Vancouver Price Drop

Documenting Vancouver real estate price movements

Vancouver East Spotlight – September 26, 2012

It’s been a month so once again here are the top 10 properties currently listed in Vancouver East 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 19% drop to make this top 10.  The previous 4 months were 18%, 17%, 15% and 13%
  • 5 of 9 listings are now below assessment

#10 ) Address:6495 GLADSTONE ST, Killarney, Vancouver East

March 09 V911369 $1,238,000 $0 0%
March 31 V911369 removed
May 02 V946873 $1,098,000 $-140,000 -11%
June 30 V946873 removed
September 16 V971890 $999,000 $-239,000 -19%

Assessment: $1,025,000

Killarney Area! Only 22 years old with 3 level owner occupied house was featured 6 bedrooms, 4 full bathrooms, lot 40′ X 120′, 2880 Sq.Ft., solid hardwood flooring, high ceiling entrance, lots of skylights, fireplace, spacious living room & kitchen, existing mortgage helper, double garage and fencing all around!


#9 ) Address:4278 JOHN ST, Main, Vancouver East

May 12 V949635 $930,000 $0 0%
May 16 V949635 $870,000 $-60,000 -6%
June 06 V949635 $829,000 $-101,000 -11%
July 11 V949635 $799,000 $-131,000 -14%
August 11 V949635 $749,000 $-181,000 -19%

Assessment: $779,100

“Motivated Seller. All offers considered.”  Do you smell that?  Smells like desperation.  Another case of someone who would have sold it for much more if they weren’t so greedy back in May.

Motivated Seller. All offers considered.


#8 ) Address:2008 E 61ST AV, Fraserview, Vancouver East

April 02 V940604 $1,438,000 $0 0%
April 25 V940604 $1,398,000 $-40,000 -3%
May 25 V940604 $1,353,000 $-85,000 -6%
June 13 V940604 removed
June 28 V959102 $1,230,000 $-208,000 -14%
August 15 V959102 $1,199,000 $-239,000 -17%
Open House: Aug 19
September 11 V959102 removed
September 13 V970925 $1,150,000 $-288,000 -20%

Assessment: $1,056,000

“Seriously, come see – bring friends and tell others.”

Fraserview is the city’s newest waterfront neighbourhood. With larger lots came the larger homes, truly the perfect scene of treelined streets and lush grass. THIS HOME: Over 3000 sq ft of intelligently designed interior space, 4 lavish bedrooms upstairs. Master bath not spared – jacuzzi tub perfect for at home spa time! A rec room appropriate for a poker table, man cave or kids area, an enormous kitchen including a substantial eating area and desk space. Need to cool off? No sweat – the family room is equipped with a ductless A/C system. Otherwise, step out to your covered patio space and enjoy a glass of iced tea! Seriously, come see – bring friends and tell others.


#7 ) Address:3390 E 46TH AV, Killarney, Vancouver East

March 29 V939819 $1,250,000 $0 0%
April 09 V939819 $1,150,000 $-100,000 -8%
June 16 V939819 $1,030,000 $-220,000 -18%
July 30 V939819 removed
August 02 V964701 $899,000 $-351,000 -28%
Open House: Aug 05
Open House: Aug 12
August 16 V964701 $979,000 $-271,000 -22%

Assessment: $906,700

They couldn’t sell at $899K so they lowered the… wait a sec… they raised the price…

UPDATE: This home is now listed at $1.2 million!  If you are interested in this home I suggest you buy it RIGHT NOW!!!  Next week it could be $1.5 million.  Buy now or be priced out forever!!!!!!!

Meticulously kept by proud owner of 36 years. This sparkling home features gleaming Hardwood floors in the Livingroom with border inlay, wood burning fireplace and continued oak flooring in hallway and bedrooms. Cozy, open kitchen and 4 pc bathroom. Full basement with almost 8′ height can easily be suited. Situated in prime Killarney on a large, south exposed rear yard (46.5 x 122). Please allow minimum 24 hours notice.


