that this home has dropped in asking price.

Assessment: $8,286,000

A magnificent waterfront residence by Goldwood Homes on one of the most desirable streets in the heart of Caulfeild. This wonderful modern classic home offers a dramatic open floor plan with over 5300 sq ft of luxurious family living and approx 3000 sq ft patios and sundecks with spectacular views to Bowen Island. This 3 level 4 bedroom home also features a curved staircase, wine cellar, modern yet functional kitchen, extensive millwork & 18 ft floor to ceiling height in the living rm & French doors leading onto spacious walkout patios with wonderful outdoor swimming pool & jacuzzi. Owner spent millions of dollars on numerous upgrades including new flooring and a paved trail walking right onto the beach and water!


 

#5) Address:# 301 8700 JONES RD, Brighouse South, Richmond

May 09 V948547 $539,000 $0 0%
June 06 V948547 $499,000 $-40,000 -7%
June 13 V948547 $468,000 $-71,000 -13%
June 20 V948547 $399,000 $-140,000 -26%

I’m seeing more and more attached units listed far below assessment and still not selling.  Sobering though for the “investors” out there

Assessment: $467,000

Lovely rancher in the sky in popular “Windgate Royale” a solid building with balconies redone. Roof replaced 2011 & repiping of 1st floor redone in 2011 and lobby. The original owners still live here and have kept this in pristine condition. They also had many extras installed by the developer, extra cabinets & lighting in the kitchen. 3 bedrooms with great separation, 2 baths, 2 balconies, 2 secured parking & plenty of storage. The high 9″ and 12″ ceilings gives it a very spacious airy feel. You can bring your pet along as long as they are under 16″ tall. This is a rare find in this condition and size


 

#6) Address:4100 CEDAR DR, Burke Mountain, Coquitlam

March 09 V908692 $890,000 $0 0%
March 31 V908692 $775,000 $-115,000 -13%
May 12 V908692 $699,000 $-191,000 -21%
June 20 V908692 $660,000 $-230,000 -26%

Assessment: $775,200

Fully Licenced Dog & Cat Boarding Accommodation. 40 Large Dog runs with attached Bedrooms, 21 Single & 6 Double Cat Condos. Grooming Salon with Raised Bathtub. Kennel Building is 12 years new, built to earthquake standards. Owner retiring due to Health Concerns. Land has Future Development Potential. Existing House is unoccupied but Structurally Sound. Land Surrounding this Parcel has begun the process of being removed from ALR. Please call for more info.


 

#7) Address:# LOT 69 FRONT RD, Pender Harbour, Sunshine Coast

March 09 V935647 $99,000 $0 0%
June 20 V935647 $75,000 $-24,000 -24%

Assessment: No Assessment Available

Gently sloping quarter acre building lot in the Heart of Madeira Park close to boat launch/marina, shopping, restaurants, lakes and great hiking trails. Easy build, treed, private property allows home w/ auxilliary building. B&B zoned!!


 

#8) Address:# 7W2 8191 RIVER RD, West Cambie, Richmond

March 14 V937016 $124,900 $0 0%
April 13 V937016 $114,900 $-10,000 -8%
May 23 V937016 $104,900 $-20,000 -16%
June 22 V937016 $94,900 $-30,000 -24%
Open House: Jun 23

Assessment: No Assessment Available

A hidden “WATERFRONT OASIS” in the center of Richmond just steps from the Canada Line. Enjoy life on the river in this cozy 800 sq.ft. one bedroom, 2 bathroom updated float-home. The open concept floor plan boasts a newer kitchen and appliances with updated paint, flooring and baths. Capture the views while relaxing on the rooftop deck or feed the ducks from your doorstep. Imagine…Why rent when you can own your own affordable waterfront home. Monthly moorage fees $710 incl. hydro, water, garbage.


 

#9) Address:4320 RIVER RD, Riverdale, Richmond

March 09 V868660 $1,798,000 $0 0%
April 02 V868660 removed
April 09 V941651 $1,898,000 $0 0%
April 17 V941651 $1,688,000 $-210,000 -11%
April 27 V941651 $1,638,000 $-260,000 -14%
May 18 V941651 $1,500,000 $-398,000 -21%
June 07 V941651 removed
June 09 V955563 $1,425,000 $-473,000 -25%
June 22 V955563 $1,375,000 $-523,000 -28%

Assessment: $1,695,600

WATERFRONT! A rare opportunity to live/build on River Road. Unobstructed view of the Fraser River and mountains. 2/vl home in original condition, mainly lot value. The view speaks for itself. Rectangle lot, north front and sunny south backyard. Detached garage used as gym.


