Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – August 20, 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:

  • 27 listings dropped to a cumulative total of 20%+ this week, 9 hit 25% and 5 hit 30% this week (tying the record)
  • One home dropped by a single $3.92 million drop this week but didn’t crack the list!
  • Region breakdown is Mission and Abbotsford with 3 and Vancouver West, West Vancouver, White Rock, Sunshine Coast and Maple Ridge with 2 each
  • 11 of 18 listings with Assessment information are now listed below assessment
  • #2 in an apartment that had 2 price drops this past week totalling over $1 million and is now down $2.8 million and 37% from the original list price.  Based on comments from the “If I lost a million dollars” post, this unit may have been empty for a very long time.  It is still listed at over $700K above assessment
  • #3 starts off with “CAPE COD ON 1 ACRE!” but really is a court ordered sale with “as-is, extensive damage to home throughout, mold, etc.” and of course “home is without an occupancy permit”
  • #5 is listed over 30% below assessment
  • #7 is listed at almost 40% below assessment and is another court ordered sale
  • #12 dropped their price to $899K to, I assume, spark some sort of bidding war.  That never materialized so they bumped the price back up to $979,000 but for what purpose I do not know but at least we can expect them back on the top 20 list in the next few weeks
  • #16 is a great site to see.  A newish Vancouver West home listed for $300K BELOW assessment and no this is not a stunt to attract multiple bidders, it simply did not sell at any of the previous 3 price drop levels

#1 ) Address:# LT.B FERNDALE AV, Mission BC, Mission

March 01 F1205237 $599,000 $0 0%
April 04 F1205237 $495,000 $-104,000 -17%
June 30 F1205237 $399,000 $-200,000 -33%
August 18 F1205237 $369,000 $-230,000 -38%

Assessment: No Assessment

10.23 acres zoned for 4 acre lots. Partially treed. Great place to build your dream home with some future potential. Near Mission City hall on Ferndale. Changes in Fisheries setback reduced from 30 meters to 10 meters. Property is located West of 34711 Ferndale Ave.

#2 ) 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%
August 17 V944049 $4,695,000 $-2,805,000 -37%

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.

#3 ) 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%
August 17 V965433 $449,000 $-249,000 -36%

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.

#4 ) 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%
August 18 V961471 $699,000 $-300,000 -30%

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”

#5 ) Address:# 113 32725 GEORGE FERGUSON WY, Abbotsford West, Abbotsford

March 09 F1203101 $169,900 $0 0%
April 04 F1203101 $159,900 $-10,000 -6%
May 02 F1203101 removed
May 08 F1211895 $149,900 $-20,000 -12%
June 13 F1211895 $144,900 $-25,000 -15%
July 04 F1211895 $129,900 $-40,000 -24%
August 14 F1211895 removed
August 16 F1220826 $119,900 $-50,000 -29%

Assessment: $177,700

Fantastic condo at a great price! Two large bedrooms and full baths are separated by a nice living room opening to an outside patio! The kitchen is huge and includes a granite island area for that always needed counter space! Full size laundry room. Located within easy walking distance to shopping and transit. A perfect investment or place to start!

#6 ) Address:16790 16TH AV, Pacific Douglas, White Rock

February 07 F1203003 $1,334,200 $0 0%
April 18 F1203003 $1,100,000 $-234,200 -18%
August 13 F1203003 removed
August 17 F1220933 $950,000 $-384,200 -29%

Assessment: $1,059,000

GREAT POTENTIAL with this 1.16 acre LOT (50,556sf). NCP area 2 as investment or holding property. Currently zoned RA or RH for 1-2 units per acre. Central Location. 3,000 sq.ft. 4bd.3bth House with Views, Southern Exposure. Two detached buildings: 2-stall barn with own 120 amp panel and large workshop/garage with grease pit. Corner Lot. Close to all amenities, the US border, and a new Surrey park called Fergus Watershed Park.

#7 ) Address:33674 MCDOUGALL AV, Central Abbotsford, Abbotsford

March 09 F1128067 $215,000 $0 0%
March 28 F1128067 $209,000 $-6,000 -3%
May 11 F1128067 removed
May 12 F1212484 $192,900 $-22,100 -10%
July 11 F1212484 $176,500 $-38,500 -18%
August 17 F1212484 $159,000 $-56,000 -26%

Assessment: $261,100

Court order sale, offers subject to BC Supreme Court approval. Two bedroom one bathroom rancher on a sloping lot near shopping and transportation. The land is multi-family zoned for future potential.

