Vancouver Price Drop

Documenting Vancouver real estate price movements

Surrey Spotlight – August 25, 2012

Here are the top 10 properties currently listed in Surrey (not including South Surrey) with the largest overall drop in asking price since early March

Some Highlights

  • It takes a 19% drop to make this top 10, up from 16%, 16% and 13% the last 3 months
  • 4 of 9 listings with assessment information are listed below assessment
  • Three listings are from Whalley
  • #1 continues to drop in price and they have dropped the “Needs TLC” from their description
  • #2 “WILL ACCEPT TRADES”…  seriously?
  • #3 is over 25% below assessment.  And, to quote, “Needs some work, but for the price????”
  • #4 “PRICED TO SELL FAST AND WILL NOT LAST!! Bonus: old septic tank still in ground and might still be working!!!”…  So septic tanks in the ground are a bonus and it will not last, well, except for most of the year at this point
  • #5 is a new apartment unit that has been dropped so much that it is apparently listed below cost now
  • #8 is sold “As Is, Where Is” – which can’t be a good thing
  • #10 is “Very rare this property. Please Hurry up!”.  Did not sell when listed for $759K in December so they raised it to $1.1 million in January…  Somehow this genius plan did not work so they dropped to $899K in February

#1 ) 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.

#2 ) Address:9267 188TH ST, Port Kells, North Surrey

March 09 F1129462 $1,788,000 $0 0%
March 17 F1129462 removed
May 29 F1213865 $1,399,000 $-389,000 -22%
July 24 F1213865 $1,150,000 $-638,000 -36%
August 24 F1213865 $1,089,000 $-699,000 -39%

Assessment: $1,171,000

INVESTOR ALERT! IN THE PORT KELLS NCP FOR FUTURE DEVELOPMENT. Over an 1.22 acres of flat and usable land. In the mean time, a huge, gorgeous home perfect for the property owner and their family, or a terrific revenue property to rent out. Many updates to the house include flooring, paint, etc and 3 generously-sized rooms with an additional, massive rec room. Very quiet area with tons of yard for kids, entertaining, hobbies or your landscaping dreams. Double garage for working on the car(s), woodworking and all your other activities. WILL ACCEPT TRADES.

#3 ) Address:# 32 7529 140TH ST, East Newton, Surrey

March 09 F1201781 $224,900 $0 0%
March 30 F1201781 $199,000 $-25,900 -12%
May 05 F1201781 $190,000 $-34,900 -16%
June 15 F1201781 removed
June 16 F1215787 $179,900 $-45,000 -20%
July 28 F1215787 $169,900 $-55,000 -24%

Assessment: $235,500

GLENVIEW ESTATES. At back of complex. 2 level unit with 3 bdrms & 2 1/2 bathrms, wood F/P. Patio & back, fenced yard have Southern (sunny) exposure. Mbdrm has deck. Needs some work, but for the price???? Measurements are approximate and should be verified by the Buyer if important to them. SGM for roof assessment August 30th.

#4 ) Address:16920 96TH AV, Fleetwood Tynehead, Surrey

March 09 F1111545 $799,000 $0 0%
March 10 F1111545 $720,000 $-79,000 -10%
March 15 F1111545 removed
May 21 F1213186 $650,000 $-149,000 -19%
July 04 F1213186 removed
July 07 F1217342 $629,980 $-169,020 -21%

Assessment: $621,000

This beautiful 1 acres lot has NO easements, NO right of ways, NO hydro lines [only small creek through very top corner of property near road] Old house burned down. Completely cleared and cleaned as per city requirement. PRICED AT AN AMAZING PRICE and the only lot in a million dollar neighborhood!! Buy and build your dream home in one of the best areas in Surrey. PRICED TO SELL FAST AND WILL NOT LAST!! Bonus: old septic tank still in ground and might still be working!!!

