Vancouver Price Drop

Documenting Vancouver real estate price movements

Burnaby Spotlight – September 22, 2012

It’s been a month so once again here are the top 10 properties currently listed in Burnaby with the largest overall drop in asking price since early March.  Please note that the listings are now in reverse order so starting with #10 and going up to #1

Some Highlights

  • It takes a 21% drop to make this top 10.  The previous 3 months all took a 17% drop to make the list.
  • 4 of 9 listings are now below assessment

#10 ) Address:4361 CARSON ST, South Slope, Burnaby

March 29 V939742 $1,699,000 $0 0%
May 23 V939742 $1,499,000 $-200,000 -12%
June 28 V939742 removed
July 02 V959872 $1,348,888 $-350,112 -21%

Assessment: Building Unfinished

“Buyer ot verify”.  Come on, it’s been listed for most of the year, please fix your typo!

Custom built home located in prime area of south Burnaby. Quiet neighbourhood close to schools & transportation. 3 minutes drive to Metrotown facing south higher side of park. 7 bedrooms, 6 baths, large master bedroom with ensuite. Option for 2 suites downstairs. glazed stained maple kitchen with granite counter tops air condition HRV, Stucco, tile foof, china kitchen. Double car garage, lots of parking at front. Ready to move. All measurements are approximate. Casll LS for more info. Buyer ot verify.

#9 ) Address:150 BOUNDARY RD, Vancouver Heights, Burnaby

March 06 V935578 $2,397,000 $0 0%
May 29 V935578 $2,188,000 $-209,000 -9%
August 14 V935578 removed
September 06 V969082 $1,899,000 $-498,000 -21%

Assessment: $1,412,000

We’ll likely see this one on the Weekly Drop soon.  $2.4 million, really???

Fall in love with this lovely custom designed home, in a well situated location for easy access to downtown (minutes), Northshore (minutes), freeway access (minutes). Water, mountain & city views from every level, home features, solid fir doors & casing & baseboards, jatoba hardwood flooring, brazilian cherry stairs, custom arts & crafts fireplace, home to be viewed by appt. Please, Thanks.

#8 ) Address:# 1807 9280 SALISH CT, Sullivan Heights, Burnaby

June 02 V954060 $239,000 $0 0%
July 18 V954060 $229,000 $-10,000 -4%
July 28 V954060 $219,000 $-20,000 -8%
August 15 V954060 $214,900 $-24,100 -10%
September 06 V954060 $199,000 $-40,000 -17%
September 21 V954060 $189,000 $-50,000 -21%

Assessment: $214,000

“Great opportunity for the brave!” maybe should read “Great opportunity for the stupid!”.  4 sales in this apartment last year averaging 6% ABOVE assessment and none of the sales were below assessment.  This one currently listed at 12% BELOW assessment and is a court ordered sale.

Fantastic renovation of highest quality done 2 years ago, sleek and modern, footage includes enclosed balcony. Beautiful view. Court ordered sale. Great opportunity for the brave! Schedule “A” a must!

#7 ) 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

You don’t often see reasonably nice homes in Burnaby listing for 16% below assessment but perhaps a sign of things to come in the near future?

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.

#6 ) 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

8 units sold in this property last year averaging 1% BELOW assessment.  This unit is currently listed at 17% BELOW assessment.  The unit “needs some TLC”.

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.

#5 ) 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 have lived there for 51 years – boomer effect in action.  Watch how their ability to take a much lower price due to the tiny initial purchase price causes every other home around them to depreciate

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

#4 ) Address:# 47 3960 CANADA WY, Burnaby Hospital, Burnaby

March 14 V936828 $349,900 $0 0%
March 28 V936828 $328,800 $-21,100 -6%
April 28 V936828 $314,900 $-35,000 -10%
Open House: May 20
May 23 V936828 removed
May 28 V952738 $275,900 $-74,000 -21%
Open House: Jun 09
Open House: Jun 16
July 31 V952738 removed
August 06 V965295 $265,888 $-84,012 -24%
Open House: Aug 19
Open House: Aug 26
Open House: Sep 02
Open House: Sep 16

Assessment: $259,200

No units sold in this development last year and this one looks like it has been empty for most of the year

OPEN HOUSE: SUNDAY SEPTEMBER 16, 2:30-4:30. Beautiful spacious 1 bdrm corner unit with its own private entrance and large patio rarely becomes available in Lodges in popular Cascade Village. Nicely kept unit. Wood burning fireplace gives a country style feeling to this cozy apartment. Top of the line appliances, newer hot water tank, in suite laundry. Complex has a very nice recreation facility with indoor pool, weight room, two theatre rooms & party room looking out to landscaped green area. This kind of unit rarely becomes available.

