Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – July 16, 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:

  • It wasn’t that many weeks ago when a 20% cumulative drop would have you in the top 10 and two weeks ago a record was broken – we had 20 listings hit a 20% drop during that week.  This week that number was 28 listings with a 20%+ cumulative drop and 12 listings with a 25%+ drop
  • The breakdown by region includes 3 in Vancouver West, 3 in White Rock / South Surrey, 2 in Maple Ridge, 2 in Mission, 2 in Abbotsford and 2 in New Westminster
  • 8 of the 18 properties with valid assessment information are now listed below assessment, 5 of those 20% or more below assessment
  • 7 of the 8 properties listed below assessment were originally listed above assessment – the only exception was originally listed $400 below assessment
  • 13 single family homes, 6 apartments and 1 development plot
  • The #2 and #3 listings are quite interesting, comments below

#1) 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%
July 10 F1200684 removed
July 12 F1217839 $949,900 $-625,100 -40%

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

#2) Address:# 2601 1499 W PENDER ST, Coal Harbour, Vancouver West

March 09 V918446 $2,680,000 $0 0%
April 17 V918446 $1,900,000 $-780,000 -29%
July 09 V918446 removed
July 12 V961484 $1,770,000 $-910,000 -34%
Open House: Jul 12

Back in April it dropped the price by 780K (29%) and almost $400K below assessment for a quick sale…  except that never materialized…  Now it has dropped another $130K to come in at number 2 spot

Assessment: $2,289,000

Amazing value at West Pender Place – Coal Harbour’s latest signature address. Prestigious sub-penthouse priced to sell, inclusive of NET HST. This is well below assessed value. This exquisite 2 & Den designed by Alda Pereira is fitted out with Italian Dada kitchen systems and Gaggeneau/SubZero appliances. Fluid floor plan with large living areas, grande foyer, spacious den, 2.5 baths, floor-to-ceiling windows and stunning views of Northshore mountains, Marina and City lights. Only two homes per floor. Wide-plank hardwood flooring throughout, exceptional finishings and detail. Air-conditioning, 24-hours concierge, guest suite and indoor pool. Balance of 2-5-10 Year Warranty. Act now! PUBLIC OPEN: Thursday July 12th, 5:00-6:30 PM.

#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
July 13 V957754 $1,298,000 $-640,000 -33%

This one is great.  New home listed for a very long time in the just under $2 million range gets a new realtor who has made our list before.  His strategy is setting the price at incredibly low levels to generate bidding wars but this listing price was set over 3 weeks ago though…  The description says that financing fell through which is eventful in itself and I’ll take that for face value but what about the backup offer or should I say the lack of one?  This undercutting strategy is a great accelerator in a rapidly depressing market when it fails as it did here and on many other listings on these weekly drop lists

Assessment: Building Unfinished at time of Assessment

This 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. Last accepted offer did not remove financing subjects. All offers presented on Sunday after open house

#4) 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%
July 12 F1215554 $799,900 $-350,100 -30%

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!

#5) Address:# 109 32025 TIMS AV, Abbotsford West, Abbotsford

June 14 F1215497 $109,900 $0 0%
June 23 F1215497 $99,900 $-10,000 -9%
July 02 F1215497 $84,900 $-25,000 -23%
July 14 F1215497 $79,900 $-30,000 -27%

Assessment: $104,800

Affordable, clean 2 bdrm condo, close to everything shopping, seniors center, medical, church and public transit, newer stove, fridge and laminate flooring, enclosed patio with 5 x 5 storage area plus locker downstairs, quiet side of the building, amenities include workshop, meeting room with kitchen and exercise area, strata fee includes heat, hot water and electricity, low taxes, 55+, no rentals and no pets, new roof coming assessment already paid for.

#6) Address:27752 MONTESINA AV, Aberdeen, Abbotsford

May 25 F1213526 $2,750,000 $0 0%
July 12 F1213526 $2,000,000 $-750,000 -27%

Assessment: $941,000

Stunning 5487 sqft, 4 yr old Log Home with breathtaking views set on 5 acres. This worry free home has it all, including granite countertops, stainless appliances, continuous hotwater, heat pump, central air, two car garage, beautiful deck off master, a full size pool table stays in the games room, a pond, even the dog has its own water! Nevery worry about being without power as this home has it own generating system. Two detached workshops (27×52 and 25×70), one with overhead crane. This home needs nothing as the current owner recently had everything cleaned and tested. Make this home yours today!