 

#10) Address:3856 W 8TH AV, Point Grey, Vancouver West

May 12 V949710 $2,188,000 $0 0%
Open House: May 19, 20
May 25 V949710 $1,998,000 $-190,000 -9%
Open House: May 26
June 14 V949710 $1,898,000 $-290,000 -13%
Open House: Jun 16
June 19 V949710 removed
June 23 V958230 $1,680,000 $-508,000 -23%
Open House: Jun 23, 24

Point Grey detached listed for $400K below assessment… probably hard to imagine that happening a year ago

Assessment: $2,087,300

Beautiful Point Grey family home! As you enter you will find a nice sized dining room on your right with a lovely room to the left and all with beautiful hardwood floors. Kitchen has an eating area overlooking the private, fenced backyard, as well there is a quaint den which overlooks this lovely space as well. This well appointed, renovated home has 3 bedrooms up plus a family room with vaulted ceiling and gas fireplace. Downstairs in the basement is the recreation room with gas fireplace, office and large laundry, great for storage as well. PUBLIC OPEN: Sat, June 23rd & Sun, June 24th 2-4pm.


 

#11) Address:# 1107 5911 MINORU BV, Brighouse, Richmond

March 09 V913300 $121,999 $0 0%
March 28 V913300 removed
April 13 V942730 $102,999 $-19,000 -16%
June 19 V942730 $93,900 $-28,099 -23%

Assessment: $73,100

Own a great investment in downtown Richmond. Airport Hilton Hotel, completely managed and operated. Great location, fantastic view from the 11th floor.


 

#12) Address:4463 W 9TH AV, Point Grey, Vancouver West

March 09 V929736 $1,425,000 $0 0%
April 03 V929736 $1,388,000 $-37,000 -3%
April 24 V929736 $1,299,000 $-126,000 -9%
June 19 V929736 $1,098,000 $-327,000 -23%

Assessment: $1,266,000

Sasamat Gardens luxurious 2 bdrm & den or 3 bdrm custom designed townhome in extremely desirable Point Grey location. Lots of natural light & very open flr plan w/ 10′ ceilings & lovely formal dining rm w/a cozy fireplace. Many upgrades incl gourmet kitchen w/custom cabinetry & enormous island, beautiful built-in cabinets throughout. Possible “Murphy Bed” in 3rd bdrm, or use as den/office. High quality flooring & skylights plus a partial views to the north and a south facing front yard.Super convenient access to underground parking & tons of storage for those moving from a larger home. Fantastic location mins to shopping,beaches,university & quick & convenient access to downtown.


 

#13) Address:2032 N HIGHWAY 99 HY, Pemberton, Whistler Pemberton

March 09 V928907 $420,000 $0 0%
June 22 V928907 $325,000 $-95,000 -23%

Assessment: $433,800


 

#14) 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%
June 20 V944049 $5,899,000 $-1,601,000 -21%

I predict that this one has a loooooong 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.


 

#15) Address:1083 DUCHESS AV, Ambleside, West Vancouver

March 09 V922019 $3,299,000 $0 0%
March 10 V922019 $3,159,000 $-140,000 -4%
April 08 V922019 removed
May 09 V942397 $2,998,000 $-301,000 -9%
Open House: May 19, 26
Open House: Jun 02, 03, 10, 16, 23
June 21 V942397 $2,598,000 $-701,000 -21%

Assessment: $2,850,000

MASSIVE PRICE REDUCTION! MUST SELL! Newly built Family Home w/amazing Kits/UBC/Ocean View from every room! This incredible home, walking distance to Ambleside Park, Park Royal & Seawall, is the perfect home for those wanting a great floorplan, 4-5 contemporary feel, w/hardwood flooring throughout. This fantastic home features an open plan on the main floor, w/living room and dining room overlooking the incredible view, stunning gourmet kitchen, family room, bedrooms & aand a 5th bedroom/office. On the upper floor the large master bedroom & each of the 3 en-suited bedrooms have large picture windows & decks overlooking the view, while the lower floor offers a large rec-room, w/potential for an in-law suite w/separate entrance.


