Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – August 6, 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.

Some highlights for this week:

  • 24 listings dropped to a cumulative total of 20%+ this week and 8 hit 25% this week
  • Region breakdown is an amazing 6 in Vancouver West, and 2 in Vancouver East (both in the top 6 overall), Mission, Sunshine Coast and New Westminster
  • 6 of 16 with assessment info are listed below assessment
  • #4 is a court ordered sale with extensive mold
  • #9 is an estate sale and is listed about 30% below assessment – how many of these are we going to see in the coming years wanting quick sales regardless of price
  • #11, after coming down $542,000 and 23% in price, is now listed for $82,000 below what they paid for it one year ago
  • #14 is so motivated that they put MOTIVATED SELLER twice in the description

#1 ) Address:12395 STAVE LAKE RD, Durieu, Mission

March 09 F1127786 $429,000 $0 0%
April 24 F1127786 $399,999 $-29,001 -7%
July 25 F1127786 removed
August 02 F1219781 $221,000 $-208,000 -48%

Assessment: $400,066

29.42 Acres: Rural 3 Zone. Not in ALR – McConnel District. Valley and Mountain View. Paved Road Access – excellent building sites available. Former home: Well water & septic. Year round trout filled creek. Include tree and mineral rights.


#2 ) 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%
August 02 F1207274 removed
August 04 F1220063 $1,089,000 $-891,000 -45%

Assessment: $1,017,000

PANORAMA RIDGE – Private Estate – 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 W/I pantry. Up – Large master with private patio, full ensuite & soaker tub, an additional 4 oversized bedrooms are also located upstairs. Down – Is currently partially finished, potential for optional media/recreation and/or gym. Back – Features a very private view of the valley + densly treed location. Call now to arrange a viewing.


#3 ) 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%
July 31 F1215554 $769,900 $-380,100 -33%

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!


#4 ) Address:12470 BLUE MOUNTAIN CR, Northeast, Maple Ridge

April 02 V940681 $698,000 $0 0%
August 03 V940681 removed
August 06 V965433 $475,000 $-223,000 -32%

Assessment: $526,000

CAPE COD ON 1 ACRE! Nice curb appeal to this home with upstairs bedroom dormer windows. Lots of parking, double enclosed garage, nifty brickwork at the front, large covered sundeck at the back, off the dining and living room areas. Main floor has huge living and dining rooms, family room with gas fireplace, kitchen with wood cabinets and island, large laundry room. Two half baths on this level. Upstairs are 4 bedrooms, a full bathroom, and a full ensuite off the master. The basement is part and unfinished. Court Order Sale, as-is, extensive damage to home throughout, mold, etc. view photos on Realtor website before requesting a viewing. Check with your bank for financing first, as the home is without an occupancy permit.


#5 ) Address:1925 E 49TH AV, Killarney, Vancouver East

July 08 V960968 $980,000 $0 0%
August 02 V960968 $699,000 $-281,000 -29%

Assessment: $654,400

Excellent location and back lane access great neighborhood. One bus to UBC & easy access to downtown, Richmond & Burnaby. Good for first time buyer & investment. This is a great home in great area price to sell so call your personal viewing today. All sizes and ages are approx only. The Buyer should not rely upon listing information without Buyer independently verifying the information.


#6 ) Address:3390 E 46TH AV, Killarney, Vancouver East

March 29 V939819 $1,250,000 $0 0%
April 09 V939819 $1,150,000 $-100,000 -8%
June 16 V939819 $1,030,000 $-220,000 -18%
July 30 V939819 removed
August 02 V964701 $899,000 $-351,000 -28%
Open House: Aug 05

Assessment: $906,700

Meticulously kept by proud owner of 36 years. This sparkling home features gleaming Hardwood floors in the Livingroom with border inlay, wood burning fireplace and continued oak flooring in hallway and bedrooms. Cozy, open kitchen and 4 pc bathroom. Full basement with almost 8′ height can easily be suited. Situated in prime Killarney on a large, south exposed rear yard (46.5 x 122). Please allow minimum 24 hours notice. Open House August 5th, Sunday 2-4pm


