Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – September 17, 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:

  • 40 listings dropped to a cumulative total of 20%+ this week, 14 hit 25% and 7 hit 30% this week
  • Sunshine coast appeared on the list 3 times followed by Mission, Hope, New Westminster and Vancouver East at 2 times each
  • 13 out of 16 properties with valid assessment data are now listed below assessment!  81% is a new record with the previous two weeks coming in at #2 and #3.
  • 10 of 13 properties that are now listed below assessment were initially listed above assessment!
  • Individual property observations are now listed below.  Not too many ridiculously bizarre descriptions like the last couple of weeks but thankfully the original asking prices make for a lot of laughs

#1 ) Address:13194 SEXW’AMIN ST, Pender Harbour, Sunshine Coast

June 14 V886546 $149,000 $0 0%
October 13 V886546 $124,900 $-24,100 -16%
December 23 V886546 $99,000 $-50,000 -34%
March 20 V886546 $89,000 $-60,000 -40%
August 02 V886546 removed
September 15 V971459 $74,900 $-74,100 -50%

Assessment: $237,900 (Leased Land)

I’m considering buying this property just to say I have a place on SexWamin street…  Got to love the “This home is completely intimate with the waterfront” description!  Also, in addition to having the price dropped by 50% it is also 70% under assessment although I don’t believe assessment values adjust properly for leased land

Fabulous “walk-out” waterfront on the Sunshine Coast! This lease property features over 230′ of low bank waterfront overlooking spectacular Garden Bay, right on the waterfront, in the heart of the action. Laze away the days on your sundeck overlooking the ever-changing marine scenery from this 2 bedroom home with newly-installed hardwood floors, terrific open floor plan boasting vaulted ceilings with exposed beams, cozy wood-burning fireplace for those romantic evenings, PLUS an unfinished walk-out lower level (perfect for storing the fishing ear). This home is completely intimate with the waterfront and would be the perfect place for weekend/summer/retirement memories. Lease in place to 2032 at $8,100/year.

#2 ) Address:# 59 8400 SHOOK RD, Hatzic, Mission

May 03 F1211423 $48,800 $0 0%
June 02 F1211423 $39,900 $-8,900 -18%
September 14 F1211423 $28,800 $-20,000 -41%

Assessment: No Assessment

Unfortunately a trailer park might be the future home for many people who have taken on way too much debt

Everglades at Hatzic Lake! Great opportunity to own your own recreational lot, just a short drive to Vancouver. Gated community with boat launch and parking, beach, parks and playground. The perfect weekend getaway. Included with this lot is a nice little trailer that sleeps 4. Great lifestyle – just steps away from the lake where you can enjoy boating, water skiiing, fishing & the lake lifestyle. Call for more information.

#3 ) Address:19533 SILVER SKAGIT RD, Hope Silver Creek, Hope and Region

June 24 H1102687 $149,900 $0 0%
August 05 H1102687 $139,900 $-10,000 -7%
September 08 H1102687 $119,900 $-30,000 -20%
November 08 H1102687 $109,000 $-40,900 -27%
June 02 H1102687 $99,000 $-50,900 -34%
August 21 H1102687 removed
September 13 H1203779 $95,000 $-54,900 -37%

Assessment: $131,000

Started at 15% above assessment and is now 28% below assessment…  “Septic and well needed” probably describes the sellers thoughts at the moment

Treed acre of land at the entrance to the Silver Skagit recreation area, including Silver and Ross Lakes. Easy freeway access and minutes to downtown Hope. Septic and well needed. Priced below assessment.

#4 ) Address:12699 256TH ST, Websters Corner, Maple Ridge

September 13 V909667 $630,000 $0 0%
December 13 V909667 $525,000 $-105,000 -17%
March 09 V909667 $489,000 $-141,000 -22%
May 26 V909667 $469,000 $-161,000 -26%
June 23 V909667 $445,000 $-185,000 -29%
September 11 V909667 $408,000 $-222,000 -35%

Assessment: $475,000

Started at 33% above assessment and is now 14% below assessment, quite a swing

Large updated farm house close to town in Webster’s Corners. Many improvements, as it was restored in 2006 by a custom builder. This 3.5 acre parcel is serviced by city water. Two storey classic farm house with over size finished basement with options.

