Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – September 10, 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:

  • 42 listings dropped to a cumulative total of 20%+ this week, 16 hit 25% (a new record up from previous high of 14) and 5 hit 30% this week
  • Vancouver West and Maple Ridge appear 4 times and Richmond and White Rock both show up 2 times on the list
  • 10 of 14 listings with assessment information are now listed below assessment.  71% is the second worst level recorded on this blog, just behind last weeks 73%
  • #1 gets top spot in the weekly drop for the third time.  “CAPE COD ON 1 ACRE! ” followed by “The basement is part and unfinished. Court Order Sale, as-is, extensive damage to home throughout, mold, etc. view photos on Realtor website before requesting a viewing. Check with your bank for financing first, as the home is without an occupancy permit.”.  Imagine an advertisement for a car “LATE MODEL FERRARI!  Actually an old civic, engine may explode upon ignition, no brakes but not an issue because car is on blocks anyways.  Wood blocks not included in price”
  • #2 did not sell for $1.388 million for at least a few months so what do they do?  They increase it to $1.75 million but that brilliant plan fails so they drop it to $1.1 million
  • #3 will definitely be in the VancouverPriceDrop Hall of Shame at some point.  The “Blue Tarp” makes it’s way into so many of these lists, now with 8 price drops.
  • #5 is a new build that knocked $500K and 30% off their initial price.  A lot of builders with projects on the go have to be pretty nervous at this point
  • #6 is apparently ideal for a “dude ranch”.  Another listing that tried the “Increase the Price for $$$” plan but failed
  • #7 is over 25% below assessment and needs  “Court approval of your offer is required.”
  • #9 must be a crack house or at least the owners must be smoking crack to think that a 42 year old home on half an acre in Coquitlam that is assessed at just over $1 million should be listed for $2.7 million…  They have dropped the price to just below $2 million now but I predict that this home will be top of the weekly drop in future weeks
  • #10 This Dunbar home has already dropped $1 million and 26% yet is still $450K over assessment.  Good luck.
  • #11 – building had 4 sales last year averaging 7% ABOVE assessment and this unit is now listed 14% BELOW assessment after 8 price drops.  ALL CAPS DESCRIPTION SCREAMS OUT DESPERATION
  • #12 “owner is motivated to sell. “
  • #13 is now listed at 20% below assessment
  • #14 is now listed at over 20% below assessment
  • #17 is a new home in Kitsilano that has been split into 3 strata units.  This strata unit is now down $417K and 23% – another builder who will be very lucky to not take a huge loss on this home
  • #18 “All details are approximate and to be verified if deemed important by buyer.”  Details Schmetails
  • #19 is now listed at 20% below assessment

#1 ) Address:12470 BLUE MOUNTAIN CR, Northeast, Maple Ridge

April 02 V940681 $698,000 $0 0%
August 03 V940681 removed
August 06 V965433 $475,000 $-223,000 -32%
August 17 V965433 $449,000 $-249,000 -36%
September 06 V965433 $429,000 $-269,000 -39%

Assessment: $526,000

CAPE COD ON 1 ACRE! Nice curb appeal to this home with upstairs bedroom dormer windows. Lots of parking, double enclosed garage, nifty brickwork at the front, large covered sundeck at the back, off the dining and living room areas. Main floor has huge living and dining rooms, family room with gas fireplace, kitchen with wood cabinets and island, large laundry room. Two half baths on this level. Upstairs are 4 bedrooms, a full bathroom, and a full ensuite off the master. The basement is part and unfinished. Court Order Sale, as-is, extensive damage to home throughout, mold, etc. view photos on Realtor website before requesting a viewing. Check with your bank for financing first, as the home is without an occupancy permit.

#2 ) Address:# 1602 1835 MORTON AV, West End, Vancouver West

March 09 V921674 $1,388,000 $0 0%
March 26 V921674 removed
April 04 V941051 $1,388,000 $0 0%
June 06 V941051 $1,750,000 $0 0%
August 22 V941051 removed
September 09 V970117 $1,100,000 $-650,000 -37%

Assessment: No Assessment Available

Sophisticated buyers looking for a trophy Waterfront location overlooking English Bay need look no further. Ocean Towers is a landmark Century Modern oceanfront bldg. Masterfully transformed 2 BR 2 bath home now presents as a grand 1 BR w/sep/office/flex space. Jaw-dropping view out over the sandy Beach, the Bay to Point Grey & Gulf Islands beyond. W Hotel style master ensuite off the king-size BR. Luxe 3 pce guest bath. High end open plan kitchen w/yards of quartz & marble counters & gleaming SS appls. Made for entertaining. Custom millwork thru out. Smart home lighting, solar shades, H/W floors new dble glazed Windows. Steps to beach Seawall, cafes shops & Stanley Park. For those who can afford the best, call for private apt.

