Vancouver Price Drop

Documenting Vancouver real estate price movements

Spotlight Delta – September 22, 2012

It’s been a month so once again here are the top 10 properties currently listed in Ladner, Tsawwassen and North Delta 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 14% drop to make this top 10.  The three previous months were 14%, 11% and 9%
  • 3 of 9 listings are now below assessment
  • In general I find that listings in the Delta region are not filled with typo’s, grammar errors, TLC / Court Ordered sales and ridiculous comments.  That’s no fun 😦

#10 ) Address:# 204 1400 VIEW CR, Beach Grove, Tsawwassen

October 14 V915788 $469,900 $0 0%
April 09 V915788 $449,900 $-20,000 -4%
September 16 V915788 removed
September 21 V972754 $405,000 $-64,900 -14%

Assessment: $450,000

2 units sold in this unit last year for an average of 9% ABOVE Assessment and this unit is currently listed at 10% BELOW assessment

LA MIRAGE (a concrete building)! Beautiful N/E corner suite overlooking 17th Tee of Beach Grove Golf Course. Offering 2 bedrooms and 2 baths-master has a jetted tub in the ensuite and sliding doors to the balcony. The white kitchen with gas range accommodates an eating area and is central to the suite. It overlooks the living room and out through sliding doors to the deck (the deck runs the length of the suite), while the dining room is on the other side. This versatile plan offers radiant hot water heat, gas fireplace, high ceilings, hardwood and carpeted flooring, and a locker on the same level as well as 2 parking spots.

#9 ) Address:5722 112TH ST, Sunshine Hills Woods, North Delta

June 14 F1104445 $699,000 $0 0%
December 16 F1104445 $599,000 $-100,000 -14%

Assessment: $810,700

This lot is now listed 25% BELOW assessment

Build your dream home. Over 1 acre of flat land in quiet rural setting in Delta. Great access to Scott Road, Alex Fraser Bridge & Tunnel. This area has substantial new homes being built. Beautiful cedar hedge across front of lot for privacy. Great soil-no crop planted for past 40 years. Building on lot of negligible value. Priced at land value.

#8 ) Address:5382 CRESCENT DR, Hawthorne, Ladner

June 14 V888658 $2,088,888 $0 0%
January 12 V888658 $1,988,888 $-100,000 -5%
May 03 V888658 $1,898,000 $-190,888 -9%
August 01 V888658 $1,788,888 $-300,000 -14%

Assessment: $1,653,000

WOW! THIS IS IT! A LUXURY EXECUTIVE ESTATE IN THE HEART OF LADNER! 6,160 sq.ft HOME less than 1 year old! Built with total style and quality finishings! Situated on a park-like 20,000 sq.ft (half-acre) lot in perfect location! Contemporary styled home, high 25 foot ceilings, euroline windows and doors, Kentwood Wide-Plank hardwood floors, high-end bathrooms, etc etc etc! You can’t explain this house with words! It is stunning and a one-of-a-kind estate! Large, professionally landscaped front and rear yards, paving stone driveway, detached 900 sq.ft shop at rear of home (finished to same quality as the house!) Please look at 360 virtual tour online to get a feel for this stunning executive home! You will not find anything like it in Ladner! Don’t miss it! What an opportunity! Walk to absolutely everything in minutes! Nature trails, golfing, fishing, boating, Historic Ladner Village, its all here at your fingertips! Don’t miss this one!

#7 ) Address:492 ENGLISH BLUFF RD, Pebble Hill, Tsawwassen

March 10 V936457 $1,100,000 $0 0%
May 30 V936457 $975,000 $-125,000 -11%
August 17 V936457 $940,000 $-160,000 -15%

Assessment: $643,300

Down 15% yet still almost 50% above assessment…

Fabulous property with subdivision potential.15,801 sq.ft. lot in area of Tsawwassen’s finest homes. Developer’s and builder’s take note, this type of property does not come to market often. Property has large 2 level home with full basement, featuring 7 or 8 bedrooms very unique floor plan. Home has some view,value mainly in land. Please call for more info.

#6 ) Address:674 52ND ST, Tsawwassen Central, Tsawwassen

June 14 V885339 $1,298,000 $0 0%
July 20 V885339 $1,199,000 $-99,000 -8%
November 15 V885339 $1,149,000 $-149,000 -11%
June 12 V885339 $1,098,000 $-200,000 -15%
Open House: Sep 23

Assessment: $855,000

Fantastic, custom built, new home (no HST applicable) situated conveniently close to high school on a super sunny, fully fenced, 10,000 sq. ft. plus lot offering complete luxury throughout! This home truly exudes fine finishings and gives something special to each member of its family. 3 car garage, fantastic gourmet kitchen w/ Butler’s pantry & secondary “summer” kitchen, stainless steel appliances, delightfully elegant living & dining room, grand room concept – lots of bedrooms w/ full ensuites, steam shower in master ensuite & walk-in closets. Well priced. Too good! Don’t wait too long!

