Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – October 8th, 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:

  • 47 listings dropped to a cumulative total of 20%+ this week (beating the previous record of 46), 20 hit 25% and 6 hit 30% this week
  • White Rock and Richmond make the list 3 times with West Vancouver (coming in at #1 and #2 position), Sunshine Coast and Port Moody appearing twice each
  • 12 of  20 listings are listed below assessment

#20 ) Address:16920 96TH AV, Fleetwood Tynehead, Surrey

March 09 F1111545 $799,000 $0 0%
March 10 F1111545 $720,000 $-79,000 -10%
March 15 F1111545 removed
May 21 F1213186 $650,000 $-149,000 -19%
July 04 F1213186 removed
July 07 F1217342 $629,980 $-169,020 -21%
September 29 F1217342 removed
October 05 F1224795 $599,890 $-199,110 -25%

Assessment: $621,000

“PRICED TO SELL FAST AND WILL NOT LAST!!” – I’d believe that except this has been at the end of the description since the beginning of the year.  They also removed “Bonus: old septic tank still in ground and might still be working!!! ” from the description shortly after I posted “Wow, that’s literally a sh@#%tty bonus!!!” last week in the Surrey Spotlight!

CHEAPEST 1 ACRE IN ALL OF FLEETWOOD!! BUILD YOUR DREAM HOME AT A FRACTION OF THE PRICE!! This beautiful 1 acre lot has NO easements, NO right of ways, NO hydro lines (only small creek through very top corner of property near road). Old house burned down. Completely cleared and cleaned as per city requirement. PRICED AT AN AMAZING PRICE and the only lot in a million dollar neighborhood!! Buy and build your dream home in one of the best areas in Surrey. PRICED TO SELL FAST AND WILL NOT LAST!!


#19 ) Address:2163 179TH ST, Hazelmere, White Rock

May 15 F1212657 $2,400,000 $0 0%
September 29 F1212657 removed
October 04 F1224470 $1,800,000 $-600,000 -25%

Assessment: $1,077,000

Absolute joke of a price.  This is a 22 year old, 3400 sqft home in Hazelmere on 1 acre that was listed at $2.4 million (120% ABOVE assessment!!!!) a short while ago (now down to a still ridiculous $1.8 million).  If I was looking for an acre in Hazelmere this would be near the bottom of the list at a top of the list price.  Greedy!!!

Prestigious Redwood Park Estates. Quiet one acre property with Southwest exposure & greenbelt. Master gardens, Koi Pond ,English Greenhouse. Interior renovation completed 2012 all European craftsmanship top to bottom.Spa master en suiteGourmet kitchen. Wonderful home for entertaining guests indoors and out* PDF download Brochure available explaining finishings &floor plan, over 100 pictures in and out, capturing world class gardens and inviting interior. Please preview .


#18 ) Address:# TH6 8160 LANSDOWNE RD, Brighouse, Richmond

March 24 V939119 $788,000 $0 0%
April 05 V939119 $686,000 $-102,000 -13%
Open House: May 20
Open House: May 26
June 06 V939119 $598,000 $-190,000 -24%
Open House: Jun 17
June 25 V939119 removed
August 10 V965739 $659,000 $-129,000 -16%
Open House: Aug 11, 12, 18, 19
October 02 V965739 removed
October 04 V974895 $588,000 $-200,000 -25%

Assessment: $603,000

Another case of people who lost a bunch of money because of greed.  If they priced this reasonably to begin with they would have sold for more than they are currently asking (and not getting)

Located in Central Richmond, steps to skytrain, Lansdowne Mall, Kwantlen University. This building offers: concierge service, 2 guest suites, pool table & games room, exercise center & steam room & sauna. Located within easy distance to skytrain, shopping & restaurants. Beautiful front patio with trees, flowers & plants. Recent renovation on flooring & bathrooms. Perfect condition & ready for quick possession.


#17 ) Address:1451 LAMBERT WY, Hockaday, Coquitlam

June 23 V958276 $1,175,000 $0 0%
October 01 V958276 removed
October 06 V975369 $874,900 $-300,100 -26%

Assessment: $738,000

“Bring the in-laws”, yeah because that sounds awesome, right?!?  Nice initial price 60% above assessment…

Location! Location! Set on a quiet street a spacious family home backs onto Coquitlam River and Galette Park. This executive 2 storey with basement has vaulted ceilings and an open staircase to the upper floor where there are 4 bedrooms. The master bedroom has a 4 piece ensuite and overlooks the park and river. Main floor has a den/office and family room with lots of windows to take advantage of the green belt view. Bring the in-laws, the lower level is a walk out basement with 3 bedrooms, a large living area and a summer kitchen. Fully landscaped rear yard with lots of flowers and shrubs, plus a hot tub. Enjoy the sound of the river from the master bedroom or relaxing on the deckor in yard or hot tub. Peace and quiet at its best!


#16 ) Address:3365 COMMERCIAL DR, Victoria, Vancouver East

September 15 V971395 $2,680,000 $0 0%
October 04 V971395 $1,988,000 $-692,000 -26%

Assessment: $1,095,700

$700K and 26% drop in under 3 weeks… nice pricing clowns!  Soon to be #1 on the weekly drop.

This is a huge lot with redevelopment upside. The house is reported to be over 100 years old, and is rented to a long term tenant who would like to stay, but this is LAND VALUE ONLY. At some point the adjoining properties may become available and may be able to be assembled to provide for multiple family or other use. An apartment block exists next door and there are several new developments across the street/in the neigbboring block. Showings are with accepted offer. Second floor had a fIre some years ago, has had some repairs & is used as storage area. No representations as to house condition-as is where is. Vehicle access to rear of property is via easement off East 18th Avenue. Call LS for information package & details.


#15 ) Address:# 312 5780 TRAIL AV, Sechelt, Sunshine Coast

April 04 V941066 $339,000 $0 0%
April 10 V941066 removed
October 03 V974629 $249,500 $-89,500 -26%

Assessment: $256,500

1 sale at 5780 Trail last year for 19% ABOVE assessment and this unit is now listed for 3% BELOW assessment

Immaculate 2 bedroom and family room. Spacious kichen with pantry and unit has it’s own storage. One level with view of the Georgia Strait and Sechelt Inlet. Corner n/gas fireplace in living room. Private setting on east side of the building. Loads of sun ad great floor plan. Only 2 units per floor. Every room has a view.


#14 ) Address:1052 HERON WY, Anmore, Port Moody

January 14 V925609 $2,999,000 $0 0%
April 27 V925609 $2,688,000 $-311,000 -10%
Open House: May 20, 27
Open House: Jun 03, 10
June 21 V925609 $2,498,000 $-501,000 -17%
Open House: Jul 01, 08, 15, 29
Open House: Aug 05, 12
August 14 V925609 removed
September 06 V969279 $2,388,000 $-611,000 -20%
Open House: Sep 16, 23, 30
October 05 V969279 $2,199,000 $-800,000 -27%
Open House: Oct 07

Assessment: $2,231,000

Same owner / builder in at #13 and #14 in Anmore dropping $800K each.  Anmore has some great looking homes but when you consider there have been ZERO / ZILCH / NADA sales in the $2 million and up range this entire year in Port Moody (http://www2.topproducerwebsite.com/users/34449/downloads/PortMoodyrebgv_area_charts_-_2012-08_portmoody_graphs-listed_sold_dollarvolume.pdf) and there are currently 20 active listings in this range (along with 20+ more that went unsold and were pulled) I’d say their chances of coming out of this with a huge loss are ever increasing.  We’ve already seen an entire subdivision worth of lots in Anmore come up in Foreclosure and listed (without selling) at blowout prices.  Nothing is selling there, good luck.

Welcome to nature’s piece of work! This home showcases all natural materials-from solid stained wood doors; extensive wood trim; hardwood floors; wood beams; to fossil stone in the kitchen and open floor plan allowing you to appreciate this masterpiece. Please call us for an information brochure detailing the extensive list of finishing in this beautiful home.OPENHOUSE SUNDAY 2PM – 4PM


#13 ) Address:1056 HERON WY, Anmore, Port Moody

January 14 V925657 $2,999,000 $0 0%
April 27 V925657 $2,688,000 $-311,000 -10%
Open House: May 20, 27
Open House: Jun 03, 10
June 21 V925657 $2,498,000 $-501,000 -17%
Open House: Jul 01, 08, 15, 29
Open House: Aug 04, 05, 12
August 14 V925657 removed
September 06 V969271 $2,388,000 $-611,000 -20%
Open House: Sep 16, 23, 30
October 05 V969271 $2,199,000 $-800,000 -27%
Open House: Oct 07

Assessment: $2,215,000

See above

Amazing French Country style home offering only the best! From the imported wrought iron and glass used to create the beautiful front door; the wood clad windows; marble floors and custom mill work, to the top of the line stainless steel Viking appliances, you will appreciate the details you have come to expect from this level of home. Please call us for an information brochure detailing the extensive list of finishing in this beautiful home.OPEN HOUSE SUNDAY 2PM-4PM


#12 ) Address:# 337 19528 FRASER HY, Cloverdale BC, Cloverdale

August 16 F1220860 $239,000 $0 0%
September 10 F1220860 removed
October 05 F1224295 $174,900 $-64,100 -27%

Assessment: $174,000

4 sales in this last year averaging 1% ABOVE assessment and this unit is currently priced at just under 1% ABOVE assessment.  35% ABOVE assessment initial price… seriously, what are you thinking?

Your new home at “The Fairmont ” – View this Clean, Large 1 Bedroom and Den (could be a 2 Bedroom), 850 sq.ft., on the Top Floor, facing north, with 2 parking spots . Other features include high ceilings, gas fireplace, private deck,and deep soaker tub. This building is in a quiet location, with great amenities (guest suite, fitness room, sauna, club house). Steps to Willowbrook Mall, Restaurants, Buses. Easy to Show.


#11 ) Address:5168 SUNSHINE COAST HIGHWAY RD, Sechelt, Sunshine Coast

April 30 V946654 $274,900 $0 0%
May 09 V946654 $247,900 $-27,000 -10%
May 23 V946654 $239,900 $-35,000 -13%
June 22 V946654 $232,900 $-42,000 -15%
July 24 V946654 $229,900 $-45,000 -16%
August 24 V946654 $222,900 $-52,000 -19%
October 06 V946654 $199,900 $-75,000 -27%

Assessment: $272,600

“Great opportunity for Handyman looking for fixer upper”, “needs tlc” – we see this a lot on the weekly drop, the Bulldozer Special

Great opportunity for Handyman looking for fixer upper in Sechelt close to shops and amenities. Property is almost half an acre with partial ocean views, small cottage needs tlc with newer deck. 2nd Outbuilding on property has power and is great for sleeping cabin or studio. Wonderful landscape with lots of sunshine for garden lovers.


#10 ) Address:32600 BOBCAT DR, Mission BC, Mission

September 07 F1122311 $319,000 $0 0%
October 07 F1122311 $299,000 $-20,000 -6%
November 16 F1122311 $289,000 $-30,000 -9%
January 27 F1122311 $284,000 $-35,000 -11%
February 29 F1122311 $250,000 $-69,000 -22%
October 05 F1122311 removed
October 06 F1224897 $231,900 $-87,100 -27%

Assessment: $285,000

“Home needs some TLC” – more TLC in the best place on earth

Come for the views, stay for the equity. Great fixer upper on a quiet street, yet only minutes to town. 3 bedrooms and 2 bathrooms on a large lot with views of the valley below. Home needs some TLC but is priced accordingly. Don’t miss yourchance, view today!


#9 ) Address:# 106 1341 FOSTER ST, White Rock, White Rock

February 16 F1203886 $239,649 $0 0%
March 09 F1203886 $229,649 $-10,000 -4%
April 18 F1203886 $224,649 $-15,000 -6%
June 16 F1203886 $219,649 $-20,000 -8%
July 02 F1203886 $209,649 $-30,000 -13%
August 14 F1203886 removed
August 15 F1220785 $199,649 $-40,000 -17%
August 25 F1220785 $194,649 $-45,000 -19%
October 04 F1220785 $173,900 $-65,749 -27%

Assessment: $191,100

Cypress Manor. Bright well kept East facing 2 bedroom with 140 sqft of enclosed added extra living space (included in sqftg) as well as 2 storage lockers (1 insuite ) and large out door patio area. Room for small table in kitchen and largelaundry area Great location with all doctors shops and walking to mall. building has workshop and amenity room on ground floor 1 cat, no rentals ,19+ Call today to view ….


#8 ) Address:1038 KILMER RD, Lynn Valley, North Vancouver

March 09 V931691 $1,465,000 $0 0%
May 02 V931691 removed
May 04 V947739 $1,298,000 $-167,000 -11%
Open House: Jun 02, 30
September 24 V947739 removed
October 04 V975050 $1,049,000 $-416,000 -28%

Assessment: $1,213,000

This 4000 sq ft home features 5 bedrooms, 5 baths which include large open living spaces throughout the house. The home takes in a view from most rooms, which are virtually unobstructed from as far south as White Rock, Burnaby Mountain & Mt. Baker. The large kitchen has lots of cupboard space (maple cabinets, slate floors w/radiant heat, granite counters). Four good size bedrooms and den are on the upper floor. Other bonuses are large double car garage, a registered 1 bedroom suite, large private deck in the rear with a hot tub, very private low maintenance yard and all on a quiet cul-de-sac with easy walking distance to schools, transit and shopping.


#7 ) Address:6691 GIBBONS DR, Riverdale, Richmond

April 02 V940523 $1,258,000 $0 0%
May 15 V940523 removed
May 18 V950849 $1,198,000 $-60,000 -5%
Open House: May 20
Open House: Jun 02, 17
July 05 V950849 $1,058,800 $-199,200 -16%
Open House: Jul 08, 21
Open House: Aug 11
September 30 V950849 removed
October 04 V974850 $898,800 $-359,200 -29%

Assessment: $1,258,600

Almost 30% under assessment for this home.  Home was built in 1972 which kind of explains things in terms of the sheer amount of drugs that must have been smoked to create this home

VALUE HAS AN ADDRESS and it is this fabulous custom designed 4 bedroom, 3 bath (plus den, family room and wrap around decks on both levels) home ON BEAUTIFUL GIBBONS DRIVE, AREA OF MILLION DOLLAR HOMES! Renovate this lovely, unique and well planned home or build a brand new 3600 sq. foot home on the 7834 sq. foot lot with 84′ frontage in West Richmond’s most desirable location – close to all levels of schools, shopping, recreation, transportation, Richmond Oval,Terra Nova, the dyke and very easy access to Vancouver. An excellent opportunity!


#6 ) Address:13814 117TH AV, Bolivar Heights, North Surrey

March 09 F1124198 $369,000 $0 0%
April 16 F1124198 removed
June 19 F1215928 $339,500 $-29,500 -8%
July 12 F1215928 $299,000 $-70,000 -19%
August 29 F1215928 $279,000 $-90,000 -24%
October 05 F1215928 $255,000 $-114,000 -31%

Assessment: $339,300

Junk yard house makes the list again.  Realtor Julia Tran, please use google maps to take an overhead view of the lot (map view not satellite view since you’ll probably see the garbage in satellite view) then list this as a lot sale with that one overhead map view picture.  Better yet find an arsonist and immediately increase the value of this place

Huge 10,530 square feet lot, great opportunity for builder and investor, bring your ideas and offer. Land value, sell “As is” “Where is”.


#5 ) Address:5335 VICTORY ST, Metrotown, Burnaby

June 22 V957859 $1,860,000 $0 0%
October 04 V957859 removed
October 07 V975677 $1,280,000 $-580,000 -31%

Assessment: $747,500

LOL WTF LOL.  It’s a 4000 sqft lot in Burnaby…  Initial listing for $1.86 million started with “Great starter home for family”.  Yeah, awesome starter home.  Just put the 20% down payment of $372K and verify your minimum of $280K/year salary.  Enjoy your starter home.  Realtor Wei Wang has some issues.


#4 ) Address:4219 FRANCIS RD, Boyd Park, Richmond

March 09 V923921 $1,349,000 $0 0%
March 24 V923921 removed
May 30 V953229 $1,068,000 $-281,000 -21%
October 01 V953229 removed
October 05 V975209 $899,000 $-450,000 -33%

Assessment: $851,000

Still listed way too high – would have sold for $899K 18 months ago in Richmond but now he’d be lucky to get $750K.  Initial price of $1.35 million is hilarious.

Well kept rancher with marble tiled entrance and cedar vaulted ceilings throughout. Bright and spacious floor plan. All rooms are large and spacious. The rec room opens onto an enormous deck, perfect for family gatherings. The home is situated right across the Hugh Boyd School. Close to transportation, shopping and recreation. A pleasure to show.


#3 ) Address:2385 152A ST, King George Corridor, White Rock

March 09 F1123410 $699,000 $0 0%
March 31 F1123410 removed
April 21 F1210146 $898,888 $0 0%
June 08 F1210146 $599,880 $-299,008 -33%
August 09 F1210146 removed
October 04 F1224428 $589,000 $-309,888 -34%

Assessment: $465,100

“Court order sale and subject to the court approval”.  I love how after failing to sell for $699K they took one last ditch effort to sell for $898,888 because of course asian people can not control themselves when they see so many 8’s and will be forced to buy.  Somehow that didn’t work and they got foreclosed on.  So sad.  Not really.

Court order sale and subject to the court approval. Big lot and 2 story house about 36 yrs old. Schedule ” C ” must be attached withthe offer. Cheek with the city for change of higher zoning.


#2 ) Address:815 ANDOVER CR, British Properties, West Vancouver

April 09 V942024 $2,798,000 $0 0%
April 24 V942024 $2,498,000 $-300,000 -11%
May 07 V942024 removed
May 11 V949361 $2,198,000 $-600,000 -21%
Open House: May 26
June 07 V949361 $1,988,000 $-810,000 -29%
Open House: Jun 09, 10
August 20 V949361 removed
October 05 V975269 $1,698,000 $-1,100,000 -39%

Assessment: $1,589,000

It’s dropped $1.1 million and almost 40% yet is still listed over assessment…  Apparently you better call quickly though since this is a “highly sought after property”.  Are they receiving and turning down dozens of great offers?  How is this highly sought after if it has been sitting on the market for most of the year?

Amazing opportunity to acquire this almost 17,000 square foot VIEW property in a prime British Properties location. This large property has excellent potential to build with a large flat yard. Existing 3,200 square foot home has 4 large bedrooms, 5 bathrooms, large rec room and nanny room on lower level and large patio to enjoy the city and ocean views. Close to Hollyburn Country Club, Golf Courses and great schools! Don’t miss out on this opportunity to own this highly sought after property.


#1 ) Address:4611 WOODBURN RD, Cypress Park, West Vancouver

March 15 V937107 $3,388,000 $0 0%
April 11 V937107 $3,188,000 $-200,000 -6%
April 24 V937107 $2,888,000 $-500,000 -15%
May 01 V937107 $2,688,000 $-700,000 -21%
Open House: May 20, 27
Open House: Jun 03, 10, 24
June 29 V937107 removed
July 02 V959849 $2,398,000 $-990,000 -29%
August 10 V959849 $2,198,000 $-1,190,000 -35%
October 01 V959849 removed
October 06 V975394 $1,999,999 $-1,388,001 -41%

Assessment: $2,279,000

Ouch.  This one has to hurt and not just for these people that are trying to sell the house but for every single property on the North Shore

Fabulous 1.35 Acre (58,806sqft) property boasting absolutely striking ocean views amidst total privacy. Enter through a private gated entry, down a long winding driveway to the home situated on a rocky bluff. Inside is a spacious 561sqft floor plan with vaulted ceilings, a fantastic kitchen, a master bedroom with a fabulous ensuite and his & her walk-in closets. Add to this an indoor pool. Outside, soak in the tremendous views and fabulous exposure on the huge sunlit patio. Located only a moment to Caulfield Village, near Rockridge High School and Caulfield Elementary.

Advertisements

34 responses to “The Weekly Drop – October 8th, 2012

  1. RC October 8, 2012 at 9:19 pm

    Thank you observer! Been eagerly waiting for this update 🙂

  2. M--- October 8, 2012 at 10:30 pm

    #7: you’re right somebody must’ve been high when they designed that place! At the same time, given the photos on the MLS listing, it’s amazing that it looks like nobody has ever tried to update it. Some appliances were replaced, but that’s it. The place is 100% original! And that in itself is pretty neat– it’s vaguely James Bond-ish, totally retro (is something “retro” if it’s genuinely old? Or is “retro” only applicable to something new that tries to look old?).

  3. Bo Xilai October 8, 2012 at 10:40 pm

    Any comments on re.olvius.com being pulled? Have you received any nasty letters from BCREA about publishing MLS data?

  4. bailinginbc October 9, 2012 at 8:00 am

    It’s pretty easy to see why #1 hasn’t sold. It sounds pretty pokey. I don’t know how they can fit his and hers closets in 561 sqft, let alone an indoor pool. “This message has been brought to you by a realestate professional” 😉

  5. bailinginbc October 9, 2012 at 8:06 am

    Oh, and go easy on #7…. lots of people did things in the 70’s that they would rather forget, but whats #13’s excuse? It looks like the bastard child of Whistler and the Alamo.

  6. Dave October 9, 2012 at 8:07 am

    Number 5 is ridiculous. 1.8m to start? I’m a doctor with a 400k household income and even I couldn’t afford the 1.8m to buy that thing. Seriously, people are so delusional. 1.28m is still west side vancouver price for that. Try south of 600k for now.

  7. wasvancouver October 9, 2012 at 8:32 am

    Love your site. Would like to suggest something. On the % value of the listings, would it be more useful to list the value comparing it to the assessed value of the home? The sellers can list all they want, and even if they drop a trillion, it is still over assessment. The negative value does not tell much in terms of what the property is really valued. So if you compared it to assessed value, then listing it above will have +ve and then seeing it -ve will really mean below assessed. Just a suggestion. For now -ve 80% still reflects above assessed value if they list a trillion above. Keep up the good work.

    • West Van Tree Dweller October 9, 2012 at 9:49 am

      In all fairness, it is Vancouver Price DROP (current price versus whatever delusional starting point the seller/RE agent dreamed up) but I have to admit, the thing I really look at is price versus assessment … Observer, ever think about putting together a Zillow for Vancouver? That would be sweet (and useful!)

    • Anon October 9, 2012 at 11:49 am

      Assessments are a manual operation. Assessments are a manual operation. Assessments are a manual opertion. Assessments are…….

  8. bullwhip29 October 9, 2012 at 12:10 pm

    I’d like to say that all the work done here to keep this blog up to date must be nothing short of overwhelming. Kudos for being able to continue on for as long as you have. Having said this, it would be really informative if you could include former purchase price in addition to the ever changing asking prices, assessment values and so forth. Using #18 as an example, you indicate that this is another case of people who “lost a bunch of money” when, in fact, we don’t know if that is the case or not. For all we know, this seller might have purchased this unit for far less than his/her revised asking price. IMHO, a drop in asking price only reflects a downward change in the expectations of the seller. No real money is actually lost or made. As you know, many of these pie in the sky asking prices bear no resemblance to actual market values. In many cases, the assessed value is meaningless too. The only thing that matters is what someone is willing to pay (if anything) at any given point in time. If the seller is getting no offers whatsoever, then this is no different than trying to sell your old RIM shares for $100.

    • an observer October 9, 2012 at 1:16 pm

      I wish I had access to previous sales information but unfortunately do not. Assessments are a reasonable reflection of expected value for most homes but of course they are just an estimate. Two neighbouring homes with the same lot, same age and same sqft will probably have the same assessment but of course that doesn’t mean they would be listed at the same price depending on how they have been updated, cared for etc

      The “lost a bunch of money” comment could be valid depending on how you look at it. If you bought a stock at $10 per share in an IPO and then it went up to $200 before dropping to $15 when you sell then you could make a case that you made $5/share and that would be accurate however you had the opportunity to earn $190/share so hard not to count that as a loss. Semantics I guess

      • bullwhip29 October 10, 2012 at 2:02 pm

        Appreciate the feedback. Too bad about prev sales data. It would have been interesting to observe what sellers of all shapes and sizes may/may not do in the event they are faced with the prospect of selling at a loss. At this stage of the game, I believe many will continue to stand their ground and not drop their asking prices below what they paid (as if this has any bearing whatsoever on current market valuations). Some will ultimately take their places off the market and hope for the best, some will ultimately be forced to cut their losses. I do not believe we have witnessed the latter occurring to any great extent, but that time will come in due course. Prices still need to fall further. How long this (not to mention the current global economic problems) plays out is anyone’s guess. Could be many years, IMHO. I still believe the backward looking assessment data is meaningless, but I get what you’re saying about potentially leaving cash on the table.

  9. Claudia October 9, 2012 at 1:06 pm

    I’d be a lot more sympathetic to the sellers, if they hadn’t been so greedy to begin with! 35%, 60%, even 245% above assessment, that’s just crazy.

  10. jack October 9, 2012 at 6:47 pm

    Another great start to the week. Any chance of getting a link to the comments at the bottom of the post? That “home” button is so very far away…

  11. Surrey Girl October 10, 2012 at 11:17 am

    I would love to see a story on the most delusional real estate agents. Here in South Surrey houses that were purchased in 2011 are listed 30% – 50% higher today. I believe the real estate agents in South Surrey are the biggest dumbasses ever.

    • an observer October 10, 2012 at 11:46 am

      I agree… I’m also following that market closely and you are right, just about every home that sold last year and is listed again is at least 30% higher.

      The good news is that just about every sale in south surrey over the past month has been at or below assessment and that simply did not happen ever just a few months ago. I fully expect that south surrey will dominate the weekly drop in the coming months

    • an observer October 11, 2012 at 8:33 am

      Following up on this a bit, here are the # of homes sold at or below assessment in South Surrey in the $1.2 million+ range

      April 2 of 19
      May 1 of 23
      June 2 of 23
      July 1 of 22
      August 2 of 17
      September 6 of 15
      October to date 4 of 4

      So April to August was running at 8% of sales at or below assessment
      September to October is currently 53%!

      South Surrey is now going through a reality check

  12. NVD October 10, 2012 at 2:46 pm

    Please track 1923 Waterloo, listed in April for 2.288M (not sure of MLS #) now relisted for $1.988M V974626 in late Sep 2012. These are flippers so should be interesting to watch. They purchased for $1.810M in 2011, but previous owner did most of the work to restore it. I think they were going to do more, but now are trying to get out.

  13. RVW October 11, 2012 at 8:34 am

    V969843 – there are now giving away a free car on this unit!

    • an observer October 11, 2012 at 9:36 am

      Yeah and there is a good chance that the car will depreciate slower than the property!

    • bullwhip29 October 11, 2012 at 10:17 am

      Actually, this is just a clever way to drop the price (and CMHC agrees as they will only lend based on the unit price LESS the value of the car). Looking into the crystal ball…buy a house, get a “free” condo!

  14. eastvanspecial October 11, 2012 at 10:25 am

    omg that WHOLE North Surrey hood is a freaking dump! The satellite view is hilarious!

  15. mike October 12, 2012 at 2:52 am

    The house is reported to be over 100 years old, thats got to be worth at least half a million.

  16. vansurprise October 12, 2012 at 4:25 pm

    I would have thought Canada now have up their lending practice to RE? I guess I was wrong. Friend of mine just manage to get a loan from a bank with just putting 20% down. No job validation (he has none) and no other requirements. He does not report income (what can I say) and he is buying for flipping. Shows banks are still desperate for clients.

  17. elme October 12, 2012 at 6:08 pm

    Aren’t some of these sellers victims too, especially those who just bought after 2009.
    Those who reep from the speculation should be punished, instead of those forced out of their home.

  18. McLovin October 13, 2012 at 5:55 pm

    Another great post!

  19. MaxPower October 14, 2012 at 4:23 pm

    Am I retarded that there is at least one listing in here every week that piques my curiosity enough to check out the listings? It’s hard to resist looking closer at a place that has dropped ~25% sometimes if it is similar to what you’re looking for. I know. Patience, Grasshopper.

  20. Jack Cate October 14, 2012 at 4:57 pm

    You must be under a lot of behind the scenes pressure for all types of reasons. For everyone that posts there are 100 that read, so keep on keeping on. I believe Garth Turner and the Whispersfromtherainforest.com blogs are under the same pressures.

    The truth hurts…. give us more pain.

    Cheers!

    • an observer October 14, 2012 at 5:20 pm

      Nah, no pressure. Some weeks are harder than others to find the time to get multiple posts in but I have no plans on stopping until zillow.ca makes me obsolete! I’m hopeful that governments will force change in the real estate industry to make something like that possible – once the inevitable crash occurs maybe they will have enough ammo to make it happen.

Leave a Reply

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

WordPress.com Logo

You are commenting using your WordPress.com 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 )

Google+ photo

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

Connecting to %s

%d bloggers like this: