Vancouver Price Drop

Documenting Vancouver real estate price movements

Vancouver West Spotlight – October 1, 2012

It’s been a month so once again here are the top 10 properties currently listed in Vancouver West 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.  I’ll try to wrap up the remaining spotlights tonight along with the weekly drop

Some Highlights

  • It takes a 23% drop to make this top 10.  The previous 4 months were 23%, 22%, 20% and 20%
  • 3 of 8 listings are now below assessment
  • #3 is currently listed at a price that would result in a $300K loss from what they purchased it for last year

#10 ) Address:# 601 1111 HARO ST, West End, Vancouver West

February 23 V933456 $650,000 $0 0%
March 16 V933456 $620,000 $-30,000 -5%
April 26 V933456 $599,000 $-51,000 -8%
June 09 V933456 $590,000 $-60,000 -9%
June 16 V933456 $570,000 $-80,000 -12%
July 19 V933456 $525,000 $-125,000 -19%
July 26 V933456 $499,000 $-151,000 -23%

Assessment: $545,000

1 unit sold in this apartment last year for 2% ABOVE assessment and this unit is currently listed for 8% BELOW assessment

Perfect location in the west end, 1 block from Robson St., just steps from unlimited amenities: shopping, restaurants, theater, transportation. 1,050 sq.ft. of living space with large rooms, separate bedrooms, floor to ceiling windows, cozy gas fireplace. Well run building with pro-active strata council features gym, media room social room, secure underground parking. Now priced right & ready for your creative updates!

#9 ) Address:2575 W 7TH AV, Kitsilano, Vancouver West

March 09 V933326 $1,790,000 $0 0%
May 01 V933326 removed
May 04 V947401 $1,689,000 $-101,000 -6%
Open House: May 19
Open House: May 20
Open House: May 26
Open House: Jun 03
Open House: Jun 10
Open House: Jun 17
Open House: Jun 24
Open House: Jul 07
Open House: Jul 14
July 16 V947401 removed
August 04 V965253 $1,398,000 $-392,000 -22%
Open House: Aug 04
Open House: Aug 05
Open House: Aug 07
Open House: Aug 11
Open House: Aug 12
Open House: Aug 14
Open House: Aug 18
Open House: Aug 19
Open House: Aug 25
Open House: Aug 26
Open House: Sep 02
Open House: Sep 08
September 05 V965253 removed
September 09 V969843 $1,373,000 $-417,000 -23%
Open House: Sep 11
Open House: Sep 15
Open House: Sep 16
Open House: Sep 18
Open House: Sep 22
Open House: Sep 23
Open House: Sep 25
Open House: Sep 29
Open House: Sep 30

Assessment: Unfinished

The realtor / owner of this unit, Philip Chan, was on the news lying about the extent of the price drop and current price, saying things like “how much could it drop?”, indicating it can’t drop more than 10 or 12% and best of all “Nobody can predict the future, so if you see that the market is healthy enough and you can afford to do it, do it. You can either sit by the ballpark and you watch the game or you can go down and play the game. You might get hurt or you might win.”.  Yeah, he said that.  See more of the hilarity that is Philip Chan on this site:

Brand new front unit in this beautiful triplex in Kitsilano with an exclusive south facing front yard, perfect for summer BBQs. Features an open floor plan with 1,721 SqFt living area, 3 bedrooms upstairs, 2.5 bathrooms, and 1 underground parking with a unique turntable parking feature! This home features quality luxury finishes, excellent craftsmanship & woodwork throughout, high coffered ceiling, Wainscot panelling, and rich hardwood wide plank flooring. Gourmet kitchen features granite slab countertops and stainless steel Viking appliances. Convenient location, close to restaurants, shopping, schools, and beaches. Strata Plan shows 1,628 SqFt. Under 2-5-10 Warranty.

#8 ) 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

#7 ) 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
Open House: Aug 11
Open House: Aug 12
Open House: Aug 17
Open House: Aug 24
Open House: Aug 26
September 25 V965537 $1,980,000 $-668,800 -25%
Open House: Sep 28
Open House: Sep 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.

#6 ) Address:4255 HIGHBURY ST, Dunbar, Vancouver West

March 09 V931539 $3,888,888 $0 0%
March 23 V931539 removed
March 26 V939234 $3,388,000 $-500,888 -13%
May 16 V939234 $2,988,000 $-900,888 -23%
September 07 V939234 removed
September 09 V970357 $2,888,000 $-1,000,888 -26%
Open House: Sep 15

Assessment: $2,437,000

Down 26% and a million dollars yet still almost half a million over assessment… keep on going

Sold for $2.338M in December, 2012

Lovely West side family home on a quiet street in sought after Dunbar neighborhood. Close to Crofton & St George’s private schools. Pt Grey High School & UBC. Walking distance to Elementary school, shopping, transit, parks & easy access to public & private golf courses, recreation, equestrian facilities, Pacific Spirit Park. Home is situated on a large corner lot with lane access which zoning allows for a coach house. Great floor plan with functional & spacious living, dining, eating, family room. 5 good sized bedrooms, 4 washrooms including massive ensuite washroom, plus bonus rooftop deck. Call now for your private showing. OPEN HOUSE 2-4 PM SAT SEPTEMBER 15

#5 ) Address:3403 W 41ST AV, Dunbar, Vancouver West

February 03 V929605 $3,688,000 $0 0%
June 23 V929605 $3,399,000 $-289,000 -8%
July 18 V929605 $3,350,000 $-338,000 -9%
August 23 V929605 removed
August 25 V967928 $2,688,000 $-1,000,000 -27%
Open House: Sep 07

Assessment: $2,469,000

Well appointed custom European design home approx 6000 SF. Double lot 66×169′ south facing in prime Dunbar area! This is not a cookie cutter home. European builder using very best European meter & throughout. A newly renovated chef’s dream kitchen w/granite countertops, commercial grade stainless steel appliances, solid hickory wood cabinets & pantry plus too much to mention. Total 12 bedrooms including a legal suite & loft. 8 bathrooms, 3 car garage with 5 uncovered parking spaces. Lifetime warranty on metal roof! Beautiful solid granite water fountain welcomes you to this very special property & classic home! Public open Sun Sept 9, 2-4pm or call for your very private viewing. Thank you!

#4 ) 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!

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.

#3 ) 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!

#2 ) Address:# 310 1455 ROBSON ST, West End, Vancouver West

May 28 V952859 $402,000 $0 0%
June 22 V952859 removed
July 18 V962408 $257,000 $-145,000 -36%

Assessment: $248,900

2 sales in this property last year averaging assessment value and this unit is still listed for 3% ABOVE assessment after a 36% drop!  440 sqft and 28 years old… at least they lowered their price from the initial $900+/sqft!!!!  “Plumbed for insuite laundry”, guess they are getting a little desperate for positive things to say about the place.

West end freehold studio suite in concrete low-rise. On transit route & just steps from Stanley Park & all that Robson & Denman have to offer. Plumbed for insuite laundry. Low management fee. Pets & rentals OK.

#1 ) Address:# 1602 1835 MORTON AV, West End, Vancouver West

March 09 V921674 $1,388,000 $0 0%
March 26 V921674 removed
April 04 V941051 $1,388,000 $0 0%
June 06 V941051 $1,750,000 $0 0%
August 22 V941051 removed
September 09 V970117 $1,100,000 $-650,000 -37%

Assessment: No assessment

Just bizarre pricing on this unit

Sophisticated buyers looking for a trophy Waterfront location overlooking English Bay need look no further. Ocean Towers is a landmark Century Modern oceanfront bldg. Masterfully transformed 2 BR 2 bath home now presents as a grand 1 BR w/sep/office/flex space. Jaw-dropping view out over the sandy Beach, the Bay to Point Grey & Gulf Islands beyond. W Hotel style master ensuite off the king-size BR. Luxe 3 pce guest bath. High end open plan kitchen w/yards of quartz & marble counters & gleaming SS appls. Made for entertaining. Custom millwork thru out. Smart home lighting, solar shades, H/W floors new dble glazed Windows. Steps to beach Seawall, cafes shops & Stanley Park. For those who can afford the best, call for private apt.


11 responses to “Vancouver West Spotlight – October 1, 2012

  1. prairieperson October 1, 2012 at 4:18 pm

    I must be missing something. No 7 has one bedroom and 3 bathrooms. Is that right? Why would a place with one bedroom need 3 bathrooms? Built for one person, maybe two. Unless that bedroom and bed are big and it’s all about kinky. Is there a competition among the well to do over how many bathrooms you have? With some of these “high end” apts and houses, I get the sense that fantasy has run away from common sense. Can’t drum up much sympathy, none at all, actually, for the price drops. Let them continue.

