Vancouver Price Drop

Documenting Vancouver real estate price movements

Richmond Spotlight – August 25, 2012

Here are the top 10 properties currently listed in Richmond with the largest overall drop in asking price since early March

Some Highlights

  • It takes a 23% drop to make this top 10, the same level as the last two months
  • 2 of 5 listings with assessment are now listed below assessment
  • Three listings are from Brighouse
  • #1 had a reality check in July.  After slowly dropping their price from $1.2 million to $1.1 million they decided to just dump the property or induce a bidding war by dropping to $780K.  But nobody came…
  • #4 trivia questions: What is the only thing that sells slower than a Richmond apartment?  A Richmond apartment on a lease hold
  • #5 and #8 are from a development that also includes 7 other listings all littering the top 20 in Richmond
  • #7 is a flip gone very, very bad.  They bought in Richmond at what will likely be the highest peak for that city you’ll see in the next quarter century and now are trying to sell for a $218K loss not to mention another probably $80K in various realtor and transfer fees.  Their last price drop was in June – this one won’t end well.

#1 ) Address:18700 RIVER RD, East Richmond, Richmond

April 26 V945639 $1,210,900 $0 0%
May 23 V945639 $1,139,750 $-71,150 -6%
June 21 V945639 $1,110,900 $-100,000 -8%
July 24 V945639 $779,900 $-431,000 -36%
August 23 V945639 $756,900 $-454,000 -37%

Assessment: $841,800

2.26 AC (99,752 sq ft) acreage on River Rd in North Richmond. Easy access to Vancouver via Knight Street Bridge & Hamilton (East Richmond) featuring all amenities & large shopping centre. Excellent holding property, 3 bedroom house tenanted. Hold now or build your dream home. The Vendor will not accept any offers to purchase from any individual that is an employee of Toronto Dominion Bank or any of its subsidiaries or affiliated corporations”


#2 ) 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: Farm land – value set by BC Regulation 

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.


#3 ) Address:# 507 5911 MINORU BV, Brighouse, Richmond

May 26 V826361 $98,000 $0 0%
June 14 V826361 $89,000 $-9,000 -9%
May 01 V826361 $66,000 $-32,000 -33%

Assessment: $58,400

Investors should take note!! A fully furnished hotel suite in the Hilton Vancouver Airport Hotel at the heart of DT Richmond!! Effluent Richmond is the Pacific Gateway to Canada, and with its well-educated and skilled work forces, attracts myriads of mega multi-national business establishments. Hilton Vancouver Airport Hotel is close to YVR International, large shopping malls, schools and university, banking facilities, library, sports centres, and other major Downtown essentials like fine ethnic and gourmet restaurants, fine arts, entertainment attractions, convenient public transportation, and the new Canada Line Rapid Transit System which connects to Downtown Vancouver in a mere 20 minutes or so. This is a good piece of real estate investment with steady return on investment. Seller is motivated, and will look at all reasonable offers. Be part of the clean lifestyle or environmental friendly Richmond. Don’t miss out!!


#4 ) Address:# 217 6420 BUSWELL ST, Brighouse, Richmond

May 05 V947909 $189,900 $0 0%
June 07 V947909 $134,900 $-55,000 -29%
August 25 V947909 $129,900 $-60,000 -32%

Assessment: No Assessment available

INVESTORS – this is the perfect apartment as 100% RENTALS ARE ALLOWED. Bright, west facing home with sliding doors to the balcony. Under building parking and storage on the same floor. Maintenance includes management fee, property tax, water, garbage, heat and hot water. Pre-paid lease until 2073. Exceptional location close to shopping, recreation, restuarants and the Canada Line. Immediate possession possible.


#5 ) Address:# 8 23740 DYKE RD, Hamilton, Richmond

March 09 V867144 $2,527,000 $0 0%
April 28 V867144 removed
May 04 V947680 $1,842,800 $-684,200 -27%

Assessment: No Assessment

BLUE HERON MARINA ESTATES! New WATERFRONT Detached South Facing Executive Homes with your own concrete dock. As part of Strata Community and Marina, you will have the peace of mind that the Marina services include overseeing your property & boat. Located in the banks of the South Arm Fraser River, in a calm protected channel with deep fresh water moorage. Imagine, living on the water’s edge in your own waterfront home and enjoying the magnificent view of the water and mountains with your own Yacht moored on your own private dock. High end finishing with a elevator in each of 9 homes! Ground flr has very large garage for 4 cars & large Flex area.Maintenance strata fee $ 145.