#3 ) 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%
September 07 V955548 $609,000 $-286,000 -32%

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!

#4 ) Address:12498 232ND ST, East Central, Maple Ridge

October 29 V917886 $1,298,000 $0 0%
June 06 V917886 $1,095,000 $-203,000 -16%
July 11 V917886 $975,500 $-322,500 -25%
September 07 V917886 $889,000 $-409,000 -32%

Assessment: $697,000

Build your family dream home with pristine, panoramic meadow and mountain views and a rural setting yet close to downtown Maple Ridge. Very Private. Add a “modular” guest home. Zoning permits hobby farm and/or agri-business such as garden centres, green houses,kennels etc. Municipal services on 5.73 acre site. Must be seen. Call today for your information brochure.

#5 ) Address:11460 SEABAY RD, Ironwood, Richmond

July 06 V960343 $1,680,000 $0 0%
July 26 V960343 $1,580,000 $-100,000 -6%
Open House: Jul 28
Open House: Jul 29
Open House: Aug 04
Open House: Aug 12
September 05 V960343 $1,180,000 $-500,000 -30%
Open House: Sep 08
Open House: Sep 09

Assessment: New Building

Looks like the 1.18M was a typo – it was raised to 1.48M shortly afterwards

Open house Sat & Sun 2-4pm. This classic craftsman style residence has the perfect layout and location – school backyard open field VIEW. Designed and decorated with H/W floors, many bay-windows, brand name appliances and easy to convert with a separate entrance, MORTGAGE help suite. Air-conditioning/HRV, video/audio monitor alarm system, nice garden, triple and extra parking, crystal chandeliers, high ceiling. Open house Sat & Sun 2-4pm.

#6 ) Address:1797 FIR RD, Agassiz, Kent

December 02 H1102806 $999,000 $0 0%
January 04 H1102806 $1,235,000 $0 0%
March 09 H1102806 $1,160,000 $-75,000 -6%
May 09 H1102806 $949,900 $-285,100 -23%
July 11 H1102806 $899,000 $-336,000 -27%
September 07 H1102806 $889,000 $-346,000 -28%

Assessment: Farm Land

see MOVIEEscape to paradise in your own private oasis. Gorgeous, newly builthome complete with amazing views, tranquil gardens, expansivedecks, koi pond and teahouse. Vaulted entrance, grand kitchen,granite, w/i pantry. Open concept, crown molding, heated tile &hardwood throughout. Deluxe ensuite, & w/i closet. Huge bonusroom, second kitchen, oversized garage, shop, 3 barns, round pen,hay, pasture and fruit trees. Close to all amenities, golf, lake and ski.Perfect for B&B, spa, weddings, social gatherings, dude ranch or justpeaceful retirement with the grandkids. Builder’s own home, completed in 2010. See Multimedia

#7 ) Address:# 106 15241 18TH AV, King George Corridor, White Rock

March 09 F1128130 $244,000 $0 0%
March 24 F1128130 $229,000 $-15,000 -6%
May 01 F1128130 removed
May 11 F1212261 $219,000 $-25,000 -10%
June 06 F1212261 $209,000 $-35,000 -14%
June 23 F1212261 $199,000 $-45,000 -18%
August 08 F1212261 $189,000 $-55,000 -23%
September 06 F1212261 $179,000 $-65,000 -27%

Assessment: $242,000

CRANBERRY LANE 2 bedroom, 2 bath ground level, corner condo! Super location, you can walk to shopping, transportation and all other retail and recreational amenities. Two pets allowed, no age restriction, strata fee $237.41. Court approval of your offer is required.

#8 ) Address:4462 64TH ST, Holly, Ladner

March 09 V920798 $2,100,000 $0 0%
May 22 V920798 removed
June 06 V954602 $1,700,000 $-400,000 -19%
September 05 V954602 $1,550,000 $-550,000 -26%

Assessment: Farm Land

Central location, this is where the City meets the Country. This 9.69 acres has easy access to Highway 99, George Massy Tunnel and Ladner. The solid will support a wide variety of crops. Ideal for a home based business. Older barn and land currently leased. Excellent holding property for the right investor; currently zoned RS2 Single family.