#5 ) Address:# 1901 1250 QUAYSIDE DR, Quay, New Westminster

April 14 V943137 $999,000 $0 0%
April 24 V943137 $899,000 $-100,000 -10%
May 05 V943137 $850,000 $-149,000 -15%
May 19 V943137 $788,000 $-211,000 -21%
July 09 V943137 removed
July 12 V961471 $749,000 $-250,000 -25%
August 18 V961471 $699,000 $-300,000 -30%
September 13 V961471 removed
September 16 V971748 $698,800 $-300,200 -30%

Assessment: $665,000

Just one sale in this unit last year and it was sold at 1% below assessment.  How they imagined they could get close to a million dollars for this apartment in New Westminster is hard to understand

WOW! 3425 sq ft, 2 level penthouse on the water. Possibly the best spot in the Quay & unlimited views. This spotless 1 owner home is very special. Impressive entrance from spiral staircase, to Grand rooms this one of a kind home very rarely comes available. Loads of windows, doors & balconies to enjoy Sunsets and bbq’s. Enjoy entertaining in the lrg Living/Dining Rooms, fabulous Family room w/BI Cabinets and Gas FP. 2 kitchens, Massive Mstr Bedrm, WI closet, Spa bathrm, Skylights, A/C. Gorgeous Drapes and Shears throughout. To top it off, this is an amazing building with healthly contingency & Pro-Active council. The building was Rainscreened/03, new Roof/11, Boiler/11, Plumbing/07, Pkg membrane/11. Tons of BI storage, 2 Pkg. “10”

#6 ) Address:# SL9 41488 BRENNAN RD, Squamish, Squamish

June 06 V954642 $599,900 $0 0%
June 27 V954642 removed
June 28 V948105 $449,900 $-150,000 -25%
July 16 V948105 removed
July 17 V948103 $449,900 $-150,000 -25%
September 13 V948103 $419,900 $-180,000 -30%

Assessment: No Assessment Available

**Click on Multi-Media link to view additional information on Rivendale Development website** Where form meets function. Where modern ideas blend with nature. Where you can experience natural living. Offering two stunning West Coast Modern 1/2 duplex styles, Rivendale introduces thoughtfully designed layouts into an unsurpassed setting. Rivendale is an environmentally friendly development that embraces and respects the natural beauty throughout the surrounding area. Move in, unwind and experience natural living at its finest!

#7 ) Address:# LOT B MEDUSA ST, Sechelt, Sunshine Coast

March 09 V895040 $1,500,000 $0 0%
June 30 V895040 removed
September 15 V971675 $1,050,000 $-450,000 -30%

Assessment: No Assessment Available

This 4.96 Acre Lot in the “Heart of Sechelt” has everything you could ask for in a development property. Centrally located within a few easy walking blocks of schools, shopping malls, tennis courts, playing fields, beaches, municipal pool, marina & library. Ocean & Island views are features on this gently sloping site. All municipal services are available within 100′ of the property line. Current zoning with Development Permit in place allows 193 residential units. If this is a bigger project than you wish to pursue The Official Community Plan allows for subdivision into a blend of single family & multi-family zoned lots to be created for build-out or resale.

#8 ) Address:# 205 B 2020 LONDON LN, Whistler, Whistler Pemberton

March 09 V919666 $84,900 $0 0%
May 04 V919666 $69,900 $-15,000 -18%
September 13 V919666 $59,900 $-25,000 -29%

Assessment: $75,000 (quarter share)

Now listed 20% below assessment

Talk about a contemporary design in a fantastic location! Evolution checks all the boxes when you’re seeking a modern suite which offers great owner usage. You have access to all the amenities you could want, from a movie theatre and games room to hot tubs and pool with a view. Whether you’re spending quality time with the family or entertaining friends, everyone’s sure to have a great time.

#9 ) 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%
September 15 F1216438 $152,900 $-62,100 -29%

Assessment: $180,200

One sale in this complex last year at a whopping 36% over assessment!?!  This one is now listed at 15% below assessment…  Adding to that, the seller has already paid for the upcoming rain screening

“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.

