Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – August 27, 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:

  • 30 listings dropped to a cumulative total of 20%+ this week, 13 hit 25% and 9 hit 30% this week (previous record was 5!)
  • One home that did not make the list is MLS F1211519.  This home in Mission was purchased in 2007 for $540,000 and is now listed for $452,900.  What makes this even more remarkable is that it recorded 8 price drops in August (7 of those were $1K drops) and 11 price drops overall.
  • Region breakdown is Richmond, Mission, New Westminster, Vancouver East and Vancouver West all with 2 listings
  •  10 of 16 listings with Assessment information are now listed below assessment
  • 2 newly built homes on the list
  • #1 “WILL ACCEPT TRADES”…  seriously?
  • #2 in an effort to omit potential buyers decided to say “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”.  There could be legal reasons for this, I would hope this is the case!
  • #5 starts off with “finish this home” and is sold as-is where-is
  • #6 “Bring your offer, must sell!”
  • #7 is a lease hold
  • #15’s building had 3 units sold last year for an average of 4% below assessment.  #15 is currently listed at 22% below assessment.
  • #16 “WANTED: CREATIVE BUYER”
  • #19’s complex had 7 units sold last year for an average of 2% below assessment.  #19 is currently listed at 36% below assessment.
  • #20 “**Note original property size has been eroded by river.**”.  Nice to know that you’ll likely see your future home floating down the Fraser on the news one day

#1 ) 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.


#2 ) 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”


#3 ) Address:# 404-D 2020 LONDON LN, Whistler, Whistler Pemberton

December 23 V922939 $115,000 $0 0%
March 09 V922939 $90,000 $-25,000 -22%
June 06 V922939 $79,000 $-36,000 -31%
August 25 V922939 $72,900 $-42,100 -37%

Assessment: $74,100

No Picture

The newest and most modern of all quarter-share in Whistler…Short walk to ski-lifts, restaurants and stores. Fantastic amenities, including pool, steam, sauna, jacuzzi. All the luxury and convenience for a quarter of the cost. Clean modern, functional with that ‘new’ feeling to this spacious condo in Whistler’s Creekside neighbourhood. This one-fourth interest allows owners to use or rent out their property for one week per month throughout the year with a 2-week bonus every four years at Christmas.


#4 ) Address:29939 LOUGHEED HY, Mission, Mission

March 09 F1203459 $749,000 $0 0%
May 09 F1203459 removed
May 16 F1212737 $739,000 $-10,000 -1%
July 13 F1212737 $699,000 $-50,000 -7%
July 19 F1212737 $625,000 $-124,000 -17%
August 11 F1212737 $560,000 $-189,000 -25%
August 22 F1212737 removed
August 23 F1221363 $499,000 $-250,000 -33%

Assessment: $487,000

Very private setting for this home on almost 1 acre in the Silverdale area. Second home on property along with 5 bay detached garage with loft area (heated, water and 200 amp service). Updated kitchen, huge master bedroom and nice patio area.


#5 ) Address:5995 BARNACLE ST, Sechelt, Sunshine Coast

March 09 V900099 $699,000 $0 0%
March 09 V900099 removed
May 10 V949122 $749,000 $0 0%
August 22 V949122 $499,000 $-250,000 -33%

Assessment: Building Unfinished

Finish this home – Panoramic Views of the Strait and Trail Islands from this 2 storey executive home with bonus rm over the garage. Home is currently under construction and is being sold as is. The home features a spacious open plan, kitchen with granite counter tops are installed roughed in for a gas f/p, drywall is 99% complete, baseboard and crown mouldings installed, 5 ensuite with spacious Master bdrm, one bedroom fully self contained suite with private entrance, concrete drive and landscaping. Just waiting for your finishing touches, flooring, plumbing and electrical fixtures Short walk to shopping, rec center and schools


#6 ) Address:232 11TH ST, Uptown, New Westminster

June 22 V958012 $429,000 $0 0%
July 17 V958012 $319,000 $-110,000 -26%
August 21 V958012 $288,000 $-141,000 -33%

Assessment: $319,000

No Picture

Vacant lot in the brow of the hill. 30.5′ x 108.0′: 3300.1 sq ft. Legal: Lot 4 & 5 Except: Firstly: Parcel “A” (Explanatory Plan 8684); Secondly: Parcel “B” (J25408E) of Lot 43 Suburban Block 5 Plan 2620. Priced below assessments $319,000!!! Bring your offer, must sell! Full brochure available.


#7 ) 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

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.


#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%
August 22 V892989 $8,990,000 $-4,008,000 -31%

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:1537 E 5TH AV, Grandview, Vancouver East

March 09 V923259 $895,000 $0 0%
April 08 V923259 removed
April 12 V942434 $793,000 $-102,000 -11%
June 07 V942434 removed
June 09 V955548 $789,000 $-106,000 -12%
June 15 V955548 $759,000 $-136,000 -15%
June 30 V955548 $729,000 $-166,000 -19%
July 24 V955548 $699,000 $-196,000 -22%
August 11 V955548 $679,000 $-216,000 -24%
August 24 V955548 $629,000 $-266,000 -30%

Assessment: $686,000

25×122 / 3050sq.ft. lot just half a block to Commerical Drive on 5th Ave. Fantastic location. Duplex property with RM-4 zoning. For sale by court order. All measurements are approx. Buyer to verify. Property sold as-is where-is. Restore the duplex home (circa 1912) or build new. Vibrant community. Easy transit connect to UBC, downtown. Call to discuss your new home opportunities!


#10 ) Address:5358 KEW CLIFF RD, Caulfeild, West Vancouver

March 09 V922782 $4,870,000 $0 0%
March 13 V922782 $4,380,000 $-490,000 -10%
April 03 V922782 $3,990,000 $-880,000 -18%
Open House: Jun 03
June 16 V922782 $3,750,000 $-1,120,000 -23%
July 14 V922782 removed
August 25 V968044 $3,468,000 $-1,402,000 -29%

Assessment: $2,437,000

Unique, sophisticated, quietly elegant, handcrafted, naturally beautiful- you’ll be captivated by this home & the lifestyle! Kew Cliff known as one of West Vancouver’s most sought after waterfront cul-de-sac. Situated on a private gated 20,000 sqft fully landscaped estate, this classic heritage style custom built residence has been designed using the highest attention to detail quality & finishing. Boasting over 6000? sqft on 3 levels, where all principal rooms open onto entertainment size concrete patios with amazing sunsets unobstructed ocean views of Passage Island, Bowen Island and out the mighty pacific to Vancouver Island & Nanaimo.


#11 ) 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!


#12 ) Address:212 GIFFORD ST, Queensborough, New Westminster

January 20 V926966 $1,300,000 $0 0%
April 05 V926966 $1,150,000 $-150,000 -12%
August 15 V926966 removed
August 26 V968185 $968,000 $-332,000 -26%

Assessment: $746,000

Another fine new luxury home! Built in 2008 over 6000 SF lot boasts with 3400 SF house, total 6 bedrooms, 5 bathrooms. Still within 2-5-10 new home warranty. You can count on granite counter top, hardwood floors, jet tubs, intimate showering stall, oriental kitchen, wired surround audio system and a 2 bedroom legal suite. Great location! Guaranteed you will love this home.


#13 ) Address:946 GATENSBURY ST, Harbour Chines, Coquitlam

June 08 V955283 $1,054,900 $0 0%
August 23 V955283 $794,600 $-260,300 -25%
Open House: Aug 25

Assessment: $711,900

Updated home on an Estate sized lot in sought after Harbour Chines! This 4 bedroom, 2 bathroom Bungalow with basement sits on a 12,369 sqft park like property. A very short walk and your enjoying the ammenities of popular Como Lake! Need a suite? Separate basement entrance makes it possible! Also within walking distance; public, French Immersion, Catholic schools and public transportation. Bring your family to view this terrific home with a perfect yard for kids. New Rapid Transit, all levels of shopping and recreation just minutes away.