#6 ) Address:7039 MAIN ST, South Vancouver, Vancouver East

June 21 V957696 $1,428,000 $0 0%
Open House: Jul 14
Open House: Jul 15
July 24 V957696 removed
July 26 V963792 $1,269,000 $-159,000 -11%
August 21 V963792 $1,100,000 $-328,000 -23%

Assessment: $1,116,000

Rarely available Triplex on 2 legal lots on Main and 54th, Van. 3 kitchens, 2 hot water tanks, 2 furnaces, 3 electric meters. Live in one of the suites and rent the 2 other units. Catchment area of Sexsmith Elementary School and Sir Winston Churchill Secondary School. All sizes and ages are approx only. The Buyer should not rely upon listing information without Buyer independently verifying the information.


#5 ) 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

Price changes all over the map but you can see now they are starting to get worried

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 LouCruz.ca


#4 ) Address:5904 TYNE ST, Killarney, Vancouver East

January 24 V927450 $1,460,000 $0 0%
March 02 V927450 $1,350,000 $-110,000 -8%
May 01 V927450 $1,190,000 $-270,000 -18%
August 01 V927450 removed
September 14 V971264 $1,098,000 $-362,000 -25%

Assessment: $1,177,000

7 bedrooms, 5 bathrooms custom built home in the most desirable Killarney location, walking distance to the mall, bus, and school. Functional layout. Jacuzzis and skylight. 4 bedrooms up, 1 bedroom on the main & 2 bedrooms suite in the basement with separate entrance. Excellent mortgage helper. Ideal for yourself to live in or rental investment.


#3 ) Address:2396 E 45TH AV, Killarney, Vancouver East

October 13 V915437 $1,168,000 $0 0%
March 16 V915437 $1,198,000 $0 0%
May 31 V915437 $899,800 $-298,200 -25%

Assessment: $755,400
Last Sale: $801,800 on 08/May/2011
Total Profit IF sold for list price: 49,830 transaction costs and 98,000 profit on sale = Profit of 48,170

“Priced to sell! Please act quick!”  Please act quick, we grossly overpaid for this lot a year ago, tried to flip it for a $300K profit and suddenly have realized that we’ll be forced to cut a cheque for the realtor fees out of our pockets

Prime location in Killarney, solid 2 levels house. Two bedrooms main flr and potential 1/2 bedromm suite in the high basment. Priced to sell! Please act quick!


#2 ) Address:1283 E 63RD AV, South Vancouver, Vancouver East

August 06 V965442 $979,000 $0 0%
August 11 V965442 $1,250,000 $0 0%
August 16 V965442 $1,025,000 $-225,000 -18%
September 12 V965442 $929,000 $-321,000 -26%

Assessment: $794,700

Just look at the comedic price history on this one!  Some people just deserve to lose money

The house is stripped and built again except the foundation. New walls, windows, floors, kitchens, bathrooms, plumbing, electrical, garage, solid house, well maintained by the owners. Up & down occupied by the sellers. Won’t last, call soon. Very central location, near schools, transport & Airport, double glazed windows. Hardwood floors, sellers motivated.


#1 ) 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

And the winner is the magnificent blue 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!

9 responses to “Vancouver East Spotlight – September 26, 2012

  1. Diane September 26, 2012 at 6:32 pm

    I really don’t get the strategy of RAISING the price when the house fails to sell. If no one made an offer at the lower price, why would people suddenly make one at a higher price?

    • Ray September 26, 2012 at 10:50 pm

      In almost all cases they lower the price within a few days. The logical explanation is that you can then say “it’s just dropped $100k!”. Or maybe there’s a field in the locked down MLS system that shows the last “price drop amount”. So someone who doesn’t investigate further back thinks it’s now a deal. Sounds like a very obvious strategy to me.

    • an observer September 26, 2012 at 11:19 pm

      It is so incredibly frequent it is amazing… I used to do the “Weekly Flip Flop” of people who raised their prices after not selling but there are literally close to a thousand listings that have raised their price at some point!

  2. Alexcanuck September 26, 2012 at 6:38 pm

    Re #2 (and many others…)
    “Won’t last” could easily refer to shoddy construction or renovations.

    Love your site, especially the ones you can find recent transactions for.

  3. Makaya September 26, 2012 at 6:45 pm

    The winner raised the price! What an idiot…

    • overthepond September 26, 2012 at 7:39 pm

      In fairness you haven’t seen the snazzy new tarp they’ve just invested in! I would definitely pay an extra $20k for a Joseph and his Technicolor style wrapping!

  4. Confident Lee September 28, 2012 at 7:18 pm

    Serious Lee is my asian friend.

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