Vancouver Price Drop

Documenting Vancouver real estate price movements

Mondo Condo Listings – July 17, 2012

This is a new report concept I came up with after seeing a post on VancouverCondo.Info referencing an old Condo Index for various units downtown.  This table shows the 20 buildings (technically building addresses) that have the most units currently for sale along with the number of units that have dropped in price (since early March).  I’ll update this one periodically

* Denotes a building that is within 1 year old
** Denotes a building that is not currently complete

7 of the top 11 are less than a year old… Looks like a lot of flippers are in for a rude awakening

Address Region Units $ Drops %
161 W GEORGIA ST * Downtown, Vancouver West 37 8 22%
833 SEYMOUR ST * Downtown, Vancouver West 33 14 42%
7121 192ND ST * Clayton, Cloverdale 27 9 33%
5782 BERTON AV * University, Vancouver West 24 12 50%
1028 BARCLAY ST * West End, Vancouver West 22 11 50%
5682 WHARF AV ** Sechelt, Sunshine Coast 22 0 0%
9888 CAMERON ST Sullivan Heights, Burnaby 20 11 55%
565 SMITHE ST Downtown, Vancouver West 20 9 45%
6688 ARCOLA ST * Highgate, Burnaby 19 10 53%
660 NOOTKA WY Port Moody Centre, Port Moody 19 9 47%
838 W HASTINGS ST * Downtown, Vancouver West 19 8 42%
1011 W CORDOVA ST Coal Harbour, Vancouver West 19 3 16%
4050 WHISTLER WY Whistler, Whistler Pemberton 19 3 16%
4888 BRENTWOOD DR Brentwood Park, Burnaby 18 11 61%
128 W CORDOVA ST Downtown, Vancouver West 18 8 44%
6888 ROYAL OAK AV ** Metrotown, Burnaby 17 0 0%
17171 2B AV ** Pacific Douglas, White Rock 16 16 100%
15152 RUSSELL AV White Rock, White Rock 16 8 50%
280 ROSS DR Fraserview, New Westminster 16 5 31%
2036 LONDON LN Whistler, Whistler Pemberton 16 5 31%
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24 responses to “Mondo Condo Listings – July 17, 2012

  1. S July 18, 2012 at 12:05 am

    Awesome info…just what I am looking for! Any idea if Pre-sales come into this picture or are these just the units listed on MLS? Thank you.

  2. DMCK July 18, 2012 at 5:00 am

    What’s up with Cameron st?? I thought it has been around for a while. Is there a special assessment coming??
    Dave

    • gokou3 July 18, 2012 at 10:36 am

      I went to a couple of open houses on this one. This is actually a twin-building development (the other is 9868 Cameron i think). Between them there are like 40 listings out of a total of 500 units. Ya that’s 8% of the units for sale. My speculation is that there happened to be lots of investors in this, and they now step on each other to the exit. One of the open houses were actually shown by the investor owner, and he admitted that he’s listing for less than his purchase price…. and since then he dropped his price by another $25k…. and that was after he spent money to repaint the walls and redo the carpets, obviously because his tenants didn’t have good care of his unit.

  3. Baconator July 18, 2012 at 7:15 am

    Fantastic work again. Thanks observer.

  4. Alexcanuck July 18, 2012 at 7:29 am

    Another good column would be the percentage of the building that is for sale. For instance, the first three on your list are (hope it formats…) ;
    161 W Georgia 37 out of 253 total or 14.6%
    833 Seymour 33/372 or 8.9 %
    Sit down for this one!… Are you ready?… I’m not responsible if you have a mouthful of coffee at the moment…
    7121-192 St in sophisticated urban Cloverdale, the newest world-class city here in TBPOE;
    27/81 or 33% of the building is for sale, one year after completion. I thought we didn’t have flippers here?
    Oddly enough, it seems that every single one of them is listed by a certain Realtor called Avtar Mann, all at the identical description and price for the identical unit (several different unit sizes with different prices, but the same unit is always the same price.) “I buy t’ree, my family buy twenty”.
    Anyone know what the pre-sale price was?

    • gokou3 July 18, 2012 at 10:38 am

      +1 for including the % of building for sale.

      For the cloverdale development, could it be that it was never sold out in the first place and now the devlopers are selling the dead stock thru mls?

      • Alexcanuck July 18, 2012 at 4:45 pm

        If that is the case (entirely possible) then either the developer didn’t get financing (unlikely), lied about the number of presales to reach the threshold of I think it’s75% presold to get financing or had an awful lot of non-completions of the presales.
        None of those alternatives speak well about the strength of the market.

  5. jack July 18, 2012 at 10:37 am

    Great addition, could you put the year completed in a seperate column?

  6. Aleks July 18, 2012 at 11:36 am

    Yeah, this is a great way of putting it. I’m watching 3 buildings in North Van for couple of months now.
    BTW there is nothing from North Shore on your list.
    Could you please list Vista Place in North Vancouver next time (1320 Chesterfield Ave V7M 0A6)?
    It seems like a lot of flippers there =)

    • an observer July 18, 2012 at 11:46 am

      There are “only” 11 units for sale in that North Van apartment so it didn’t crack the top 20. Next time I can expand it a bit

      • Aleks July 18, 2012 at 12:22 pm

        The problem with it that it’s a twin towers plus row houses between them with different street addresses. The second tower is 158 W 13TH ST. Altogether they have more than 20 listings =)
        Well, anyway if it doesn’t make top 20 then it’s fine. Thanks again!

      • an observer July 18, 2012 at 11:48 pm

        I’ve seen some like this but unfortunately address matching is the best I can do since knowing if a particular condo has more than one tower is a lot of info I don’t have. I’ll expand the list next time and maybe both will make it!

      • gokou3 July 18, 2012 at 4:11 pm

        I think the “% of units” for sale is a better measure than the absolute units. Of course one can set a minimum # of units, say 10 to filter out the low-unit buildings.

        Note I am not demanding any of these to be done. The data set is tremendously valuable as it is. Just putting out suggestions to potentially make them even better.

      • an observer July 18, 2012 at 11:46 pm

        Hard to do that without knowing the size of every apartment beforehand. I can add the apartment size to the list next time though

  7. Vince July 18, 2012 at 10:18 pm

    What does the % column mean? % for sale or % drop?

  8. Andres July 19, 2012 at 10:14 am

    Great job thank you

  9. raincoast July 19, 2012 at 10:09 pm

    Excellent. Thanks so much for all the time you’ve spent on this project, Observer. I’m very interested in the downtown Vancouver condo market and have been following a number of buildings and watching the prices drop, listings be recycled, and so forth. You’ve insights have been invaluable to me as I sit and watch and learn. Thanks to this site, I’ve now been fastidiously looking up assessment values of condos that interest me (I didn’t realize it was ALL searchable right here: http://evaluebc.bcassessment.ca) and have noticed that the MLS listing price and assessment value are VERY far apart in many cases. (I know the West Side housing market is a different story because we’re talking $$$$ and owners in the hopes of attracting wealthy investors from Asia, so more fluctuation may be expected in that market.) Can anyone comment on what this “means” for the condo market specifically or generally? How close/far apart should condo list prices and assessment prices be when you’re talking about condos in the $450-$650K price range in the urban centre where, presumably, condos will always be in demand than compared to cities such as Burnaby, Poco, Surrey etc? Would appreciate any/every opinion from any avid real estate watcher. Let ‘er rip!

  10. Pingback: Vancouver Condo Info » Friday Free-for-all! » Vancouver Condo Info

  11. johnberk July 20, 2012 at 1:34 am

    For all those of you who are commenting that you want to buy some housing right now, The figures of disparity are still high (Home Prices in Vancouver and Canada) I recommend you to wait more time. There is still going to be more decrease over the next few year, and who knows maybe decades. My prediction comes from the current situation of the world economy and the insecurity of international banking corporations. We will see more about the impact of the Euro crisis on our housing market. But what is for sure, there is no additional space where the morgage interests could drop. So beware.

  12. B July 20, 2012 at 2:22 am

    another is 833 homer and 1372 seymour. Great list you have.

  13. Alexcanuck July 20, 2012 at 6:58 am

    One more for you. The Sechelt listing is called Wharf Place, and is a 24 unit condo development. 22 for sale out of 24 total! MLS.ca agrees, 22 for sale. That’s 92%.
    Sunshine Coast is looking to take the crash king crown away from Kelowna, but it will be a long dirty grudge match before the bell rings on this one, and we have yet to see Cloverdale finish the warm-up and enter the ring.

  14. Pingback: Vancouver Price Drop : Mondo Condo Listings – July 17, 2012 |

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