#7 ) Address:# 22B 12849 LAGOON RD, Pender Harbour, Sunshine Coast

November 01 V918042 $289,000 $0 0%
June 06 V918042 $215,000 $-74,000 -26%
August 03 V918042 $214,500 $-74,500 -26%

Assessment: No Assessment Available

For the time it takes to drive Whistler: Special penthouse unit close to golf, hiking and bike trails located at the “Painted Boat” Resort and Spa on the waterfront in beautiful tranquil Madeira Park, a 40min ferry from N. Vancouver. No worries, everything is taken care of by an experienced management team who offer 5 star service. Management handles rentals, cleaning and watching over your new investment. The resort includes an outdoor pool and hot tub overlooking the ocean, and a spa facility which rivals none. This top floor plus loft unit is comprised of two spacious bedrooms and two baths, large open plan with high vaulted ceilings, two patios overlooking the water and sunsets, west coast beams, hardwood floors with radiant infloor heating, granite countertops. quality bathroom fixtures and comes fully furnished with exquisite top of the line furnishings. Perfect for a large family (sleeps 8) or 2 couples who want to invest together. Quarter share: is 1 week a month. Call now to view.


#8 ) 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
March 31 V940272 $1,790,000 $-90,000 -5%
April 18 V940272 $1,688,000 $-192,000 -10%
May 18 V940272 $1,628,900 $-251,100 -13%
Open House: May 19
Open House: May 26
Open House: Jun 02
June 13 V940272 $1,574,500 $-305,500 -16%
Open House: Jun 21
Open House: Jun 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
August 04 V940272 $1,398,000 $-482,000 -26%

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.


#9 ) Address:# 214 815 4TH AV, Uptown, New Westminster

February 23 V933454 $158,500 $0 0%
March 20 V933454 $154,900 $-3,600 -2%
April 20 V933454 $149,900 $-8,600 -5%
May 12 V933454 $148,000 $-10,500 -7%
June 01 V933454 $139,900 $-18,600 -12%
June 21 V933454 $129,900 $-28,600 -18%
July 31 V933454 $119,900 $-38,600 -24%

Assessment: $172,100

Norfolk House in Uptown New Westminster. Spacious layout with renovated kitchen and wheelchair-friendly bath, laminate wood floors and outdoor balcony. Huge living room can take the big screen TV and a formal dining room. Great building amenities like indoor pool, shared laundry, central hotwater heat, and covered parking. Well maintained building recently re-plumbed and re-roofed. Note the large size for a 1 bdrm suite : 767 sq ft. BC Assessment value for 2012 is $172,100 . Great value estate sale. Quick possession. Move-in condition. And convenient location close to transportation, shopping, schools and library.


#10 ) Address:# 47 3960 CANADA WY, Burnaby Hospital, Burnaby

March 14 V936828 $349,900 $0 0%
March 28 V936828 $328,800 $-21,100 -6%
April 28 V936828 $314,900 $-35,000 -10%
Open House: May 20
May 23 V936828 removed
May 28 V952738 $275,900 $-74,000 -21%
Open House: Jun 09
Open House: Jun 16
July 31 V952738 removed
August 06 V965295 $265,888 $-84,012 -24%

Assessment: $259,200

OPEN HOUSE: SUNDAY AUGUST 5TH, 2-4. Beautiful spacious 1 bdrm corner unit with its own private entrance and large patio rarely becomes available in Lodges in popular Cascade Village. Nicely kept unit. Wood burning fireplace gives a country style feeling to this cozy apartment. Top of the line appliances, newer hot water tank, in suite laundry. Complex has a very nice recreation facility with indoor pool, weight room, two theatre rooms & party room looking out to landscaped green area. This kind of unit rarely becomes available.


