Vancouver Price Drop

Documenting Vancouver real estate price movements

Spotlight Langley Area – September 24, 2012

It’s been a month so once again here are the top 10 properties currently listed in Langley, Cloverdale and Abbotsford 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 25% drop to make this top 10 but that’s actually an improvement from last month.  The 10th place drop registered 26%, 23%, 20% and 19% the previous 4 months.
  • 3 of 9 listings are now below assessment

#10 ) Address:24187 60TH AV, Salmon River, Langley

April 28 F1210996 $1,098,800 $0 0%
May 15 F1210996 $998,800 $-100,000 -9%
June 14 F1210996 $898,900 $-199,900 -18%
July 12 F1210996 $849,900 $-248,900 -23%
September 17 F1210996 removed
September 18 F1223263 $849,800 $-249,000 -23%
September 22 F1223263 $828,800 $-270,000 -25%

Assessment: $688,000

“Seller says sell now.  recent bank appraisal of $900,000”.  Guess the bank was wrong and the government assessment will probably end up being more accurate.  As a side note, if it was appraised by the bank at $900K then why did you list it for $1.1 million?

Seller says sell now – recent bank appraisal of $900,000, FANTASTIC new 32×28 heated & wired workshop with 220, 12′ & 10′ doors. Additional 30X20 shop finished into games room/office. Plus a double garage. Wonderful rancher with loft & wrap around verandah located at the end of a no-thru road, TOTAL PRIVACY on park like acre. Large multi-tiered patio, gazebo, lawns garden & shallow ravine. New roof, hardwood floors, crown mouldings. Spacious living room with gas fireplace & adjoining dining room. Oak kitchen with pantry & carousel window eating area. Family rm with gas heatilator fireplace & sliders. 2 bedrms on main – Master bedrm w/walk-in closet, sitting area W/sliders + ensuite w/double sinks, tub w/shower & a 2nd separate shower. 2 additional bedrms upstairs. Call today!

#9 ) Address:29972 FRASER HY, Aberdeen, Abbotsford

March 09 F1117674 $2,150,000 $0 0%
July 10 F1117674 removed
August 08 F1220221 $1,599,000 $-551,000 -26%

Assessment: $900,000

This is something that really annoys me: “Meas taken from plan”.  This isn’t twitter, you can go ahead and spell out measures.  The “Great for truckers and nursery” is just bizarre.  Way to exclude the 99% of people who aren’t truckers or running a nursery…

Gorgeous 3.7 acres with 3789 sqft, 8 yr old dream house and older 4 bedroom house on the Fraser Highway near Mt.Lehman road exit. Possible expansion or rezoning potential. Great for truckers and nursery. Meas taken from plan, call for more info.

#8 ) Address:33674 MCDOUGALL AV, Central Abbotsford, Abbotsford

March 09 F1128067 $215,000 $0 0%
March 28 F1128067 $209,000 $-6,000 -3%
May 11 F1128067 removed
May 12 F1212484 $192,900 $-22,100 -10%
July 11 F1212484 $176,500 $-38,500 -18%
August 17 F1212484 $159,000 $-56,000 -26%

Assessment: $261,100

Court ordered sale is now almost 40% below assessment.

Court order sale, offers subject to BC Supreme Court approval. Two bedroom one bathroom rancher on a sloping lot near shopping and transportation. The land is multi-family zoned for future potential.

#7 ) 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 over 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!

#6 ) Address:27752 MONTESINA AV, Aberdeen, Abbotsford

May 25 F1213526 $2,750,000 $0 0%
July 12 F1213526 $2,000,000 $-750,000 -27%
August 29 F1213526 $1,999,000 $-751,000 -27%

Assessment: $941,000

Stunning 5487 sqft, 4 yr old Log Home with breathtaking views set on 5 acres. This worry free home has it all, including granite countertops, stainless appliances, continuous hotwater, heat pump, central air, two car garage, beautiful deck off master, a full size pool table stays in the games room, a pond, even the dog has its own water! Nevery worry about being without power as this home has it own generating system. Two detached workshops (27×52 and 25×70), one with overhead crane. This home needs nothing as the current owner recently had everything cleaned and tested. Make this home yours today!

#5 ) Address:# 413 33960 OLD YALE RD, Central Abbotsford, Abbotsford

March 09 F1127557 $169,900 $0 0%
April 27 F1127557 removed
April 28 F1210945 $129,000 $-40,900 -24%
June 26 F1210945 $119,000 $-50,900 -30%

Assessment: $133,300

2 units sold last year averaging 3% ABOVE assessment and this is currently listed 11% BELOW assessment

Ideal for an investor or first time buyer. 1 bedroom and 1 bath condo with a Maple kitchen, laminate flooring, in-suite laundry. 2 underground parking stalls and 1 storage locker. Downtown Abbotsford location, walking distance to restaurants, pubs, grocery stores and more. No age or rental restrictions. Great investment!!

