Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – September 3, 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, 7 hit 25% and 3 hit 30% this week
  • 4 listings from the Sunshine Coast, 3 from Hope and Mission and 2 from Richmond
  • 11 of 15 listings with assessment information are now listed below assessment.  73% is a new record for this weekly drop list
  • #1 – we’ll see this one topping this list again in the near future.  It has been relisted at 33% below the original price and has been at this price for 4 and a half months.
  • #3 is now over 30% below assessment
  • #4’s first price drop was $750K.  Their second price drop six weeks later was for $1K.  
  • #5 “Vendor willing to help clear building site and build on property. Vendor motivated to sell!”
  • #6 is littered with spelling and grammar mistakes and finishes the description of this $2 million home with “The owner treat it as vacation home.”  
  • #7 – this apartment building had one sale last year and it was for 36% above assessment!  This unit is currently listed 11% below assessment and the special assessment for rain screening has already been paid by the owner
  • #8 has a front yard that looks like a garbage dump and comes with the standard “Land value, sell “As is” “Where is”.”
  • #12 – this apartment had 13 sales last year averaging 1% below assessment.  This unit is currently listed 17% below assessment.  “Units needs some TLC” is realtor speak for “This place is trash” in case it wasn’t obvious
  • #13 “Motivated seller!”.  A new build that has dropped $900K – bankruptcy is definitely good motivation
  • #16 is over 30% below assessment
  • #17 – this apartment had 2 sales averaging 4% above assessment.  This unit is currently listed 24% below assessment and the realtor couldn’t come up with a description despite it being listed for 6 months
  • #20 is an awful looking half duplex that managed to be made to look even worse by the horrid description… “BETTER THAN DARK CHOCOLATE”, “there’s a storage shed with ladder-accessed loft level – cool!”, “Work is needed throughout, bring along that work-ethic your parents told you about.”, “good way to get your start and build your equity!”.  Apparently this obnoxious description is not unique to this listing for the realtor.  Other doozies from his listings include “Better than hot buttered corn on the cob!”, “Better than fruit salad with chocolate ice cream and drizzled with chocolate sauce!”, “Like a perfectly done medium-rare ribeye steak!”, “Sizzling Skillets!”, “Better than chocolate cupcakes!”, “Just like UPS, this Brown can deliver!”, “BETTER THAN CRISPY BACON”….  Ok, I guess this is the guys schtick.  

#1 ) Address:25977 DEWDNEY TRUNK RD, Websters Corner, Maple Ridge

October 04 V903569 $1,480,000 $0 0%
March 09 V903569 $1,180,000 $-300,000 -20%
April 21 V903569 $999,000 $-481,000 -33%
August 31 V903569 removed
September 02 V968963 $999,000 $-481,000 -33%

Assessment: $971,000

11.96 Acres with 2 homes on city water. the barn is renovated into a nice home with main house. Property has great potential wood & tile finish & european flair.

#2 ) Address:59895 HUNTER CREEK RD, Hope Laidlaw, Hope and Region

February 29 H1200827 $424,900 $0 0%
August 29 H1200827 $289,000 $-135,900 -32%

Assessment: No Assessment

This is ideal property on the out-skirts of Hope. Located on a rest stop exit. Has water license, geo technical Report is done, building site is approved. Bring your ideas. Owner may be flexible on terms. Ideal property of that dram home, get away, mini resort.

#3 ) Address:13091 PORTERS RD, Pender Harbour, Sunshine Coast

June 14 V891880 $2,585,000 $0 0%
September 14 V891880 $2,559,000 $-26,000 -1%
December 11 V891880 $2,175,000 $-410,000 -16%
March 07 V891880 $2,000,000 $-585,000 -23%
June 01 V891880 $1,980,000 $-605,000 -23%
July 14 V891880 $1,895,000 $-690,000 -27%
August 30 V891880 $1,795,000 $-790,000 -31%

Assessment: $2,575,000

Remarkable Pender Harbour waterfront acreage with a gated private driveway that meanders through the trees to a stunning setting overlooking Oyster Bay. Elegant and architecturally impressive 4500 sq ft home on 1800 ft of waterfront. Hardwood and tile floors, vaulted ceilings and expansive living set amongst the privacy of your own forest. 3 bedroom older guest house is in good shape and directly overlooks a deep water moorage for up to 4 vessels. Sub-dividable development property offers an excellent retreat and long term potential for a number of waterfront lots or community. A must see for big thinkers. Road access is via a private road.