#14 ) Address:13019 14TH AV, Crescent Beach Ocean Park, White Rock

March 09 F1203072 $1,688,900 $0 0%
April 08 F1203072 removed
April 23 F1210355 $1,658,000 $-30,900 -2%
June 08 F1210355 $1,558,000 $-130,900 -8%
June 19 F1210355 removed
August 09 F1220334 $1,300,000 $-388,900 -23%
Open House: Aug 11
Open House: Aug 18
August 23 F1220334 $1,280,000 $-408,900 -24%

Assessment: Building Unfinished

Own this Ocean Park luxury brand new home with an AFFORDABLE PRICE. Move in anytime. Beautiful Hardwood floors throughout. Top of the line appliances, upgraded moldings, french country style kitchen with separate pantry. Master suit with a door to a private deck for ocean view; and a huge walk-in closet, huge shower, jetted tub and double sinks. Two bedrooms share a Jack & Jill bath and the fourth bedroom has a full bath only steps away. Each full bath has bright windows. A rock wall in private yard and a private deck off the dining room. You will definitely find lovely surprise everywhere.


#15 ) 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.


#16 ) 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%
August 25 V943202 $679,000 $-210,000 -24%

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.


#17 ) Address:36436 ENG RD, Dewdney Deroche, Mission

September 23 F1123854 $399,900 $0 0%
July 05 F1123854 $324,900 $-75,000 -19%
August 25 F1123854 $307,800 $-92,100 -23%

Assessment: $402,000

Build your dream home on this flat, private 10 acre parcel. Two paved road frontages, backs on to park land, R-2 Zoning, water licence on property. Sign on property.


#18 ) Address:7039 MAIN ST, South Vancouver, Vancouver East

June 21 V957696 $1,428,000 $0 0%
Open House: Jul 14
Open House: Jul 15
July 24 V957696 removed
July 26 V963792 $1,269,000 $-159,000 -11%
August 21 V963792 $1,100,000 $-328,000 -23%

Assessment: $1,116,000

Rarely available Triplex on 2 legal lots on Main and 54th, Van. 3 kitchens, 2 hot water tanks, 2 furnaces, 3 electric meters. Live in one of the suites and rent the 2 other units. Catchment area of Sexsmith Elementary School and Sir Winston Churchill Secondary School. All sizes and ages are approx only. The Buyer should not rely upon listing information without Buyer independently verifying the information.


#19 ) Address:# 101 3160 TOWNLINE RD, Abbotsford West, Abbotsford

May 14 F1212534 $244,900 $0 0%
June 23 F1212534 $234,900 $-10,000 -4%
August 03 F1212534 $224,900 $-20,000 -8%
August 07 F1212534 removed
August 25 F1221519 $189,900 $-55,000 -22%

Assessment: $294,000

Southpointe Ridge, End unit with 1231 sqft on main floor plus a basement. Double car garage, 2 1/2 bathrooms and 3 bedrooms and a gas F/P. Close to all amenities and all this at a great price…… Easy to show.


#20 ) Address:61599 YALE RD, Hope Silver Creek, Hope and Region

April 28 H1201772 $125,000 $0 0%
August 23 H1201772 $97,000 $-28,000 -22%

Assessment: No Assessment

Prime recreational lot on Fraser River. Adjoining property also for sale. **Note original property size has been eroded by river.**

45 responses to “The Weekly Drop – August 27, 2012

  1. Market Watcher August 28, 2012 at 9:44 am

    Thanks for your awesome postings… I check out each one with great interest. A cool report to see would be the top 10 listings that are furthest below assessed value. In many cases the sellers pump their price up so high that a drop in price is somewhat meaningless… but a report of the biggest drop from assessment would be really interesting.

    • yvr August 28, 2012 at 11:39 am

      I agree with Market Watcher. We put in an offer on one of the listings consistently popping up as one of the biggest droppers in price. The original asking price was so far off the assessed value it was crazy. The vendor thinks she’s reduced the asking price so much already (over $1,000,000) but still well above assessed, that she feels as though she’s “losing money”. She fails to see that the house is in original condition, needing a ton of work. Assessed value is more realistic. Realtors are to blame for giving these sellers crazy ideas of what their places are worth. Big surprise some sit on the market for a year without selling, as in this case.