#8 ) Address:8904 MANZER ST, Mission, Mission

October 12 F1125307 $2,399,000 $0 0%
April 12 F1125307 $1,999,000 $-400,000 -17%
August 12 F1125307 removed
August 18 F1221019 $1,799,000 $-600,000 -25%

Assessment: $1,092,000

Rare offering. Character home on approximately 23.9 gorgeous treed acres on Manzer Street in Silverdale, Mission. Long windy driveway brings you to this unique 2 storey with basement home. Currently zoned RU16 (minimum 4.0acres). OCP shows suburban residential. Approx. 1500′ road frontage on Manzer. This is an excellent holding property.

#9 ) Address:6121 GLENEAGLES DR, Gleneagles, West Vancouver

May 04 V947366 $3,898,000 $0 0%
June 06 V947366 $3,685,000 $-213,000 -5%
June 27 V947366 removed
June 30 V959385 $3,290,000 $-608,000 -16%
August 17 V959385 $2,999,000 $-899,000 -23%

Assessment: Building Unfinished at time of assessment

Gorgeous new contemporary home in this most sought after West Vancouver waterfront neighbourhood. Backing on to the Gleneagles Golf Course, this custom home has been built with exacting standards and quality throughout. The Great Room is

#10 ) Address:34161 SUMMERHILL PL, Central Abbotsford, Abbotsford

May 18 F1213003 $1,195,000 $0 0%
June 08 F1213003 $995,000 $-200,000 -17%
August 17 F1213003 $925,000 $-270,000 -23%

Assessment: $707,000

This home really has it all inside and out, in fact it’s a veritable playground. The home functions extremely well with master bdrm on main and two massive bedrooms upstairs; these rooms are sure to aid in spoiling any child. The bsmt is finished and becomes the perfect access to what is probably one of the nicest backyards in town, featuring a gorgeous pool, outdoor kitchen, hot tub, massive stamped patio area surrounded by gorgeous landscaping on a 1/3 acre lot, & more. Come check out the extras which are too numerous to list here.

#11 ) Address:6851 SEAVIEW RD, Sechelt, Sunshine Coast

October 04 V913931 $345,000 $0 0%
April 09 V913931 $319,000 $-26,000 -8%
July 10 V913931 $284,900 $-60,100 -17%
August 18 V913931 $269,000 $-76,000 -22%

Assessment: $283,900

2 storey, 2 bedroom, 2 bathroom home tucked away on .76 of an acre. Freshly painted inside with a new roof last year. A sun deck on each level to sit back and enjoy the expansive views of Sechelt Inlet. Just a 5 minute walk to the beach to launch your boat or canoe and discover the local islets and inlets. Ideal for a summer home or a weekend retreat, this property is kept private with an abundance of welcoming fir and arbutus trees. The bottom level of the home has a small shop area, office nook and a sauna. If you are looking for a tranquil rural location to enjoy the sunsets, at a great price, look no further. Call for a private viewing!

#12 ) 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
Open House: Aug 12
August 16 V964701 $979,000 $-271,000 -22%

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.

#13 ) Address:# 109 1533 BEST ST, White Rock, White Rock

April 12 F1208996 $279,000 $0 0%
May 23 F1208996 $259,000 $-20,000 -7%
Open House: Jun 02
July 11 F1208996 $239,000 $-40,000 -14%
Open House: Jul 14
July 27 F1208996 $229,000 $-50,000 -18%
August 15 F1208996 $219,000 $-60,000 -22%

Assessment: $268,000

Tremendous opportunity to purchase a delightful 2 bedroom, 2 bath well maintained ground level unit on the quiet side of the building. Huge north west facing patio is private and secure perfect for an animal lover. This is a well kept unit, 2nd bedroom offers a Murphy bed and clever use of storage space. Huge kitchen with informal eating area overlooks open and bright L.R. and D.R. Building has been rain screened. A seismic upgrade, new windows, new roof and paint complete the package in this worry free building. Pets are welcome, no age restrictions NO rentals. No hills here! Within walking distance to shopping, transportation and nearby Peace Arch Hospital, White Rock Elementary & Earl Marriot

#14 ) Address:25590 BOSONWORTH AV, Thornhill, Maple Ridge

April 14 V943202 $889,000 $0 0%
May 05 V943202 $759,000 $-130,000 -15%
May 30 V943202 $729,000 $-160,000 -18%
August 17 V943202 $699,000 $-190,000 -21%

Assessment: $788,000

WANTED: CREATIVE BUYER – Let your imagination run wild in restoring this home to the showplace it once was. Great price, private setting with a majestic view of the Golden Ears, a huge rec room perfect for the pool table & the kids to play, a games room for your exercise equipment and to top it all a home theatre. A bargain for the do-it-yourself buyer! All measurements are approximate, buyer/buyer’s agent to verify if deemed important. Call today to arrange a personal tour of this property.

#15 ) Address:# 209 20200 56TH AV, Langley City, Langley

March 09 F1205412 $215,000 $0 0%
May 19 F1205412 $205,000 $-10,000 -5%
June 22 F1205412 removed
June 23 F1216438 $192,900 $-22,100 -10%
July 20 F1216438 $182,900 $-32,100 -15%
August 14 F1216438 $169,900 $-45,100 -21%

Assessment: $180,200

“The Bentley” Located in downtown Langley, close to shopping, schools, restaurants and all other amenities. South facing balcony to enjoy late evening BBQ. Property is being completely remediated with new rain screening and a new roof. Assessment already paid by the seller. Large 2 bedroom unit with 2 baths. Complex has 2 guest suites, exercise room and bike room as well. Pets and rentals allowed.

#16 ) Address:7378 GRANVILLE ST, South Granville, Vancouver West

March 09 V934707 $2,388,000 $0 0%
May 10 V934707 removed
May 16 V950359 $2,188,000 $-200,000 -8%
June 07 V950359 $1,998,000 $-390,000 -16%
Open House: Jun 09
July 26 V950359 $1,938,000 $-450,000 -19%
August 17 V950359 $1,888,800 $-499,200 -21%

Assessment: $2,188,000

Absolutely beautiful brand new character home in Prime South Granville area. 3600sq ft home on 6000sq ft lot. Fantastic layout, the supreme finishing buid by one of the BEST EUROPEAN BUILDERS. Beautiful hardwood flooring throughout on main, spacious & bright kitchen wiht high-end cabinets & appliances, granite counter tops. Security system, Air conditioning, radiant heating, vacuum built-in. Entertaining size recreation room in basement. 2 bedroom suite for guests or mortgage helper. Private backyard, nice landscaping. 4 car garage. Walking distance to Lloyd George Elementary & Churchill Secondary catchments. Close to UBC, close to shopping, close to downtown & Richmond. Must see and own-PRICE TO SELL!

#17 ) Address:3049 SPENCER CT, Altamont, West Vancouver

May 31 V953432 $2,498,000 $0 0%
Open House: Jun 02
Open House: Jun 03
Open House: Jun 09
Open House: Jun 10
Open House: Jun 16
Open House: Jun 17
Open House: Jun 23
Open House: Jun 24
Open House: Jun 30
Open House: Jul 01
Open House: Jul 07
Open House: Jul 15
July 19 V953432 $2,250,000 $-248,000 -10%
Open House: Jul 21
Open House: Jul 29
Open House: Aug 05
Open House: Aug 12
August 18 V953432 $1,987,000 $-511,000 -20%

Assessment: $1,858,000

Prestigious Altamont residence situated at the end of a quiet cul-de-sac offering gorgeous ocean & coastline views! Private ? acre ppty. 3570 sq. ft. on 3 levels featuring a tastefully crafted d?cor. Immaculately maintained, offering 4 spacious bedrooms up incl a fabulous master & ensuite w/walk-in closet, sensational gourmet kit w/brkfst bar, eating area & adj FR w/elegant living & dining rooms w/roaring F/P & lg picture windows, 4.5 bthrms, grand foyer w/curved staircase, spacious rec rm w/kitchenette & 1 guest bdrm down – all opening out to sundrenched patios & lush gardens w/complete privacy! Bright open flrpln w/high ceilings, radiant in-floor heating, lg motor court driveway & 2-car garage. Exceptional value!

#18 ) Address:7582 DUNSMUIR ST, Mission BC, Mission

April 13 F1209253 $269,000 $0 0%
Open House: May 26
Open House: May 27
May 29 F1209253 $255,000 $-14,000 -5%
July 02 F1209253 $249,000 $-20,000 -7%
Open House: Aug 04
August 16 F1209253 $214,000 $-55,000 -20%

Assessment: $269,400

NEW PRICE !!!! original hardwood floors in living room, updated kitchen, RV parking, flat large fenced back yard, separate detached wired workshop/garage. Great location walk to University/College Elementary/High schools, rec center, shop & parks. PRICED 55,400 BELOW BC ASSESSMENT!!!!