#7) Address:13799 20TH AV, Elgin Chantrell, White Rock

March 09 F1128278 $1,165,000 $0 0%
May 04 F1128278 removed
May 16 F1212743 $999,900 $-165,100 -14%
June 06 F1212743 $950,000 $-215,000 -18%
Open House: Jun 10
June 30 F1212743 removed
July 11 F1217909 $859,000 $-306,000 -26%

Assessment: $891,000

Chantrell Park, over 19,000 sqft lot in pristine area. Home is over 3300 sqft with extensive updates throughout, hardwood flooring, newer kitchen, private back deck with huge private yard. Detached garage is 24×32. Quick possession possible, live comfortable now and build later? Or enjoy this updated home on this rarely available lot.

#8) 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%
July 12 V938841 $150,000 $-49,000 -25%

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.

#9) Address:2404 MATHERS AV, Dundarave, West Vancouver

March 29 V939748 $1,798,000 $0 0%
April 13 V939748 $1,698,000 $-100,000 -6%
May 01 V939748 removed
May 03 V947249 $1,598,000 $-200,000 -11%
Open House: Jun 17, 24
July 09 V947249 removed
July 11 V961286 $1,349,000 $-449,000 -25%
Open House: Jul 15

Assessment: $1,387,200

Ideally situated, mainly flat prime Dundarave property measuring 122 ft x 66 ft lot with lane access. Peek-a-boo views from the upper floor with the possibility to improve. Just 2 blocks to Irwin Park and close to Dundarave shops, beach and the seawall.

#10) Address:# 1901 1250 QUAYSIDE DR, Quay, New Westminster

April 14 V943137 $999,000 $0 0%
April 24 V943137 $899,000 $-100,000 -10%
May 05 V943137 $850,000 $-149,000 -15%
May 19 V943137 $788,000 $-211,000 -21%
July 09 V943137 removed
July 12 V961471 $749,000 $-250,000 -25%

Assessment: $665,000

WOW! 3425 sq ft, 2 level Penthouse on the Water. Possibly the best spot in the Quay & unlimited views. This spotless 1 owner home is very special. Impressive entrance from spiral staircase, to Grand rooms this one of a kind home very rarely comes available. Loads of windows, doors & balconies to enjoy sunsets and bbq’s. Enjoy entertaining in the lrg Living/Dining Rooms, fabulous Family room w/BI Cabinets and Gas FP. 2 Kitchens, Massive Mstr Bedrm, WI closet, Spa bathroom, Skylights, A/C. Gorgeous drapes & shears throughout. To top it off, this is an amazing building with healthy contingency & pro-active council. The building was rainscreened/03, new roof/11, boiler/11, plumbing/07, pkg membrane/11. Tons of BI storage, 2 Pkg. “10”

#11) Address:12498 232ND ST, East Central, Maple Ridge

March 09 V917886 $1,298,000 $0 0%
June 06 V917886 $1,095,000 $-203,000 -16%
July 11 V917886 $975,500 $-322,500 -25%

Assessment: $697,000

Build your family dream home with pristine, panoramic meadow and mountain views and a rural setting yet close to downtown Maple Ridge. Very Private. Add a “modular” guest home. Zoning permits hobby farm and/or agri-business such as garden centres, green houses,kennels etc. Municipal services on 5.73 acre site. Must be seen. Call today for your information brochure.

#12) Address:# 1701 3070 GUILDFORD WY, North Coquitlam, Coquitlam

May 31 V953486 $358,000 $0 0%
Open House: Jun 02
June 08 V953486 $338,000 $-20,000 -6%
Open House: Jun 09
June 26 V953486 $300,000 $-58,000 -16%
Open House: Jun 30
Open House: Jul 01, 07
July 10 V953486 $270,000 $-88,000 -25%

Assessment: $334,000

Bright 2 bedrooms apartment with 180 degree incredible views! South facing master bedroom has a huge balcony. Walking distance to Coquitlam Centre, Lafarge Lake, park, Town Centre, recreation centre, library, Douglas College and Pinetree Secondary School. Indoor pool, spa, sauna and gym. Easy to show. Just one block to future evergreen skytrain station. Strata fee include gas, cable and hot water. Must not miss. Great opportunity!

#13) Address:1607 W 64TH AV, South Granville, Vancouver West

March 10 V936292 $1,688,000 $0 0%
March 22 V936292 $1,588,000 $-100,000 -6%
April 19 V936292 $1,528,000 $-160,000 -9%
May 17 V936292 $1,479,000 $-209,000 -12%
Open House: May 20, 27
Open House: Jun 03
June 07 V936292 $1,398,000 $-290,000 -17%
Open House: Jun 10
June 11 V936292 removed
Open House: Jun 17, 24
Open House: Jul 01
July 12 V956474 $1,298,000 $-390,000 -23%

Assessment: $1,107,600

BEST PRICE EVER!!! Beautifully renovated to consider the modern family. This designer contemporary home features 5 beds, 3 baths & new gourmet kitchen with Bosch appliances and quartz countertops. Solid oak hardwood throughout main floor. 2 marble fireplaces, all new plumbing and electrical. Located in a wonderful family neighbourhood. Close to McKechnie Elementary and Magee High School. Note: possible 2 bedroom suite with roughed in kitchen & laundry.

#14) 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%
Open House: Jun 26
Open House: Jul 07
July 14 V940272 $1,449,900 $-430,100 -23%
Open House: Jul 14

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: 2 Bdrm & Den on 2 levels / incl private balcony (w/ Water & Mountain Views) & fireplace. The Main floor: 1 Bdrm & Den w/ X-Large Deck & Fireplace. Third Suite: 2 Bdrm Garden Level (Above Ground). This is a ’10’ for the savvy INVESTOR Excellent Revenue Over $5,000 per mth. Great Tenants! A truly rare find. Steps to the Beach, Transit to Downtown & University, Shops & Resutrants Too. Call Lisa for Pixilink Floorplans & Brochure with Full Details. Open House Saturday July 14th 2:00 – 4:00 pm.

#15) Address:24187 60TH AV, Salmon River, Langley

April 28 F1210996 $1,098,800 $0 0%
May 15 F1210996 $998,800 $-100,000 -9%
June 14 F1210996 $898,900 $-199,900 -18%
July 12 F1210996 $849,900 $-248,900 -23%

Assessment: $688,000

TOTAL PRIVACY! Wonderful rancher with loft and wrap around veranda located at the end of a no-thru road. Private parklike acre. Fantastic new 32×28 heated & wired workshop with 220, 12′ & 10′ doors. Additional 30×20 shop finished into games room/office. New roof, hardwood floors, crown moldings. Spacious living room with gas fireplace and adjoining dining room. Oak kitchen with pantry & carousel window eating area. Family room with gas heatilator fireplace and sliders. 2 bedrooms on main – Master bedroom with walk-in closet, sitting area with sliders + ensuite with double sinks, tub with shower and a 2nd separate shower. 2 additional bedrooms upstairs. Large multi-tiered patio, gazebo, lawns, garden & shallow ravine. Call today!

#16) Address:1797 FIR RD, Agassiz, Kent

March 09 H1102806 $1,160,000 $0 0%
May 09 H1102806 $949,900 $-210,100 -18%
July 11 H1102806 $899,000 $-261,000 -23%

Assessment: $297,968 (Farm land – value set by BC Regulation 411/95)

See Media Link: Escape to paradise in your own private oasis. Gorgeous newly built home complete with amazing views, tranquil gardens, expansive decks, koi pond and teahouse. Vaulted entrance, grand kitchen, granite, w/i pantry. Open concept, crown moulding, heated tile & hardwood throughout. Deluxe ensuite, & w/i closet. Huge bonus room, second kitchen, oversized garage, shop, 3 barns, round pen, hay, pasture and fruit trees. This home is in a country setting but still close to all amenities, golf, lake and ski. Perfect for B&B, spa, weddings, social gatherings, dude ranch or just peaceful retirement with the grandkids.

#17) Address:3577 ROSEMARY HEIGHTS CR, Morgan Creek, White Rock

March 29 F1207805 $1,015,000 $0 0%
April 13 F1207805 $998,000 $-17,000 -2%
May 09 F1207805 $899,800 $-115,200 -11%
May 28 F1207805 removed
Open House: Jun 03
June 01 F1213906 $828,000 $-187,000 -18%
Open House: Jun 03, 10, 16, 30
June 30 F1213906 $800,000 $-215,000 -21%
Open House: Jul 07, 08, 14
July 12 F1213906 $789,900 $-225,100 -22%

Assessment: $808,000

Gorgeous 1 owner “Rose Monde” model by Foxridge Homes, located in the beautiful Rosemary Heights subdivision. This well appointed luxury home greets you w/soaring ceilings in a bright, open plan. Numerous upgrades includ. hardwood flooring & custom trim. Fabulous kitchen layout features maple cabinetry, granite countertops, all new stainless appliances, & breakfast nook. Relax in your inviting family room w/gas fireplace & half bath. Upstairs is a spacious Master with ensuite & wall-in closet, plus laundry, 2 more bdrms and full bath. Finished basement w/separate entry has 4th bdrm w/ensuite, storage, generous size game/media room. PRICED TO SELL. NOW $18,100 BELOW ASSESSED VALUE. BETTER HURRY.

#18) Address:# 401 428 AGNES ST, Downtown, New Westminster

May 18 V950795 $229,000 $0 0%
May 29 V950795 $209,000 $-20,000 -9%
June 23 V950795 $199,000 $-30,000 -13%
July 13 V950795 $179,000 $-50,000 -22%

Assessment: $229,400

SHANLEY MANOR. Top floor corner apt, good condition, 2 spacious bedrooms. LR opens to West exposed sundeck. Building in good condition with almost new roof. Prime location, quiet street, walk to all shops and Skytrain. Call L/S for full details. Maintenance fee includes heat and hot water (to be confirmed by Strata documents).

#19) Address:3158 PRINCESS AV, Princess Park, North Vancouver

May 04 V947641 $1,188,000 $0 0%
Open House: May 20
May 23 V947641 $998,000 $-190,000 -16%
Open House: May 27
June 22 V947641 $958,000 $-230,000 -19%
July 14 V947641 $938,000 $-250,000 -21%

Assessment: $849,900

Solid two storey with nice curb appeal located in a family friendly neighbourhood with a panoramic view of Lynn Valley from the rear deck. Large manicured lot. Original owners. Needs some TLC but can be a wonderful family home with carport, outside storage attached to the carport and workshop in the basement area. Call for a viewing at your convenience.

#20) Address:14172 MARINE DR, White Rock, White Rock

May 15 F1212612 $2,138,000 $0 0%
May 29 F1212612 $1,988,000 $-150,000 -7%
June 07 F1212612 $1,778,000 $-360,000 -17%
Open House: Jun 16, 23
July 03 F1212612 removed
July 12 F1218092 $1,695,000 $-443,000 -21%

Assessment: $1,474,300

Own a Piece of the Bluff, w/ absolutely stunning south facing OCEAN VIEWS. Located on prestigious Marine Drive, White Rock, this funky home offers a lifestyle of peace, tranquility, & convenience, w/ room to entertain & watch nature’s artistry. Entering through secure gates, character oozes from this fun family home. Slate flooring greets you at the generous entrance, & solid hardwood leads you through the main level w/ tons of light & open concept. The stunning wood burning fireplace is the focal point in the well proportioned living/ dining rooms, & the kitchen offers granite counters, gas range, & room to work. Numerous patios, decks, and landings, AND direct waterfront access through your private path.


13 responses to “The Weekly Drop – July 16, 2012

  1. jr July 16, 2012 at 12:06 pm

    A $999,999 mortgage right now at the low rates is ~$5000/month. At 5.29% it goes up to $6000/month. That means you would need to have a household income of approx. $200k (after tax, correct?) to be eligible based on the rule changes if you didn’t have any other debt.

  2. Vince July 16, 2012 at 2:20 pm

    Thanks for all the updates

  3. Village Whisperer July 16, 2012 at 2:27 pm

    It would be interesting to see a list of the top 20 listings where the asking price is now below the assessed value… As well as the total number of properties on the market who are asking less than assessed value.

    • an observer July 17, 2012 at 12:51 am

      Grabbing assessment info is a manual process per property so can’t do this without spending countless hours on the assessment site checking each listed property! I wish it was easier

  4. Fish10 July 16, 2012 at 6:23 pm

    good job! Many thanks

  5. Jack July 16, 2012 at 8:45 pm

    I can’t believe #1 still hasn’t sold. It comes with a RAINBOW, people! Whereabouts in VanWest is Mission, anyway? Near Kerrisdale?

  6. Signs of the End July 16, 2012 at 8:58 pm

    Thanks for taking the time to compile and present the data. Your hard work is appreciated.

  7. raincoast July 16, 2012 at 10:55 pm

    Thanks so much. Very enlightening.

  8. Pingback: Real Estate Vancouver Price Drop:The Weekly Drop – July 16, 2012 (20 Examples) |

  9. JVV July 18, 2012 at 2:49 pm

    I have a flyer that I got about 6 month ago that shows many condos of the building located in 1499 W. Pender, one of those condos is the second one showed in your list above: # 2601 1499 W PENDER ST, Coal Harbour, Vancouver West.

    At that time the price showed in the flyer for the condo # 2601 was US$ 3’208,000 compared to the US$ 1’770,000 current price will reprensent 44.8% less or in other words the current price will need to be increased in 81.2% to reach the price published 6 month ago.

    If you wish i can take a photo of the flyer and send it to you so you can post it as an additional reference.

    • an observer July 18, 2012 at 2:59 pm

      That’s pretty painful for the owners! I know there are a lot of properties that have much larger drops than I am able to see because my data only goes back to March of this year but that units drop is a pretty scary sign of things to come for the high end condo segment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: