Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – July 9, 2012

Here are the 20 properties that dropped their price the previous week AND have dropped the largest percentage overall from their original asking price.  Here are some highlights:

  • 19 listings hit a cumulative drop of 20% or more this past week
  • 1 new entry into the “If I Lost a Million Dollars” club
  • 12 different cities in the top 20 with Vancouver West and West Vancouver coming in with 3 a piece
  • 7 listings priced at $250K or less and 2 priced at $2 million or more
  • Only 7 of the 16 properties with valid assessment info are now listed above assessment
  • 7 of the 9 properties currently listed at or below assessment were originally listed above assessment
  • 3 properties are listed at over 20% below assessment
  • 12 single family homes, 5 attached units and 3 building lots (rental unit in Mount Pleasant is considered a single family home)
  • All 20 of the listings on last weeks weekly drop are still listed!
  • 18 of the 20 listings on the previous weeks weekly drop are still listed!  The two missing were either pulled or sold

#1) Address:305 W 13TH AV, Mount Pleasant, Vancouver West

June 20 V957477 $2,800,000 $0 0%
July 07 V957477 $1,798,000 $-1,002,000 -36%

Assessment: $1,687,900

City Hall Investment . Corner of W 13th Ave & Alberta St. exists a Heritage B Multi Family Craftsman home generating approx. $70K pa on a 50×80 ft lot. Circa 1900 this home was known as the Munroe House.. Lots of updates in and out inc new Exterior Paint, Wood Roof, kitchens and bathrooms. Great City Hall Location. Fabulous Revenue Property close to schools, transit and cambie Corridor.

#2) Address:# 31 2998 MOUAT DR, Abbotsford West, Abbotsford

May 02 F1211219 $249,000 $0 0%
May 26 F1211219 $229,000 $-20,000 -8%
June 16 F1211219 $199,000 $-50,000 -20%
June 29 F1211219 $194,000 $-55,000 -22%
July 05 F1211219 $179,000 $-70,000 -28%

Assessment: $235,500

Nice home located in Brookside Terrace. Gated community, walking distance to schools and other amenities. 3 storey, 3 bedroom, 2 bathrooms. Please call to view and all measurements are approx, please verify if important. Home sold ‘as iswhere is’ Subject to Court Approval’

#3) Address:5225 CANADA WY, Deer Lake, Burnaby

March 19 V937888 $1,358,000 $0 0%
March 28 V937888 removed
April 09 V942093 $1,249,000 $-109,000 -8%
April 19 V942093 removed
April 26 V945673 $1,248,000 $-110,000 -8%
June 01 V945673 removed
June 04 V954366 $1,238,888 $-119,112 -9%
Open House: Jun 10, 23
June 21 V954366 $1,199,888 $-158,112 -12%
June 27 V954366 removed
July 06 V960351 $999,000 $-359,000 -26%
Open House: Jul 07, 08

5 MLS numbers since March!  So officially the “Days On Market” for this unit is 3 days and if it sells for $999,000 then it is an “at asking price” sale rather than a 26% below asking price sale

Assessment: $1,123,000

Walk to DEER LAKE! Amazing opportunity in South Burnaby’s most coveted community….neighbouring Buckingham Elementary, Burnaby Central Secondary & Shadbolt Centre for the Arts. Extra large 8-bedroom/4-full bath, 4,560 SqFt home boasts quality reno’s from top to bottom. All new carpets, tiles, laminate & granite flrs! New appls, paint, HW tank, landscaping paving stones…the list goes on! Ground level 3-bdrm legal suite & 1-bdrm nanny qtrs. Don’t be fooled by the address – surprisingly quiet. Expansive 80’x119′ (9,520 SqFt) lot w/ample prkg for 6+ cars. Raise your family here! PRIVATE CAR ACCESS THROUGH RUGBY STREET ONLY. Please contact REALTOR. PUBLIC OPENS: Sat/Sun July 7th/8th, 2-4PM. A MUST SEE! Below assessment value!