#9 ) Address:811 ROCHESTER AV, Coquitlam West, Coquitlam

July 12 V961620 $2,700,000 $0 0%
September 05 V961620 $1,995,000 $-705,000 -26%

Assessment: $1,030,000

This rare gem is perfect for the active family…sports court for pickleball, basketball & hockey; heated inground pool, sweeping lawns for bocci ball, croquet & trampoline. Equally perfect for entertaining adult friends…9′ ceilings; solid hardwood floors; large kitchen with gentle Mediterranean cork floor, solid maple antique ivory cabinets, luxurious Italian granite counters & 6-burner gas range with 2 ovens and huge griddle; Jacuzzi, built-in BBQ, family room big enough for billiards or table tennis; tons of storage; over 5/8 acre of peaceful gardens in a private, quiet setting. AND walk to golf course! Features included – too many to list – please ask Realtor for info package.

#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%
September 07 V939234 removed
September 09 V970357 $2,888,000 $-1,000,888 -26%

Assessment: $2,437,000

Sold for $2.338M in December, 2012

Lovely West side family home on a quiet street in sought after Dunbar neighborhood. Close to Crofton & St George’s private schools. Pt Grey High School & 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 corner 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 washroom, plus bonus rooftop deck. Call now for your private showing.

#11 ) Address:# 212 14200 RIVERPORT WY, East Richmond, Richmond

March 09 V934864 $498,500 $0 0%
April 12 V934864 removed
April 14 V943239 $459,900 $-38,600 -8%
April 28 V943239 $449,900 $-48,600 -10%
May 11 V943239 $435,000 $-63,500 -13%
June 09 V943239 $424,500 $-74,000 -15%
June 19 V943239 $415,000 $-83,500 -17%
July 10 V943239 $399,900 $-98,600 -20%
July 28 V943239 $389,900 $-108,600 -22%
September 05 V943239 $372,500 $-126,000 -25%

Assessment: $432,000


#12 ) Address:26168 98TH AV, Thornhill, Maple Ridge

July 27 V902137 $1,200,000 $0 0%
August 31 V902137 removed
September 09 V970039 $899,000 $-301,000 -25%

Assessment: $730,000

9.37 Acres – Privacy in Thornhill Urban Reserve. Views of Fraser River & Mt Baker. Outside you will find a circular driveway that leads to the detached garage/workshop. Property has potential, owner is motivated to sell. Price based on land value. Rentable/Livable home a bonus. Property does require some TLC. Have a look. Bring your ideas and reasonable offers. We look forward to hearing from you.

#13 ) Address:5160 NITA LAKE DR, Whistler, Whistler Pemberton

March 09 V894648 $999,000 $0 0%
May 17 V894648 removed
September 10 V970368 $749,000 $-250,000 -25%

Assessment: $923,000

Incredible opportunity to own in one of Whistler’s premier neighbourhoods! Nita Lake Estates is comprised of 14 large estate lots on a footprint of 15 acres above Nita Lake, conveniently located within walking distance to the Creekside Gondola, shops and services. Generous lot sizes guarantee privacy and beautiful southerly exposures provide outstanding ski area views. The zoning also allows for nightly rentals and owner use of the Nita Lake Lodge, a 5 star boutique hotel located on the water adjacent to the development. 5160 Nita Lake Drive is 35,305 square feet and allows for a home of 4,198 square feet and a separate coach house. If you’re considering a build in Whistler, this property is definitely worth a closer look!

#14 ) Address:477 VENTURA CR, Upper Delbrook, North Vancouver

May 14 V949956 $1,198,000 $0 0%
Open House: May 19
June 06 V949956 $1,098,000 $-100,000 -8%
Open House: Jun 17
Open House: Jun 24
Open House: Jul 01
June 27 V949956 $1,048,000 $-150,000 -13%
Open House: Jul 07
Open House: Jul 15
July 20 V949956 $978,000 $-220,000 -18%
Open House: Jul 22
July 25 V949956 removed
July 28 V964157 $978,000 $-220,000 -18%
Open House: Jul 28
Open House: Aug 19
Open House: Aug 26
Open House: Sep 08
September 09 V964157 $899,000 $-299,000 -25%

Assessment: $1,180,000

Very tranquil setting on a quiet cul-de-sac of fine homes in ‘Upper Delbrook’. 12 year old ‘Noort’ built home. Large lot backing onto natural park/greenbelt. Features: white kitchen w/granite counters, formal dining room, light maple floors in family room, full master ensuite w/jetted tub, 400 sf west-facing sundeck, 700 sf unfinished walk-out/daylight basement (easy suite w/roughed in plumbing), Lots of accessible storage. Large double garage, newly painted exterior, deck resurfaced, etc…Great value! Priced below assessed value!