#4 ) Address:# 4 20837 LOUIE CR, Walnut Grove, Langley

May 26 F1210850 $109,000 $0 0%
June 08 F1210850 $99,000 $-10,000 -9%
Open House: Jul 22
Open House: Sep 16
September 22 F1210850 $75,000 $-34,000 -31%

Assessment: No Assessment Available

Cute as a button, bright and open one bedroom float home in Grant’s Landing just minutes from Derby Reach Park. Peaceful setting, floating on the Fraser, yet just 5 minute drive to shopping. Sunny Solarium plus two spacious decks. Yellow cedar floors, new washer and dryer – the perfect home for one of two. Long term secure moorage at $825 monthly.

#3 ) Address:2529 264 ST, Otter District, Langley

July 01, 2011 F1116719 $1,500,000 $0 0%
October 21, 2011 F1116719 $1,295,000 $-205,000 -14%
May 26 F1116719 $995,000 $-505,000 -34%

Assessment: $737,000

Not sure what they were thinking asking $1.5 million initially.  Current price is still quite optimistic at the best of time

A large family would love this home. Close to all amenities of city yet private with rural feel. 2.37 acres double and single garage. Beautiful Aldergrove rural home. Family custom-built, one owner, set well back from the road with gated entry. Quiet, peaceful, private. Large 2 bdrm unauthorized suite. Custom cabinets throughout, large room, lot of space.

#2 ) Address:15490 48TH AV, Serpentine, Cloverdale

March 09 F1200306 $1,399,999 $0 0%
June 06 F1200306 removed
August 10 F1220429 $895,000 $-504,999 -36%

Assessment: $734,900

Court ordered sale, quiet no thru road and I’m guessing some pretty nasty conditions inside that place.  And again, $1.4 million, really ?!?!?

Court ordered sale. 5 acre parcel of land with a 5 bedroom, 4 bath home located on a quiet no thru road.

#1 ) Address:5848 175TH ST, Cloverdale BC, Cloverdale

February 25 F1204886 $1,600,000 $0 0%
April 04 F1204886 $1,100,000 $-500,000 -31%
June 23 F1204886 $999,900 $-600,100 -38%

Assessment: $506,100

Future development multi family potential in prime location in downtown Cloverdale. Good rental while waiting for rezoning. 15046 sq.ft. lot. All fenced. Check with city for zoning particulars.



3 responses to “Spotlight Langley Area – September 24, 2012

  1. jr September 24, 2012 at 10:05 am

    The condo market in Abbotsford is not good; the supply far outstrips demand. We are trying to sell my wife’s condo that she bought before we met. Neighbor sold in April for $215k, paid $230k. There are a number of units in our building who have been on the market for most of the year at around $225. Recently a few units have popped up at ~$205k. Rumor is a few units sold recently right at about $200. So in about a years time the market has dropped about 15%, this is value not asking prices. For most people living in condos this is a devastating loss as I suspect many got in here in a 0/40 and have no savings. Unlike Vancouver, the condo market in Abby never went up after the recession hit. Many of the projects stalled and have just now finished if they restarted, adding to already high supply. The only saving grace is there seems to be a lot of people heading this way from Van looking for “affordability”. Quite simply I don’t understand why anyone would buy a condo as an “investment” in a place where land is in no short supply.

  2. Groundhog September 24, 2012 at 10:59 am

    “Quite simply I don’t understand why anyone would buy a condo as an “investment” in a place where land is in no short supply.”

    You would buy a condo as an “investment” in Abbotsford if the cash flow from rentals yield a good return. Not sure how much rents are in the area but I doubt it is anywhere close to making sense from a cash flow perspective. You have to compare the return with other investments of similar risk. Ie, it should yield a hell of a lot more then a gov’t of Canada bond.

  3. jr September 24, 2012 at 12:56 pm

    Your doubts are correct. Where I was going with that statement though is it seems a lot of people buy it as an “investment” first and as a personal dwelling second, but they invest blindly because “RE always goes up”. There is no shortage of land in the FV to build condos. I’m not sure this is the greatest analogy, but it’s like buying a stock, and then the company just keeps issuing more shares, and they just keep doing it. It doesn’t matter how well the company performs because they continually dilute returns with more shares, and the price never goes up, or worse down. Meanwhile other companies and their stock in the same sector are doing great.

    The housing market here (key word house) could be doing great, but the developers are going to continue to pump out condos. And they are always going to be better and nicer. IMV prices are not going to increase here until developers hit a wall with land constraints, and that is not going to be any time soon.

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