Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – September 24, 2012

Here are the 20 properties that dropped their price the previous week AND have dropped the largest percentage overall from their original asking price.  Please note that the listings are now in reverse order

Some highlights for this week:

  • 44 listings dropped to a cumulative total of 20%+ this week, 14 hit 25% and 5 hit 30% this week
  • Sunshine coast appeared on the list 3 times (winning yet again) followed by Maple Ridge, Langley, Vancouver East, Burnaby, Mission and Coquitlam with 2 each
  •  8 of 14 listings with assessments are listed below assessment

#20 ) Address:13173 CARDINAL ST, Steelhead, Mission

April 30 F1211048 $649,000 $0 0%
June 08 F1211048 $575,000 $-74,000 -11%
August 21 F1211048 $565,000 $-84,000 -13%
September 18 F1211048 $499,000 $-150,000 -23%
September 19 F1211048 removed
September 21 F1223594 $499,000 $-150,000 -23%

Assessment: $565,000

Your own lake!! Superb – outstanding gorgeous 2 bdrm super clean – super cute rancher with big deck with beautiful hot tub. Home is located within 10 feet of private 1 acre lake with ducks. Otters, Eagles, also has controlled water fall. Beautiful bridge to driveable back part of 6.4 AC lot. Must be seen to be understood. Call to show, sign on!!

#19 ) Address:# C1 1500 HORNBY ST, Yaletown, Vancouver West

February 24 V933540 $628,000 $0 0%
February 27 V933540 $569,000 $-59,000 -9%
May 16 V933540 $564,900 $-63,100 -10%
June 20 V933540 $529,900 $-98,100 -16%
July 19 V933540 $479,900 $-148,100 -24%
September 18 V933540 removed
September 21 V972750 $479,900 $-148,100 -24%

Assessment: $462,000

10 units sold in this apartment last year for an average of 9% ABOVE assessment and this unit is currently listed at 4% ABOVE assessment and initially listed at 37% ABOVE assessment!  This one is a little odd since it is a store front, not an apartment which is a first for the Weekly Drop.  “TRY YOUR OFFER -Owner will consider renovation and/or improvement credit for future buyer”

Street access office or retail space in prime Yaletown location. Great opportunity to own commercial space in a busy location. Property:825 sqft of office/retail space, double-wide frontage w/direct access, partitioned into 4 offices.Located a block away from the Marina& seabus & transportation. Includes 2secure parking spaces and street parking is readily available. Currently owner occupied business. Great holding property for the savvy investor. Building offers great amenities (pool, hot tub, gym etc.). TRY YOUR OFFER -Owner will consider renovation and/or improvement credit for future buyer! JUNE rent rates, you would see NET $33,000/annum, this would show a 6% CAP RATE at the current list price! **See V4032709

#18 ) Address:1370 PINETREE WY, Westwood Plateau, Coquitlam

March 09 V926604 $1,088,000 $0 0%
May 17 V926604 $1,029,000 $-59,000 -5%
Open House: May 26
Open House: May 27
Open House: Jun 02
June 14 V926604 removed
June 20 V957443 $899,000 $-189,000 -17%
Open House: Jun 30
August 09 V957443 $868,000 $-220,000 -20%
September 22 V957443 $828,000 $-260,000 -24%

Assessment: Building Unfinished

Brand new custom home on Prestige Westwood Plateau. City view from most of the rooms. Practical floor plan with quality construction. Hardwood flooring, granite counters, big picture view windows, covered decks. Main chef kitchen w/ expensive granite countertop, stainless steel appliances plus a Wok kitchen. 4 huge bedrooms upstairs with walk-in closets & wooden organizer. Fully finished basement with separate entrance, lots of windows, huge rec room, games room, bedroom & 2 bathrooms. Fenced yard with cedars & paving stones driveway. Walking distance to Pinetree Elementary and Secondary Schools, Douglas College, community centre. Close to Lafarge Lake and the future Evergreen line skytrain station.2-4pm open SAT 1376 & 1370

#17 ) Address:# 614 528 ROCHESTER AV, Coquitlam West, Coquitlam

March 23 V938821 $199,000 $0 0%
March 31 V938821 $189,000 $-10,000 -5%
April 05 V938821 $185,000 $-14,000 -7%
April 23 V938821 removed
April 26 V945578 $200,000 $0 0%
July 18 V945578 removed
July 25 V963470 $209,000 $0 0%
August 04 V963470 $199,000 $-10,000 -5%
August 18 V963470 $179,000 $-30,000 -14%
September 06 V963470 $174,900 $-34,100 -16%
September 19 V963470 $159,000 $-50,000 -24%

Assessment: $194,100

15 units sold in this condo last year for an average price of EQUAL to assessment.  This unit is currently listed 18% BELOW assessment

Location, Location, Location. This cozy 500 sq ft condo is steps from Lougheed Mall, Skytrain and every imaginable amenity. SFU Students take note; this has to be one of the easiest commutes to SFU and with a small downpayment you own instead of rent! Features include: insuite laundry, media room, billiard and exercise room with a bonus guest suite. Relax and enjoy the peace and quiet on your private top floor deck. Book a showing today for this quality built concrete condo, it will not disappoint.

