Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – August 13, 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:

  • 28 listings dropped to a cumulative total of 20%+ this week, 14 hit 25% (a new record)  and 5 hit 30% this week (a new record)
  • Region breakdown is Sunshine Coast with 5, Mission and North Vancouver with 3 and White Rock with 2
  • 7 of 14 listings with Assessment information are now listed below assessment
  • #1 is our first back to back champion!  Cumulative drop of 48% last week and that wasn’t enough so they bumped it up to 54% this week, also a record.  Also, it is listed at less than half assessment value…
  • #2 is a court ordered sale of a home with a chain link fence on a quiet street on a no thru road… draw your own conclusions
  • #4 is another court ordered sale and listed 30% below assessment
  • #5 is listed 30% below assessment
  • #15 is a ” rock & roll Canadian dream property”… HUH?!?!?
  • #16 really needs to remove that giant blue tarp from their first picture so that the listing doesn’t continue to appear in this top 20 every other week…
  • #17 asks the question “Why rent when you can have your own home”.  The obvious answer is that you could rent that home for less than half the monthly cost of buying it.
  • #18 “AFFORDABLE PRICE”… Remember the days when $1.3 million and “AFFORDABLE PRICE” were never used in the same sentence?
  • #19 is yet another court ordered sale

 

#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%
August 11 F1219781 $199,000 $-230,000 -54%

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:15490 48TH AV, Serpentine, Cloverdale

March 09 F1200306 $1,399,999 $0 0%
June 06 F1200306 removed
August 10 F1220429 $895,000 $-504,999 -36%

Assessment: $734,900

Court ordered sale. 5 acre parcel of land with a 5 bedroom, 4 bath home located on a quiet no thru road. Property is currently used for some livestock.


#3 ) Address:4611 WOODBURN RD, Cypress Park, West Vancouver

March 15 V937107 $3,388,000 $0 0%
April 11 V937107 $3,188,000 $-200,000 -6%
April 24 V937107 $2,888,000 $-500,000 -15%
May 01 V937107 $2,688,000 $-700,000 -21%
Open House: May 20
Open House: May 27
Open House: Jun 03
Open House: Jun 10
Open House: Jun 24
June 29 V937107 removed
July 02 V959849 $2,398,000 $-990,000 -29%
August 10 V959849 $2,198,000 $-1,190,000 -35%

Assessment: $2,279,000

This 58,806 sq.ft. (1.35 acre) property offers total privacy with awesome ocean views. The gated entrance leads to a private rock bluff setting overlooking the views from Lion’s Gate Bridge to Vancouver Island. This spacious 5615 sq. ft home offers 3 bedrooms, 3 bathrooms, vaulted ceilings, sun drenched decks and a master bedroom with spa like ensuite. Perfectly located near Caulfeild Village, Rockridge High School and Caulfeild Elementary. This home offers a 3 car garage and indoor swimming pool to complete the package.


#4 ) Address:2341 LOUGHEED HY, Agassiz, Kent

October 19 H1104351 $349,900 $0 0%
November 23 H1104351 $324,900 $-25,000 -7%
January 06 H1104351 $299,900 $-50,000 -14%
May 10 H1104351 $259,900 $-90,000 -26%
August 09 H1104351 $239,900 $-110,000 -31%

Assessment: $343,000

Court Ordered Sale. 5.7 Acres of private land nestled close to skiing, lakes and golfing. Older style 4 bedroom home plus 2 outbuildings on property. For more info please call L.S.