#6 ) Address:6428 CHELMSFORD ST, Granville, Richmond

March 09 V917053 $2,398,000 $0 0%
July 24 V917053 removed
July 26 V963719 $1,800,000 $-598,000 -25%

Assessment: $1,597,000

Own this magnificent home in a multi-million dollar neighborhood. The entrance foyer boosts a 16 ft ceiling, gleaming chandelier & marble floors. The dramatic curved staircase leads to the upper floor with a high ceiling & dome-shaped skylight along the hallway. The open floor plan kitchen has S/S appliances, wood cabinets & granite countertops. There is an ample space for dining in the breakfast bar, informal & dining rooms. Have your gatherings in the family room which has a warm & cozy fireplace & wet bar. Treat yourself in your own spacious spa tub & sauna. The master bedroom is so huge & has two separate walk in closets & ensuite 5 pce bathroom. Buy it now!


#7 ) Address:3560 BARMOND AV, Seafair, Richmond

March 09 V923719 $1,260,000 $0 0%
May 01 V923719 removed
June 02 V953921 $950,000 $-310,000 -25%
Open House: Jun 02

Assessment: $1,029,700 and purchased Feb 17, 2011 for $1,168,000

Good location,walk to facilities in few minutes.In the Seafair area,this good home offers 3 good size bedroom plus game room up, living room and dining room & family room down with a very open layout. Don’t miss the chance to live or invest in the best location and neighbourhood of Richmond.


#8 ) Address:# 2 23740 DYKE RD, Hamilton, Richmond

March 09 V867139 $2,455,000 $0 0%
April 28 V867139 removed
May 04 V947601 $1,863,000 $-592,000 -24%

Assessment: No Assessment

BLUE HERON MARINA ESTATES! New WATERFRONT Detached South Facing Executive Homes with your own concrete dock. As part of a Strata Community & Marina, you will have the peace of mind that the Marina services include overseeing your property & boat. Located in the banks of the South Arm Fraser River, in a calm protected channel with deep fresh water moorage. Imagine, living on the water’s edge in your own waterfront home and enjoying the magnificent view of the water with your Yacht moored on your own private dock. High end finishing with an elevator in each home! The ground flr has 2 garage for 4 cars & a good size flex area. Maintenance fees are strata $ 135.


#9 ) Address:# 1107 5911 MINORU BV, Brighouse, Richmond

March 09 V913300 $121,999 $0 0%
March 28 V913300 removed
April 13 V942730 $102,999 $-19,000 -16%
June 19 V942730 $93,900 $-28,099 -23%

Assessment: $73,100

Own a great investment in downtown Richmond. Airport Hilton Hotel, completely managed and operated. Great location, fantastic view from the 11th floor.


#10 ) Address:11651 WOODHEAD RD, East Cambie, Richmond

January 06 V923762 $2,199,900 $0 0%
February 14 V923762 $1,998,000 $-201,900 -9%
May 17 V923762 $1,849,000 $-350,900 -16%
June 19 V923762 $1,789,000 $-410,900 -19%
July 26 V923762 $1,699,000 $-500,900 -23%

Assessment: No Assessment

Custom Built Luxury Executive 7 Bedroom 5990 Sq Ft Family home on 15,800 Sq Ft Lot. Home is located across from the California Point Subdivision. Offers open entry with Elegant Living/Dining Rooms for Entertaining, Spacious Den for Home Office. Gourmet Kitchen with top of the line Cabinets, Granite Countertops and Stainless Steel Appliances. Open High Ceiling in Family Room with Gas Fireplace and view of the Rear Yard. Upper Floor has 5 Bedrooms with 3Ensuites, Media Room with Bar. Triple garage, all modern features. This is an ideal home for a growing family with room for Nanny/In laws, must see to appreciate the quality of workmanship and the conveniences of easy access to Oak/Knight St bridges, shopping Park/Schools etc…

4 responses to “Richmond Spotlight – August 25, 2012

  1. Fish10 August 25, 2012 at 12:39 pm

    ” Effluent Richmond is the Pacific Gateway to Canada” I don’t think they meant to use the word effluent or maybe they did !

  2. raincoast August 25, 2012 at 3:08 pm

    That gave me a good laugh too. Realtors are sometimes lacking in the writing skills department. And if I read the words “rarely available” again…

  3. Jack August 25, 2012 at 10:09 pm

    What’s with #1? “The Vendor will not accept any offers to purchase from any individual that is an employee of Toronto Dominion Bank or any of its subsidiaries or affiliated corporations”

    • Ken August 29, 2012 at 4:13 pm

      It’s a bank foreclosure. Bank doesn’t allow insider (employee) who has the information, e.g. bank’s exposure for the loss, to bid lower than the price the bank asks for.

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