#4) Address:2659 NORTHCREST DR, Sunnyside Park Surrey, White Rock

March 09 F1202206 $2,398,000 $0 0%
May 12 F1202206 $2,190,000 $-208,000 -9%
May 26 F1202206 removed
June 27 F1214276 removed
July 06 F1217176 $1,799,000 $-599,000 -25%

Assessment: $1,582,000 (Property has more than one structure; Property Details are for main building only)

Absolutely stunning Tuscan Flare rancher on a gorgouse .662 of an acre (28,836 sq. ft. lot) All gated and fenced w/beautiful iron gates. Stunning WEST facing backyard w/inground pool, very unique pool house.Manicured grounds w/waterfall feature and mature landscape, complete privacy, city greenbelt around the back and hedged in. The home is a sprawling rancher with vaulted ceilings, stunning wide plank fir (reclaimed) floors, specactular gourmet kitchen with high end commercial style appliances, office at the main entry, three large bedrooms, formal living, dining, family and conservatory rooms, character in every room, faux wall finish, adorable wine cellar and enchanting fireplaces. Fabulous!!

#5) Address:# 110 721 HAMILTON ST, Uptown, New Westminster

March 09 V922182 $249,900 $0 0%
March 09 V922182 removed
March 22 V938636 $219,900 $-30,000 -12%
May 12 V938636 $205,000 $-44,900 -18%
Open House: May 26
Open House: Jun 02, 10
June 09 V938636 $194,900 $-55,000 -22%
June 30 V938636 removed
July 07 V960713 $189,900 $-60,000 -24%

Last June the unit #107, which has an assessed value of $15K less than this unit, sold for $212K

Assessment: $211,800

Beautiful 911 st, 1 bdrm + large den (could be 2 bedrooms), 1 bath, updated suite in 19+ comples “Casa Del Ray” in the heart of New Westminster’s Uptown area close to shopping, transit, parks, schools & recreation. This bright & spacious suite features insuite laundry, new carpets & paint, enclosed balcony, master bdrm w/walk thru closet & more. Building is well maintained & managed with social room, games room & sauna, newer roof & re-plumbed 11 years ago

#6) Address:# 113 32725 GEORGE FERGUSON WY, Abbotsford West, Abbotsford

March 09 F1203101 $169,900 $0 0%
April 04 F1203101 $159,900 $-10,000 -6%
May 02 F1203101 removed
May 08 F1211895 $149,900 $-20,000 -12%
June 13 F1211895 $144,900 $-25,000 -15%
July 04 F1211895 $129,900 $-40,000 -24%

Assessment: $177,700

Fantastic! Two large bedrooms and full baths are separated by a nice living room opening to an outside patio! The kitchen is huge and includes a granite island area for that always needed counter space! Full size laundry room. Located within easy walking distance to shopping and transit. A perfect investment or place to start.

#7) Address:5339 MONTE BRE CR, Upper Caulfeild, West Vancouver

April 30 V946490 $2,598,000 $0 0%
May 01 V946490 $2,398,000 $-200,000 -8%
Open House: May 20, 27
May 24 V946490 removed
May 26 V952477 $2,198,000 $-400,000 -15%
Open House: Jun 03, 10, 17, 20, 24
Open House: Jul 01
July 05 V952477 $1,998,000 $-600,000 -23%
Open House: Jul 08

Assessment: $1,699,000

A stunning 3600 sq ft, completely renovated, 3 level home with breathtaking views, on a landscaped, easy care property just blocks to schools and mall. A bright open floor plan showcasing the views while creating a fabulous entertaining conditioning, custom designed chef’s dream kitchen with an 8 ft square island, as well as formal spaces for every king of entertaining! Upstairs features a large and gracious master bedroom with spa-like ensuite, as well as two other generous sized bedrooms. Downstairs media room boasts wall to wall oak cabinets, a custom fireplace, bedroom and storage room. See you at the open on Sunday!

#8) Address:3919 BROADWAY ST, Steveston Village, Richmond

March 09 V934922 $1,288,888 $0 0%
May 01 V934922 $1,198,000 $-90,888 -7%
July 04 V934922 removed
July 07 V960771 $999,000 $-289,888 -22%

Assessment: $779,000 (Building Unfinished)

Absolutely gorgeous new contemporary home in the heart of STEVESTON Village. Great attention to detail was paid as you will see in this expertly crafted home, the open concept in this home inviting and efficient with radiant heat throughout designer imported tiles, maple wood custom cabinets with slow closing doors and drawers, clean and smooth finished wood work flows seamless through the whole home. High end s/s appliances and fixtures. This home also boasts a ROOF TOP DECK finished with the absolute finest materials that allows you 360 degree VIEWS of the WATER, MOUNTAINS and the whole city while you sip wine and BBQ with friends, all a short 3 minute walk to the village. Truly a one of a kind. 2-5-10 Warranty.