#5 ) Address:5561 RUGBY ST, Deer Lake, Burnaby

May 02 V946663 $1,149,000 $0 0%
June 01 V946663 removed
June 11 V955947 $1,149,000 $0 0%
Open House: Jun 16
Open House: Jun 17
June 26 V955947 $1,049,000 $-100,000 -9%
June 29 V955947 removed
August 11 V965972 $799,000 $-350,000 -30%
Open House: Aug 11
Open House: Aug 12

Assessment: $1,112,200

 

Live in desirable Deer Lake. Its only a stoll to the lake. Its conveniently located close to 8 rinks and a minute away from the #1 Hwy. This 3 bedroom home has a large family room with potential of a 4th bedroom.The back yard is fenced with a hot tub & gazebo. This home is priced $313,000 below municipal assessed value. Move in today or build later. This is a great investment property and is the best price in Deer Lake. Raise your family in this quiet cul de sac. Its within walking distance of Buckingham Elementary. Bring your own ideas and call this your new home. Open House Friday Aug 10th from noon till 1:30 and Sat & Sun, Aug 11th & 12th, 2-4PM.


#6 ) Address:967 ROSLYN BV, Dollarton, North Vancouver

March 09 V933878 $3,750,000 $0 0%
March 28 V933878 $3,690,000 $-60,000 -2%
April 18 V933878 $3,288,000 $-462,000 -12%
May 16 V933878 $2,980,000 $-770,000 -21%
June 15 V933878 $2,750,000 $-1,000,000 -27%
July 25 V933878 removed
August 10 V965789 $2,690,000 $-1,060,000 -28%

Assessment: $1,840,000

Spectacular Westcoast contemporary 5000 SF luxury home in seldom available Deep Cove, Dollarton area. Features incl 7 large bedrooms, 6 baths & 2 laundry rooms. Top floor incl 5 bedrooms & 3 full baths. The master has a huge ensuite with soaker tub, walk in closet & balcony features vaulted ceiling, indoor water fall & exceptionally bright with oversize windows facing ocean. The gourmet kitchen is equipped with high end S/S appls, 2 sinks & granite counters. A massive granite island completes this custom designed space. Lower level features a prof theatre room, office & high end 2 bdrm legal suite. The home boasts an attached triple car garage, inground salt water pool & hot tub. All surrounded by palm trees, water falls & poolside F/P


#7 ) Address:# LOT 4 ROY RD, Roberts Creek, Sunshine Coast

June 06 V954216 $689,000 $0 0%
June 28 V954216 $579,000 $-110,000 -16%
August 10 V954216 $499,000 $-190,000 -28%

Assessment: No Assessment

Level waterfront building lot in Roberts Creek just off Metcalfe Rd. 10 minutes walk to Post Office, store, restaurants. Rare & affordale. Adjacent lot also available.


#8 ) Address:# LOT 5 ROY RD, Roberts Creek, Sunshine Coast

June 04 V954205 $689,000 $0 0%
June 28 V954205 $579,000 $-110,000 -16%
August 09 V954205 $499,900 $-189,100 -27%

Assessment: No Assessment

Level waterfront building lot in Roberts Creek. Just off Metcalfe Rd. 10 min walk to Post Office, store, restaurants. Rare & affordable. Adjacent lot also available.


#9 ) Address:# LOT 17 COURTNEY RD, Gibsons, Sunshine Coast

February 26 V933929 $260,000 $0 0%
May 11 V933929 $219,000 $-41,000 -16%
August 10 V933929 $189,000 $-71,000 -27%

Assessment: No Assessment

Your dream can become a reality. Set in spectacular Gibsons BC just above the prestigious Grantham’s Landing, Vista Ridge is a lush master planned development offering both privacy and majestic views of Howe Sound and the Coastal Mountain ranges. The sustainable envisioned Vista Ridge at Granthams adheres to our environmental and aesthetic guidelines to protect both your investment and its sublime natural surroundings. Located only 1 km from Gibsons, 2 km from the Langdale ferry terminal and 1 hour from Vancouver, Vista Ridge is close enough to all the amenities you will require, yet far enough away to enjoy the tranquility of life on the Sunshine Coast.


