Vancouver Price Drop

Documenting Vancouver real estate price movements

Spotlight Richmond – September 24, 2012

It’s been a month so once again here are the top 10 properties currently listed in Richmond 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 23% drop to make this top 10.  The previous 4 months were 23%, 23%, 23% and 19%
  • 5 of 7 listings are now below assessment

#10 ) Address:# 307 7288 NO 3 RD, Brighouse South, Richmond

July 15 V900296 $520,000 $0 0%
August 03 V900296 $495,000 $-25,000 -5%
August 12 V900296 $459,900 $-60,100 -12%
October 05 V900296 $448,900 $-71,100 -14%
May 11 V900296 $428,800 $-91,200 -18%
July 05 V900296 $413,800 $-106,200 -20%
September 13 V900296 $399,900 $-120,100 -23%

Assessment: $480,000

5 units sold in this complex last year for an average of 3% BELOW assessment.  This one is currently listed 17% BELOW assessment.  Can you really call something on the 3rd floor a “Great penthouse condo”???

Great penthouse condo. Feels like a townhouse with it’s own outside entrance. Spacious 3 bedroom, 2 bathroom & open den with large sunny balcony. The building was rainscreened last year, new hot water tank, new roof, new hardiplank siding, courtyard membrane & pavers, building envelope was redone and fresh paint…over $120,000 was assessed and paid in 2009. Convenient to Richmond centre & Park Road for shopping, many…many restaurants and the Canada Line, City Hall, swimming pools, schools and so much more.


#9 ) Address:# 2 23740 DYKE RD, Hamilton, Richmond

March 09 V867139 $2,455,000 $0 0%
April 28 V867139 removed
May 04 V947601 $1,863,000 $-592,000 -24%

Assessment: No Assessment

Blue Heron Marina estates is in the top 10 list 2 times.  This development as been advertised for over a year and to date none of the 9 units have been sold and I don’t believe any have been built although not entirely sure about this.  The renderings make the murky brown Fraser river look like the Bahamas but no suckers at the moment.  Between the 9 units they have dropped over $4 million.

BLUE HERON MARINA ESTATES! New WATERFRONT Detached South Facing Executive Homes with your own concrete dock. As part of a Strata Community & Marina, you will have the peace of mind that the Marina services include overseeing your property & boat. Located in the banks of the South Arm Fraser River, in a calm protected channel with deep fresh water moorage. Imagine, living on the water’s edge in your own waterfront home and enjoying the magnificent view of the water with your Yacht moored on your own private dock. High end finishing with an elevator in each home! The ground flr has 2 garage for 4 cars & a good size flex area. Maintenance fees are strata $ 135.


#8 ) Address:3560 BARMOND AV, Seafair, Richmond

March 09 V923719 $1,260,000 $0 0%
May 01 V923719 removed
June 02 V953921 $950,000 $-310,000 -25%
Open House: Jun 02

Assessment: $1,029,700
Last Sale: $1,168,000 on 17/Feb/2011
Total Loss IF sold for list price: 58,560 transaction costs and 218,000 loss on sale = LOSS of 276,560

Assuming 20% down on this home when they bought it last year, they have suffered more than a -100% ROI.  The magic of leverage.

No Picture

Good location,walk to facilities in few minutes.In the Seafair area,this good home offers 3 good size bedroom plus game room up, living room and dining room & family room down with a very open layout. Don’t miss the chance to live or invest in the best location and neighbourhood of Richmond.


#7 ) Address:6428 CHELMSFORD ST, Granville, Richmond

March 09 V917053 $2,398,000 $0 0%
July 24 V917053 removed
July 26 V963719 $1,800,000 $-598,000 -25%

Assessment: $1,597,000

Own this magnificent home in a multi-million dollar neighborhood. The entrance foyer boosts a 16 ft ceiling, gleaming chandelier & marble floors. The dramatic curved staircase leads to the upper floor with a high ceiling & dome-shaped skylight along the hallway. The open floor plan kitchen has S/S appliances, wood cabinets & granite countertops. There is an ample space for dining in the breakfast bar, informal & dining rooms. Have your gatherings in the family room which has a warm & cozy fireplace & wet bar. Treat yourself in your own spacious spa tub & sauna. The master bedroom is so huge & has two separate walk in closets & ensuite 5 pce bathroom. Buy it now!


