Vancouver Price Drop

Documenting Vancouver real estate price movements

Desperation Meter – September 26, 2012

The Desperation Meter is a formula I’ve come up with that determines a desperation score by weighting events like price drops, relisting under a new MLS and open houses and re-weighting them by how recent the event occurred.  Some highlights

  • The only region to appear more than once is Burnaby which made the list 2 times
  • 8 of 10 listings are listed below assessment

#10 ) Address:# 106 3901 CARRIGAN CT, Government Road, Burnaby (unranked last week)

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!

Desperation Score: 35.7

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.

#9 ) Address:518 E 1ST ST, Lower Lonsdale, North Vancouver (ranked #5 last week)

July 15 V962307 $895,000 $0 0%
Open House: Jul 15
Open House: Jul 21
Open House: Jul 22
July 25 V962307 $875,000 $-20,000 -2%
Open House: Jul 28
Open House: Jul 29
July 31 V962307 $850,000 $-45,000 -5%
Open House: Aug 04
Open House: Aug 05
August 09 V962307 $838,000 $-57,000 -6%
Open House: Aug 11
Open House: Aug 12
August 15 V962307 $825,000 $-70,000 -8%
Open House: Aug 19
August 22 V962307 $815,000 $-80,000 -9%
Open House: Aug 25
Open House: Aug 26
September 05 V962307 removed
September 09 V970178 $795,000 $-100,000 -11%
Open House: Sep 09
Open House: Sep 15
September 19 V970178 $785,000 $-110,000 -12%

Assessment: $670,900

Desperation Score: 36.5

“Estate sale, must be sold.” – demographics point towards more and more of these estate sales helping bring down the market

Don’t miss seeing this well maintained bungalow featuring 2 fully finsihed 2304 sq ft on 2 levels. 3 bedrooms up/2 down & 2 baths (1) down & recreation room, wet bar & storage. Located on a 50×120′ nicely landscaped lot. Fenced backyard (safe for your little ones & pets). Very private & sunny backyard for your summer barbeques & entertaining your friends. Newly painted (June 2012) exterior & main floor, roof 2010, thermo windows thruout, enclosed porch for a quiet coffee in the morning while looking at your garden. Bonus: Mortgage helper 2nd kitchen plus 2 beds with private entrance with minor modification. Single garage w/lane access. Estate sale, must be sold. Bring your family-you would have to call this place home. PUBLIC OPEN: Saturday, September 22nd, 2-4 PM.

#8 ) Address:5625 LIMBERT RD, Agassiz, Kent (ranked #6 last week)

March 09 H1200878 $519,900 $0 0%
April 18 H1200878 $499,900 $-20,000 -4%
May 31 H1200878 removed
June 16 H1202542 $479,700 $-40,200 -8%
July 25 H1202542 removed
July 26 H1203102 $467,700 $-52,200 -10%
September 09 H1203102 removed
September 11 H1203735 $457,700 $-62,200 -12%
September 17 H1203735 removed
September 18 H1203827 $435,700 $-84,200 -16%

Assessment: $475,000

Desperation Score: 36.6

Peace and quiet on 8.8 acres! Warm, rustic and cozy 3 bedroom “Panabode like” rancher with basement log home! Vaulted ceilings with exposed beams! Spacious open layout! 3’rd bathroom roughed-in in basement. 200 Amp service. Massive wrap around sun deck with farm pasture views! A 26’x41′ workshop hidden away up the trail from the house. A secondary driveway is in place that leads to a fabulous view building site on a partly cleared level bench of land. Ultimate privacy! Nice sunny southern views from the existing home that get better the higher you go! Bring on the motorbikes and quads! Harrison Hot Springs, Lake and golfing is only 12 minutes away. This is the perfect recreational getaway or your view acreage opportunity!

