Vancouver Price Drop

Documenting Vancouver real estate price movements

Spotlight Golden Ears – September 23, 2012

It’s been a month so once again here are the top 10 properties currently listed in Maple Ridge, Pitt Meadows and Mission 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 staggering 28% drop to make this top 10 but that’s actually an improvement from last month.  The 10th place drop registered 30%, 24%, 21% and 17% the previous 4 months.
  • 3 of 8 listings are now below assessment
  • 8 of the 10 listings are essentially land value listings.  When the market crashes the builders stop buying land.

#10 ) Address:20457 LORNE AV, Southwest Maple Ridge, Maple Ridge

March 09 V917749 $389,800 $0 0%
May 01 V917749 removed
June 30 V959603 $319,500 $-70,300 -18%
Open House: Jul 08
August 08 V959603 $299,000 $-90,800 -23%
September 21 V959603 $279,000 $-110,800 -28%

Assessment: $257,100

Two Bedroom & One Bathroom rancher located in south west area of Maple Ridge. Open design concept. Plenty of parking in front of property and close to transit, schools & shopping. Why rent when you can have your own home. All measurements are approximate and should be verified if important. Contact your agent for more details and arrange a viewing.

#9 ) Address:32921 14TH AV, Mission BC, Mission

December 04 F1128776 $1,450,000 $0 0%
April 16 F1128776 $1,000,000 $-450,000 -31%

Assessment: $442,000

Large lots in the distant suburbs are getting creamed as you can see from the Weekly Drop each week – this one will be down another 50% before they sell unless they start dropping the price aggressively

1.47 acre property in central Mission approved for 23 town homes. Complete with drawings, geotech, engineering and site plans. Present zone R558. New zone MT40. Preliminary approval.

#8 ) 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

Another lot that has a long way to go

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.

#7 ) Address:26000 128TH AV, Websters Corner, Maple Ridge

June 02 V953993 $409,900 $0 0%
June 14 V953993 $279,900 $-130,000 -32%

Assessment: $508,000

And another and this one is over 40% below assessment

Build Your Dream Home on this Five acre parcel, city water on 128th. 25928 128th listed for sale 3 acres $299900.00Great wild life get away for the weekend. The site needs to be a driveway built and a building site with sand. I have an experienced engineer available for the coordination of the project and necessary approvals including septic.

#6 ) 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

Somehow when I look at this place I am failing to see the “European flair”

11.96 acres with 2 homes on city water. No Creeks,278 ft of frontage,lots of fruit trees, The barn is renovated into a nice home with main house. Property has great potential. Wood & tile finish and European flair.Bring your ideas, land is nice, almost flat all usable wide open sunny location. With potential to buy the adjacent property.

#5 ) 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

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.

#4 ) Address:# LT.B FERNDALE AV, Mission BC, Mission

March 01 F1205237 $599,000 $0 0%
April 04 F1205237 $495,000 $-104,000 -17%
June 30 F1205237 $399,000 $-200,000 -33%
August 18 F1205237 $369,000 $-230,000 -38%

Assessment: No Assessment

And another lot down almost 40% already

10.23 acres zoned for 4 acre lots. Partially treed. Great place to build your dream home with some future potential. Near Mission City hall on Ferndale. Changes in Fisheries setback reduced from 30 meters to 10 meters. Property is located West of 34711 Ferndale Ave.

#3 ) 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

I’d buy this in a second if Ricky, Julian and Bubbles were my neighbours but otherwise I’ll have to pass

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.

#2 ) 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%
September 21 V965433 $389,000 $-309,000 -44%

Assessment: $526,000

CAPE COD moldy grow op has come down again.  Be realistic, this is a lot sale so ditch the CAPE COD and anything else positive about the home since it clearly is not even livable.  Overhead view from google maps and sell it as a lot.  Based on the $698K initial price I think there must be some serious mind altering fumes emanating from that property.

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.

#1 ) Address:12157 – 12175 224TH ST, West Central, Maple Ridge

May 26 V703429 $2,499,000 $0 0%
June 14 V703429 $3,900,000 $0 0%
July 19 V703429 $2,900,000 $-1,000,000 -26%
September 24 V703429 $2,500,000 $-1,400,000 -36%
March 09 V703429 $1,990,000 $-1,910,000 -49%
May 01 V703429 $1,750,000 $-2,150,000 -55%

Assessment: $898,000

$2 million drop in Maple Ridge and still no bites

Town Core potential highrise site. Located near Town & Ecra Seniors Centre & extensive new apartment development.



One response to “Spotlight Golden Ears – September 23, 2012

  1. Micasa September 23, 2012 at 10:07 pm

    Have you had a chance to glance at the massive RE development undergoing in UBC south campus? Wonder how that will play out.

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