#5 ) Address:131 ENGLISH BLUFF RD, English Bluff, Tsawwassen

April 09 V942077 $829,000 $0 0%
April 26 V942077 $799,000 $-30,000 -4%
Open House: Jun 10
July 06 V942077 $779,000 $-50,000 -6%
August 18 V942077 $749,900 $-79,100 -10%
September 22 V942077 $695,000 $-134,000 -16%

Assessment: $557,200

Beautiful, airy, split level 3 bdrm home situated on prestigious English Bluff. This home resembles the charm of a “Westside” Vancouver house with a distinct intellectual element throughout its spacious main living areas. The bright and practical kitchen and western exposed decking areas face the bluff, while the lovely living room, formal dining and den all have craftsman style finishing carpentry throughout. There are two lovely bedrooms plus main bath on middle level & full walk-out bsmnt complete with bdrm plus bath. Bonus: huge storage, suite potential, very private yard. An exceptional value.

#4 ) Address:4897 5TH AV, Pebble Hill, Tsawwassen

March 09 V934576 $2,300,000 $0 0%
Open House: May 27
May 26 V934576 removed
June 02 V954106 $2,300,000 $0 0%
June 23 V954106 $1,898,000 $-402,000 -17%
Open House: Jul 22
Open House: Jul 29
Open House: Sep 16

Assessment: $1,292,000

To be honest, the assessment seems low at least compared to other properties right now – I’ve notice that quite a bit in Tsawwassen.  Interesting though that even after a $400K reduction in price three months they still haven’t gotten anywhere and the unit was very recently listed for rent although it is now off of craigslist.  I believe it was listed at $5K/month rent.  I see more and more failed sells appearing in craigslist at terribly low rental return rates based on the price and a huge money loser if there is any kind of mortgage on the property.  Even with a flat market it’s a poor decision and in a dropping market it could have terrible consequences for the owner.

One of Tsawwassen’s most desirable home’s is on the market for the first time in 15 years. Situated on the upper bluff area on a huge 15,177 square foot private landscaped lot, close to transit and schools, this home is a well balanced home perfect for entertaining while offering the best in family intimacy and convenience. Boasting all the best in home luxury and lifestyle including Subzero and wolf appliances, a custom built Blakemore kitchen, built in air conditioning, radiant hot water heating on both levels, in ground pool and hot tub, separate nannies quarters, and s state of the art air exchange system. Dreaming of having it all this luxury home is for you, please call for a private viewing of this extraordinary home.

#3 ) Address:11896 – 11898 75A AV, Scottsdale, North Delta

March 09 F1204743 $849,000 $0 0%
April 20 F1204743 $795,000 $-54,000 -6%
May 22 F1204743 removed
July 24 F1219065 $700,000 $-149,000 -18%
Open House: Aug 01

Assessment: $579,000

Fantastic opportunity here! HUGE LOT – 14,800 SF LOT! This side by side duplex has the potential to be whatever you like. Invest and collect the revenue, live in one side or build your dream home on the massive lot. Its close to transit, schools, shopping and restaurants. Both 1477 sqft, 3 bed/3 bath homes have been well cared for by both owner and tenants. An incredible value, not to be missed.

#2 ) Address:# 309 11806 88 AV, Annieville, North Delta

May 07 F1211766 $99,000 $0 0%
June 29 F1211766 $89,000 $-10,000 -10%
July 27 F1211766 $79,500 $-19,500 -20%

Assessment: $95,400

4 units were sold here last year averaging 1% ABOVE assessment and this unit is now listed for 17% BELOW assessment

UPDATED, UPPER FLOOR bachelor suite! Why rent when you can own this cute & comfortable home! New carpet & updated bathroom, all freshly painted & ready for occupancy. Easy to show & move in anytime! No pets & no rentals. Heat & hot water included! View more pictures & virtual tours on Realtor’s website.

#1 ) 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.


2 responses to “Spotlight Delta – September 22, 2012

  1. nathan anderson September 24, 2012 at 3:51 pm

    You mentioned the Delta listings leave little to comment on but I think a good target for your wit would have been the one stating the house “resembles the charm of a “Westside” Vancouver house with a distinct intellectual element throughout”. That is so gross, don’t you think?

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