#7 ) Address:# 29 22788 WESTMINSTER HY, Hamilton, Richmond (unranked last week)

May 10 V949030 $509,800 $0 0%
May 19 V949030 $499,000 $-10,800 -2%
June 15 V949030 $489,900 $-19,900 -4%
June 25 V949030 removed
June 28 V958935 $479,000 $-30,800 -6%
Open House: Jul 08
July 15 V958935 $459,900 $-49,900 -10%
July 28 V958935 $449,000 $-60,800 -12%
September 09 V958935 $439,000 $-70,800 -14%
September 11 V958935 removed
September 13 V970808 $439,000 $-70,800 -14%
Open House: Sep 23
Open House: Sep 30
September 26 V970808 $419,000 $-90,800 -18%

Assessment: $461,100

Desperation Score: 36.7

4 units sold last year for an average of 11% BELOW assessment and this unit is currently listed at 9% BELOW assessment.  Interestingly, 3 of the sales last year all occurred on exactly October 17 and averaged almost 15% BELOW assessment while the one sale in June sold for 1% BELOW assessment.

Rare find, south facing townhome with 3 bedrooms and 2 bathrooms!Located on the quiet side of the complex facing open area and backing onto a greenbelt. Good sized backyard completely fenced and gated. Features include granite counters, laminate flooring up and down, top quality stainless steel appliances, with balconies at the front & back of the townhouse, tandem garage with loads of storage. Excellent location close to Wal-Mart, Starlight Casino, community centre, schools and rapid transit. Rapidly growing popular area. 2 pets allowed, rentals allowed.

#6 ) Address:# 10 2986 COAST MERIDIAN RD, Birchland Manor, Port Coquitlam (unranked last week)

May 12 V949714 $389,900 $0 0%
Open House: May 27
Open House: Jun 16
June 19 V949714 $379,900 $-10,000 -3%
July 23 V949714 removed
July 26 V963681 $375,000 $-14,900 -4%
Open House: Jul 29
July 27 V963681 removed
July 29 V964359 $359,000 $-30,900 -8%
August 14 V964359 $339,000 $-50,900 -13%
September 06 V964359 $319,000 $-70,900 -18%
September 20 V964359 removed
September 22 V972985 $319,000 $-70,900 -18%

Assessment: $373,000

Desperation Score: 37.2

2 sales last year averaging 1% BELOW assessment and this one is currently listed at 16% BELOW assessment!  “Bonus – fully fenced backyard, complete with a converted shop into a hair salon.”  I don’t call having to spend time and money converting the hair salon back into something usable a bonus…

WOW!! Completely redone. Great family complex central to all levels of schools, recreation, transit and shopping. This unit offer new: windows, maple hardwood floors, custom kitchen with all new tole work, designer paint, all new high end mouldings/trim work to accent the detailed finished, some slate floors. Updated bath with new fixtures and tile work. The master offers a huge Hollywood style walk in closet converted from the third bedroom, which you could easily return to 3 bedrooms. The top floors has a den/office with a door to the roof top deck. Bonus – fully fenced backyard, complete with a converted shop into a hair salon. Hurry on this one, with it’s quiet location and updated it wont last.

#5 ) Address:855 BLUE MOUNTAIN ST, Harbour Chines, Coquitlam (ranked #3 last week)

April 16 V943444 $949,000 $0 0%
April 18 V943444 $899,000 $-50,000 -5%
May 09 V943444 $879,000 $-70,000 -7%
Open House: May 20
Open House: May 27
Open House: Jun 03
Open House: Jun 10
Open House: Jun 16
June 18 V943444 removed
June 22 V957843 $799,900 $-149,100 -16%
Open House: Jun 23
Open House: Jun 24
Open House: Jun 30
Open House: Jul 01
July 23 V957843 removed
July 25 V963611 $799,000 $-150,000 -16%
August 08 V963611 $779,000 $-170,000 -18%
August 28 V963611 $749,000 $-200,000 -21%
Open House: Sep 09
September 12 V963611 $729,000 $-220,000 -23%
Open House: Sep 23

Assessment: $738,000

Desperation Score: 38.1

As I mentioned in the Weekly Drop posting, this is in a nice spot in Coquitlam so too bad their incredible greed has probably cost them a lot of money