#6 ) Address:# 212 14200 RIVERPORT WY, East Richmond, Richmond

March 09 V934864 $498,500 $0 0%
April 12 V934864 removed
April 14 V943239 $459,900 $-38,600 -8%
April 28 V943239 $449,900 $-48,600 -10%
May 11 V943239 $435,000 $-63,500 -13%
June 09 V943239 $424,500 $-74,000 -15%
June 19 V943239 $415,000 $-83,500 -17%
July 10 V943239 $399,900 $-98,600 -20%
July 28 V943239 $389,900 $-108,600 -22%
September 05 V943239 $372,500 $-126,000 -25%

Assessment: $432,000

4 units sold in this apartment last year for an average of 6% ABOVE assessment and this unit is now listed 14% BELOW assessment.  HEY REALTOR, WHY ARE YOU YELLING???

SPECTACULAR RIVER VIEWS FROM YOUR SOUTH FACING BALCONY. THIS 2 BED/ 2 BATH WATERFRONT CONDO IS LARGE, OVER 1100 SQ. FT. WITH A BONUS DEN, LOCKER, IN SUITE LAUNDRY AND STORAGE ROOM.


#5 ) Address:7288 GILHURST CR, Broadmoor, Richmond

April 14 V943189 $2,580,000 $0 0%
May 18 V943189 $2,490,000 $-90,000 -3%
Open House: May 27
Open House: Jun 02
Open House: Jun 10
Open House: Jul 08
Open House: Jul 15
July 14 V943189 $2,290,000 $-290,000 -11%
Open House: Jul 22
September 01 V943189 $1,899,000 $-681,000 -26%
Open House: Sep 08

Assessment: $2,030,000

“The owner treat it as vacation home.”  Well let’s hope this vacation home is a massive money losing venture for the owner.

Tastefully deluxe custom-built house in central Richmond Broadmoor area, decorated with 5 star 2 master bedrooms, huge 2 kitchen with special antique cabinet & high end BOSS appliance. Main floor marble foyer/hardwood floor. Air condition and HRV system. Nature stone exterior with underground sprinkle. Living room and family room with gorgeous drop ceiling and crown moulding everywhere. Close to London High School. The owner treat it as vacation home.


#4 ) Address:# 8 23740 DYKE RD, Hamilton, Richmond

March 09 V867144 $2,527,000 $0 0%
April 28 V867144 removed
May 04 V947680 $1,842,800 $-684,200 -27%

Assessment: No Assessment

BLUE HERON MARINA ESTATES! New WATERFRONT Detached South Facing Executive Homes with your own concrete dock. As part of Strata Community and Marina, you will have the peace of mind that the Marina services include overseeing your property & boat. Located in the banks of the South Arm Fraser River, in a calm protected channel with deep fresh water moorage. Imagine, living on the water’s edge in your own waterfront home and enjoying the magnificent view of the water and mountains with your own Yacht moored on your own private dock. High end finishing with a elevator in each of 9 homes! Ground flr has very large garage for 4 cars & large Flex area.Maintenance strata fee $ 145.


#3 ) Address:# 507 5911 MINORU BV, Brighouse, Richmond

May 26 V826361 $98,000 $0 0%
June 14 V826361 $89,000 $-9,000 -9%
May 01 V826361 $66,000 $-32,000 -33%

Assessment: $58,400

3 units sold in this apartment last year for an average of 1% ABOVE assessment.  This unit is currently listed at 13% ABOVE assessment and was initially listed for 70% ABOVE assessment…  Also, and thanks for pointing this out, “Effluent Richmond” where Effluent is defined as  “sewage or other liquid waste that is discharged into a bodyof water”.  Awesome stuff!

