Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – October 1, 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.

Some highlights for this week:

  • 46 listings dropped to a cumulative total of 20%+ this week (beating the previous record of 45), 22 hit 25% (smashing the previous record of 14) and 9 hit 30% this week (tying the record)
  • For the first time ever there are homes that have dropped 25% cumulative this week and yet still did not make the top 20!
  • West Vancouver back in front with 4 in the top 20 followed by Vancouver West and Langley with 3 each and Kent with 2
  • 9  of  18 listings with assessments are listed below assessment

#20 ) Address:1490 LUPIN ST, Pemberton, Whistler Pemberton

March 09 V927019 $399,000 $0 0%
April 12 V927019 $379,000 $-20,000 -5%
April 18 V927019 removed
June 28 V959044 $359,900 $-39,100 -10%
September 11 V959044 removed
September 29 V974211 $299,900 $-99,100 -25%

Assessment: $448,000

Currently listed at over 30% BELOW assessment.  “Bargain Hunters delight!!”  “This is a handyman special”   “Sold as is.. Where is.”  That’s three different ways to say that this house is a bulldozer special

Bargain Hunters delight!! This is a handyman special, so bring all of your offers on this 4 bedroom home in the Glen in sunny Pemberton. This is a nice floor plan with some vaulted ceilings, master bedroom with ensuite and a 1 bedroombasement suite. Nice Mount Currie views and a close to the Village. Bring your offers! Sold as is.. Where is.

#19 ) Address:# 69 14550 MORRIS VALLEY RD, Lake Erock, Mission

February 18 F1203321 $109,000 $0 0%
March 14 F1203321 $99,000 $-10,000 -9%
July 11 F1203321 $89,000 $-20,000 -18%
August 28 F1203321 $85,000 $-24,000 -22%
September 26 F1203321 $81,900 $-27,100 -25%

Assessment: $111,000

2 sales last year for an average of 4% ABOVE assessment and this listing is currently 27% BELOW assessment!

Fully serviced, READY TO BUILD, on this 6800+ sqft lot in River Reach Estates. Located next to the very popular Sandpiper Golf Resort and the majestic Harrison River, just 20 minutes to Hemlock Valley Ski Resort. Enjoy year round recreation that surrounds this beautiful area with Golfing, Skiing, Boating, Fishing, Bird watching and much much more. Build your dream home now or hold onto this piece of paradise for your future Recreation or Retirement Plans. CALL NOW you won’t be disappointed.

#18 ) Address:# 2900 1280 RICHARDS ST, Yaletown, Vancouver West

March 09 V935549 $2,648,800 $0 0%
April 03 V935549 $2,548,800 $-100,000 -4%
April 14 V935549 $2,395,000 $-253,800 -10%
July 26 V935549 removed
August 09 V965537 $2,380,000 $-268,800 -10%
Open House: Aug 10, 11, 12, 17, 24, 26
September 25 V965537 $1,980,000 $-668,800 -25%
Open House: Sep 28, 29

Assessment: $2,462,000

7 sales in this apartment for an average of 1% BELOW assessment.  This unit is currently almost 20% BELOW assessment!  I doubt the owner could have imagined listing this for under $2 million just 6 months ago.

This is the entire 29th floor Of the Grace Residence. With 360 degree city, ocean and mountain views, this beautiful 1 bedroom and den 3 bath home comes with 3 parking and a locker. Has 200 yr old reclaimed pine floors from Quebec. A hand carved limestone gas fireplace that fills the room with warmth. Air conditioning to keep you cool on those hot summer days. Bright & spacious living and dinning area, 48 inch Sub Zero fridge, doublewall ovens and a 5-burner gas cooktop makes this home perfect for entertaining. Amenities include an indoor-outdoor lap pool, a hot tub and sauna a play ground and gym facility. With biometric security systems (thumb print fobs) and a concierge this is a one of a kind wonderful home.

#17 ) Address:16535 TIMBERLINE RD, Pender Harbour, Sunshine Coast

June 01 V953784 $230,000 $0 0%
June 30 V953784 $210,000 $-20,000 -9%
August 10 V953784 $200,000 $-30,000 -13%
August 30 V953784 $180,000 $-50,000 -22%
September 27 V953784 $170,000 $-60,000 -26%

Assessment: $169,400

This one bedroom one bath property offers a peaceful get away from the big city. It is minutes from the Earls Cove ferry, and the treed lot provides all the privacy you could ever want. A view corridor could be opened up to the ocean as the property is bordered on one side by an undeveloped road allowance. Perfect for the couple or family who want a rural retreat without the big price tag.

#16 ) Address:25978 60TH AV, County Line Glen Valley, Langley

May 29 F1213898 $1,988,000 $0 0%
July 24 F1213898 $1,700,000 $-288,000 -14%
October 01 F1213898 $1,455,000 $-533,000 -27%

Assessment: Building Unfinished

Half a million and counting knocked off this new build

STEP THROUGH 81/2ft DOUBLE MOHOGANY DOORS INTO LATEST ISSUE OF VERANDA MAGAZINE WHERE OLD WORLD CHARM MEETS MODERN SOPHISTICATION AND ELEGANCE.Two storey 4120sq.ft. on main plus entertainment floor above with 12′ ceilings throughout and stunning beautiful open floor plan.High end kitchen with furniture style recessed doors, 6 burner gas range, thermador fridge,builtin Fisher Paykel double drawer fridge/freezer and double drawer d/w,Blanco deep sinks, Carrera marble counters, entertainment size island and pantry.Huge master with private patio,dream ensuite with Kohler 6 head glass shower,dual vanity,Bain Ultra Tekura spa tub and more.Doors are 8′ and solid wood,floors are 18×24 tumbled Egyptian limestone with pebbled inlay border and carpets are wool. LUXURY On 4.2 USABLE ACRES WITH TWO ROAD FRONTAGES. READY FOR YOUR DREAM LIFESTYLE.

#15 ) Address:# 212 5375 205TH ST, Langley City, Langley

June 14 F1114953 $219,900 $0 0%
November 04 F1114953 $209,900 $-10,000 -5%
February 10 F1114953 $204,900 $-15,000 -7%
March 30 F1114953 $199,900 $-20,000 -9%
April 20 F1114953 $189,900 $-30,000 -14%
May 23 F1114953 $184,900 $-35,000 -16%
August 01 F1114953 removed
August 21 F1221159 $176,900 $-43,000 -20%
September 27 F1221159 $159,900 $-60,000 -27%
Open House: Oct 07

Assessment: $210,000

Currently listed at 24% BELOW assessment.  Their “PRICED FOR QUICK SALE” dropped another 10% but they didn’t bother to update the description.  Now this is where things get really odd – they indicate it was sold in March for $205K…    It was listed in March for $205K but it continued to list under the same MLS number until August which I don’t think is possible if it actually sold.  If anyone can dig into this further I’d be interested to know the details.  Sounds mighty fishy.

PRICED FOR QUICK SALE $176,900 Last sale $205,000 March 2012. Tax assessment $210,000. Vacant. Sought after Glenmont Park 55+ solid complex, beautifully maintained overlooking quiet COURTYARD. Shows wonderful with neutral decor, crown mouldings, custom drapes, laminate floors, new carpet and new lino throughout. Open floor plan with lots of natural light. Walk to Seniors Center, shopping, banking, bus and coffee shopsd. New roof, so no worries here! RV parking on site, guest suite, workshop, storage room on same floor + exercise room. Maint fees include gas fireplace, gas, hotwater plus hydro. 55+ complex. * PREC – Personal Real Estate Corporation

#14 ) Address:1388 21ST ST, Ambleside, West Vancouver

April 25 V945353 $2,480,000 $0 0%
Open House: May 20, 27
Open House: Jun 09, 10
June 12 V945353 $2,090,000 $-390,000 -16%
Open House: Jun 17, 24
Open House: Jul 01, 08, 15
July 11 V945353 removed
July 14 V961936 $2,090,000 $-390,000 -16%
Open House: Jul 22, 29
July 31 V961936 $1,990,000 $-490,000 -20%
Open House: Aug 05, 19
Open House: Sep 09, 16
September 12 V961936 removed
September 15 V971460 $1,990,000 $-490,000 -20%
Open House: Sep 23
September 24 V971460 removed
September 30 V974315 $1,799,000 $-681,000 -27%
Open House: Sep 30

Assessment: $1,602,000

Absolutely amazing fully & newly renovated family home w/spectacular unobstructed ocean views from Vancouver’s Inner Harbour to UBC & Vancouver Island, centrally located “walking” distance to schools, shopping & West Van Rec Center! Thisamazing home has been exquisitely renovated top to bottom. The main floor features living room & family room, each w/fireplace & overlooking the stunning view, Gourmet kitchen with new cabinets, s/s appliances & counter tops, and formal dining room & den. The top floor features a huge master bedroom with vaulted ceilings, en-suite & dressing area, plus 3 additional bedrooms, while the lower level floor features a large rec room, 2 bedrooms and spa area with dry & steam sauna, plus hot tub.

#13 ) Address:7612 ARVIN CT, Simon Fraser Univ., Burnaby

April 30 V946544 $1,798,000 $0 0%
May 19 V946544 $1,599,000 $-199,000 -11%
Open House: May 26
August 15 V946544 $1,498,000 $-300,000 -17%
September 27 V946544 $1,298,000 $-500,000 -28%
Open House: Sep 29

Assessment: $1,329,000

Stunning Simon Fraser University Residence. Panoramic city & mountain views. Enjoy hot tub, patios and fireplace of this 5 bedroom, 5 bathroom character home in this highly desirable location. It’s custom built with quality throughout, nice open floor with marble floor entry. Basement is easy to have a mortgage helper. Very well kept. Move in condition. Close to schools and bus station. Open house Saturday September 29th, 2-4pm.

#12 ) Address:3529 MATHERS AV, Westmount, West Vancouver

March 09 V924752 $4,188,888 $0 0%
April 12 V924752 removed
April 21 V944692 $3,980,000 $-208,888 -5%
May 26 V944692 $3,688,000 $-500,888 -12%
June 29 V944692 $3,288,000 $-900,888 -22%
September 25 V944692 $2,998,000 $-1,190,888 -28%

Assessment: $3,412,000

Nice home in West Van listed for almost half a million below assessment…

A Sensational, almost new 5500 SQ FT, 5 bedroom, 8 bathroom home in sought after West Bay with good City and Ocean Views. Walk to Erwin Park Elementary School & the Beach. This luxury home features a large gourmet kitchen, large family room and elegant living and dining areas. The upper level features four bedroom suites including a lavish Master Suite with private patio overlooking the ocean. Enjoy a fully finished lower level with Games Room, Wine Room and Gym plus bedroom for nanny. Other features of this finely detailed home include beautiful hardwood floors, state-of-the art security system, hot tub, exercise room, wine cellar, triple garage, heated driveway. Best value in the Westmount/West Bay area…

#11 ) Address:3390 THE CRESCENT, Shaughnessy, Vancouver West

October 27 V917626 $31,900,000 $0 0%
September 25 V917626 removed
September 27 V973696 $22,800,000 $-9,100,000 -29%

Assessment: $15,788,000

$9 million dollar price drop yet still $7 million over assessment!  Only in Vancouver!  A poster indicated that this home was purchased in 2004 for $6 million, relisted in 2010 for $17.9 million then did not sell and was then relisted for almost $32 million…  But the master suite has 3 dressing rooms which probably comes in handy.

Location! Location!! Location!!! In the heart of the 1st Shaughnessy! Rare find 10,516 sf Mansion sets on over One acre in the city’s most exclusive enclave of ‘The Crescent’. The finest and the most prestigious area. Beautiful huge front yard like a private park. Totally rewired with new pipes. The main floor has a grand entry w/a sweeping staircase to second floor. Wok Kitchen, massive living room, & dining room all overlook the garden & pool area. The paneled den, family room & breakfast room open to the large deck which access the garden & pool. The master suite has three dressing rooms, a fireplace. A large recreation room in basement. 5 car garages, a greenhouse & a outdoor pool w/large cab and more.

#10 ) Address:4490 BLENHEIM ST, MacKenzie Heights, Vancouver West

March 09 V924620 $2,380,000 $0 0%
May 14 V924620 removed
June 14 V956324 $1,998,000 $-382,000 -16%
Open House: Jun 16
August 03 V956324 $1,838,000 $-542,000 -23%
September 24 V956324 removed
September 26 V973380 $1,698,000 $-682,000 -29%

Assessment: $1,716,000
Last Sale: $1,920,000 on 30/May/2011

Total Loss IF sold for list price: 94,544 transaction costs and 222,000 loss on sale = LOSS of 316,544

They tried to flip it for a $350K profit but instead are looking at a > $300K loss.  Ridiculous greed being punished is the kind of stuff that puts a smile on my face and I’m loving the CAPS!

BEAUTIFUL BIG LOT AT CORNER of W 29TH AVE & Blenheim in PRESTIGEOUS MacKenzie Heights area! Lot SIZE 56.10X122, UPDATED home with newer kitchen & S/S appliances, newer flooring & bathrooms, newer double-glazed windows, functional layout with 4 generous sized bdrm up, elegant living & dining rm, 2 bdrm suite in bsmt is great for mortgage helper. CLOSE TO ST. GEORGE’S & CROFTON HOUSE PRIVATE SCHOOLS, PW HIGH SCHOOL, UBC, shopping & transit. To hold or build a 4790 sf new home, MUST SEE!

#9 ) Address:1402 HIGHLANDS BV, Harrison Mills, Kent

No Picture

March 09 H1200111 $285,000 $0 0%
March 31 H1200111 removed
September 26 H1203938 $199,900 $-85,100 -30%

Assessment: $86,800

Picture yourself in the beautiful surroundings of Harrison Highlands, an area of exclusive living with views to match. Close by is the renowned Sandpiper Golf Resort, Hemlock Valley Ski Resort and the pristine environment of Harrison Lake.

#8 ) Address:15438 ROYAL AV, White Rock, White Rock

March 30 F1207945 $2,000,000 $0 0%
May 01 F1207945 $1,850,000 $-150,000 -8%
May 05 F1207945 $1,580,000 $-420,000 -21%
July 19 F1207945 removed
July 21 F1218905 $1,480,000 $-520,000 -26%
September 25 F1218905 $1,398,000 $-602,000 -30%

Assessment: $983,000

Initially listed at over double assessment…  Down 30% and I wouldn’t be surprised if we see this one at a 50%+ drop

UPDATE: We have reports that this did sell for $1.2 million, a full 40% below initial ask but still over 20% above assessment

Beautiful ocean view property on very desirable street in sunny White Rock. Located on the south side of Royal, this large 5,850SF lot has sweeping unobstructed ocean, mtn & island views & neighbours multimillion dollar homes. Spacious &bright kitchen, SS appliances, new Thermador oven, new plumbing & light fixtures, hdwd flooring, 2 gas f/p & private fenced yard. French doors open from kitchen to lrg sundeck, great for entertaining friends & family. Fully finished w/o bsmt w/lrg partially covered sundeck. Access to Dbl garage from lane driveway. Ample parking, front & back. Flat, quiet street. Walk to beach, restaurants, shops, library, schools & transit. Live in now, renovate/build later! 5 min to US Border, 42km to YVR.

#7 ) Address:3033 LOUGHEED HY, Agassiz, Kent

No Picture

March 30 H1201249 $695,000 $0 0%
September 25 H1201249 $469,900 $-225,100 -32%

Assessment: $401,000

Fraser River views! Awesome privacy with this gated 12.13 acre estate, nestled privately amidst towering cedars! Sit out on your south west facing deck and soak in the sun, the Fraser and valley views! 2400 sq. ft. custom 4 bedroom home. Great room concept with floor to ceiling windows to capitalize on the spectacular views. Only minutes to great golf (and dining) at Sandpiper Golf Course, fishing, hiking, parasailing, boating and skiing at Hemlock Valley. This is an ideal private retreat! Call today for details. * PREC – Personal Real Estate Corporation

#6 ) Address:5540 PARTHENON PL, Eagle Harbour, West Vancouver

March 09 V930920 $2,998,000 $0 0%
April 04 V930920 $2,750,000 $-248,000 -8%
May 02 V930920 $2,498,000 $-500,000 -17%
May 25 V930920 removed
May 28 V952953 $2,349,000 $-649,000 -22%
Open House: Jun 16
July 27 V952953 removed
July 29 V964285 $2,000,000 $-998,000 -33%
Open House: Aug 05, 11, 19, 26
Open House: Sep 01, 08, 16, 23, 30
September 26 V964285 removed
September 28 V974014 $2,000,000 $-998,000 -33%

Assessment: $1,836,000

“Become an exclusive member of ‘P.P.O.A.'”  Does that stand for Please Purchase Over Assessment?  Don’t think anyone will be joining that club, sorry

Enjoy stunning views from this semi-waterfront 4 bedroom family home! This West Coast contemporary home features over 4,000 sq ft of spacious living area on 3 levels, walls of windows and balconies across each floor. Become an exclusive member of ‘P.P.O.A.’ and be a ‘participant owner’ of approximately 1/2 hectare of incredible waterfront property, in addition to this property. This is the only lot of the 15-lot subdivision that touches the private waterfront retreat. Access the property by a private roadway shared with only one neighbour. A great location close to many amenities, the Horseshoe Bay ferries and minutes to Eagle Harbour Elementary and Rockridge Secondary!

#5 ) Address:21353 40TH AV, Brookswood, Langley

March 30 F1207888 $2,250,000 $0 0%
June 13 F1207888 $1,988,800 $-261,200 -12%
June 29 F1207888 $1,788,000 $-462,000 -21%
September 24 F1207888 removed
September 25 F1223832 $1,500,000 $-750,000 -33%

Assessment: $975,000

Apparently the owners put $1.2 million into this in renovations including a $900K on an indoor pool complex and is now “Priced 1 million below sellers cost”.  Ouch.

UPDATE: This place sold for $1.3 million… just over the price of their renovation not including the original structure and 1.3 acres of land and over 40% below original asking price…

THE BUY OF A LIFETIME! SPECTACULAR Resort Style Oasis on totally private, gated & fenced 1.28 acres on one of Langley’s finest streets. Approx $300,000 spent in last 2 yrs in renovations & landscaping plus $900,000 on a new Whistler Resort Style 60 x 40 indoor pool complex with Nano wall windows, 40 x 15 swim jet freshwater pool, sauna, hot tub, change rms & bath rm. Expansive patios, beautiful manicured lawns & gardens, feature pond with waterfall. Heated 42×21 RV garage/workshop with 10’6 door. Tudor style castle 2 level. Formal living & dining rms, gourmet custom maple kitchen with large granite island & high end appliances. LUXURIOUS master suite with sitting area, walk-in closet, balcony & magnificent ensuite with oversize shower, jetted tub and double sinks. Family, games & rec rms & a nanny suite over the garage with a private entrance. Priced 1 million below sellers cost – You will not find a better value. Call now. * PREC – Personal Real Estate Corporation

#4 ) Address:1049 MILLSTREAM RD, British Properties, West Vancouver

March 09 V931437 $2,980,000 $0 0%
March 16 V931437 removed
March 19 V937982 $2,680,000 $-300,000 -10%
Open House: May 19, 27
Open House: Jul 07, 15
August 02 V937982 removed
August 04 V965166 $2,480,000 $-500,000 -17%
September 11 V965166 removed
September 27 V973552 $1,888,000 $-1,092,000 -37%
Open House: Sep 29, 30