Prime Harbour Chines. Quality custom design & finish materials featured throughout this fine family home. Located on large nicely landscaped private lot. Freshly painted inside and out with many recent upgrades and renovations. Beautiful maple kitchen w/island and comfortable family room leads to huge new vinyl deck covered to enjoy year round. Spacious Master bedroom fit for a King has walk in closet and warm hardwood floors. Luxury main floor bath offers granite counters & jetted tub to relax. Bonus: Brand new basement kitchen, bath, recreation room w/separate entrance great for home office or mortgage helper, Truly one of kind home & property must see to appreciate. Ready to move in and enjoy now! Open Sun Sept 9 2-4pm

#4 ) Address:1537 E 5TH AV, Grandview, Vancouver East (Ranked #2 last week)

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

Desperation Score: 39.1

Photoshop has turned “Blue Tarp House” into “Patriotic Canadian Tarp House”

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!

#3 ) Address:12470 BLUE MOUNTAIN CR, Northeast, Maple Ridge (unranked last week)

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

Desperation Score: 39.3

VancouverPriceDrop.WordPress.Com Hall Of Fame nominee!  CAPE COD CRACK SHACK doesn’t quite epitomize Vancouver real estate as much as million dollar Blue Tarp House but both are worthy of the Hall of Fame

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.

#2 ) Address:1881 DUTHIE AV, Montecito, Burnaby (ranked #4 last week)

May 16 V950500 $1,228,000 $0 0%
Open House: May 19
Open House: May 20
Open House: May 27
May 26 V950500 $1,199,000 $-29,000 -2%
Open House: Jun 10
June 12 V950500 $1,148,000 $-80,000 -7%
Open House: Jun 17
Open House: Jun 23
Open House: Jun 24
June 20 V950500 $1,078,000 $-150,000 -12%
Open House: Jul 08
July 12 V950500 removed
July 14 V962071 $998,000 $-230,000 -19%
Open House: Jul 22
Open House: Jul 28
Open House: Aug 05
Open House: Aug 12
August 22 V962071 removed
August 25 V968016 $989,000 $-239,000 -19%
September 12 V968016 $979,900 $-248,100 -20%
September 26 V968016 $949,000 $-279,000 -23%

Assessment: $752,100

Desperation Score: 40.7

Awesome, the realtor trying to avoid getting stuck with the lazy realtor of the year award updated their description this week!!! From “Open House Saturday 2-4pm” to “Open House Sunday 2-4pm”!!!

Open House Sunday 2-4pm

#1 ) Address:34463 ROCKRIDGE PL, Hatzic, Mission (Ranked #1 last week)

March 09 F1202886 $499,000 $0 0%
April 13 F1202886 removed
May 04 F1211519 $489,900 $-9,100 -2%
June 29 F1211519 $469,900 $-29,100 -6%
July 28 F1211519 $464,900 $-34,100 -7%
August 01 F1211519 $459,900 $-39,100 -8%
August 03 F1211519 $458,900 $-40,100 -8%
August 09 F1211519 $457,900 $-41,100 -8%
August 10 F1211519 $456,900 $-42,100 -8%
August 15 F1211519 $455,900 $-43,100 -9%
August 17 F1211519 $454,900 $-44,100 -9%
August 22 F1211519 $453,900 $-45,100 -9%
August 24 F1211519 $452,900 $-46,100 -9%
August 29 F1211519 $451,900 $-47,100 -9%
September 01 F1211519 $450,900 $-48,100 -10%
September 06 F1211519 $449,900 $-49,100 -10%

Assessment: $494,000

Desperation Score: 53.8

Either they can’t afford to lower it any further or maybe they have an offer with subjects.  I do feel a little bad for these people although they tremendously overpaid for the property in 2007 by any measure

Huge Value! This home was purchased in 2007 for $540,000! Lavish rancher with loft in exclusive Rockridge Estates! All your daily living needs are met on the luxurious main floor without the bother of negotiating stairs! Enjoy the spacious kitchen overlooking park-like backyard on tranquil greenbelt, dining room, living room, office, the Master Bedroom boasts ensuite with soaker tub and shower! Extra space upstairs with bedroom, bathroom and games room. In-floor radiant heating, oversized double garage and large driveway, secure gated neighborhood with low $40 per month strata, make your move today!


17 responses to “Desperation Meter – September 26, 2012

  1. Spiltbongwater September 27, 2012 at 10:19 am

    #8 has been removed and relisted 2 times in Sept. This kind of action should be seen as being unethical imo. A listing should have to be removed from the market for a minimum amount of time imo to be able to relist at a lower price. What is the purpose of removing and relisting other then to decieve and hide a price reduction and the true dom?

    • an observer September 27, 2012 at 10:21 am

      I agree, it is terribly misleading. The fact that the real estate industry uses metrics like “Days on Market” and “Price$ / List$” but don’t include all the previous MLS listings the home had recently been listed under is dishonest at best.

  2. happy cynic September 27, 2012 at 1:06 pm

    #1 is being offered like a Dutch auction. Hopefully someone will stop the clock before it reaches zero. Thanks so much for providing this information.

  3. overthepond September 27, 2012 at 6:29 pm

    #6 has had it’s listing information changed. The bonus hair salon has suddenly disappeared from the description on MLS. Wonder what the strata council had to say about running a business out of a residential strata lot (or perhaps the city caught wind of the listing and went around for an inspection).

    Lovely job on the blue tarp as well. I told you yesterday that if it was vamped up a little bit it would be worth the $20,000 price jump! 😉

    • an observer September 28, 2012 at 12:56 am

      Yeah, your comment was the inspiration for the tarp remodelling! I wonder if the realtor or owner caught wind of or found my comment and then the obvious fact that this was not a bonus suddenly hit them

  4. thephamlee September 27, 2012 at 8:43 pm

    i love the Canada flag on the blue tarp, as and avid follower of your blog I laughed out loud when I saw that!

  5. jack September 28, 2012 at 7:57 am

    I think for #2 the realtor is getting more lazy – moving the open house from Saturday to Sunday. Those signs are heavy. Thanks for all your work, love this site.

  6. gokou3 September 28, 2012 at 1:26 pm

    Great work as usual. A new idea: I wonder if it’s possible to tally up the number of listings with phrases like “Priced to sell”, “Motivated seller”, etc. Done over a period of time and segregated into municipalities, this would illustrate some nice trends.

  7. McLovin September 28, 2012 at 8:58 pm

    Love your Blog. It is just getting better. I can only imagine the work this must take but I think a lot of us appreciate it. I think you will have a lot more fun in the next 6 months.

  8. mechie94 September 29, 2012 at 10:03 am

    This has become a daily reading stop for me. Well done.
    Looking forward to seeing Van West spotlight again soon. Much appreciated.

  9. an observer September 30, 2012 at 9:37 am

    A new commenter posted this along with a link to a horribly overpriced ugly home:

    “check this one out. Re-listed with a drop of approx 11%

    DELETED by observer”

    Hi Mr. Builder/Realtor, This one was relisted at the same price and 3% off the price from earlier in the year not 11% (and even if it was 11% that is hardly comment worthy). Good luck trying to sell a 40 year old vancouver special for $1.4 million when all of your neighbour’s homes are assessed for under $700K. This clown bought the place for $812K last year and did a big renovation and then tried to increase the price by $600K. I sincerely hope you are forced to declare bankruptcy.

  10. overthepond September 30, 2012 at 1:26 pm

    We’ve seen houses being dropped in price to squeak into CMHC insurability range at $999,999.

    The real question is, how long until people deliberately drop their houses by the right % amount to get their castle’s featured on Vancouver Price Drop. You should announce a day before the new weekly drop/localised market breakdown that percentage drop vendors will need to get a spot on this booming blog (and pocket a few thousand of the realtors commission!).

  11. bailinginbc September 30, 2012 at 9:27 pm

    That’s it Observer, you finally made the big time!

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