#10 ) Address:33945 WALNUT AV, Central Abbotsford, Abbotsford

March 09 F1205445 $244,900 $0 0%
April 04 F1205445 $234,900 $-10,000 -4%
May 15 F1205445 $224,900 $-20,000 -8%
June 01 F1205445 $214,900 $-30,000 -12%
June 30 F1205445 removed
July 06 F1217362 $199,900 $-45,000 -18%
September 11 F1217362 $179,900 $-65,000 -27%

Assessment: $242,500

Now listed at more than 25% below assessment

Investor and First Timer Alert! Located on a quiet street in a great central location, this cute old-timer has tons of potential! This charming 3 bedroom home includes a master on the main, hardwood floors and french doors leading to fenced backyard with sundeck. Some updating is already done so come add the finishing touches to make it your own!

#11 ) Address:1283 E 63RD AV, South Vancouver, Vancouver East

August 06 V965442 $979,000 $0 0%
August 11 V965442 $1,250,000 $0 0%
August 16 V965442 $1,025,000 $-225,000 -18%
September 12 V965442 $929,000 $-321,000 -26%

Assessment: $794,700

They list it below a million but still way overpriced and well over 20% above assessment.  So I guess they would then lower the price?  No, they raise it by $271K making it about 55% above assessment…  Now they are $50K below their initial price and still have a long way to go. “Won’t last, call soon” “sellers motivated”

The house is stripped and built again except the foundation. New walls, windows, floors, kitchens, bathrooms, plumbing, electrical, garage, solid house, well maintained by the owners. Up & down occupied by the sellers. Won’t last, call soon. Very central location, near schools, transport & Airport, double glazed windows. Hardwood floors, sellers motivated.

#12 ) Address:# 214 815 4TH AV, Uptown, New Westminster

February 23 V933454 $158,500 $0 0%
March 20 V933454 $154,900 $-3,600 -2%
April 20 V933454 $149,900 $-8,600 -5%
May 12 V933454 $148,000 $-10,500 -7%
June 01 V933454 $139,900 $-18,600 -12%
June 21 V933454 $129,900 $-28,600 -18%
July 31 V933454 $119,900 $-38,600 -24%
September 01 V933454 removed
September 14 V971223 $119,000 $-39,500 -25%

Assessment: No Assessment Available

Norfolk House in Uptown New Westminster only blocks to transit and shopping. Spacious layout with renovated white kitchen and wheelchair friendly bath. Huge living room could take a formal dining suite and the couch & big screen TV. Laminate wood floors. Small outside patio. And great building amenities like indoor pool, central hot water heat, and shared laundry on each floor. Well maintained building recently re-piped & re-roofed. Great price.

#13 ) Address:5904 TYNE ST, Killarney, Vancouver East

January 24 V927450 $1,460,000 $0 0%
March 02 V927450 $1,350,000 $-110,000 -8%
May 01 V927450 $1,190,000 $-270,000 -18%
August 01 V927450 removed
September 14 V971264 $1,098,000 $-362,000 -25%

Assessment: $1,177,000

Just bizarre that they wanted almost $1.5 million for this home in East Van.  Buy an ugly home in East Van for $1.5 million or a new beautiful home on an acre in the finest subdivisions outside of San Diego a few minutes from the beach.  Or if that is too far then how about a waterfront mansion just south of the border?  The sad thing is that we have been conditioned to think that $1 million for this home is probably a good deal…

7 bedrooms, 5 bathrooms custom built home in the most desirable Killarney location, walking distance to the mall, bus, and school. Functional layout. Jacuzzis and skylight. 4 bedrooms up, 1 bedroom on the main & 2 bedrooms suite in the basement with separate entrance. Excellent mortgage helper. Ideal for yourself to live in or rental investment.

#14 ) Address:14559 82ND AV, Bear Creek Green Timbers, Surrey

April 02 F1118229 $729,000 $0 0%
August 31 F1118229 removed
September 14 F1222975 $550,000 $-179,000 -25%

Assessment: $562,000

Nominee for the worst home description “Property contains accommodation which is not authorized.”.  That’s it.  Way to earn your commission

Property contains accommodation which is not authorized.