#10 ) Address:# LOT 16 WOODLAND AV, Gibsons, Sunshine Coast

April 13 V942719 $260,000 $0 0%
May 16 V942719 $219,900 $-40,100 -15%
August 09 V942719 $189,900 $-70,100 -27%

Assessment: No Assessment

This beautiful location set in Gibsons on the Sunshine Coast offers spectacular views of Howe Sound and the Coastal mountain range. Vista Ridge is a lush, master planned development and is located minutes form the Langdale ferry terminal and just 1 hour from Vancouver. Your new custom built home in Vista Ridge on nearly 1/2 an acre of land will be close to all of the amenities you are accustomed to, yet far enough away to enjoy the peace and solitude of life on the Sunshine Coast. Whether it’s for year round living or a vacation home, come check out all that Vista Ridge has to offer!


#11 ) Address:2841 ROY RD, Roberts Creek, Sunshine Coast

May 02 V946958 $1,350,000 $0 0%
June 28 V946958 $1,100,000 $-250,000 -19%
August 09 V946958 $999,999 $-350,001 -26%

Assessment: $1,241,000

Rare opportunity to purchase two legal waterfront lots. These lots are dead flat and have an elevation of approximately 6 feet from the beach. House of little value.


#12 ) Address:29972 FRASER HY, Aberdeen, Abbotsford

March 09 F1117674 $2,150,000 $0 0%
July 10 F1117674 removed
August 08 F1220221 $1,599,000 $-551,000 -26%

Assessment: $900,000

Gorgeous 3.7 acres with 3789 sqft, 8 yr old dream house and older 4 bedroom house on the Fraser Highway near Mt.Lehman road exit. Possible expansion or rezoning potential. Great for truckers and nursery. Meas taken from plan, call for more info.


#13 ) Address:# 19 415 W ESPLANADE, Lower Lonsdale, North Vancouver

July 17 V959014 $265,000 $0 0%
July 18 V959014 $248,000 $-17,000 -6%
August 01 V959014 $235,000 $-30,000 -11%
August 10 V959014 $198,000 $-67,000 -25%

Assessment: No Assessment

Always wanted waterfront property? How about being right on the water without paying waterfront prices? This unique floating home has character and is perfect for someone who wants to live on the water year round. Conveniently located close to the entrance way and marina amenities, but far enough to have lots of privacy and peace and quiet. This home has vaulted ceilings, a spiral staircase, warm natural wood siding throughout. Sunken living room, large kitchen area with hardwood flooring and two bedrooms above which are nicely separated. The new spirit trail is steps away and the Seabus, shops and restaurants just blocks away. Moorage is $850 per month and is a steal! You have to see this one to appreciate its charm!


#14 ) Address:29939 LOUGHEED HY, Mission, Mission

March 09 F1203459 $749,000 $0 0%
May 09 F1203459 removed
May 16 F1212737 $739,000 $-10,000 -1%
July 13 F1212737 $699,000 $-50,000 -7%
July 19 F1212737 $625,000 $-124,000 -17%
August 11 F1212737 $560,000 $-189,000 -25%

Assessment: $487,000

ENDLESS POSSIBILITIES! Main House is 1600 Sq.Ft, 3 Bedroom, 2 Bathroom fully remodelled family home on a 4ft concrete crawl with new Furnace, H.W.T., Built in Vac, Sec System, New Kitchen, huge master w/vaulted ceilings and loads of custom cabinetry. Second home is also 1600 Sq.Ft and is 2 fully self contained 1 bedroom suites (one being re-done, other rented), also there is a 5 bay detached 1400 Sq.Ft *MONSTER GARAGE* with loft area, it’s heated and has water, and separate 200Amp Service & Meter, ideal for home business. Awesome patio with built-in outdoor kitchen and spectacular fountain, it’s like a park. Don’t be fooled by the address, this home is accessed by a winding driveway, and is extremely private, surrounded by mature landscaping. With the log construction you can rest peacefully. Property is serviced by a 350′ drilled well with extensive mechanicals (filtration, etc.) All this on a park like 1 acre lot. Ideal home for large family, home business/hobbyist.