#11 ) Address:4490 BLENHEIM ST, MacKenzie Heights, Vancouver West

March 09 V924620 $2,380,000 $0 0%
May 14 V924620 removed
June 14 V956324 $1,998,000 $-382,000 -16%
Open House: Jun 16
August 03 V956324 $1,838,000 $-542,000 -23%

Assessment: $1,716,000 and sold May 30, 2011 for $1,920,000

BEAUTIFUL BIG LOT AT CORNER of W 29TH AVE & Blenheim in PRESTIGIOUS MacKenzie Heights area! Lot Size 56.10X122, UPDATED home with newer kitchen & S/S appliances, newer flooring & bathrooms, newer double-glazed windows, functional layout with 4 generous sized bdrm up, elegant living & dining rm, 2 bdrm suite in bsmt is great for mortgage helper. CLOSE TO ST. GEORGE’S & CROFTON HOUSE PRIVATE SCHOOLS, PW HIGH SCHOOL, UBC, shopping & transit. To hold or build a 4790 sf new home, MUST SEE!


#12 ) 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%
July 31 V944049 $5,799,950 $-1,700,050 -23%

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.


#13 ) Address:# 207 436 7TH ST, Uptown, New Westminster

March 09 V935146 $154,900 $0 0%
May 17 V935146 $138,800 $-16,100 -10%
Open House: May 21
Open House: Jun 03
Open House: Jun 09
Open House: Jun 16
Open House: Jul 01
June 30 V935146 removed
July 05 V960072 $129,900 $-25,000 -16%
Open House: Jul 15
August 04 V960072 $119,900 $-35,000 -23%

Assessment: No Assessment Available

Nicely renovated 461 sf, 2nd floor bachelor suite in Prime Uptown New Westminster location close to parks, shopping, recreation & transit. This lovely suite features open plan, laminate floors, newer paint, updated kitchen, appliances,& bathroom & lovely balcony. Built-in Murphy bed included. Storage & assigned parking included. Pets & rentals allowed with restrictions.Easy low cost living.


#14 ) 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
Open House: Jun 23
Open House: Jun 24
July 04 V955499 $1,355,000 $-333,888 -20%
Open House: Jul 14
Open House: Jul 15
Open House: Jul 21
Open House: Jul 22
July 31 V955499 $1,310,000 $-378,888 -22%

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. MOTIVATED SELLER. Open House: Sat & Sun July 14th & 15th, 2-4 PM. BIG BLOWOUT SALE! MOTIVATED SELLER.


#15 ) Address:2575 W 7TH AV, Kitsilano, Vancouver West

March 09 V933326 $1,790,000 $0 0%
May 01 V933326 removed
May 04 V947401 $1,689,000 $-101,000 -6%
Open House: May 19
Open House: May 20
Open House: May 26
Open House: Jun 03
Open House: Jun 10
Open House: Jun 17
Open House: Jun 24
Open House: Jul 07
Open House: Jul 14
July 16 V947401 removed
August 04 V965253 $1,398,000 $-392,000 -22%
Open House: Aug 04
Open House: Aug 05
Open House: Aug 07
Open House: Aug 11
Open House: Aug 12

Assessment: New at time of assessment

Brand new front unit in this beautiful 3 unit complex in Kitsilano with an exclusive south facing front yard, perfect for summer BBQs. Features an open floor plan with 1,721 sqft living area, 3 bedrooms upstairs, 2.5 bathrooms, and 1 underground parking with a unique turntable parking feature! This home features quality luxury finishes, excellent craftsmanship & woodwork throughout, high coffered ceiling, Wainscot panelling, and rich hardwood wide plank flooring. Gourmet kitchen features granite slab countertops and stainless steel Viking appliances. Convenient location, close to restaurants, shopping, schools, and beaches. Under 2-5-10 Home Warranty. Strata plan shows 1,628 sqft.


#16 ) Address:# 31 5303 204TH ST, Langley City, Langley

April 20 F1209827 $229,900 $0 0%
May 11 F1209827 $219,900 $-10,000 -4%
June 06 F1209827 $209,900 $-20,000 -9%
July 04 F1209827 $199,900 $-30,000 -13%
August 04 F1209827 $179,900 $-50,000 -22%

Assessment: $245,100

Great starter home in Central Langley City, popular McMillan Place. 3 bedrooms, 2 bathroom with some updated laminate flooring. Fenced backyard with patio, good location in complex, does not back any roads. Roof is 7 yrs old. Close to schools, shopping and transit.


#17 ) Address:1243 DUCHESS AV, Ambleside, West Vancouver

May 05 V947868 $1,490,000 $0 0%
Open House: May 27
June 08 V947868 $1,430,000 $-60,000 -4%
June 21 V947868 $1,388,000 $-102,000 -7%
Open House: Jul 01
July 19 V947868 $1,288,000 $-202,000 -14%
August 04 V947868 $1,188,000 $-302,000 -20%

Assessment: $1,153,000

Fantastic, Ambleside view property, character older cottage home. Developers take note, move in or take down & build that dream home. Cannot beat this location. Large lot with back lane for another entry or garage. A very liveable home with 3 bedrooms, 2 baths & views out front of Lions Gate Bridge, Stanley Park & the ocean with beautiful views from backyard. Walking close by to Ambleside beach & parks, Park Royal Shopping, Marine Drive Shops, and the Pacific Ocean. Quiet property with tons of potential. OFFERS are encouraged. Price adjusted, now below appraised value.


#18 ) Address:3008 MARINE DR, Southlands, Vancouver West

June 28 V959053 $2,488,000 $0 0%
Open House: Jun 30
Open House: Jul 01
Open House: Jul 07
Open House: Jul 08
July 11 V959053 $2,280,000 $-208,000 -8%
Open House: Jul 21
July 31 V959053 $1,988,000 $-500,000 -20%

Assessment: $1,029,500

Fabulous Victorian-style residence built with exceptional quality of dry timber and finished with elegant British-style hardwood floors, wood panels and mouldings. Secure south facing extra large backyard has enough space to accommodate children’s soccer games and parents’ dream patio set. Below semi-attached garage for two facing the backyard located unique workshop space. This home is located in the center of prestigious neighbourhood area just steps away from parks and three golf courses, as well as only minutes away from Crofton House School, Kerrisdale Elementary and UBC. Must see to appreciate.


#19 ) Address:6101 SILVERSTONE LN, Sechelt, Sunshine Coast

January 23 V927288 $499,900 $0 0%
August 01 V927288 $399,900 $-100,000 -20%

Assessment: No Assessment Available

Only 30 families will have the luxury of calling Silverstone their Home. Morning walks on the beach offer stunning ocean, island and mountain views. An adjacent park provides the perfect picnic spot. Late afternoon brings a gentle breeze off the Pacific accompanied by spectacular evening sunsets as dusk settles in. Immersed in a truly unique West Coast landscape of trees, rocks, mountains and water. Silverstone residents will be able to enjoy an oceanfront community found few places on earth – and establish a family legacy that can be passed down for generations.


#20 ) Address:18737 54TH AV, Cloverdale BC, Cloverdale

March 09 F1203187 $2,499,900 $0 0%
June 22 F1203187 removed
July 31 F1219669 $1,999,999 $-499,901 -20%

Assessment:  $1,352,000

6 Lot subdivision. Ready to go. View lots in an area of Million Dollar plus homes. This is the last large parcel in the area. Call for lot layout and info package. Passed 3rd reading.


 

7 responses to “The Weekly Drop – August 6, 2012

  1. uh? August 7, 2012 at 1:42 pm

    median vancouver household income is around $67,200…
    how can 1.3853 million be a BLOWOUT SALE…

    Even if you’re making 100K a year, how can that be a blowout sale?

    Why are people so stupid?

    sigh…

  2. ernie August 7, 2012 at 10:03 pm

    #11 ) Address:4490 BLENHEIM ST, MacKenzie Heights, Vancouver West
    …………..
    This one is obviously a flip went terribly wrong with the flipper dropping the price by -23% in just 5 months less one week. To add insult to injury, the current asking price is below the price he bought.14 months ago.

  3. Pingback: Vancouver Price Drop (PART 1) |

  4. Village Whisperer August 9, 2012 at 12:53 am

    Since CMHC has set the benchmark for insurance at $1 million it would be interesting to see a chart of MOI for homes over $1 million from the different regions (West Side, East Side, Burnaby, Richmond, West Van, Surrey, etc) each month as well as a chart measuring how many homes have had asking prices drop below the $1 million mark.

  5. Vulture Fun August 9, 2012 at 5:04 pm

    More data now, Observer! Junkie needs a fix. Jonesing!

  6. zerodown August 11, 2012 at 10:06 pm

    “the spa rivals none” !

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