Vancouver Price Drop

Documenting Vancouver real estate price movements

If I Lost a Million Dollars – August 14, 2012

It has been about a month since the last “If I Lost a Million Dollars” and the minimum drop to get on the list has gone up another $99K to $1.7 million.  We also have an apartment that has been a regular on the list increase it’s drop from $1.601 million to $2.55 million!  I wonder if they feel silly that their apartment was listed for $7.5 million 4 months ago and now sits 34% lower?

#1 ) Address:11400 NO 2 RD, Gilmore, Richmond

September 03 V908283 $12,800,000 $0 0%
January 11 V908283 $8,500,000 $-4,300,000 -34%

Assessment: Farmland

Excellent Holding Property in Steveston. Property is located on No 2 Road, just south on Steveston Hwy. 26.6 acres in the ALR (Agricultural Land Reserve) across the street from development.

#2 ) Address:5347 KEW CLIFF RD, Caulfeild, West Vancouver

March 09 V906191 $12,980,000 $0 0%
April 11 V906191 $9,980,000 $-3,000,000 -23%
June 14 V906191 removed
June 23 V958265 $8,998,000 $-3,982,000 -31%

Assessment: $8,286,000

A magnificent luxury Waterfront home situated on one of West Vancouver’s most sought after streets. Offering over 5,300 sq. ft. of outstanding luxury & detail throughout on all 3 levels. Large entertainment size rooms including a feature curved staircase with wrought iron railings, all French doors leading onto spacious walk-out patios with wonderful outdoor swimming pool & jacuzzi. This beautifully appointed luxury home features a World Class International kitchen, separate den or office, theatre room, wine cellar & a simply gorgeous Master suite. Fully gated & landscaped with breathtaking views!

#3 ) Address:2922 PARK LN, Altamont, West Vancouver

March 09 V911708 $12,800,000 $0 0%
March 22 V911708 removed
May 10 V949010 $9,980,000 $-2,820,000 -22%

Assessment: $4,863,000

WATERFRONT VILLA situated on a private bluff with panoramic water views. Offering three spacious floors, all with direct water views, and a wonderful open floor plan providing access to outside terraces, manicured gardens and your own private beachside oasis..featuring five generous Bedrooms incl. a large top floor Master suite and stunning Bathroom. A full Gourmet Kitchen, entertainment size Dining & Living room. Music Room and Family room. On the lower garden level an Office and Exercise Gym easily convert into 4th & 5th Bedrooms and a fully equipped Media/Games room.

#4 ) Address:3820 SUNRIDGE DR, Whistler, Whistler Pemberton

December 09 V922151 $12,500,000 $0 0%
March 13 V922151 $9,750,000 $-2,750,000 -22%

Assessment: $8,698,000

Akasha! Located on Whistler Mountain, this masterpiece home is in a class of its own. From the 480 year old central axis Cedar Tree to the Totems that flank the indoor pool, everything about this extraordinary property is awe-inspiring. Poised near the top of one on Whistler’s most exclusive neighborhoods, Sunridge Plateau, where the ski slopes of Whistler Mountain are a short walk from your front door…This property has extensive views of snow capped mountains, green valleys floors, Whistler Village and Golf Course. The three levels of this exclusive property radiate from a central backbone of the home created from a 50 foot high, 480 year old Red Cedar tree trunk around which a wooden staircase spirals.

#5 ) 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%
August 14 V944049 $4,950,000 $-2,550,000 -34%

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.

#6 ) Address:6801 CRABAPPLE DR, Whistler, Whistler Pemberton

March 09 V920898 $6,999,000 $0 0%
April 18 V920898 $8,450,000 $0 0%
June 06 V920898 $5,999,000 $-2,451,000 -29%

Assessment: $5,274,000

Tranquility and privacy are words that nicely describe 6801 Crabapple Drive. A private lane leads to this secluded estate home situated on nearly 5 acres of combined land. The well designed floor plan offers the opportunity for large scale entertaining as well as cozy gatherings. Features of the home include dramatic 30 ft ceilings, a 2 way driveway with porte-cochere, a stunning master suite with massive spa like ensuite, and canoe dock with access to Alta Lake just steps from the back door. Enjoy privacy and a gentle respite from the outside world in this magnificent Lodge.

#7 ) Address:12157 – 12175 224TH ST, West Central, Maple Ridge

May 26 V703429 $2,499,000 $0 0%
June 14 V703429 $3,900,000 $0 0%
July 19 V703429 $2,900,000 $-1,000,000 -26%
September 24 V703429 $2,500,000 $-1,400,000 -36%
March 09 V703429 $1,990,000 $-1,910,000 -49%
May 01 V703429 $1,750,000 $-2,150,000 -55%

Assessment: $898,000

Town Core potential highrise site. Located near Town & Ecra Seniors Centre & extensive new apartment development.