  2. prairieperson October 1, 2012 at 4:22 pm

    I get it. His bathroom, her bathroom, visitor’s bathroom. Of course, what was I thinking. This is why a peasant cannot possibly understand the needs of the upper class. Can you imagine how dreadful that would be to have a bathroom that someone else might use? No wonder rich people are so superior to non-rich people.

    • an observer October 1, 2012 at 4:36 pm

      I’m guessing that it was originally a 2 bedroom and den but they turned it into a giant 1 bedroom and by doing that probably knocked half a million off of their sell price!

  3. M- October 1, 2012 at 4:29 pm

    #7: The Grace: 2300+ square feet, and it’s only a 1 bed + den?

    #3: Money-losing house on Blenheim: I know this complaint is nothing unusual, but I’m always frustrated by the shitty photos that lazy realtors take of their listings. The photos in this listing aren’t awful, but they’re dark. Who wants to spend $1.7M on a dark, dank house? Vancouver’s dark enough in the winter; dark photos are the biggest turn-off for me when I’m browsing on MLS. Don’t realtors get big enough commissions that they (or their office) can buy a decent DSLR camera, and tripod-mount it to get some nice photos? Or just hire a photographer to show up for 30 mins to take some photos? Or even post-process their photos to brighten them a bit? If I was a seller, I’d expect my realtor to take nice photos.

    When I sold my condo (5 years ago– time flies!), I didn’t trust my realtor to take decent photos (she’s a family friend, and not even remotely tech-savvy), so instead I took my own photos to highlight the best features. The place sold in a week, and broke the neighbourhood’s then-record price-per-square-foot.

    • an observer October 1, 2012 at 4:40 pm

      I completely agree, it is one of my biggest annoyances. Good photo’s make a marginal place look great and bad photo’s can make something great look like a dungeon.

      It seems like such a basic thing and the fact is that most people will not even bother looking at a home with a crappy description and/or photos

  4. Alexcanuck October 1, 2012 at 4:47 pm

    The 888’s aren’t working anymore! Didn’t they get the memo?
    Now you have to price lower than recent comparables, not just talk about private school proximity and put lots of 8’s in the price. And BTW, Sept 15 came and went. Perhaps the realtor didn’t realize the open house happened because nobody showed up?

  5. douglasparkpast October 1, 2012 at 6:10 pm

    Architectural taste is obviously a personal thing but The Grace always struck me as a very over the top and goofy looking building from the outside. I believe it also has also had numerous “construction” faults that the owners continue to deal with. Sadly I think that will not be an isolated incident as many of these condo’s built during the “boom” times age. Lots of shoddy construction when the trades were streched.

  6. Makaya October 1, 2012 at 6:41 pm

    #4 is actually a pretty telling story of how the Vancouver RE market is totally disconnected from reality.

    This property was actually featured in the Sun a few months ago.

    Here is a bit more about the story of this property: this property was bought in April 2004 for $6 million!

    The owner put it back on the market in 2010 for… $17.9 million. The problem? it didn’t sold. So it was taken out of the market.

    So, since we’re in Vancouver, what would the owner do? Put it back on the market at almost the price, to $31.9 million, in November 2011. Since I’m seeing it here, I guess that strategy didn’t work quite well.

    The Sun story is now gone, but Mish picked up the story after I sent him the link. You can read more about this story at this link:

    Conclusion: this property has a long way to go… down! Let’s see if, ultimately, the owner will manage to sell it for more than $6 million. My bet is he won’t.

  7. lookoutbelow October 1, 2012 at 10:15 pm

    To “an observer”

    Many thanks from a long term resident of the Lower Mainland for your forensic analysis of the real estate market in BC. I believe you are doing the potential buyers a terrific service, especially in this fast declining market, that the REBGV called “balanced” just a couple of months ago.

    The number of lies and the gross ignorance of some of the REALTORS along with the vendors’ greed is truly astounding. I have visited at least a hundred open houses in Richmond and Vancouver over the past two years and on occasion have had to control myself from throwing up when these supposedly qualified REALTORS open their mouth to start their sales pitch.

    Do I sound angry, yes I am a bit. Not just at Philip Chan, there are a hundred others like him.

  8. Devore October 23, 2012 at 4:00 pm

    Your #9, Patrick Chan’s flip, has had another price drop, and a free FIAT thrown in with the deal.

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