#15 ) Address:12780 248TH ST, Websters Corner, Maple Ridge

January 19 V926635 $599,000 $0 0%
September 01 V926635 removed
September 09 V969967 $450,000 $-149,000 -25%

Assessment: $529,000

CLEARED and LEVEL 2 ACRE Property on the CORNER of 248th St & 128th Ave in Webster’s Corners! 3 Bedroom Rancher with fenced yard surrounded by mature trees. Minutes to Blue Mountain Elementary and Garibaldi Secondary. Offers presented on Tuesday Sept 11.

#16 ) Address:38748 BUCKLEY AV, Squamish, Squamish

May 08 V948473 $399,000 $0 0%
June 08 V948473 $385,000 $-14,000 -4%
July 06 V948473 $338,000 $-61,000 -15%
September 06 V948473 $300,000 $-99,000 -25%

Assessment: $301,700

Heritage, three bedroom, one and a half bathroom detached home located close to downtown and schools. Renovated in 1992 with new windows, doors, gas furnace and fireplace, upgraded electrical, new flooring and vinyl siding. Washer and dryer replaced in 2004 and new roof and hot water tank in 2010.

#17 ) Address:2575 W 7TH AV, Kitsilano, Vancouver West

March 09 V933326 $1,790,000 $0 0%
May 01 V933326 removed
May 04 V947401 $1,689,000 $-101,000 -6%
Open House: May 19
Open House: May 20
Open House: May 26
Open House: Jun 03
Open House: Jun 10
Open House: Jun 17
Open House: Jun 24
Open House: Jul 07
Open House: Jul 14
July 16 V947401 removed
August 04 V965253 $1,398,000 $-392,000 -22%
Open House: Aug 04
Open House: Aug 05
Open House: Aug 07
Open House: Aug 11
Open House: Aug 12
Open House: Aug 14
Open House: Aug 18
Open House: Aug 19
Open House: Aug 25
Open House: Aug 26
Open House: Sep 02
Open House: Sep 08
September 05 V965253 removed
September 09 V969843 $1,373,000 $-417,000 -23%

Assessment: Newly Built

Brand new front unit in this beautiful 3 unit complex in Kitsilano with an exclusive south facing front yard, perfect for summer BBQs. Features an open floor plan with 1,721 SqFt living area, 3 bedrooms upstairs, 2.5 bathrooms, and 1 underground parking with a unique turntable parking feature! This home features quality luxury finishes, excellent craftsmanship & woodwork throughout, high coffered ceiling, Wainscot panelling, and rich hardwood wide plank flooring. Gourmet kitchen features granite slab countertops and stainless steel Viking appliances. Convenient location, close to restaurants, shopping, schools, and beaches. Strata Plan shows 1,628 SqFt. Under 2-5-10 Warranty.

#18 ) Address:13808 – 13810 117TH AV, Bolivar Heights, North Surrey

August 17 F1220993 $325,000 $0 0%
September 05 F1220993 $249,800 $-75,200 -23%

Assessment: No Assessment Available

Industrial property with great upside. Located next to South Fraser Perimeter Road, this corner lot features a large 20×18 shop with power. House on the property needs work. All details are approximate and to be verified if deemed important by buyer.

#19 ) Address:# 206 1369 GEORGE ST, White Rock, White Rock

May 12 F1212478 $269,000 $0 0%
May 31 F1212478 $249,000 $-20,000 -7%
Open House: Jun 03
June 20 F1212478 $239,000 $-30,000 -11%
Open House: Jul 15
July 14 F1212478 $229,000 $-40,000 -15%
September 07 F1212478 $209,000 $-60,000 -22%

Assessment: $260,000

CAMEO TERRACE!!! Large one bedroom and den, could be a second bedroom. Great location, western exposed balcony with peek a boo view of the ocean. Engineered hardwood floors, wood blinds, Stainless appliances, breakfast bar. Great layout, spacious laundry with side by side washer & dryer. Shows well! Age restrictions, no rentals, small pet allowed.