    • an observer August 28, 2012 at 11:52 am

      I can’t really do any reports based purely on assessment because each property needs to be looked up manually and additionally assessment isn’t perfect – it’s a rough estimate but two side by side homes with the same sqft, age and lot size will probably have the same assessment but of course could be dramatically different in quality and condition. I also don’t want to filter things too much besides obvious typo’s or when a custom build home turns into a lot sale.

      I do agree that a lot of the drops for SFH’s are simply people getting somewhat realistic but in most cases they still have a long way to go. As YVR says, people think pretend paper profits are real and feel like they are losing money when they drop their price – this mentality is going to cost them more than they can imagine.

      For apartments and townhomes I am starting to include the comparable sales from last year in the highlights – these are very real losses. #15 units were selling for 4% below this years assessment in 2011 and that unit is currently 22% below assessment… #19 units were selling for 2% below assessment last year and this unit is now 36% below assessment. That’s real and it has to be scary for those involved.

  2. prairieperson August 28, 2012 at 12:21 pm

    Thanks for the work you are doing

  3. djindustry August 28, 2012 at 12:37 pm

    yes thanks again for this information–l Iove your humorous commentary on these listings and the ridiculousness of the realtor’s language!

  4. Surrey Girl August 28, 2012 at 8:30 pm

    #14 I went to the open house. I door in the front hall which should be a closet has the hot water tank and furnace in it! This house is someone’s first build and it will big bucks to fix.

  5. Ron James August 28, 2012 at 9:56 pm

    Please everyone just lowball these listings any others in YVR, as most of the sellers are criminals, (yeah I’m sure a loser security guard can afford a 10 bedroom house, yeah right!) Or what about the corner grocery store owner with a 2 million dollar mansion. laundered money at its best!

  6. Fish10 August 28, 2012 at 10:48 pm

    Finishing touches?!

    “Just waiting for your finishing touches, flooring, plumbing and electrical fixtures”

    BTW- Maybe the TD bank employee exclusion listing is being sold by the TD bank!

  7. Pingback: Vancouver Price Drop The Weekly Drop – August 27, 2012 |

  8. John August 29, 2012 at 3:38 pm

    I saw the the “No TD bank” exclusion on another listing: http://www.realtor.ca/PropertyDetails.aspx?PropertyID=12081754&PidKey=811786651 (V923131)

    • Ken August 29, 2012 at 4:25 pm

      It is a bank foreclosed property. The bank owns it. The bank usually doesn’t allow insider (employee) who may have inside information, e.g. the bank’s exposure of the loss, to bid an advantageous price.

      • Will August 30, 2012 at 9:16 am

        Thanks for this illuminating tidbit. I wonder why it always seems to be only the TD Bank that’s mentioned in such cases?

  9. RFM August 29, 2012 at 5:13 pm

    This small development is an interesting case study and a cautionary tale about the reality of the Vancouver real-estate market:

    In the first quarter of 2012 a five-unit strata development (called, according to the on-site sign, ‘Strathcona Gateway’) was completed from assembled lots at the southeast corner of Gore Avenue and Union Street in Strathcona in Vancouver East. The five detached townhouses have ‘heritage’ architectural elements with a shared 4-car garage (parking pad for 312 Union) without storage. Floor plans available on various websites show very small rooms but an open kitchen arrangement. I have not toured these properties, but the interior photos appear to show standard construction.

    The situs is the southeast corner of Gore Avenue and Union Street; Gore Avenue is moderately busy, Union Street is lightly traveled and is a major bike route from the east to downtown; Prior Street is one-half block to the south and is a very heavily traveled street at all hours as it is a major feeder to and from the Georgia and Dunsmuir viaducts. There is a park across Gore Avenue, but all of this is subject to radical change as the City’s plans for demolition of the viaducts move forward. I would rate this a C- location.

    Regarding the developer, Wadaco Development Corp.: A Google search turned up a Wadaco Development at 643 East Georgia Street, Vancouver, BC V6A 2A2 but the phone number, (604) 676-9266, is a private home and Wadaco Development Corp. was unknown to the woman answering the phone.

    Searching the City of Vancouver website, nothing came up under ‘Strathcona Gateway,’ Wadaco Development Corp.’ or any of the individual street addresses of the properties (including variations of the names and addresses).

    Here are the particulars on the development:

    308 Union Street is a 2-bedroom, 2.5-bath townhouse of 1,254 square feet currently listed for $828,000 as V939338 (appears to have been originally priced at $898,000).

    312 Union Street is a 3-bedroom, 2.5-bath townhouse of 1,258 square feet currently listed for $818,000 as V939353 (appears to have been originally priced at $888,000).

    808 Gore Avenue is a 2-bedroom, 2.5-bath townhouse of 1,076 square feet currently listed for $699,000 as V939337 (appears to have been originally priced at $760,000).

    818 Gore Avenue is a 2-bedroom, 2.5-bath townhouse of 1,078 square feet currently listed for $699,000 as V939341 (appears to have been originally priced at $760,000).

    828 Gore Avenue is a 2-bedroom, 2.5-bath townhouse of 1,110 square feet currently listed for $719,000 as V939354 (appears to have been originally priced at $780,000).

    As of the date of this writing (29 August 2012), none of the five townhouses appears to have been sold or occupied. Two of the realtor’s signs on the site have large ‘add-on’ signs proclaiming in big red letters ‘PRICE REDUCED.’ The main sign says: ‘Move in May 2012.’

    • an observer August 29, 2012 at 5:42 pm

      Thanks for the info. I’ve said before here that I think over leveraged builders are going to get creamed and be a primary reason this market is going to go down shockingly fast

      • RFM August 29, 2012 at 7:27 pm

        My best guess is that all five units are still about $100,000 overpriced for their size, location and this market. They will, in the classic sense, ‘chase the market to the bottom.’ I agree that the ‘major players’ probably will suffer but remain in business. All the small developers and projects will crash and the number of realtors will decline by about 1/3. I foresee a very similar result to what happened in parts of the US. However, only history will tell. Since we own two units in Vancouver, we will ride the wave too, but feel we are well positioned, as we diversified our holdings into US properties when they were cheap and we see the market starting to strengthen there, which will offset the weakness here. As in all investments, diversification of portfolios is important.

  10. Ron James August 29, 2012 at 8:14 pm

    LOL, US market is still going down. RFM, big mistake buying there too soon!! Now, watch all your investments to go ZERO!

    • an observer August 31, 2012 at 3:36 pm

      Given the number and amounts of the offers they obviously underpriced the lot by $1 million to setup a bidding war and it worked for them. No matter how bad the market is, every home has a price at which it will sell. For that home / lot the price was $2.8 million.

      If they listed it at $3.6 million instead of $1.8 then it would sit on the market for the next year and be a future candidate for this weekly drop list! If they listed it for $800K it would have sold for $2 million over asking.

      You can’t draw any conclusions about the state of real estate around here from this sale other than that they severely underpriced the home.

      • yvr August 31, 2012 at 5:09 pm

        The assessed value is $2,372,300 on the property. It was certainly listed on the low side. I’m surprised it sold for as much as it did though, considering West Van sales are dead right now.

  11. xyz August 31, 2012 at 9:02 pm

    This could be some ‘crack’ reporting on a Stale sale… There was a similar article recently that I tracked the SOLD day to 4-6 months ago… I wish I saved the link for that one… Don’t believe everything the media tells you… This is probably a paid for press release disguised as ‘news’

  12. José August 31, 2012 at 9:05 pm

    Well, it was listed about 20% lower than the assessed value. From what I’ve read here, that seems like what it’s going to take to move a property these days. But, in actual fact, it went for about 20% more than assessed value. Y’all might be right that a precipitous correction is coming, but it doesn’t seem to be here just yet. If you’re going to be highlighting all the bad news, and overvalued properties, then it would be fair of you to state some of the good news – when it happens. Especially if you want this blog to be taken seriously.