#4 ) Address:27752 MONTESINA AV, Aberdeen, Abbotsford

May 25 F1213526 $2,750,000 $0 0%
July 12 F1213526 $2,000,000 $-750,000 -27%
August 29 F1213526 $1,999,000 $-751,000 -27%

Assessment: $941,000

Stunning 5487 sqft, 4 yr old Log Home with breathtaking views set on 5 acres. This worry free home has it all, including granite countertops, stainless appliances, continuous hotwater, heat pump, central air, two car garage, beautiful deck off master, a full size pool table stays in the games room, a pond, even the dog has its own water! Nevery worry about being without power as this home has it own generating system. Two detached workshops (27×52 and 25×70), one with overhead crane. This home needs nothing as the current owner recently had everything cleaned and tested. Make this home yours today!

#5 ) Address:# BLK A PARADISE VALLEY RD, Squamish, Squamish

March 09 V880170 $119,000 $0 0%
May 09 V880170 $109,000 $-10,000 -8%
June 08 V880170 $95,000 $-24,000 -20%
September 01 V880170 $87,000 $-32,000 -27%

Assessment: No Assessment

2.99 Acres of beautiful forested land along the Cheakamus River. Build your dream home and live full time or use as get away. Access is by foot or ATV over footbridge. Power at lot line . Vancouover 1 hr. south, Whistler 45 min. north. Renewable Crown Land lease. Vendor willing to help clear building site and build on property. Vendor motivated to sell!

#6 ) Address:7288 GILHURST CR, Broadmoor, Richmond

April 14 V943189 $2,580,000 $0 0%
May 18 V943189 $2,490,000 $-90,000 -3%
Open House: May 27
Open House: Jun 02
Open House: Jun 10
Open House: Jul 08
Open House: Jul 15
July 14 V943189 $2,290,000 $-290,000 -11%
Open House: Jul 22
September 01 V943189 $1,899,000 $-681,000 -26%

Assessment: $2,030,000

Tastefully deluxe custom-built house in central Richmond Broadmoor area, decorated with 5 star 2 master bedrooms, huge 2 kitchen with special antique cabinet & high end BOSS appliance. Main floor marble foyer/hardwood floor. Air condition and HRV system. Nature stone exterior with underground sprinkle. Living room and family room with gorgeous drop ceiling and crown moulding everywhere. Close to London High School. The owner treat it as vacation home.

#7 ) 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%
August 30 F1216438 $159,900 $-55,100 -26%

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.

#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%
August 29 F1215928 $279,000 $-90,000 -24%

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:# LT.3 SWARD RD, Mission BC, Mission

June 06 F1214691 $249,000 $0 0%
June 21 F1214691 $234,000 $-15,000 -6%
July 07 F1214691 $226,500 $-22,500 -9%
July 26 F1214691 $214,900 $-34,100 -14%
August 11 F1214691 $201,900 $-47,100 -19%
August 28 F1214691 $189,900 $-59,100 -24%

Assessment: No Assessment

8.17 ACRES at the north end of Hatzic Lake. Access off the end of a dead-end street. Neighborhood has a park and boat launch. Not subdividable. No driveway, property begins at the end of the street. It is wet at the bottom, then rises steeply up the mountain.

#10 ) Address:22080 LAKE COUNTRY DR, Hope Kawkawa Lake, Hope and Region

March 20 H1201121 $129,900 $0 0%
May 31 H1201121 $124,999 $-4,901 -4%
July 11 H1201121 $114,900 $-15,000 -12%
August 04 H1201121 $104,900 $-25,000 -19%
August 28 H1201121 $99,999 $-29,901 -23%

Assessment: $111,000

No Picture

If you are looking for an affordable, beautiful location to build a home. Lake Country Estates is probably a location you should check out. Stone Village Homes has two lots for sale here. This lot is on a corner with an east facing back yard. Because it is the corner lot you have the potential to set the back yard up for all your toys or for whatever you need the yard for. Yes, even for the kids. Buy this lot and build yourself or have Stone Village Homes build you an attractive, affordable, dream home.

#11 ) Address:22081 LAKE COUNTRY DR, Hope Kawkawa Lake, Hope and Region

March 21 H1201144 $129,900 $0 0%
May 31 H1201144 $119,999 $-9,901 -8%
July 11 H1201144 $109,900 $-20,000 -15%
August 04 H1201144 $104,900 $-25,000 -19%
August 28 H1201144 $99,999 $-29,901 -23%

Assessment: $109,000

No Picture

Super affordable lots available in Lake Country Estates. One of HOpe’s newest and best places to build a home. Walk down to the lake on the trail. Enjoy the scenic views. This lot has a west facing backyard. The lot slopes to the back so a walkout/daylight basement would be perfect. This lot is available to purchase or if you would like Stone Village Homes to build you something perfect for your needs that can be an option.

#12 ) Address:# 311 6820 RUMBLE ST, South Slope, Burnaby

May 30 V953032 $252,900 $0 0%
June 29 V953032 $234,900 $-18,000 -7%
July 13 V953032 $219,900 $-33,000 -13%
July 28 V953032 $209,900 $-43,000 -17%
August 11 V953032 $199,900 $-53,000 -21%
August 24 V953032 $194,900 $-58,000 -23%
August 26 V953032 removed
August 31 V968730 $194,900 $-58,000 -23%

Assessment: $235,900   

Great location !! Large 1 bedroom unit in “The Mansion” by Polygon. 5 min. walk to Edmonds skytrain station, a few blocks to Highgate Shopping Center and easy access to hiking trails and bike paths. Well run complex that has a live in caretaker, exercise room, hot tub. Complex allows for 1 cat or dog and some rentals. Units needs some TLC but has a great layout, fireplace and a large balcony.

#13 ) Address:3256 W KING EDWARD AV, MacKenzie Heights, Vancouver West

March 10 V936503 $3,880,000 $0 0%
March 22 V936503 $3,580,000 $-300,000 -8%
Open House: May 26
Open House: May 27
Open House: Jun 02
Open House: Jun 03
June 01 V936503 removed
June 11 V955839 $3,388,000 $-492,000 -13%
Open House: Jun 16
Open House: Jun 17
Open House: Jun 24
July 05 V955839 $3,288,000 $-592,000 -15%
Open House: Jul 08
Open House: Jul 15
Open House: Jul 22
Open House: Aug 05
August 29 V955839 $2,998,000 $-882,000 -23%

Assessment: Building Unfinished

Gorgeous & brand new custom built home in the most desirable Mackenzie Heights area, great floor plan, high ceiling, 4 levels with 6 spacious bedrooms plus 6.5 baths, dream gourmet kitchen & wok kitchen, granite countertops, high end appliances, wet bar, air conditioning, HRV system, steam baths, sauna. Home theatre and wine cellar. School catchment is Kitchener Elementary and PW Secondary, St. George’s & York House, UBC. Close to park, shopping center, transportation, etc. Don’t miss the chance! Motivated seller! Public open house every Sunday 2-4pm.

#14 ) Address:9265 TRUMAN RD, Halfmoon Bay, Sunshine Coast

October 07 V914596 $898,000 $0 0%
June 23 V914596 $797,000 $-101,000 -11%
September 01 V914596 $696,000 $-202,000 -22%

Assessment: $640,800

The living area on the main floor could have another bedroom as it has 2 dining areas. The lower level boasts a sunroom and would be a 3rd or 4th bedroom for guests as it has its own entry. The best part of this offering is the natural rock outcropping included in the licence of occupation for the dock, ramp and landing on the foreshore! This is a must see. Call listing agent for further details about the foreshore and moorage or to check out the virtual tour or video of the ocean front.

#15 ) Address:7079 MARRINGTON RD, Quilchena, Richmond

May 03 V947038 $1,798,000 $0 0%
June 02 V947038 $1,598,000 $-200,000 -11%
Open House: Jun 16
August 01 V947038 $1,498,000 $-300,000 -17%
August 30 V947038 removed
September 02 V968879 $1,398,000 $-400,000 -22%

Assessment: $1,517,000

Outstanding value this gorgeous home backs right onto “QUILCHENA GOLF COURSE”, huge 5 bdrm, 4.5 baths plus den home offers park like living. Bright large kitchen with granite counters, as well as 2nd wok kitchen. Spacious family room, formal living/dining room with high ceilings and wood floors, generous sized entry, den and bedroom with ensuite on main, perfect family home. Huge master bdrm up, large walkin closet and ensuite with skylight, added air conditioning plus private deck for fabulous view of the greens. Newer boiler, home has been well maintained and is ready to move right in. More photos at realtor’s website.

#16 ) Address:16211 SUNSHINE COAST HY, Pender Harbour, Sunshine Coast

January 05 V923708 $2,475,000 $0 0%
March 24 V923708 $2,290,000 $-185,000 -7%
June 27 V923708 $1,999,000 $-476,000 -19%
September 01 V923708 $1,925,000 $-550,000 -22%

Assessment: $3,087,000

Rare and spectacular Ruby Lake, Sunshine Coast, 4.11 acres with 329′ of lake frontage. Improvements include a 7,178 sq ft unfinished three level Artisan log home and a finished 1500 sq ft four car garage Carriage house with a fully finished two bedroom self contained suite. The property has road access with due West exposure and dock, many services are in including a 600 amp service, heating systems, septic systems, most of the drywall in main home is up. Separate mechanical building, unfinished pool and too many features complete this package. Contact LS for addintional details. Buyer to verify all measurements.