Assessment: $2,209,000

Sold Feb 3, 2011 for $1,575,000

Total Profit IF sold for list price: 92,964 transaction costs and 313,000 profit on sale = hoping for PROFIT of $220,036

This one is listed over $300K below assessment but also over $300K above what they paid for it a year ago.   Lots of spelling and grammar mistakes in the description… I’m thinking I’ll be seeing you again soon

BC assessment $2,200,000! View,view, view! This unbelievable value plus view home locates in the quiet and private British Property area. Breathtaking city, ocean & mountain views from almost every room. Sunny bright south facing. Tastefully renovated with deisgner’s colors, granite tiles throughout living, dining, family room & foyer. S/S appliances, granite counter tops, 2 gas fireplaces, 3 laundry rooms. High quality fininshing in a setting of total tranquility on 0.47 acres (20365sqft). Private yard onto the greenbelt. 4 bedrooms up plus a 2 bedroom & den self contained suite on ground level. You can’t miss out this one! Great public and private school catchment. First Open Sat/Sun Sept 29 & 30 2-5pm.

#3 ) Address:# BLK A PARADISE VALLEY RD, Squamish, Squamish

March 09 V880170 $119,000 $0 0%
May 09 V880170 $109,000 $-10,000 -8%
June 08 V880170 $95,000 $-24,000 -20%
September 01 V880170 $87,000 $-32,000 -27%
September 28 V880170 $75,000 $-44,000 -37%

Assessment: No Assessment

Lease land lot – can’t be a desirable thing.  “Vendor willing to help clear building site and build on property. Vendor motivated to sell!”,  I bet you are!

2.99 Acres of beautiful forested land along the Cheakamus River. Build your dream home and live full time or use as get away. Access is by foot or ATV over footbridge. Power at lot line . Vancouover 1 hr. south, Whistler 45 min. north. Renewable Crown Land lease. Vendor willing to help clear building site and build on property. Vendor motivated to sell!

#2 ) 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%
September 25 V945639 $734,900 $-476,000 -39%

Assessment: $841,800

2.29 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”

#1 ) Address:14120 TRITES RD, Panorama Ridge, Surrey

March 09 F1203674 $1,980,000 $0 0%
March 22 F1203674 removed
March 23 F1207274 $1,189,900 $-790,100 -40%
June 23 F1207274 $1,139,000 $-841,000 -42%
August 02 F1207274 removed
August 04 F1220063 $1,089,000 $-891,000 -45%
September 27 F1220063 $1,039,000 $-941,000 -48%

Assessment: $1,017,000

Almost a 50% drop and #1 yet again but still above assessment if you can believe it!

PANORAMA RIDGE – Private Estate – 5191 sqft, 1.41 ACRE 2 storey w/basement. Great STREET APPEAL. Situated on a very private treed road. Spacious floor plan with 20′ vaulted ceilings in both family & living room (features grand stone fireplace), hardwood & tile flooring throughout main. Large ‘gourmet’ kitchen + additional spice kitchen & large W/I pantry. Up – Large master with private patio, full ensuite & soaker tub, an additional 4 oversized bedrooms are also located upstairs. Down – Is currently partially finished, potential for optional media/recreation and/or gym. Back – Features a very private view of the valley + densly treed location. Call now to arrange a viewing. * PREC – Personal Real Estate Corporation



20 responses to “The Weekly Drop – October 1, 2012

  1. Diane October 1, 2012 at 10:50 pm

    Maybe the last sale in March 2012 was one that fell through?

    • an observer October 1, 2012 at 11:17 pm

      Yeah, you are probably right but in that case they shouldn’t be calling it a sale!

    • Rabbit October 2, 2012 at 6:58 am

      Hi, #15 might be typo of sold in March‐2011 instead?
      By the way, #2 seem seller reduce price monthly, like around 21~25 day,
      almost same decrement.
      Looking forward to seeing new price around Oct‐23, say $711,900?

  2. bailinginbc October 2, 2012 at 7:50 am

    I fail to see why March for $205k is a selling feature. It either tells buyers that the seller has had a personal situation that means they can low ball the hell out of them, or other wise that the owner quickly found out that the place is a dog and is willing to take a massive haircut to get out of it. Most likely it is realturd lies. If you’re going to lie you should at least make sure it is to your advantage.

  3. davers October 2, 2012 at 8:40 am


    No Picture

    “Picture yourself in the beautiful surroundings of Harrison Highlands, an area of exclusive living with views to match. ”

    Kind of tough to picture yourself there when the realtor was too lazy to post a picture of said view. If it was that nice you would think they would want to show you. And what the hell does “an area of exclusive living with views to match” mean? Meaning the area is exclusive and the views are equally as exclusive?


  4. RFM October 2, 2012 at 9:42 am

    Regarding #18 at ‘The Grace’. I am a veteran ‘sidewalk superintendent’ and watched them build this building. The developer is a bit of an oddball and has a reputation for being difficult to deal with. The exterior is very elaborate stone facade over metal framing. The stone was attached in a manner that suggests to me future problems with water intrusion. There are large canopy ‘mouldings’ on the exterior that would normally have been concrete, but in this case were painted galvanized steel fitted together. Another future maintenance nightmare. The location, at the corner of Drake and Richards is, at best, a ‘C’ location. The same developer was supposed to develop ‘Thalia’ at 889 Cambie Street, a ‘look alike’ building to The Grace, but the promotional materials say sales were to commence in September 2011, which did not happen. You can Google James Schouw development and his ‘Habitable Art Collection’ for more information.

  5. boomerang October 2, 2012 at 11:15 am

    Love your new red comments – they are much easier to read.
    Are the assessment values from 2011 or 2012?

  6. Pingback: REAL ESTATE :Vancouver Price Drop Oct. 2012 ( Part 1 ) |

  7. ernie October 2, 2012 at 4:06 pm

    #11 WOW! 2x BC assessed value! 5x purchase price in half-a-decade! The Mandarins are holding court! lol

    • overthepond October 2, 2012 at 7:19 pm

      A ridiculous house, and a ridiculous price. Thought comparing it to the ridiculously overprices normal houses, that it wasn’t really that bad seeing as it’s a house for the super elite. Then I thought, perhaps if I was well off enough to never worry about a bill payment I’d buy the Schinasi Mansion in Manhattan, and then use the remaining $7 million from not buying the Vancouver mansion on something more worthwhile. When you look at the two in comparison is really doesn’t spell good times for Vancouver in the short term future.

  8. Ray October 3, 2012 at 12:54 am

    #6, brilliant. 9 open houses at $2 million then removed and relisted at $2 million again. Hope that works for them. PPOA acronym was awesome, thanks. Great work, thanks so much for the weekly hysterical laughter I get.

  9. yvr October 3, 2012 at 8:19 am

    #6 actually started out at 3.3M with a vancouver island realtor. The early asking prices were insane and have given the seller an unrealistic expectation of what to get for it. The house is in pretty rough shape when viewed in person. Major reno needed and very difficult vendor to deal with. We walked and ended up buying elsewhere. Love the blog btw.

  10. market stats October 3, 2012 at 11:27 pm

    Thank you, this is great site the data is amusing and invaluable. In reality it should be easily accessible.

  11. micker07 October 5, 2012 at 6:56 pm

    So…..Oct. 5th and no new updates?

  12. Jag October 8, 2012 at 7:51 am


    Does anyone know why the price drop data at was removed? It had a daily summary of price drops and you could see other data like new listing it was a VERY useful site. It went offline about a week ago. If it was moved to another then can you please post the new web address?


  13. Pingback: The Weekly Drop – October 15, 2012 « Vancouver Price Drop

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