Investors should take note!! A fully furnished hotel suite in the Hilton Vancouver Airport Hotel at the heart of DT Richmond!! Effluent Richmond is the Pacific Gateway to Canada, and with its well-educated and skilled work forces, attracts myriads of mega multi-national business establishments. Hilton Vancouver Airport Hotel is close to YVR International, large shopping malls, schools and university, banking facilities, library, sports centres, and other major Downtown essentials like fine ethnic and gourmet restaurants, fine arts, entertainment attractions, convenient public transportation, and the new Canada Line Rapid Transit System which connects to Downtown Vancouver in a mere 20 minutes or so. This is a good piece of real estate investment with steady return on investment. Seller is motivated, and will look at all reasonable offers. Be part of the clean lifestyle or environmental friendly Richmond. Don’t miss out!!


#2 ) Address:11400 NO 2 RD, Gilmore, Richmond

September 03, 2011 V908283 $12,800,000 $0 0%
January 11 V908283 $8,500,000 $-4,300,000 -34%

Assessment: Farm Land

I bet they wished they listed in spring of 2011 – they might have got asking.  Now on the other hand they probably have millions more to go

Excellent Holding Property in Steveston. Property is located on No 2 Road, just south on Steveston Hwy. 26.6 acres in the ALR (Agricultural Land Reserve) across the street from development.


#1 ) Address:18700 RIVER RD, East Richmond, Richmond

April 26 V945639 $1,210,900 $0 0%
May 23 V945639 $1,139,750 $-71,150 -6%
June 21 V945639 $1,110,900 $-100,000 -8%
July 24 V945639 $779,900 $-431,000 -36%
August 23 V945639 $756,900 $-454,000 -37%

Assessment: $841,800

“The Vendor will not accept any offers to purchase from any individual that is an employee of Toronto Dominion Bank or any of its subsidiaries or affiliated corporations” I believe this means that it is going through a foreclosure and that TD is handling the foreclosure.  Either that or they really have a problem with the chequing fees at TD Bank!

2.26 AC (99,752 sq ft) acreage on River Rd in North Richmond. Easy access to Vancouver via Knight Street Bridge & Hamilton (East Richmond) featuring all amenities & large shopping centre. Excellent holding property, 3 bedroom house tenanted. Hold now or build your dream home. The Vendor will not accept any offers to purchase from any individual that is an employee of Toronto Dominion Bank or any of its subsidiaries or affiliated corporations”

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6 responses to “Spotlight Richmond – September 24, 2012

  1. Diane September 24, 2012 at 12:36 pm

    You missed the funniest description of all! “Effluent Richmond” is NOT what the realtor’s in #3 was trying to say, but from a real estate point of view, it is perhaps more accurate?

  2. gokou3 September 24, 2012 at 12:56 pm

    I drove by the Dyke road properties last weekend upon seeing them on your list earlier. I was wondering how such a shitty location could have the seller even THOUGHT about selling the places for close to $2M each. As expected, it’s a shitty location. Nearby amenities include several “high pressure gas lines” warnings; overhead power lines; big box warehouses / shipyard; a low overpass where cars zoom by at 100 km/h; a big, 20-ft wide, 10-ft deep ditch with muddy water (and no barrier against cars accidentally going into the ditch!); and the aroma of the annacis island wastewater treatment plant. The unlimited ocean view and million dollar yachts? Those are for reference only, of course.

    I didn’t realize there are 9 units in the entire develpment. Well, I think I did see 2-3 in construction. I even saw one sold sign. Overall, it’s quite a scene.

  3. Dyke Rd Dweller September 25, 2012 at 9:35 am

    Truly, that mess on Dyke Rd is something of a joke and puzzlement in the neighbourhood.

    How wonderful it would be to have the Annacis Island overpass only a few feet from your bedroom as the semi-trailers roll all night to their destination……hitting the expansion joint on every pass. Twice this season the river has spilled onto the roadway’s low point there. Saw MacCraes pumping out the new sewer drains. Makes one wonder how and why the City of Richmond would allow building on the waterside of the dyke.

    It appears to be a family building project and I suspect the ‘SOLD’ tags may be for owner occupied units.

  4. simon ho September 25, 2012 at 10:08 am

    Richmond real estate is going down to an abyss real soon. Nice job for the BC assessment to pump up the prices and all city gov. loves high home prices. Party’s over !!

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