#17 ) Address:# 69 14550 MORRIS VALLEY RD, Lake Erock, Mission

February 18 F1203321 $109,000 $0 0%
March 14 F1203321 $99,000 $-10,000 -9%
July 11 F1203321 $89,000 $-20,000 -18%
August 28 F1203321 $85,000 $-24,000 -22%

Assessment: $111,000

#18 ) Address:16535 TIMBERLINE RD, Pender Harbour, Sunshine Coast

June 01 V953784 $230,000 $0 0%
June 30 V953784 $210,000 $-20,000 -9%
August 10 V953784 $200,000 $-30,000 -13%
August 30 V953784 $180,000 $-50,000 -22%

Assessment: $169,400

This one bedroom one bath property offers a peaceful get away from the big city. It is minutes from the Earls Cove ferry, and the treed lot provides all the privacy you could ever want. A view corridor could be opened up to the ocean as the property is bordered on one side by an undeveloped road allowance. Perfect for the couple or family who want a rural retreat without the big price tag.

#19 ) Address:3976 ROBIN PL, Oxford Heights, Port Coquitlam

February 10 V930974 $479,000 $0 0%
July 13 V930974 $399,900 $-79,100 -17%
August 29 V930974 $374,900 $-104,100 -22%

Assessment: No Assessment

Build your custom dream home in Oxford Heights. One of Port Coquitlam’s best neighbourhoods. Lot 4 lots subdivision. Next to creek and very private and quiet location. Ready to build March 1, 2012. HST not included.

#20 ) Address:7737 KITE ST, Mission BC, Mission

June 16 F1215536 $189,900 $0 0%
July 14 F1215536 $160,000 $-29,900 -16%
August 31 F1215536 $149,000 $-40,900 -22%

Assessment: $205,000

BETTER THAN DARK CHOCOLATE is this half duplex that is close to schools! Newer deck system out back, just needs a covering. The backyard is shaded by mature trees, and there’s a storage shed with ladder-accessed loft level – cool! The home is a 2 storey plus full basement. Work is needed throughout, bring along that work-ethic your parents told you about. The main floor has the kitchen, living and dining rooms, and access to the sundeck. Upstairs are 3 bedrooms, with a 2 piece ensuite in the master bedroom. A full bathroom is on this level, as well. The basement has the laundry, full bath, recroom and another bedroom. Access from this level to the backyard. A great value, and good way to get your start and build your equity!


11 responses to “The Weekly Drop – September 3, 2012

  1. weenerman September 4, 2012 at 4:12 am

    What happened to blue tarp?

  2. RFM September 4, 2012 at 7:58 am

    Very interesting reading, as always. Thanks for your efforts.

    • Yellow Helicopter September 4, 2012 at 9:10 am

      Agreed. Am also really enjoying the information (and humour!) in the bullet pouts at your post entries.
      Thank you.

  3. prairieperson September 4, 2012 at 11:21 am

    Great. I enjoy your postings. Any chance you could do the same for Victoria and Salt Spring?

  4. Maria September 5, 2012 at 12:20 am

    I am in Germany, lived on the North Shore for 10 years… Every week I am waiting for your postings and I guess we share the same humour ! Awesome job you re doing ! Thanks !

  5. John September 5, 2012 at 5:17 pm

    “an observer” – when you do your scraping, do you keep the description? If you do, I wonder if you could count the number of listing with the text “The Vendor will not accept any offers to purchase from any individual that is an employee of The Toronto-Dominion Bank or any of its subsidiaries or affliated corporations.” I wonder if you could count that number over time – could you show the growth of foreclosed properties by TD?

  6. yltnboomerang September 5, 2012 at 7:32 pm

    I shake my head, hire a realtor/used house salesperson because they improve your chances of sale by creating copy like “Better than dark chocolate”? Wow, a new low for the…ahem…profession. I guess he had to add “dark” so as not to be a ripoff of Sarah M’s song.

  7. Ron James September 5, 2012 at 8:21 pm

    Hmmm, why is it that there are so many East Indian “builders”. Where do they get the cash to build the property, then sit on it for years while it doesn’t sell? Do you ever see “East Indian Builder” in the property description? NO, NEVER! Cause, that would put off most buyers who know the poor quality they make. It’s always “European Builder” to show that the house was quality built. And, on another note, I can guarantee most of the owners of these highly overpriced properties are criminals. And, I’m glad that the prices are falling, so that will cut into their money laundering profits. People, please stop buying, and when and if you do buy, lowball the hell out out of everything, as that’s what the sellers deserve.

  8. Pingback: REAL ESTATE: The Weekly Drop – September 3, 2012 ( PART 1) |

  9. Pingback: REAL ESTATE: The Weekly Drop – September 3, 2012 ( PART 2) |

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