#8 ) Address:2888 PANORAMA DR, Deep Cove, North Vancouver

March 09 V892989 $12,998,000 $0 0%
April 24 V892989 $10,998,000 $-2,000,000 -15%

Assessment: $5,947,000

This magnificent WF estate on over 1/2 acre above Indian Arm’s most dramatic cliff & rock formations. This res is wrapped in 270 degrees of coastline vws. Exquisitely crafted, taking 6 painstaking yrs to perfect offering 12,922 sqft w/milled beams, slate roof, crafted w’dwork, natural stone & hardw’ds, vaulted ceilings, timber & steel beam constr, stone FP’s, Chef’s kit w/breakfast bar, EA, adj FR, grand DR priv study. Kids paradise down w/custom I/D bsketb’ll ct, state-of-the-art theatre, fabulous billiard rm w/wet bar, games rm w/professional dart board & air hockey arena. Most incredible hidden passage to a Old World wine cellar & guest accomm. BBQ centre, manicured lawns/gardens & OD F/P. A stunning work of art!

#9 ) Address:2770 BELLEVUE AV, Dundarave, West Vancouver

March 09 V906828 $14,800,000 $0 0%
March 31 V906828 removed
April 05 V941288 $13,980,000 $-820,000 -6%
May 23 V941288 $12,900,000 $-1,900,000 -13%
June 30 V941288 removed
July 06 V960521 $12,900,000 $-1,900,000 -13%

Assessment: $10,282,000

Exquisite world class res in coveted Bellevue Ave offering spec. City/Ocean views. Designed by Brad Lamoreux w/unique features, rich finishes, finest workmanship. Extensive windows/french doors allowing max. light, metal slate-like roof,exquisite crown mouldings & millwork, top grade oak floors. Class & elegance evident from skylit foyer leading to huge Living Room, Family Room, Breakfast area off stunning Kitchen, all overlooking Ocean. Banquet sized Dining Room leads to private courtyard. Lower level features home theatre, Recreation room, Gym Outdoor Pool and elevator.

#10 ) Address:7325 CARNARVON ST, Southlands, Vancouver West

January 18 V926474 $13,500,000 $0 0%
May 30 V926474 $11,800,000 $-1,700,000 -13%

Assessment: $6,409,150 

This John Hollifield designed equestrian estate, built by Keystone Construction, took its inspiration from the French Chateau. Set on a vast 106,000 sqft lot., the epic 7,000 sq.ft. residence features custom window treatments throughout, limestone & hardwood flooring, bespoke fireplaces & over height ceilings. The formal entertaining areas include a Butler’s serving pantry off, while the kitchen is genuinely exceptional. Casual entertaining & family living areas include a large family room plus games room. 5 Ensuite Bedrooms up. The ‘ultimate’ 8 stall barn by Steve Tidball includes caretaker’s suite & professional training facilities. Exceptional quality as evidenced in the bespoke finishings by David Drummond Clarke


12 responses to “If I Lost a Million Dollars – August 14, 2012

  1. Bo Xilai August 14, 2012 at 2:58 pm

    Is the real estate photography business on the North Shore monopolized by Vampires? Seems like every exterior shot on the North Shore and Whistler has to be done at night… I guess real estate photography is like picking up women in bars… Low light hides a lot of flaws which only become apparent in the light of morning…

  2. Veritas August 15, 2012 at 1:59 pm

    That property on Panorama Drive in Deep Cove was first listed at over $19 million a couple of years ago.

  3. Veritas August 15, 2012 at 2:01 pm

    Same with the Akasha property in Whistler which was first listed over $14 million.

  4. jr August 16, 2012 at 11:07 pm

    I’ve noticed a greater increase in farm properties for sale in the FV. There is two on Bates road in Abby, one of which is a court ordered sale. I think it’s interesting that so many places are for sale during harvest, but maybe that is the best time to sell/buy because you can see what the ground can yield. Could a divorce result in a court ordered sale?

    Another observation. My wife and I walk on the Frasier dike a lot and I ride my bike a lot in the valley. We haven’t been walking recently because of the bugs and the high water closures, but in the past I would see one or two trains per ride. In the past several months I’ve seen one. Total.

  5. raincoast August 17, 2012 at 1:56 pm

    To my knowledge, the condo on Beach Ave. has never been occupied. There was a writeup in the Vancouver Sun about the building years ago. I believe two couples collaborated in building the five suites to suit themselves and have built-in neighbours they know and like.

    • an observer August 17, 2012 at 4:22 pm

      And down another $250K yesterday after dropping $850K earlier in the week! The pictures seem to indicate that it is lived in – either that or stagers are starting to cut corners as well!

      Still $800K above assessment…

  6. JB August 17, 2012 at 11:50 pm

    Really great summary. I also remember when Akasha property was listed for 14 million.

    Residential Activity in the Second Quarter of 2012
    Number of Sales – 8,132
    Year/Year (%) – -18.8 (from 10,018 )
    Number of New Listings – 19,085
    Average Price ($) – 724,319
    Year/Year (%) – -11.5 (from 818,721 )
    (Vancouver Housing Market)

  7. McLovin August 18, 2012 at 3:23 pm

    Great site! I love the fact the someone is exposing these used home salesmen’s tactics of delisting and raising and lowering prices. When its all in one place it makes them look unprofessional and silly.

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