    • an observer August 31, 2012 at 9:34 pm

      I think you are confused, the site is called VancouverPriceDrop not VancouverReportSomeSalesThatGoAboveOrBelowListingPriceBecauseThatWouldMakeThisBlogBeTakenSeriously but I believe that blog title is available so feel free to take it.

      I’m really nor sure what your point is to be honest. A property sold 20% above assessment, so? A lot of properties sell for 20% above assessment on any given day. There are properties that sold for 20% above assessment in the middle of the US crash – does that mean it didn’t happen?

      Just to reiterate in case it isn’t obvious. This site tracks changes in asking price. It’s one of the few pieces of information about homes that is publicly available, unlike the selling price. If selling price were available on all homes I’d be happy to run reports that show % of home sales compared to assessment.

      • José September 1, 2012 at 6:23 am

        I’m not questioning, that there has been a drastic slow down in the number of sales. I’m not even suggesting that a potential price drop may occur. I am questioning the usefulness of this blog if you only report on a hanful of extremely overpriced (homes) in Vancouver, and seem to use this as conclusive evidence to make opinions on an absolute direction that the market is heading.

        This may be a interesting blog to read. But, the ability to draw conclusions from it are limited.

      • an observer September 1, 2012 at 8:54 am

        Again, you are missing the point. The blog is meant to be interesting to read not as a scientific analysis to provide conclusive evidence of the direction of the market. The blog reports on the properties that have had the largest asking price drops. If you find it interesting then great, if not then that’s fine too.

  13. Vulture Fun September 1, 2012 at 8:57 am

    Jose. Good god man, if you really need your fix of RE cheerleading you have the entire MSM to feed your delusion with hopium regarding Vancouver’s bright future. VPD offers a glimpse into an area NOT reported anywhere else. VPD is a response to imbalance in the media, not the cause of it.

    • José September 1, 2012 at 10:59 am

      Observer – I guess I was missing the point of the blog. However, I felt that some of the comments on here (including your own) were indicating that a substantial fall in the median selling price of homes is a foregone conclusion, indicated by this snap shot of the grossly overpriced. I do find this blog interesting as one slice of anecdotal information, and will continue to read and take it for what it’s intended to be.

      Vulture Fun – I am neither a RE cheerleader or one that is blind to the situation that is the RE market in Vancouver. The facts are so blatant that this market is out of wack (% of household income necesary to own, price to rental income ratios, etc…). For personal reasons, I sold out of the Vancouver market 2 years ago. I’m back in Van now and happily renting. I would like nothing better to see a major correction, so that I would feel comfortable getting back in. But, I don’t see or read conclusive evidence of a stubstantial bursting of the bubble – yet. Keep in mind that if someone (using all current evidence) fails to agree with your current prognostication, they may be neither a RE pumper or delusional.

      • an observer September 1, 2012 at 12:52 pm

        Jose, just to put this to rest, I do believe there will be a large real drop in prices in the 40% range and potentially higher and I have made comments related to that but I don’t believe I have ever said anything like “Here are 20 properties that have dropped 20% in asking price so therefore the market is crashing”.

        In fact, I have written a few times that most of these “drops” are simply people getting a grip with reality with the exception of Condo’s in most areas and SFH’s in a few spots. Just look at any of the lists and you’ll see that even after 20%+ price drops most of these properties are still above assessment.

  14. José September 1, 2012 at 2:13 pm

    Cheers – an Observer,

    I appreciate your candor and respect your opinion. I don’t disagree that a 40% price drop would be out of line at all and very good for the market in general. Unfortunately, we may just get a stagnating market with slower sales an a minimal price drop. We’ll just have to wait and see how this is going to play out.

    In the mean time, keep posting!