#3 ) Address:7333 BARNET RD, Westridge, Burnaby

April 21 V944674 $999,999 $0 0%
May 05 V944674 $869,900 $-130,099 -13%
May 24 V944674 $795,000 $-204,999 -20%
July 17 V944674 $749,000 $-250,999 -25%

Assessment: $673,700

“Some view.”  Still a leading contender for the laziest description of the year award

Some view.

#2 ) Address:8443 13TH AV, East Burnaby, Burnaby

March 09 V933528 $1,888,000 $0 0%
April 11 V933528 $1,500,000 $-388,000 -21%
May 08 V933528 removed
May 11 V949298 $1,399,000 $-489,000 -26%
September 16 V949298 removed
September 18 V971963 $1,399,000 $-489,000 -26%

Assessment: $1,020,000

$1.888 million???  More than 80% above assessment???  What’s wrong with this city?!?

This spacious custom built home is not to be missed! The upper level has over 1100 sq.ft. and has four bedrooms and 3 bathrooms, while the basement is over 1400 sq.ft. with 3 bedrooms and 2 bathrooms. The main floor is also over 1400 sq.ft. and has a familyroom, living room, bathroom, dining room, eating nook, and kitchen. The kitchen is open concept with rich, darker cabinets and granite counters. There are two fireplaces on the main level as well, both gas fuelled. Enjoy the outdoor patio and backyard, complete with a detached two car garage. This home is great for families, with great schools and parks within walking distance.

#1 ) Address:# 106 3901 CARRIGAN CT, Government Road, Burnaby

March 09 V928289 $289,000 $0 0%
March 15 V928289 $279,000 $-10,000 -3%
April 12 V928289 $269,900 $-19,100 -7%
April 17 V928289 removed
April 19 V944191 $269,900 $-19,100 -7%
May 23 V944191 $259,900 $-29,100 -10%
June 29 V944191 $249,800 $-39,200 -14%
July 25 V944191 $239,000 $-50,000 -17%
August 24 V944191 $229,900 $-59,100 -20%
September 18 V944191 removed
September 21 V972752 $209,900 $-79,100 -27%
Open House: Sep 22
Open House: Sep 23

Assessment: $264,700

3 sales in this property last year averaging 3% BELOW assessment.  This one is currently listed at 21% BELOW assessment.  This court ordered sale is sold “As is Where is”.   No thanks!

Lougheed Estates II – Court Ordered Sale !! Spacious 3 bedroo, 2 bathroom, above ground corner unit in well maintained building, just a short 5 minute walk to Sky-Train and Lougheed Mall. This home boasts over 1200 square feet of living area with a newer upgraded kit, counter-tops, laminate floors, gas fireplace and more. Massive master bdrm with 3 pc ensuite and also featuring large secondary bedrooms. Long term maintenance program in place with 1 year old roof. Complex amenities include indoor swimming pool, sauna, rec center and workshop. Maintenance fee includes heat, hot-water and gas. Convenient location close to schools, shopping, transportation and Sky-train. Unit shows reasonably well, but is sold on “As is Where is” basis.


8 responses to “Burnaby Spotlight – September 22, 2012

  1. Mike September 22, 2012 at 4:17 pm

    If you want to attend the Open House for #1 this Sunday … better be there at 2 PM. 🙂
    As per the listing Open House on Sep 23 02:00 PM TO 02:00 PM !!!
    I guess the realtor is fed up waiting for 2 hours every Sunday.

  2. Rob September 22, 2012 at 4:33 pm

    Thank you for providing this data; it really is a valuable service that enables the lay person’s feel for the actual market conditions— the published real estate statistics being of no value due to their obscure nature.

    Your providing previous comparables is especially pertinent; it would be great if your could periodically— I know it would probably be a lot of work— publish a historical analysis of particular buildings’ sales history. It would appear that some of these are tanking pretty quickly, down 15 or 20% year over year.

  3. prairieperson September 22, 2012 at 4:55 pm

    It looks like more and more poor quality properties are getting their prices cut. These are the kind of properties that sell when everyone believes that prices only go up. Buy anything and make money is the rule. The others appear to be builders caught in the downturn. Some regular homes, with owners living in them, are starting to appear. Those are the people who are getting really hurt. They have to sell because of age, a job move, a divorce, a job loss, illness, some external event that is forcing them into the market. They’ll get hurt and, at the same time, they’ll force the market lower. My sympathy is with them but not with any real estate agent flippers or speculators building houses and setting a price on it nearly double the assessed value. Good to see greed getting kicked.

  4. Don September 22, 2012 at 6:50 pm

    For #9 they forgot to include information about the high voltage wires passing by in front that creates a nice hum in the air.

  5. richard lee September 23, 2012 at 6:38 am

    Just plain greed and stupidity with the 8s. Great job!

  6. sinophile January 11, 2013 at 7:54 am

    #9. “Great city, water, and mountain views.” This is true enough, yet there is also the lovely painterly perspective achieved in the foreground by the 100 foot gray steel frames of the high-tension powerline towers that climb Boundary Rd’s median.

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