#9) Address:9130 NORUM RD, Nordel, North Delta

May 16 F1212815 $958,800 $0 0%
June 28 F1212815 removed
July 06 F1217410 $750,000 $-208,800 -22%

Assessment: $523,900

Welcome to North Delta! Investor alert!! Park like setting 27,966 sq ft lot; completely & tastefully renovated 3-suite house 5 years ago: plumbing, electrical, heating, gas, kitchens, appliances, bathrooms, dbl. glazed windows, roof, irrigation, flooring, granite; resulting in bright & spacious living space with private & gorgeous sun drenched yard featuring built in fire-pit & hottub. Each self-contained suite has its separate entry & insuite laundry. Build your dream home or move-in rental ready and hold the property. Enjoy!

#10) Address:16920 96TH AV, Fleetwood Tynehead, Surrey

March 09 F1111545 $799,000 $0 0%
March 10 F1111545 $720,000 $-79,000 -10%
March 15 F1111545 removed
May 21 F1213186 $650,000 $-149,000 -19%
July 04 F1213186 removed
July 07 F1217342 $629,980 $-169,020 -21%

Assessment: $621,000

This beautiful 1 acres lot has NO easements, NO right of ways, NO hydro lines [only small creek through very top corner of property near road] Old house burned down. Completely cleared and cleaned as per city requirement. PRICED AT AN AMAZING PRICE and the only lot in a million dollar neighborhood!! Buy and build your dream home in one of the best areas in Surrey. PRICED TO SELL FAST AND WILL NOT LAST!! Bonus: old septic tank still in ground and might still be working!!!

#11) Address:# 302 15342 20TH AV, King George Corridor, White Rock

March 09 F1127137 $249,900 $0 0%
March 22 F1127137 $234,900 $-15,000 -6%
May 03 F1127137 removed
May 26 F1213763 $219,900 $-30,000 -12%
July 03 F1213763 removed
July 07 F1217573 $199,000 $-50,900 -20%

Assessment: $279,000

STERLING PLACE – ‘TOP FLOOR’ 955 sqft, West facing 1 bed/1 bath + den. Large open kitchen, high ceilings, radiant H/W heat, NGAS F/P. Great condition, ready to move in! Call today to arrange a viewing.

#12) Address:# 202 20556 113TH AV, Southwest Maple Ridge, Maple Ridge

March 09 V915303 $174,900 $0 0%
April 23 V915303 removed
April 28 V946247 $154,900 $-20,000 -11%
May 26 V946247 $144,900 $-30,000 -17%
July 05 V946247 $139,900 $-35,000 -20%

Assessment: $171,800

South-facing, very bright unit that is minutes to WestCoast Express, Golden Ears Bridge, Golf Course and bus routes. This unit is perfect for the first-time home buyer. Corner suite with 2 bedrooms/2 baths, lots of light. Close to all amenities. Large living room, kitchen, spacious dining room & extra large insuite laundry. Master bedroom with ensuite. The outdoor area is large covered deck, fenced & gated lawn area & pond. Close to shopping and a few blocks to elementary school.

#13) Address:17 W 41ST AV, Cambie, Vancouver West

April 30 V946409 $1,380,000 $0 0%
Open House: May 19
May 25 V946409 $1,340,000 $-40,000 -3%
Open House: Jun 02
June 13 V946409 $1,270,000 $-110,000 -8%
Open House: Jun 30
Open House: Jul 07
July 07 V946409 $1,104,000 $-276,000 -20%

Assessment: $1,104,000

Best value in the neigboorhood! Immaculate & comfortable 2 storey custom built home situated high above West 41st Ave at corner of Ontario Street. South facing with rear view of North Shore Mountains! H/W flooring for 3 bedrooms & living room upstairs. 4 full baths of which 2 are ensuites. Fresh, new grass in front. Double garage at back w/extended concrete driveway for 2 more parkings, approachable on street level of West Woodstock Ave. House is heated by gas and hot water heating. This lot has the potential of being rezoned in the future to higher density. Close to Oakridge Shopping Centre, bus & Canada Line, also Eric Hamber Secondary School. Alarm installed. Open house: Saturday July 7th & 21st, 2-4:30pm.

#14) Address:369 MOYNE DR, British Properties, West Vancouver

March 09 V928600 $3,998,000 $0 0%
March 28 V928600 $3,688,000 $-310,000 -8%
May 19 V928600 $3,498,000 $-500,000 -13%
June 30 V928600 removed
July 05 V960032 $3,199,000 $-799,000 -20%

Assessment: $2,593,000

A spectacular custom res sit on a level estate in Lower BP’S with over 6700 sqft on 3 levels. Beautifully appointed w/4 lg bedrooms & an amazing plyrm up incl a sensational master suite w/high ceilings, separate S/A, lg W/I closet & spa-like ensuite. Mn level feat rich H/W flrs, lg picture windows, elegant foyer, Chef’s island kit, brkfst bar, dry pantry & custom cabinets, adj FR w/built-in media centre – all opening out through French & Eclipse drs to patio w/outdoor BBQ & sunfilled priv gardens. Down has fabulous media/theatre rm, lg rec rm w/wet bar, games area & guest bdrm. Soaring ceilings, S/S system, skylights, 3 roaring F/P’s, level motorcourt & 2-car garage. Child’s paradise! Simply stunning! Irreplaceable value!

#15) Address:6091 AZURE RD, Granville, Richmond

March 09 V934860 $998,000 $0 0%
April 25 V934860 removed
April 28 V946306 $898,000 $-100,000 -10%
May 22 V946306 removed
June 09 V955586 $828,000 $-170,000 -17%
Open House: Jun 09, 10, 17, 23
Open House: Jul 07
July 07 V955586 $799,000 $-199,000 -20%

Assessment: $852,000

Central west Richmond in popular Granville area! Excellent location on large 6,261 lot with solid 2 levels house in popular redeveloping area. This South facing lot can build approx. 3,126 sq st mansion. Great opportunity to rent out both levels now and build dream home later. House has 5 bedrooms with 3 upstairs & 2bdrm suite down. (2 bedrm suite rented for $950/month with separate entry and shared laundry.) Walking distance to city centre, Minoru Park, Richmond Hospital, Olympic Oval, Richmond shopping centre, transportation, Richmond High School, Brighouse Elementary and fast access to Vancouver International Airport & sky train stations. Easy to show. Priced to sell so act fast! Open House Saturday, July 7, 2-4pm.

#16) Address:2793 W 20TH AV, Arbutus, Vancouver West

March 09 V928858 $1,688,888 $0 0%
May 16 V928858 $1,555,000 $-133,888 -8%
Open House: May 20
May 31 V928858 removed
June 09 V955499 $1,488,888 $-200,000 -12%
Open House: Jun 16, 23, 24
July 04 V955499 $1,355,000 $-333,888 -20%

Assessment: $1,385,300

Well kept home in MacDonald/ W 20th Ave., renovated since 2001 with new windows and coverings, new water tank and a 2.5 year new roof, new deck, new H/W flooring on main. Close to PW Secondary & Trafalgar Elementary. Mortgage helper suitekitchen downstairs, separate entrance. Must see to appreciate. All sizes and ages are approx only. The Buyer should not rely upon listing information without Buyer independently verifying the information. Open House: Sat & Sun June 23rd & 24th, 2-4 PM.

#17) Address:11550 GLACIER DR, Hatzic, Mission

March 09 F1008962 $309,900 $0 0%
March 31 F1008962 removed
July 06 F1217185 $249,000 $-60,900 -20%

Assessment: No Assessment

Glacier Estates ! New exclusive gated community with only 5 one acre lots available and 20 homes total. All lots back onto greenbelt, on site 20 acre equestrian centre, walking trails, and views of Hayward Lake. Located on the Maple Ridge /Mission border, these lifestyle properties cant be beat! Too many great features to list… call today for more information.

#18) Address:11590 GLACIER DR, Stave Falls, Mission

March 09 F1003541 $309,900 $0 0%
March 31 F1003541 removed
July 06 F1217184 $249,000 $-60,900 -20%

Assessment: No Assessment

Glacier Estates ! New exclusive gated community with only 5 one acre lots available and 20 homes total. All lots back onto greenbelt, on site 20 acre equestrian centre, walking trails, and views of Hayward Lake. Located right on the Maple Ridge / Mission borer, these lifestyle properties can’t be beat! Too many great features to list… call today for more information!

#19) Address:2181 DEEP COVE RD, Deep Cove, North Vancouver

March 09 V924968 $1,490,000 $0 0%
March 29 V924968 removed
March 31 V940332 $1,280,000 $-210,000 -14%
Open House: May 26
Open House: Jun 02, 03, 09, 10, 16, 23
June 29 V940332 removed
July 05 V960200 $1,199,000 $-291,000 -20%
Open House: Jul 07

Assessment: $930,000

Stunning Deep Cove renovated home with mountain and water views. Custom built quality home that you have been looking for Just steps to the shops In Deep Cove. This Entertainers home has hard to find 4 bedrooms upstairsl The large Master suite has a separate tub and shower in this spa Inspired ensuite. Open the doors to your private deck where you can enjoy a cup of coffee and watch the sun rise. Three more bedrooms and another bathroom complete this floor. The main floor boasts a fabulous kitchen with sub zero appliances and a new cooktop in the Island perfect for the chef In the family. Allow the kitchen gathering to spill outside to the gracious outdoor deck and enjoy the sound of the stream next door. Downstairs has room for a Nanny suite with a walk in shower & room for a sauna, or use the space as a rec room or large office. All bedrooms and living areas have access to outdoor patios. Double car garage complete this luxury home with radiant floors and all new windows, don’t miss this example of quality.

#20) Address:340 SOUTHBOROUGH DR, British Properties, West Vancouver

March 09 V919542 $4,088,000 $0 0%
April 03 V919542 $3,698,000 $-390,000 -10%
May 10 V919542 removed
May 19 V951089 $3,695,000 $-393,000 -10%
Open House: May 24, 27, 31
Open House: Jun 03, 10
June 13 V951089 $3,495,000 $-593,000 -15%
Open House: Jun 14, 17, 24
July 05 V951089 $3,295,000 $-793,000 -19%
Open House: Jul 08

Assessment: $2,292,000

Spectacular Hollingsworth Contemporary Estate on a 21,000 sq ft property overlooking Capilano Golf & Country Club! The epitomy of indoor-outdoor living with a wall of sliding doors connecting the exquisite interior with patios, decks, and lush mature landscaping overlooking the 17th Green and 18th Tee at Canada’s most prestigious golf course! The privacy, energy, & quality of this home must be seen to be truly appreciated. The open plan is ideal for modern living & entertaining, beautifully designed for all principle rooms to face the golf course & flood with natural light. Luxury quality finishing with Bazilian Cherry Hardwood floors, a gourmet kitchen with granite counters and a state-of-the-art appliance package, glass doors, signature Hollingsworth vaulted & illuminated ceilings, water filtration system, built-in audio & flat screen TVs, two-way gas fireplace, wine cellar, and level gated driveway. This is a rare opportunity to own an exquisite Hollingsworth home in an irreplaceable setting!


8 responses to “The Weekly Drop – July 9, 2012

  1. Yellow Helicopter July 9, 2012 at 11:42 am

    ‘All 20 of the listings on last weeks weekly drop are still listed!’
    – Wow – amazing stuff. If they’re dropping their prices that much and still not selling, even before the July 9th deadline for 30 year amortizations, the times ahead could be very interesting. Thanks for the good work!

  2. EarthwormJim July 9, 2012 at 1:39 pm

    One of my favorite blogs. Good stuff.

  3. M- July 9, 2012 at 3:48 pm

    I always enjoy your regular updates! Thanks!

  4. boomerang July 10, 2012 at 9:59 am

    I look forward to reading your weekly blog, keep up the great work!
    Are you able to do a weekly drop comparing the assessment value vs the lastest list price? I just think some of the original list prices are way out of whack as the owners are too greedy. Basing the comparision on assessment value may be a more realistic comparison of how prices have dropped?!

  5. homelessindunbar July 10, 2012 at 11:15 am

    This is one of my favourite blogs too and I look forward to the updates. Do you still provide updates by neighbourhoods (Van West, Richmond etc) or are you just doing a general LM analysis? Thank you!

  6. Observer July 10, 2012 at 2:46 pm

    I used to live around the corner from that place on the corner of 20th & Macdonald and am pretty certain that it is a rehabbed grow-op. It would be more honest for the owner to try to sell as “lot value only” since he/she is obligated by law to divulge grow-op history, if that is in fact the case.

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