#16 ) Address:615 E KEITH RD, Queensbury, North Vancouver

March 09 V934896 $1,079,000 $0 0%
March 24 V934896 $988,000 $-91,000 -8%
June 02 V934896 removed
July 21 V963136 $849,000 $-230,000 -21%
Open House: Jul 21
Open House: Jul 22
Open House: Aug 18
Open House: Aug 19
Open House: Aug 26
September 20 V963136 $819,000 $-260,000 -24%

Assessment: $727,500

Great starter home or investment!! Centrally located in the Grand Boulevard area. This renovated home sits on a 50×137 lot, this 6 bed plus 4 bath includes new laminate flooring, paint, and carpet downstairs where can be used as a mortgage helper! Enjoy BBQ’s on the spacious SUNDECK with city and water views. Comes with ample parking and easy access to schools, shopping, and transit to Downtown. Do not miss this great opportunity!! CALL NOW! Open Houses Saturday and Sunday August 18/19th 2-4pm

#15 ) Address:3686 E GEORGIA ST, Renfrew, Vancouver East

March 09 V928200 $1,188,000 $0 0%
March 28 V928200 removed
March 31 V940402 $1,088,000 $-100,000 -8%
May 07 V940402 removed
May 24 V952066 $1,188,000 $0 0%
Open House: May 26
Open House: May 27
Open House: Jun 02
Open House: Jun 24
July 09 V952066 removed
July 12 V961610 $988,500 $-199,500 -17%
Open House: Jul 14
August 28 V961610 removed
September 06 V969380 $988,500 $-199,500 -17%
Open House: Sep 09
Open House: Sep 08
September 18 V969380 $899,900 $-288,100 -24%
Open House: Sep 22
Open House: Sep 23

Assessment: Building Unfinished

Two new builds in the top 20 this week – I suspect we’ll see more and more of these as builders who tried to squeeze in a few more bucks of profit end up getting caught

Move in right away – brand new, energy efficient house by award-winning European builder with 2-5-10 warranty coverage. HST has been paid!! separate legal suite (2 bedroom) with its own entry, address and electrical panel (great mortgage helper or in-law/nanny suite). Floors insulated and sound-proofed. Security system and built-in vac included. All appliances included, blinds 3 decks, in-floor radiant heating, gas fireplace, separate double garage, landscaped. Large kitchen, with granite tops and gas range. Too many features to mention, call Realtor for details. Public open house Saturday Sept.22nd from 2 to 4 and Sunday Sept 23rd from 2-4pm.More photos at

#14 ) 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!

#13 ) Address:# LT.3 SWARD RD, Mission BC, Mission

June 06 F1214691 $249,000 $0 0%
June 21 F1214691 $234,000 $-15,000 -6%
July 07 F1214691 $226,500 $-22,500 -9%
July 26 F1214691 $214,900 $-34,100 -14%
August 11 F1214691 $201,900 $-47,100 -19%
August 28 F1214691 $189,900 $-59,100 -24%
September 22 F1214691 $185,900 $-63,100 -25%

Assessment: No Assessment

8.17 ACRES at the north end of Hatzic Lake. Access off the end of a dead-end street. Neighborhood has a park and boat launch. Not subdividable. No driveway, property begins at the end of the street. It is wet at the bottom, then rises steeply up the mountain.

#12 ) Address:5635 RUTHERFORD RD, Halfmoon Bay, Sunshine Coast

February 15 V931874 $1,595,000 $0 0%
July 11 V931874 $1,390,000 $-205,000 -13%
September 19 V931874 $1,190,000 $-405,000 -25%

Assessment: $918,000

Beautifully appointed home located at the end of a quiet and well established cul-de-sac close to the General Store, Government Dock and Coopers Green Park. The casual yet elegant living and dining areas are enhanced by a floor to ceiling stone fireplace, large windows to take advantage of the natural light and ocean views. All opens out to a large seaside deck and overlooks the easy to maintain seaside pool and waterfront. Large entertainment sized kitchen features a huge island providing additional prep space, commercial grade appliances and a built in cappucino machine. Lower level provides a master suite, gym and media room. This fabulous home also has a separate guest suite. This would be an ideal Waterfront B&B !

#11 ) Address:7480 LICKMAN RD, Chilliwack, Chilliwack

November 16 H1104667 $1,888,888 $0 0%
February 24 H1104667 $1,688,000 $-200,888 -11%
June 30 H1104667 $1,580,000 $-308,888 -16%
September 19 H1104667 $1,399,900 $-488,988 -26%

Assessment: Farm Land

17.05 Acres at excellent location on City Water and Sanitary Sewer. Very close to Heritage Exhibition Park, Cheam Golf Course and beside Horse Track. Older house, large barn with horse stalls and detached 4 car garage/workshop. Land is leased to the farmer for extra income. Very convenient location to build your dream house or hold this potential plus property near Hwy #1.

#10 ) 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.