 

#16) Address:1909 TRAFALGAR ST, Kitsilano, Vancouver West

March 09 V931179 $1,880,000 $0 0%
March 13 V931179 $1,790,000 $-90,000 -5%
March 26 V931179 removed
April 18 V940272 $1,688,000 $-192,000 -10%
May 18 V940272 $1,628,900 $-251,100 -13%
Open House: May 19, 26
Open House: Jun 02
June 13 V940272 $1,574,500 $-305,500 -16%
Open House: Jun 21, 24
June 23 V940272 $1,499,000 $-381,000 -20%

Assessment: $1,208,800

Legal Duplex Home w/ Three (3) Suites has been Meticulously maintained & Upgraded. Improvements too numerous to list, incl Major Compontents, drain tiles to roof, wiring, plumbing, furnace, h/w tanks (2) etc. Each suite has own bike/storage locker.The Top Suite has 2 bdrm’s on 2 levels / incl private balcony & fireplace. The Main floor is a 1 bedroom plus den w/ X-Large Deck & fireplace.Third suite is 2 bdrm Garden Level. This is a ’10’ for the savvy INVESTOR Excellent Revenue Over $5,000 per mth. Great Tenants! A truly rare find. Walk to beach, transit, shops. Call Lisa for Pixilink Floorplans & Brochure with Full Details. Open House Saturday May 19th 2:00 – 4:00 pm.


 

#17) Address:267 E 4TH ST, Lower Lonsdale, North Vancouver

March 09 V929676 $1,249,000 $0 0%
April 13 V929676 removed
June 20 V957306 $998,000 $-251,000 -20%

Assessment: $1,102,000  (Property has more than one structure; )

No Picture

HERE’S YOUR CHANCE TO BUY A BEAUTIFUL DUPLEX HOME IN A QUIET LONSDALE LOCATION ON 3 LEVELS OF LUXURY FINISHINGS INCLUDING SOUTH FACING VIEW ROOF DECK, SPACIOUS OPEN PLAN, HIGH CEILINGS, FULL BASEMENT WITH ENTRY, 1 AND 2 GARAGES AND MORE. OCCUPANCY APRIL 2013, SO BUY NOW AND CUSTOMIZE YOUR OWN HOME AND HAVE TIME TO PLAN AND BONUS PRICE INCLUDES NET TAXES! CALL NOW FOR PLANS AND MORE INFORMATION. EXPERIENCED BUILDER WITH MANY LOCAL PAST PROJECT REFERENCES.


 

#18) Address:14373 MARINE DR, White Rock, White Rock

March 09 F1128502 $3,988,700 $0 0%
March 17 F1128502 $3,278,000 $-710,700 -18%
May 29 F1128502 removed
June 23 F1216442 $3,188,700 $-800,000 -20%

Assessment: $1,092,000 (Building Unfinished at time of assessment)

This unique, beautifully hand crafted home offers the very best White Rock Ocean views. You will enjoy an unencumbered view of the White Rock hillside city lights at night. Mount Baker, Pier, San Juan + Gulf Islands. This home is a true testament to the BC coast and logging with its solid fir Post and Beam construction , expertly fitted and finished to perfection. This home is complete with all the extras one could desire. From its beautiful grand custom made front door you will be greeted with the commanding views this home provides. The home’s hand scraped Maple floors lead you to a grand kitchen, dining and great room. The kitchen has extensive use of granite, rock + limestone. The separate bar area is complete with wine cellar.


 

#19) Address:6186 PORTLAND ST, South Slope, Burnaby

March 30 V940192 $1,499,000 $0 0%
April 25 V940192 $1,388,888 $-110,112 -7%
May 23 V940192 $1,249,000 $-250,000 -17%
June 20 V940192 $1,198,888 $-300,112 -20%

Assessment: $1,309,100 (Property has more than one structure)

This fabulous MultiFamily Duplex actually has a fully finished basement. This is a Money Making Machine that has almost 4600 sqft this home features 8 bedrooms, 5 bathrooms and four kitchens and an income of almost $ 4200 per month !! Many upgrades over the years and is situated on a gorgeous 86 by 133 lot in the prime sought after area of Burnaby South Slope.Property has fabulous south view (all the way to the gulf islands) and huge park-like greenspace lot, walk to the skytrain, and only minutes to Metrotown . These kinds of properties are rare and is zoned R-4 so you can hold now and make a great return and build new duplexes later!! Hurry on This One!! Please call Listing Agent for more details!


 

#20) Address:# 405 22290 NORTH AV, West Central, Maple Ridge

March 23 V938841 $199,000 $0 0%
March 31 V938841 $189,000 $-10,000 -5%
April 05 V938841 $179,000 $-20,000 -10%
April 14 V938841 $174,000 $-25,000 -13%
April 24 V938841 $169,000 $-30,000 -15%
June 09 V938841 $165,000 $-34,000 -17%
June 23 V938841 $160,000 $-39,000 -20%

6 price drops and counting

Assessment: $186,000

BLOWOUT SALE. BELOW B.C.ASSESSMENT ($186,000). Amazing one bedroom unit in immaculate condition at the highest level of SOLO building. This unit shows so well that it is hard to guess it has ever been occupied. It comes with an oversized balcony facing East for the best of the morning sunrise. It boasts beautiful tile and high end laminate flooring, Granite countertop, Whirlpool stainless seel appliances, Built-in Microwave, high vaulted ceiling, … Just a 5 minute short walk to the West Coast Express and the Haney Wharf. Walk distance to Maple Ridge Centre for restaurants, recreation facilities and lots of shopping. ORIGINALLY SOLD FOR $214,900.

16 responses to “The Weekly Drop – June 25, 2012

  1. gokou3 June 25, 2012 at 11:16 am

    Interesting that #20 is underwater by $50k before any other expenses (purchase PTT, selling commission, legal, carrying costs) will for sure add another $30-40k.

  2. M- June 25, 2012 at 11:37 am

    I’m not sure if your data source has all the assessments or not, but I’d be curious to see a “top 10” list of properties listed the greatest percent below their assessment value.

    Thanks for the great posts!

    • Yellow Helicopter June 25, 2012 at 6:21 pm

      Agreed with M – this would be fascinating- but very much appreciate all the time and effort you’ve put in all the posts so far. Outstanding!

      • an observer June 26, 2012 at 12:11 pm

        Problem is looking up assessments is a manual process so I’d literally have to check assessment on every listed property yo make that list! Would be great if it was possible

  3. Claudia June 25, 2012 at 7:20 pm

    Many thanks for all the time and effort you put into your posts! I check back daily to see the latest.

    I love seeing the assessment value to put the listing price into context. If you’re taking requests, it’d also be very helpful to see the last sale price and date. The blurb for #20 happens to mention what the owner paid but not when. That would give us a better sense of which of these properties is being flipped and which belong to aging boomers or newbies to the market, etc.

    • an observer June 26, 2012 at 12:11 pm

      Unfortunately I don’t have any access to this type of information except through the bc assessment site which, when you lookup a property, shows the assessment value along with the sale price if it sold between January and October the previous year… I do wish we all had better access to this type of important information

      • Claudia June 26, 2012 at 1:26 pm

        That’s too bad, but thanks for checking into it! I agree that it’s a shame that this information isn’t readily available.

  4. Zeeta June 25, 2012 at 9:49 pm

    To Repeat Claudia – Many thanks for all the time and effort you put into your posts! I check back daily to see the latest. Pl. Keep it up.

  5. gokou3 June 26, 2012 at 10:54 am

    Regarding #20, the below link shows that this development was pre-sold in early 2008 and moved-in mid 2009. Assuming seller here is first owner, that gives you an estimated date of his purchase.

    http://www.vancouver-real-estate-direct.com/blog/2008/02/solo-south-of-lougheed-in-maple-ridge.html

  6. Claudia June 26, 2012 at 1:28 pm

    Thanks for the info, gokou3. I feel sorry for the owner — they’re clearly desperate to sell, and condo prices are very likely to fall even further.

  7. Pingback: Vancouver Price Drop:The Weekly Drop – June 25, 2012 |

  8. Ray June 26, 2012 at 7:41 pm

    Feel sorry for the owner? — that’s rich.

  9. Tortilla June 27, 2012 at 8:33 am

    thanks for the information…very telling and keeps our pulse on the market…suburb condos are already going down hard.

  10. Mike June 27, 2012 at 9:14 am

    As others, I am very grateful to you for all your work observer. I too would have an observation/request if I may. You are giving us a great wealth of information on properties still on the market. What I would be curious to see is maybe a list of 10-20 properties that actually sold during the previous week or so period where the final accepted offer was the lowest in % terms versus the asking price (original asking price, final asking price … to be debated). I think it would give us a good prospective on how desparate sellers are becoming and of their willingness to accept “low ball” offers. Thanks again very much, amazing work!

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