#15 ) Address:# 208 10523 UNIVERSITY DR, Whalley, North Surrey

March 09 F1204434 $204,900 $0 0%
April 21 F1204434 $194,900 $-10,000 -5%
May 18 F1204434 removed
June 11 F1215194 $194,900 $-10,000 -5%
July 14 F1215194 $179,900 $-25,000 -12%
August 15 F1215194 $169,900 $-35,000 -17%
September 07 F1215194 removed
September 13 F1222827 $154,900 $-50,000 -24%

Assessment: $223,600

Over 30% below assessment and dropping fast

GRANDVIEW COURT. 942 sq ft unit uses flex room as a 2nd bdrm. Rainscreened bldg (lowrise section of the highrise). Complex has live-in caretaker, exercise room, saunas, meeting room. Walk to bus or skytrain. Near Gateway or Surrey City Centre, new Surrey library, SFU campus, and Surrey Place Mall. Measurements are approximate and should be verified by the Buyer if important to them.

#16 ) Address:32913 14TH AV, Mission BC, Mission

March 09 F1205726 $295,000 $0 0%
April 21 F1205726 removed
April 23 F1210290 $284,900 $-10,100 -3%
May 04 F1210290 $279,900 $-15,100 -5%
May 15 F1210290 $274,900 $-20,100 -7%
June 16 F1210290 $264,900 $-30,100 -10%
July 11 F1210290 $255,000 $-40,000 -14%
July 14 F1210290 $245,500 $-49,500 -17%
August 15 F1210290 $235,900 $-59,100 -20%
September 13 F1210290 $224,900 $-70,100 -24%

Assessment: $298,000

25% below assessment

Ample parking and only a short walk to Centennial Park from this 4 bed / 2 bath rancher in a great location. The large kitchen and lavish main bathroom make this a must see property. Separate dining room and living room for entertaining. Fully finished basement with bedroom, rec room and bathroom complete this home. RV parking is available and extra deep single car garage makes for a great work shop.

#17 ) Address:2507 LEHMAN RD, Roberts Creek, Sunshine Coast

March 09 V929382 $399,000 $0 0%
July 13 V929382 removed
July 15 V962228 $329,900 $-69,100 -17%
August 11 V962228 $317,900 $-81,100 -20%
September 12 V962228 $305,000 $-94,000 -24%

Assessment: $340,700

When you see “Handyman Special” and “This home needs love and attention, offers a fabulous opportunity for the right buyer” you know you’re better off using a bulldozer than a hammer

Handyman Special. Hobby farm of 4.6 acres in Roberts Creek. This property has a barn and numerous outbuildings. This home needs love and attention, offers a fabulous opportunity for the right buyer. Riding ring and fenced paddocks… bring your horse.

#18 ) Address:61802 YALE RD, Hope Silver Creek, Hope and Region

March 09 H1200379 $325,000 $0 0%
May 01 H1200379 removed
September 15 H1203820 $249,000 $-76,000 -23%

Assessment: $317,800

Over 20% below assessment

No Picture

Priced to sell, 3.3 acres of flat land would be good for horse/hobby farm. Has a 4 year old drilled well, 200 amp service, nice mountain views, easy highway access and recreational areas and just 5 mins to amenities Hope has to offer. Bring your ideas.

#19 ) Address:855 BLUE MOUNTAIN ST, Harbour Chines, Coquitlam

April 16 V943444 $949,000 $0 0%
April 18 V943444 $899,000 $-50,000 -5%
May 09 V943444 $879,000 $-70,000 -7%
Open House: May 20
Open House: May 27
Open House: Jun 03
Open House: Jun 10
Open House: Jun 16
June 18 V943444 removed
June 22 V957843 $799,900 $-149,100 -16%
Open House: Jun 23
Open House: Jun 24
Open House: Jun 30
Open House: Jul 01
July 23 V957843 removed
July 25 V963611 $799,000 $-150,000 -16%
August 08 V963611 $779,000 $-170,000 -18%
August 28 V963611 $749,000 $-200,000 -21%
Open House: Sep 09
September 12 V963611 $729,000 $-220,000 -23%

Assessment: $738,000

This is actually a great spot in Coquitlam and if they weren’t so obscenely greedy to begin with I’m sure they would have sold for more than they are currently asking