#20 ) Address:7456 BURRIS ST, Buckingham Heights, Burnaby

March 09 V933075 $1,798,000 $0 0%
April 23 V933075 $1,738,000 $-60,000 -3%
May 16 V933075 $1,695,000 $-103,000 -6%
June 20 V933075 $1,650,000 $-148,000 -8%
July 12 V933075 removed
July 15 V962177 $1,599,000 $-199,000 -11%
September 05 V962177 $1,399,000 $-399,000 -22%

Assessment: $1,661,000

Buckingham Heights area, this 4 bedrooms 3 baths home sits on a large 100×150 lot. Extensively renovated in 2009. Professionally landscaped w/lighting, fully fenced, secure power front gate, security camera in heated driveway and much more.All wiring and plumbing was redone, including washrooms which features jetted tubs, steam shower and much more. Walking distance to the highly ranked Buckingham elementary school and the beautiful Deer Lake park. Close to Metrotown, BCIT, Burnaby Central Secondary and transportation. Price well for quick sale, listing price is under Assessed value.


18 responses to “The Weekly Drop – September 10, 2012

  1. RFM September 10, 2012 at 12:09 pm

    Thanks, as always, for all the interesting reading! It would also be interesting to know if any of the properties featured in your past Weekly Drops actually sold, and at what price. Best Regards.

  2. weenerman September 10, 2012 at 12:35 pm

    Yay – blue tarp is back! We missed ya buddy!

  3. an observer September 10, 2012 at 12:37 pm

    Question, do you guys prefer the comments at the top like it is now or under each listing?

    • RFM September 10, 2012 at 1:11 pm

      I think it makes sense to insert your comments in proximity (just before or after) each listing; that way, the reader doesn’t have to memorize the comments or page up and down to review the comments in relation to the listing.

      • gokou3 September 10, 2012 at 3:30 pm

        +1 for proximity. As of now I actually have two windows open side by side, one with your comments and the other which I scroll down to the individual listings. (Perhaps do both? I’m sure some like the other way)

      • an observer September 10, 2012 at 3:47 pm

        Yeah, I’ll make the change – it’s actually more work to do it the way I had been because I also had to jump back and forth so not sure what made me do it that way in the first place!

  4. prairieperson September 10, 2012 at 3:47 pm

    This is great. I look forward to it each week. Best indicator of what is happening. No 1 looks fine from the outside but from the description it sounds like a teardown. What happened?

    • an observer September 10, 2012 at 3:48 pm

      Almost definitely a grow op

      • prairieperson September 10, 2012 at 6:28 pm

        Had a grow op down the street some years ago. The boys kept their profits in a garbage bag. A customer, seeing the cash, came back with a rifle. Shot, killed one of them. Ran off with the garbage bag. Over back fences. Dropping a trail of money. One dead, two in prison. Ruined the house. Weight cracked beams. Mold, Etc.

  5. prairieperson September 10, 2012 at 3:53 pm

    Re #5. At what percentage drop in price does a house become a liability for a builder? They’ve borrowed the money to build it. Is each house a separate deal or are their other assets (other houses they are bldg) at risk. I know in the high risk area of my business, companies create a new legal identity for each project.

  6. pocoloco September 10, 2012 at 3:53 pm

    I’d like to see stats on the greatest price drop below Assessment Value (not original asking price). While the greatest price drop is interesting, the disparity between original and current asking price is due to selllers original unrealistic expectations. If Assessment value can be deemed at least somewhat realistic indication of value, then asking prices below assessment value might be a better indication of price erosion.

  7. Ray September 10, 2012 at 11:04 pm

    How many times does he have to tell you guys that the Assessments are a manual process *after* the list is generated. Jeez.

  8. anon September 11, 2012 at 2:43 pm

    About developers losing money–how much does it cost to build? I thought $200/sq ft, so in #17 it would cost about $350K to build plus the land. On BC Assessment nearby 2627 W7th sold for $1.285M in 2011, so splitting in 3 would be $428K for land. Cost for developer is $778K($350K+$428K). Even another 30% drop and the developer is still laughing.

    • an observer September 11, 2012 at 2:56 pm

      That home on that lot was assessed at $2.23 million last year and it was a one level home so perhaps a very prime lot and likely 50% or more larger than the comparable you used given the prices. So, add $1 million or apx $300K+ to each unit in land value then consider they have probably $3.5 million+ tied up in this property which has been not making any money for at least a year and all of a sudden the picture is not so rosy.

    • outrigger September 21, 2012 at 4:29 pm

      that scum bag realtor in the CBC interview lied about the price drop on that property too, he said something like a 12% price drop, in effect it is a 20%+ price drop, we can only hope that he looses his shirt on this property

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