#15 ) Address:32165 MINGO AV, Mission BC, Mission

February 25 F1204931 $925,000 $0 0%
June 26 F1204931 $785,000 $-140,000 -15%
August 08 F1204931 $699,500 $-225,500 -24%

Assessment: $599,000

Nestled on 2.3 acres of secluded mountain view acres. Executive 5 bdrm log home. Stunning 14 ft. rock f/p in bright great rm which leads to a covered outdoor living area. Unique home theatre & built in pine library. Private exercise room. Kitchen boasts beautiful wood cabinets. Fabulous master suite!! 31/2 bath! Private ofc. Visit this rock & roll Canadian dream property.


#16 ) Address:1537 E 5TH AV, Grandview, Vancouver East

March 09 V923259 $895,000 $0 0%
April 08 V923259 removed
April 12 V942434 $793,000 $-102,000 -11%
June 07 V942434 removed
June 09 V955548 $789,000 $-106,000 -12%
June 15 V955548 $759,000 $-136,000 -15%
June 30 V955548 $729,000 $-166,000 -19%
July 24 V955548 $699,000 $-196,000 -22%
August 11 V955548 $679,000 $-216,000 -24%

Assessment: $686,000

25×122 / 3050sq.ft. lot just half a block to Commerical Drive on 5th Ave. Fantastic location. Duplex property with RM-4 zoning. For sale by court order. All measurements are approx. Buyer to verify. Property sold as-is where-is. Restore the duplex home (circa 1912) or build new. Vibrant community. Easy transit connect to UBC, downtown. Call to discuss your new home opportunities!


#17 ) Address:20457 LORNE AV, Southwest Maple Ridge, Maple Ridge

March 09 V917749 $389,800 $0 0%
May 01 V917749 removed
June 30 V959603 $319,500 $-70,300 -18%
Open House: Jul 08
August 08 V959603 $299,000 $-90,800 -23%

Assessment: $257,100

Two Bedroom & One Bathroom rancher located in south west area of Maple Ridge. Open design concept. Plenty of parking in front of property and close to transit, schools & shopping. Why rent when you can have your own home. All measurements are approximate and should be verified if important. Contact your agent for more details and arrange a viewing.


#18 ) Address:13019 14TH AV, Crescent Beach Ocean Park, White Rock

March 09 F1203072 $1,688,900 $0 0%
April 08 F1203072 removed
April 23 F1210355 $1,658,000 $-30,900 -2%
June 08 F1210355 $1,558,000 $-130,900 -8%
June 19 F1210355 removed
August 09 F1220334 $1,300,000 $-388,900 -23%
Open House: Aug 11

Assessment: New Building

Own this Ocean Park luxury brand new home with an AFFORDABLE PRICE. Move in anytime. Beautiful Hardwood floors throughout. Top of the line appliances, upgraded moldings, french country style kitchen with separate pantry. Master suit with a door to a private deck for ocean view; and a huge walk-in closet, huge shower, jetted tub and double sinks. Two bedrooms share a Jack & Jill bath and the fourth bedroom has a full bath only steps away. Each full bath has bright windows. A rock wall in private yard and a private deck off the dining room. You will definitely find lovely surprise everywhere.


#19 ) Address:# 106 15241 18TH AV, King George Corridor, White Rock

March 09 F1128130 $244,000 $0 0%
March 24 F1128130 $229,000 $-15,000 -6%
May 01 F1128130 removed
May 11 F1212261 $219,000 $-25,000 -10%
June 06 F1212261 $209,000 $-35,000 -14%
June 23 F1212261 $199,000 $-45,000 -18%
August 08 F1212261 $189,000 $-55,000 -23%

Assessment: $242,000

CRANBERRY LANE 2 bedroom, 2 bath ground level, corner condo! Super location, you can walk to shopping, transportation and all other retail and recreational amenities. Two pets allowed, no age restriction, strata fee $237.41. Court approval of your offer is required.


#20 ) Address:360 E 25TH ST, Upper Lonsdale, North Vancouver

March 24 V939001 $928,000 $0 0%
April 21 V939001 $898,000 $-30,000 -3%
May 17 V939001 $848,000 $-80,000 -9%
Open House: May 19
Open House: May 26
May 30 V939001 $799,900 $-128,100 -14%
Open House: Jun 02
Open House: Jun 03
Open House: Jun 10
Open House: Jun 23
June 27 V939001 removed
July 02 V959830 $779,000 $-149,000 -16%
Open House: Jul 08
Open House: Jul 15
July 24 V959830 $778,888 $-149,112 -16%
Open House: Aug 11
August 08 V959830 $728,000 $-200,000 -22%

Assessment: $701,100

Large corner lot. House totally upgraded. High yew hedge provides privacy. South west city views. Fantastic starter home or suitable for a small family with excellent revenue stream from the suite which is bright,airy and fully equipped. Both suites have independent laundry and separate outside entrance. For this quality house, with a suite, it is the best value on the North Shore.OPEN HOUSE, SATURDAY 2-4

14 responses to “The Weekly Drop – August 13, 2012

  1. YVR Housing Analyst (@YVRHousing) August 13, 2012 at 4:55 pm

    All solidly in the -20%+ camp now. Previous purchase price would be an interesting thing to include next to these listings but I understand if that’s no-go territory.

  2. djindustry August 13, 2012 at 5:26 pm

    observer: i am addicted to this site; as someone who is returning to Vancouver next year but has been living in NYC for the last decade this info is invaluable. Here in the US we can get information about time on market and price changes from places like Trulia in a matter of seconds, but in Canada it all seems so secret! Your data seems to me, from the outside, the only true picture of current market conditions in Vancouver–you deserve a medal! and please keep it up!

    • an observer August 13, 2012 at 5:34 pm

      I’m hopeful that after this mess unwinds the real estate industry will be forced to be more transparent and Zillow-like information will be available for everyone in Canada. Until then I’m happy to do what I can

      • milo August 14, 2012 at 10:53 pm

        “transparent and Zillow-like information will be available for everyone in Canada”
        I call that wishful thinking, not in our lifetime. Having bought and sold before, I am given the understanding that this is our “culture” – how we buy and sell houses.

    • Craig August 14, 2012 at 6:46 am

      Amen – I will second that as someone planning to return to Vancouver who currently lives in the UK…

  3. McLovin August 13, 2012 at 7:49 pm

    Keep up the good work. Its nice to see a lot of listings dropping below their assessments.

  4. Watching the Circus August 14, 2012 at 9:50 am

    # 5 received 7 offers last night. I wonder what it sold for.

    • an observer August 14, 2012 at 10:19 am

      If anyone knows please post, I’d be interested as well. We’ve seen the strategy before on the weekly drop where realtors drop the price so low that it will definitely sell with multiple offers. Funny thing is that the “Days On Market” will be under 5 and it will be recorded as a well above offer sale with multiple offers (“HOT MARKET!!! BUY NOW!!!”) when in fact the DOM is closer to 100 and realistically it must have sold for quite a bit under assessment and under what the sellers expected initially.

      It does show that any property can be sold very quickly by simply dropping the price – hopefully people catch on

    • YVR Housing Analyst (@YVRHousing) August 14, 2012 at 12:04 pm

      Yeah that one seems like a candidate for the bidding war trick.

      • Watching the Circus August 17, 2012 at 3:55 pm

        #5 sold for $871,000. $241,200 below assessed value.

      • an observer August 17, 2012 at 4:20 pm

        Thanks a lot for the update. So this is going in the books as 9% above asking with multiple offers and sold in less than 1 week instead of reality which is over 20% below asking and 100 days on market…

  5. Watching the Circus August 14, 2012 at 1:23 pm

    Subject removal for # 5 is on thursday. So we won’t know until then.

  6. Jack August 14, 2012 at 9:53 pm

    I think I see a problem with #13. Perhaps the “sunken living room” isn’t the selling feature they think it is.

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