#5 ) Address:# 609 13380 108TH AV, Whalley, North Surrey

September 15 F1123117 $368,000 $0 0%
November 03 F1123117 $338,000 $-30,000 -8%
November 27 F1123117 $328,000 $-40,000 -11%
April 27 F1123117 $319,000 $-49,000 -13%
May 30 F1123117 $313,000 $-55,000 -15%
July 28 F1123117 $294,000 $-74,000 -20%

Assessment: $285,000

Brand new solid concrete highrise the CITYPOINT. Best price & best loc for largest 2 bdrm+den with N&W facing & mount/water view yet QUIET from Skytrain; master facing green belt w/privacy, top quality hardwood & wool carpet flooring. Hot water and environ-friendly hotwater basebord heating included in strata fees. Elegant quartz counter-tops, backsplash @ kit & baths, wood veneer & glass accent cabinets, imported appliances, multiple pre-wired high-speed cable & 2-5-10 warranty. Extra storage locker and bike room; enjoy multi-purpose amenities & private outdoor green retreat w/water features. Steps from Gateway Skytrain station surrounded by green parks, strategically located within walk distance to Central City Mall, T&T, new City Hall, SFU and upcoming UBC Campus. Best value, Selling below cost! Must see to appreciate its quality and contemporary architecture by award winning Raymond Letkeman Architects Inc. Requires 24 hrs notice for show

#6 ) Address:14058 KING RD, Bolivar Heights, North Surrey

May 25 F1213537 $1,230,000 $0 0%
Open House: Jun 16
June 23 F1213537 $998,875 $-231,125 -19%
Open House: Jun 30
July 16 F1213537 removed
August 11 F1220515 $985,000 $-245,000 -20%

Assessment: Building Unfinished

Magnificent City and River views! South facing custom built home with the finest details and well thought versatile layout that every buyer is looking for. Total 4 balconies/patios on two floors to enjoy the beautiful views. 18′ ceiling family room, gourmet and spice kitchens, plenty ensuited bedrooms. 2 separate entries above ground, very versatile multi-functional basement accommodates various creative preferences & needs. Great schools. Easy access to Surrey City Center, Patullo Bridge & No.1 Hwy. 2-5-10 warranty. Must see & call now to view!

#7 ) Address:# 804 10523 UNIVERSITY DR, Whalley, North Surrey

December 08 F1128951 $209,900 $0 0%
May 04 F1128951 $189,500 $-20,400 -10%
June 08 F1128951 $179,800 $-30,100 -14%
August 24 F1128951 $169,500 $-40,400 -19%

Assessment: $174,800

Very affordable 1 bedroom & den unit in Grandview Court. New laminate flooring, baseboards, paint and plumbing fixtures. Nice open floor plan with great view of park and Grey Cup Champs practise centre! Exercise room, sauna, 1 parking andlocker included. Great location-walk to shopping, library, SFU Campus and the new Surrey City hall.

#8 ) Address:13814 117TH AV, Bolivar Heights, North Surrey

March 09 F1124198 $369,000 $0 0%
April 16 F1124198 removed
June 19 F1215928 $339,500 $-29,500 -8%
July 12 F1215928 $299,000 $-70,000 -19%

Assessment: $339,300

Huge 10,530 square feet lot, great opportunity for builder and investor, bring your ideas and offer. Land value, sell “As is” “Where is”.

#9 ) Address:15926 107TH AV, Fraser Heights, North Surrey

May 19 F1213112 $400,000 $0 0%
July 21 F1213112 $325,000 $-75,000 -19%

Assessment: $151,000

Excellent building lot in established neighborhood in desirable Fraser Heights. No mandatory building scheme. Lot must be sold with adjacent 15916 107 Ave Surrey. See MLS#F1213110. Statutory right-of-way for creek on east side of lot. Engineered site preparation plan is available. Close to schools, shopping and easy access to Guildford and Hwy #1.

#10 ) Address:12658 100TH AV, Cedar Hills, North Surrey

December 21 F1129417 $759,000 $0 0%
January 26 F1129417 $1,100,000 $0 0%
February 16 F1129417 $899,000 $-201,000 -18%

Assessment: $586,000

Half Acres Corner Lot 232×94. Close to park, Elementary school, Church, bus stop. Renovated 2810 SF house rented since long time. Potential for subdividable rezoning into PA1 or PA2 zone and you can build Mandhir, Church or Madhir, Gurdwara, Private school and assembly hall, etc. Very rare this property. Please Hurry up!


One response to “Surrey Spotlight – August 25, 2012

  1. richard lee August 26, 2012 at 8:14 am

    once again thanks for all the hard work! … these prices are so out of whacked it just aint normal… i sold last year in ontario and am looking at renting for a while… im so disgusted by some of the prices..

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