#19 ) Address:6988 DONALD RD, Granville, Richmond

March 09 V923931 $2,088,000 $0 0%
March 28 V923931 $1,890,000 $-198,000 -9%
July 06 V923931 removed
August 18 V966947 $1,668,000 $-420,000 -20%

Assessment: $1,598,000

Most sought after Million Dollar Neighbourhood in Central Richmond! 2 years new custom built home on a beautiful north/south facing corner lot. Spacious 3,559 sq ft luxurious living on a 7,630 sq ft lot with 4 bedrooms up and den, plus a 1 bedroom legal suite on the main. Functional layout with grand Foyer, high ceiling with beautiful crystal chandelier, bright and spacious Living Room, cross hall Dining, coffered ceiling, crown mouldings throughout, granite and hardwood flooring including stairs. Gourmet kitchen with Wok Kitchen, granite counters and stainless steel appliances. Large covered deck off Kitchen area, ideal for entertainment. Hot water radiant heating, HRV, central air-conditioning, steam shower, security system, 3 car garage with fully fenced yard and electric gate. Excellent location, close to Richmond Community Centre, Library, Richmond Shopping Centre, Hospital, Richmond High School (B.I. program) and transit. A pleasure to show!

#20 ) Address:# W102 5780 TRAIL AV, Sechelt, Sunshine Coast

May 02 V946979 $249,500 $0 0%
June 01 V946979 $239,500 $-10,000 -4%
June 15 V946979 $219,500 $-30,000 -12%
August 16 V946979 $199,500 $-50,000 -20%

Assessment: $209,200

Fabulous Panoramic View of Sechelt Inlet & Mountains from this ground level unit in the Westwind building at “The Bluff”. This 962 sq.ft. one bedroom & 1 1/2 bath unit has a very functional floor plan to suit all lifestyles. From the 5 piece ensuite, and sitting area off the master bedroom to the spacious living room with a natural gas fireplace. The large kitchen has extra built-in cabinets for your convenience. The ground level in this complex is accessed by stairs or elevator, and provides complete privacy, from the world behind. There is a lovely garden patio that opens to lawn & of course the view.


8 responses to “The Weekly Drop – August 20, 2012

  1. M- August 20, 2012 at 2:27 pm

    #15: I’m amazed at how much of a mess the interior of the place is. So much garbage/mess. And I wonder what’s in the kitchen sink– they went to the trouble of covering it with a towel, so I assume it’s something they were either really embarrassed about, or something illegal. Thoughts?

    • an observer August 20, 2012 at 2:39 pm

      It’s pretty ridiculous that they couldn’t be bothered to do the dishes or spend 30 seconds to tidy up before the pictures. I’m guessing the sink if full of more dishes and other crap that was probably on the counter just before the picture.

  2. S August 20, 2012 at 10:17 pm

    What causes a court-ordered sale? Are they all grow-ops?

    Thank you for your time. I look forward to reading your weekly price drops every Monday!

    • an observer August 20, 2012 at 10:36 pm

      I’m not entirely sure but I assume it would include grow-ops and other proceeds of crime along with potentially bankruptcies and divorce settlements that couldn’t be solved without the court I would guess? If anyone can clarify then please comment

      • overthepond August 20, 2012 at 11:19 pm

        Yup – basically anything involving a court ordering the sale. From grow-ops to financial reasons (note that foreclosures in BC are listed as ‘court ordered sales’ on MLS. Anything that the mortgage provider has applied to a court to get a judgment to sell the property for.

  3. xyz August 21, 2012 at 6:53 am

    RE: Number 15.. I would hazard a guess that this is a tenanted unit, and either the tenants don’t give a crap, or the ‘landlord’ snuck in to take pictures without the tenants consent… Most people wouldn’t leave their kitchen in that state if they were having the landlord over.

  4. Julia August 21, 2012 at 11:13 am

    the listings that interest me are the ones that are finally getting close to assessed value. Dreamland prices and drops may make for interesting stats but they don’t reflect a softening market – just a return to reality.

  5. YVR Housing Analyst (@YVRHousing) August 21, 2012 at 11:21 am

    Below assessed… obviously that mental hurdle has been knocked over.

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