Vancouver Price Drop

Documenting Vancouver real estate price movements

Vancouver West Spotlight – August 26, 2012

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

Some Highlights

  • It takes a 23% drop to make this top 10, up from 22%, 20% and 20% the three previous months
  • 2of 9 listings with assessment are now listed below assessment
  • Three listings are from the West End
  • #1 is quite amazing… an apartment that has dropped $2.8 million and 37% yet still is $700K over assessment.  A poster had also indicated that this unit may have been unoccupied for many years.  At $3K/month for property tax and maintenance fees that’s quite a large chunk of change
  • #2 initially listed their old apartment for about 65% above assessment… that didn’t work…
  • #3 and #4 have both recently joined the “If I lost a million dollars” club
  • #6 is a new build in Kerrisdale – you have to think they are in the red already for this place after $608K in reductions
  • #8 says “TRY YOUR OFFER – Owner will consider renovation and/or improvement credit for future buyer!”
  • Got to love the honesty in #9.  After $151K in reductions they now say “Now priced right”

#1 ) 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.


#2 ) Address:# 310 1455 ROBSON ST, West End, Vancouver West

May 28 V952859 $402,000 $0 0%
June 22 V952859 removed
July 18 V962408 $257,000 $-145,000 -36%

Assessment: $248,900

West end freehold studio suite in concrete low-rise. On transit route & just steps from Stanley Park & all that Robson & Denman have to offer. Plumbed for insuite laundry. Low management fee. Pets & rentals OK.


#3 ) Address:305 W 13TH AV, Mount Pleasant, Vancouver West

June 20 V957477 $2,800,000 $0 0%
July 07 V957477 $1,798,000 $-1,002,000 -36%
July 26 V957477 removed
July 29 V964349 $1,798,000 $-1,002,000 -36%

Assessment: $1,687,900

Prime City Hall Revenue Property. Heritage B 5 plex with Approx $69k per annum gross rents. Corner lot at Alberta & West 13th Avenue. House has brand new roof and new exterior paint. Circa 1900 the property is also approved to be converted to a strata duplex. Leave as is or convert. Property is pending subdivision with 2887 Alberta Street making the new lot size 50 x 80. All offers subject to Subdivision approval. The subdivided portion of 2887 Alberta (MLS #V961391) also available with approval to build a duplex In Fill of approx 2443 sq.ft.


#4 ) Address:3403 W 41ST AV, Dunbar, Vancouver West

February 03 V929605 $3,688,000 $0 0%
June 23 V929605 $3,399,000 $-289,000 -8%
July 18 V929605 $3,350,000 $-338,000 -9%
August 23 V929605 removed
August 25 V967928 $2,688,000 $-1,000,000 -27%

Assessment: $2,469,000

Well appointed custom European design home approx 6000 SF. Double lot 66×169′ south facing in prime Dunbar area! This is not a cookie cutter home. European builder using very best European meter & throughout. A newly renovated chef’s dream kitchen w/granite countertops, commercial grade stainless steel appliances, solid hickory wood cabinets & pantry plus too much to mention. Total 12 bedrooms including a legal suite & loft. 8 bathrooms, 3 car garage with 5 uncovered parking spaces. Lifetime warranty on metal roof! Beautiful solid granite water fountain welcomes you to this very special property & classic home! Public open Sun Sept 9, 2-4pm or call for your very private viewing. Thank you!


#5 ) Address:1909 TRAFALGAR ST, Kitsilano, Vancouver West

March 09 V931179 $1,880,000 $0 0%
March 13 V931179 $1,790,000 $-90,000 -5%
March 26 V931179 removed
March 31 V940272 $1,790,000 $-90,000 -5%
April 18 V940272 $1,688,000 $-192,000 -10%
May 18 V940272 $1,628,900 $-251,100 -13%
Open House: May 19
Open House: May 26
Open House: Jun 02
June 13 V940272 $1,574,500 $-305,500 -16%
Open House: Jun 21
Open House: Jun 24
June 23 V940272 $1,499,000 $-381,000 -20%
Open House: Jun 26
Open House: Jul 07
July 14 V940272 $1,449,900 $-430,100 -23%
Open House: Jul 14
August 04 V940272 $1,398,000 $-482,000 -26%

Assessment: $1,208,800

Legal Duplex Home w/ Three (3) Suites has been Meticulously maintained & Upgraded. Improvements too numerous to list, incl Major Compontents, drain tiles to roof, wiring, plumbing, furnace, h/w tanks (2) etc. Each suite has own bike/storage locker.The Top Suite: 2 Bdrm & Den on 2 levels / incl private balcony (w/ Water & Mountain Views) & fireplace. The Main floor: 1 Bdrm & Den w/ X-Large Deck & Fireplace. Third Suite: 2 Bdrm Garden Level (Above Ground). This is a ’10’ for the savvy INVESTOR Excellent Revenue Over $5,000 per mth. Great Tenants! A truly rare find. Steps to the Beach, Transit to Downtown & University, Shops & Resutrants Too. Call Lisa for Pixilink Floorplans & Brochure with Full Details. Open House Saturday August 18 3:00 – 4:00 pm.


#6 ) Address:2656 W 41ST AV, Kerrisdale, Vancouver West

March 09 V935348 $2,488,000 $0 0%
April 11 V935348 $2,388,000 $-100,000 -4%
April 24 V935348 $2,260,000 $-228,000 -9%
May 23 V935348 $1,998,000 $-490,000 -20%
Open House: May 26
Open House: May 27
May 28 V935348 removed
May 31 V953373 $1,955,000 $-533,000 -21%
Open House: Jun 02
Open House: Jun 16
June 25 V953373 removed
June 29 V959234 $1,880,000 $-608,000 -24%
Open House: Jul 01
Open House: Jul 08
Open House: Jul 15
Open House: Jul 22
Open House: Aug 05

Assessment: Building Unfinished

Brand new family home in the heart of KERRISDALE. 2-5-10 yr warranty. Extra deep 33×134 lot. Extremely quiet inside. Light, bright & airy; overheight ceilings w/skylites throughout. Top of line appliances: Viking, Sub Zero, Bosch. Beautiful dream kitchen perfect for entertaining or great family moments. Floor to ceiling glass sliding doors off kitchen area brings the outdoors in. Meticulous attention to detail from designer tiles to restoration hardware touches. All upstairs bedrooms are ensuite. 2 bedroom basement can be suited w/own laundry. A must see at this spectacular value. Kerrisdale Elem & Pt Grey Sec catchment. Also close to best private schools: Crofton House, St George’s.


#7 ) Address:# 402 8775 CARTIER ST, Marpole, Vancouver West

May 18 V950887 $299,900 $0 0%
Open House: Jun 16
July 17 V950887 $268,000 $-31,900 -11%
Open House: Aug 19
August 24 V950887 $229,000 $-70,900 -24%

Assessment: $291,400

Asking below assessment. Cartier House – quiet and well maintained complex with recent updates to roof, plumbing, boiler, hot water tank, laundry room and lobby area. Spacious top floor SE corner unit facing Marpole Park. Good view from living room, dining room and enclosed balcony. Unit renovated in the past few years with new paint, carpet, cork floors, bathroom fixtures and new kitchen appliances. It also features gas fireplace, double storm windows, 2 skylights, vaulted ceiling hallway, locker room and secured parking. Convenient location to school, shopping centers, restaurants and public transit to Richmond, Airport, UBC, Golf clubs and downtown. Quick possession. All measurements approx.


#8 ) Address:# C1 1500 HORNBY ST, Yaletown, Vancouver West

February 24 V933540 $628,000 $0 0%
February 27 V933540 $569,000 $-59,000 -9%
May 16 V933540 $564,900 $-63,100 -10%
June 20 V933540 $529,900 $-98,100 -16%
July 19 V933540 $479,900 $-148,100 -24%

Assessment: $462,000

Street access office or retail space in prime Yaletown location. Great opportunity to own commercial space in a busy location. Property: 825 sqft of office/retail space, double-wide frontage w/direct access, partitioned into 4 offices. Located a block away from the Marina & seabus & transportation. Includes 2secure parking spaces and street parking is readily available. Currently owner occupied business Great holding property for the savvy investor. Building offers great amenities (pool, hot tub, gym etc.). Hot water is included in the monthly fee. TRY YOUR OFFER – Owner will consider renovation and/or improvement credit for future buyer! At JUNE rental rates, you would see NET $33,000/annum, which (at current price) would have a CAP rate of 6% ! CLS V4029222.


#9 ) Address:# 601 1111 HARO ST, West End, Vancouver West

February 23 V933456 $650,000 $0 0%
March 16 V933456 $620,000 $-30,000 -5%
April 26 V933456 $599,000 $-51,000 -8%
June 09 V933456 $590,000 $-60,000 -9%
June 16 V933456 $570,000 $-80,000 -12%
July 19 V933456 $525,000 $-125,000 -19%
July 26 V933456 $499,000 $-151,000 -23%

Assessment: $545,000

Perfect location in the west end, 1 block from Robson St., just steps from unlimited amenities: shopping, restaurants, theater, transportation. 1,050 sq.ft. of living space with large rooms, separate bedrooms, floor to ceiling windows, cozy gas fireplace. Well run building with pro-active strata council features gym, media room social room, secure underground parking. Now priced right & ready for your creative updates! Open House Sun Aug 19th, 1:30-4pm.


#10 ) Address:4255 HIGHBURY ST, Dunbar, Vancouver West

March 09 V931539 $3,888,888 $0 0%
March 23 V931539 removed
March 26 V939234 $3,388,000 $-500,888 -13%
May 16 V939234 $2,988,000 $-900,888 -23%

Assessment: $2,437,000

Lovely Westside family home on a quiet street in sought after Dunbar neighborhood. Close to Crofton & St George’s Private school, Pt Grey HS & UBC. Walking distance to elementary school, shopping, transit, parks & easy access to public & private golf courses, recreation, equestrian facilities, Pacific Spirit Park. Home is situated on a large coner lot with lane access which zoning allows for a coach house. Great floor plan with functional & spacious living-dining-eating-family room, 5 good sized bedrooms, 4 washrooms including massive ensuite bathroom, plus bonus roof top deck. Call now for your private viewing.


 

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One response to “Vancouver West Spotlight – August 26, 2012

  1. elme August 28, 2012 at 8:21 am

    Even with a 30% drop, most of the single houses on this list are still more than 10% above the assessment. What if they are sold at original asking price? That’s a good fortune to harvest! Greedy or crazy, maybe both!

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