  15. Vulture Fun September 1, 2012 at 8:17 pm

    Well Jose, what a difference a day makes. Your latest post seems to be a 180 from yesterday’s. You said, “If you’re going to be highlighting all the bad news, and overvalued properties, then it would be fair of you to state some of the good news – when it happens. Especially if you want this blog to be taken seriously.” So, it would be good to be more positive, less negative? I’ve never really understood this attitude toward data. It reminds me of the reporters on CNBC and BNN who feel some obligation to put a positive spin on whatever news comes out. Why? If someone thinks the sky is falling, I want to know. I can make up my own mind using data, which doesn’t seem to have either a positive or negative attitude. And as far as this blog being taken seriously, I don’t think Observer has anything to worry about there. Anyway, it now seems that your views on the market, even your hopes for the market, seem to more or less match those of every other uber bear in the Vancouver area. Anyway, I’ve think we’ve beaten this to death, so I’m signing off on this issue. Here’s wishing you a better entry point.

  16. Kelly September 1, 2012 at 11:37 pm

    Thanks again for all the hard work;ignore Jose’s comments

  17. Vulture Fun September 2, 2012 at 1:57 am

    Jose, I forgot to mention one more thing. You refer to this website as an interesting source of anecdotal information even though it’s actually a steady stream of verifiable data, not anecdotes. If you are more interested in anecdotes, we already have an excellent website for that (http://vreaa.wordpress.com/).

  18. Bob September 2, 2012 at 8:23 pm

    August Stats out:
    Prices bounce back from July
    Sale volume way down
    Listings up

    Check the numbers out:
    http://www.yattermatters.com/2012/09/vancouver-average-price-hat-trick/

  19. José September 2, 2012 at 9:35 pm

    Vulture,
    My comments were always consistent. I’m not oblivious to to the absolute unaffordabilty and the incredible prices of Vancouver RE. What I haven’t seen yet, are facts that an large overall price correction has started.

    My “hopes” or the hopes of all of these others posters doesn’t really matter. Unlike the self proclaimed uber bear that you call yourself, I’m simply trying to get a handle on the true picture. I asked for an explanation of a West Van property selling for $1m more than the asking price. I wasn’t looking for a fight or disputing your position. I was only looking for one of you to try and shed some light on the subject.

    My only sugestion was, that maybe some of the posters here could acknowledge a few slices of reality instead of dismissing it as being a conspiracy by a real estate pumper. It just might make for a more realistic discussion.

    I’m also aware of the biases from the MSM. I never implied that the information that an Observer compiles is not worthy and isn’t a refreshing bit of info that no one else is providing. My complaint is the follow up comments that seem to be regularily posted on here. These indicate that there is only one way for RE prices to go – crashing down.

    I certainly sense the possibility but I have’t seen the proof yet.

    Sorry I hit nerve – you uber bears are a sensitive bunch.

    • Vulture Fun September 2, 2012 at 10:32 pm

      You came, you insulted, then kind of back-pedaled, then defended, then dissed once more. I’m getting dizzy trying to track your point and/or mood swings. You want “proof” that the market is heading in a certain direction? That would be very useful. With this “proof” of future events I could take directional bets on the market and make millions. Let me know when you find your proof of future price direction. I’m sure everyone wants this exchange to end, so the last word is yours.

  20. Bob September 3, 2012 at 8:14 am

    It’s been interesting watching you guys argue about the meaning behind each other’s comments.

    But I have to agree with Jose. It would be nice to see a little more discussion about the facts at the moment. It seems like if you present a fact on here that is anything but extremely bearish, the ubers (who apparently own this blog) want to beat you up.

    Maybe this isn’t the forumn to have that discussion. It’s probably just better to read the facts and not the comments.

    • an observer September 3, 2012 at 9:18 am
        Bob / Jose, you are the same person posting from the same IP address so it’s not a surprise you agree with each other. Not sure what your agenda is but please stop with this nonsense.
  21. TPT September 3, 2012 at 8:52 am

    It seems that all the price reductions didn’t have a downward effect on August Prices.

  22. jaksun September 3, 2012 at 8:36 pm

    awesome! is bob/jose/tpt typing from the IP address of an empty open house?

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