Prime Harbour Chines. Quality custom design & finish materials featured throughout this fine family home. Located on large nicely landscaped private lot. Freshly painted inside and out with many recent upgrades and renovations. Beautiful maple kitchen w/island and comfortable family room leads to huge new vinyl deck covered to enjoy year round. Spacious Master bedroom fit for a King has walk in closet and warm hardwood floors. Luxury main floor bath offers granite counters & jetted tub to relax. Bonus: Brand new basement kitchen, bath, recreation room w/separate entrance great for home office or mortgage helper, Truly one of kind home & property must see to appreciate. Ready to move in and enjoy now! Open Sun Sept 9 2-4pm

#20 ) Address:6135 DUFFERIN AV, Forglen, Burnaby

June 27 V958839 $1,165,000 $0 0%
July 05 V958839 $1,065,000 $-100,000 -9%
July 11 V958839 $995,000 $-170,000 -15%
September 07 V958839 removed
September 13 V970890 $895,000 $-270,000 -23%
Open House: Sep 16

Assessment: $863,300

Current owners living there for 50+ years likely means they’ll be fine with a low ball offer due to how little they originally paid.  This is the “Boomer Effect” that has been discussed on some blogs which basically says that people like this will have no problem setting new lows in the market driving down the other properties in the area.

UPDATE: Sold for $740,000, thanks “Disowned Renter”

Prime location. Close to Metrotown, Skytrain, Schools and nature trails. The original owners have cared for this home for 51 years. 3 bedrooms on the main floor, eating area in the kitchen, separate dining room, living room has hardwood floors, fireplace and overlooks the green space of Kisby Park. Partly finished basement with recroom and large area for potential finishings. A wonderful opportunity to renovate or add on to this solid home. This 50 X 150 lot with lane is great for building up to a 4500 square feet of living space. Open House Sunday Sept. 16. 2:00-4:00


17 responses to “The Weekly Drop – September 17, 2012

  1. gokou3 September 17, 2012 at 11:45 am

    Nice list. The comments next to the listing make them much more readable.

  2. Boom September 17, 2012 at 12:18 pm

    Awesome!! 1.5 million for a moldy house in Killarney. People will look back at 2011 and think what the F— were people smoking.

  3. Village Whisperer September 17, 2012 at 12:30 pm

    What happened to the Maple Ridge former ‘grow op’ with no occupancy permit that was #1 last week. Did some fool buy that and, if so, do you know how much it sold for?

  4. don September 17, 2012 at 12:33 pm

    Snarky comments in red are nice. Could the pictures for #9 possibly be worse? Empty pop cans, covered kitchen sink and a box of q-tips lying around? Seriously?

  5. RFM September 17, 2012 at 2:10 pm

    Your comments just get better and better. Keep it up!

  6. Van Coffee September 17, 2012 at 5:24 pm

    This is great.
    I need my fix of West Side drops! Timing?

  7. Peter September 17, 2012 at 11:38 pm

    Observer, Thanks for your efforts. I’ve shared your site with people who are house horny and it’s managed to stop them from buying…for now. Blind sentiment is a strong force in some.

  8. Anon September 18, 2012 at 1:12 pm

    You should be hired by BC Assessment. How can they be so far off on #1? So what if its leased, the assessments should be at market prices.

  9. Deng Buhao September 18, 2012 at 8:55 pm

    Great site and many thanks. Just for fun, #17) Address:2507 LEHMAN RD, Roberts Creek, Sunshine Coast is even better than it first appears. On closer inspection you’ll see it sits directly under the high tension lines. “Bring your horse” (and a Faraday cage).

  10. MP September 19, 2012 at 7:48 am

    “Bring your horse” (and a Faraday cage). – I think it was supposed to read “bring your house.”

  11. Groundhog September 19, 2012 at 2:02 pm

    Thanks for the site! My wife and I sit down every Monday night and go through these. Just a suggestion….I think it would be better if u started with #20 first and ended with #1 at the bottom. It would make the process of going through them more entertaining. Start slow and end with the big one! Keeps it suspenseful not knowing what the biggest drop will be till the end.

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