#9 ) 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 ) Address:# C 4867 CASABELLA CR, Whistler, Whistler Pemberton

June 14 V861502 $219,000 $0 0%
July 05 V861502 $204,000 $-15,000 -7%
March 09 V861502 $189,000 $-30,000 -14%
June 06 V861502 $180,000 $-39,000 -18%
September 20 V861502 $159,000 $-60,000 -27%

Assessment: $233,000 for 1/4 share

Currently listed at 32% BELOW assessment!

1/4 Share ownership in this beautiful three bedroom, three bathroom townhouse available with incredible views. Location is amazing, close to everything. Strata fees include taxes, utilities, strata, etc. Private hot tub. Week C.HST Not Applicable.

#7 ) Address:# LT 143 ESQUIRE DR, Pender Harbour, Sunshine Coast

November 08 V919083 $279,000 $0 0%
April 05 V919083 $247,000 $-32,000 -11%
September 21 V919083 $199,900 $-79,100 -28%

Assessment: No Assessment

Own and build on this 2 acre parcel of land on a quiet, private cul-de-sac in Madeira Park. This property is fronted by two roads, offers ocean views, beautiful views of the sunsets, services to the lot line, building sites, all on a natural and beautiful landscape of rock, moss in a forest of trees including the arbutus tree. This property feels remote yet is only 5 minutes to town and shopping. Call us today for more information on this lovely acreage.

#6 ) 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.

#5 ) Address:1537 E 5TH AV, Grandview, Vancouver East

March 09 V923259 $895,000 $0 0%
April 08 V923259 removed
April 12 V942434 $793,000 $-102,000 -11%
June 07 V942434 removed
June 09 V955548 $789,000 $-106,000 -12%
June 15 V955548 $759,000 $-136,000 -15%
June 30 V955548 $729,000 $-166,000 -19%
July 24 V955548 $699,000 $-196,000 -22%
August 11 V955548 $679,000 $-216,000 -24%
August 24 V955548 $629,000 $-266,000 -30%
September 07 V955548 $609,000 $-286,000 -32%
September 18 V955548 $629,000 $-266,000 -30%

Assessment: $686,000

Blue tarp realtor, here is some advice since I don’t think raising the price is going to work.  People are not buying this home, they are buying the lot, right?  The pictures are a joke, the blue tarp is a joke and lets be honest, the house is a joke.  Improve your listing 100% by getting rid of the pictures of the house.  Go to Google Maps Arial Street View and take a screen shot and draw a border around the property lines – I imagine you’ll need to get someone to help you with this.  Now people will understand they are buying a lot, not a blue tarp that has more value than the entire home it is draped around.  Of course this change will still probably not manage to make this sell.  Come on, a 3000 sqft lot in a place where you’ll often find people passed out on your steps or forced to entertain squaters that have taken over your shed?  In most cities this is the type of place that lists for $20K and still doesn’t sell but you had the sense of humour to list it for $900K.

25×122 / 3050sq.ft. lot just half a block to Commerical Drive on 5th Ave. Fantastic location. Duplex property with RM-4 zoning. For sale by court order. All measurements are approx. Buyer to verify. Property sold as-is where-is. Restore the duplex home (circa 1912) or build new. Vibrant community. Easy transit connect to UBC, downtown. Call to discuss your new home opportunities!

#4 ) Address:# 32 7529 140TH ST, East Newton, Surrey

March 09 F1201781 $224,900 $0 0%
March 30 F1201781 $199,000 $-25,900 -12%
May 05 F1201781 $190,000 $-34,900 -16%
June 15 F1201781 removed
June 16 F1215787 $179,900 $-45,000 -20%
July 28 F1215787 $169,900 $-55,000 -24%
September 14 F1215787 removed
September 20 F1223475 $155,000 $-69,900 -31%

Assessment: $235,500

Needs some work, but for the price?????? 

GLENVIEW ESTATES. At back of complex. 2 level unit with 3 bdrms & 21/2 bathrms, wood F/P. Patio & back, fenced yard have Southern (sunny) exposure. Mbdrm has deck. Needs some work, but for the price?????? Measurements are approximate and should be verified by the Buyer if important to them.

#3 ) 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

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.

#2 ) Address:531 S FLETCHER RD, Gibsons, Sunshine Coast

June 14 V881236 $319,000 $0 0%
March 29 V881236 $280,000 $-39,000 -12%
May 02 V881236 $249,000 $-70,000 -22%
June 13 V881236 $229,000 $-90,000 -28%
September 21 V881236 $205,000 $-114,000 -36%

Assessment: $224,000

PANORAMIC VIEW Corner Lot [1 of a kind]in Gibsons Landing! N/W Corner S. Fletcher & School Rd.! 1 short block to Government Public Wharf&Gazebo, Waterfront Seawalk, Scenic Harbour& Marina, Village Shops, Restaurants! Cleared & ready to build on! Services available!

#1 ) 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.


One response to “The Weekly Drop – September 24, 2012

  1. RFM September 24, 2012 at 6:59 pm

    You obviously go to a lot of work to bring us this enlightening and entertaining blog every week. We really appreciate it!

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: