Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – October 15, 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:

  • 31 listings dropped to a cumulative total of 20%+ this week, 13 hit 25% and 5 hit 30% this week
  • An update from the October 1 Weekly Drop where #5 on the list which had a $900K quite awesome pool house built along with $300K in other renovations and a $2.25 million initial price back in March just sold for $1.3 million…  If anyone has actual sales from other units that have made the various lists then please post details in the comments
  • Richmond makes the top 20 four times, Vancouver West three times and West Vancouver, White Rock and Maple Ridge appear twice each
  • 11 of  18 listings are listed below assessment

#20 ) Address:# 109 1533 BEST ST, White Rock, White Rock

April 12 F1208996 $279,000 $0 0%
May 23 F1208996 $259,000 $-20,000 -7%
Open House: Jun 02
July 11 F1208996 $239,000 $-40,000 -14%
Open House: Jul 14
July 27 F1208996 $229,000 $-50,000 -18%
August 15 F1208996 $219,000 $-60,000 -22%
October 05 F1208996 removed
October 10 F1225069 $215,000 $-64,000 -23%

Assessment: $268,000

2 sales here last year averaging 3% BELOW assessment and this unit is now 20% BELOW assessment.  “transporation” – spell check people

Tremendous opportunity to purchase a delightful 2 bedroom, 2 bath, well maintained ground level unit on the quiet side of the building. Huge north west facing patio is private and secure perfect for an animal lover. This is a well kept unit, 2nd bedroom offers a Murphy bed and clever use of storage space. Huge kitchen with informal eating area overlooks open and bright LR and DR. Building has been rainscreened, seismic upgraded, new windows and paint complete the package. Pets are welcome, no age restrictions, NO rentals. No hills here! Within walking distance to shopping, transporation and nearby Peace Arch Hospital, White Rock Elementary & Earl Marriott.


#19 ) Address:1575 ACADIA RD, University, Vancouver West

May 05 V947974 $10,380,000 $0 0%
May 16 V947974 $9,980,000 $-400,000 -4%
June 28 V947974 $8,980,000 $-1,400,000 -13%
October 11 V947974 $7,990,000 $-2,390,000 -23%

Assessment: $6,465,000

$2.4 million in price drops and still $1.5 million over assessment.  “Best location and neighour!”  Of course for $8 million you could have Oprah Winfrey, Mark Zuckerberg, Lebron James and Britney Spears as your neighbours, have a couple of acres in the hollywood hills with endless ocean views and a few million left over but you’d also have to invest lots of $ in sunscreen so it evens out…  And again… “workmaship”, “controled”, “celler”, “neighour”, “equipted”.  Quite pathetic.

What a Master piece!Gorgeous custom built concrete & steel mansion located the prestigious UBC area.Breathtaking mountain and water view & beautiful garden view.Full attention to details.Great workmaship throughout & open floor plan offering cozy & modern life style. Over 10 foot high ceiling,HRV,built in central sound system, radiant floor heating, A/C, water filter central.Well equipted & sound proof in the media room.Professional sprinkler system.Temperature controled wine celler w/cigar room.Top of line kitchen appliances:stainless steel fridge,gas stove.Spacious kitchen w/ possibility to add Wok kitchen.Huge sundeck,Outdoor hot tub.Minutes to University Hill Elementary and Secondary. Best location and neighour!Don’t miss out!


#18 ) Address:6851 SEAVIEW RD, Sechelt, Sunshine Coast

October 04 V913931 $345,000 $0 0%
April 09 V913931 $319,000 $-26,000 -8%
July 10 V913931 $284,900 $-60,100 -17%
August 18 V913931 $269,000 $-76,000 -22%
October 10 V913931 $264,500 $-80,500 -23%

Assessment: $283,900

This is a good example of a well written description – seriously, how hard is that?

2 storey, 2 bedroom, 2 bathroom home tucked away on .76 of an acre. Freshly painted inside with a new roof last year. A sun deck on each level to sit back and enjoy the expansive views of Sechelt Inlet. Just a 5 minute walk to the beach to launch your boat or canoe and discover the local islets and inlets. Ideal for a summer home or a weekend retreat, this property is kept private with an abundance of welcoming fir and arbutus trees. The bottom level of the home has a small shop area, office nook and a sauna. If you are looking for a tranquil rural location to enjoy the sunsets, at a great price, look no further. Call for a private viewing!


#17 ) Address:# 105 9632 120A ST, Cedar Hills, North Surrey

March 09 F1203816 $189,900 $0 0%
May 10 F1203816 removed
May 11 F1212212 $179,900 $-10,000 -5%
June 06 F1212212 $169,900 $-20,000 -11%
June 27 F1212212 $159,900 $-30,000 -16%
August 09 F1212212 $149,900 $-40,000 -21%
August 23 F1212212 removed
October 12 F1225175 $144,900 $-45,000 -24%

Assessment: $203,900

4 sales here last year averaging 10% ABOVE assessment and this unit is currently 29% BELOW assessment!  That’s almost a 40% swing…  Sucks to be one of the 3 people who bought here at 12%+ ABOVE assessment last year.  I imagine there must be something going on with this building – maybe a special assessment or perhaps the building is in the process of disappearing into a sink hole larger than the sink hole that is the owners equity in these units.

2nd Largest unit in the complex, 2 bedroom ground floor unit which is 1354 sqft with a large patio off the living room. Great location close to Scott Rd and 96th. No rental restrictions and pet friendly building. Close to shopping, transportation and parks.


#16 ) Address:# 206 1460 PEMBERTON AV, Squamish, Squamish

March 09 V821509 $262,500 $0 0%
April 09 V821509 removed
July 02 V959681 $239,000 $-23,500 -9%
August 14 V959681 $220,000 $-42,500 -16%
September 12 V959681 $209,000 $-53,500 -20%
September 28 V959681 removed
October 11 V975801 $199,990 $-62,510 -24%

Assessment: $236,000

1 Sale here last year for 3% ABOVE assessment.  This is now listed for 15% BELOW assessment.

Enjoy this 2 bedroom, 2 bathroom South Facing Apartment/Condo with mountain views and close to downtown. The downtown core offers amenities such as shopping, coffee shops and a peaceful walk along the Marina to the waterfront.


#15 ) Address:# 204 3411 SPRINGFIELD DR, Steveston North, Richmond

May 26 V952415 $264,900 $0 0%
June 20 V952415 $249,900 $-15,000 -6%
July 17 V952415 $239,900 $-25,000 -9%
July 26 V952415 $225,000 $-39,900 -15%
August 29 V952415 $219,000 $-45,900 -17%
September 28 V952415 $209,000 $-55,900 -21%
October 11 V952415 $201,700 $-63,200 -24%

Assessment: $265,900

5 sales here last year averaging 6% ABOVE assessment and this unit is now 24% BELOW assessment so another 30% tumble from last years prices.  Apparently prices are flat and we are in the process of entering the first soft landing in bubble history though so no worries.  This one is subject to court approval.

Bayside Court. Spacious 3 bdrm, 2 bath, end unit condo overlooking the courtyard, huge private enclosed balcony off living room, generous-sized bedrooms, walk-in closet and 2 pc ensuite bathroom in master bedroom. Great amenities: sauna, outdoor pool and 2 guest suites. Location within walking distance to Steveston Public Market, to the dyke, park, public transit, Manoah Steves Elementary & Huge Boyd Secondary. All offers are subject to court approval. Finished area includes 63 sf of enclosed balcony.


#14 ) Address:46109 BRINX RD, Fairfield Island, Chilliwack

May 25 H1202219 $589,900 $0 0%
June 07 H1202219 $549,900 $-40,000 -7%
July 11 H1202219 $524,900 $-65,000 -11%
August 18 H1202219 $499,000 $-90,900 -15%
October 12 H1202219 $449,000 $-140,900 -24%

Assessment: Farm Land

“Hippity Hop or this will be gone.”  I think not.

Rare and affordable 6.16 acre RSV1 zoned property with a solid 1.5 storey, 1500 sq ft, 4 bedroom farm home, 36X36 strong and straight hip roof barn with full loft storage, 13X11 workshop and 34X19 carport. home located outside of the Dyke protection. See LB re: new construction restrictions. This full fenced corner acreage offers over 900 ft of frontage offers a pastoral setting with fertile fenced pasture. Plenty of room for horses and a gardeners delight with lots of fruit & nut trees. Lots of options. Quick to town and Fraser fishing. Hippity Hop or this will be gone.


#13 ) Address:33 BURRARD CR, College Park, Port Moody

April 13 V942770 $1,589,000 $0 0%
October 01 V942770 removed
October 13 V976498 $1,198,000 $-391,000 -25%

Assessment: $923,000

“1/4 price of West Vancouver ocean view house” ok, let’s be real here.  For $4.8 million in West Van, as overpriced as it may be, you can do a hell of a lot better than this.  I get the point they are making but let’s try to be a little more realistic

VIEW! VIEW! VIEW! A breathtaking elegant Home offering spectacular 180 degree mountains & ocean views. This 3 level home has 4 large bedrooms up and includes a fabulous master bedroom with nice sitting area overlooking Burrard Inlet. Wonderful open gourmet island kitchen. Conservatory eating area with ocean view too. Such a dream house with only 1/4 price of West Vancouver ocean view house. To see is to believe. Call for your private showing today.


#12 ) Address:2545 267TH ST, Aldergrove, Langley

July 04 F1217023 $1,295,000 $0 0%
October 10 F1217023 $975,000 $-320,000 -25%

Assessment: $695,000

2.38 acres in Aldergrove. Centrally located. Area has future potential. Public transit, schools, parks, recreation all nearby. * PREC – Personal Real Estate Corporation


#11 ) Address:# 405 22290 NORTH AV, West Central, Maple Ridge

March 23 V938841 $199,000 $0 0%
March 31 V938841 $189,000 $-10,000 -5%
April 05 V938841 $179,000 $-20,000 -10%
April 14 V938841 $174,000 $-25,000 -13%
April 24 V938841 $169,000 $-30,000 -15%
June 09 V938841 $165,000 $-34,000 -17%
June 23 V938841 $160,000 $-39,000 -20%
July 12 V938841 $150,000 $-49,000 -25%
August 17 V938841 $200,000 $0 0%
August 27 V938841 removed
August 29 V968395 $158,000 $-42,000 -21%
October 11 V968395 $149,500 $-50,500 -25%

Assessment: $186,000

Now listed 20% BELOW assessment.  I love the desperate / insane attempt at raising the price from $150K to $200K back in August!  I’m shocked that it didn’t work.

Creative and elegantly laid out 1 bedroom condo. Looks like a brand new unit. Features include high ceilings an open living concept, beautiful tiles, high end laminate flooring, granite countertops and a colorful neutral decorating palate. The kitchen hosts Whirlpool stainless steel appliances and a built in microwave. Centrally located at a 5 minute walk to the West Coast Express and Haney Wharf. Easy access to local shopping and professional businesses.


#10 ) Address:3311 W 39TH AV, Dunbar, Vancouver West

August 04 V965119 $1,880,000 $0 0%
August 17 V965119 $1,750,000 $-130,000 -7%
August 27 V965119 removed
August 29 V968373 $1,499,000 $-381,000 -20%
October 12 V968373 $1,399,000 $-481,000 -26%

Assessment: $1,364,000

Dramatic price drop in a short period of time for this building lot in Dunbar

Excellent property to develop & build in desirable Dunbar. Close to shopping, great public/private schools & internationally renowned UBC. Priced to sell, this RS-5 zoned 46X104.7′ (4,816 sq/ft) vacant lot is ready for your plans & to build now. This subdivided lot was originally part of the “Morrisette farmhouse” at 5503 Blenheim St & is available for sale by its self & is not contingent on the sale of 5503 Blenheim St. For full property info please review with City of Vancouver building & dev dept to review heritage revitalization agreement & designation specifics as to what can be built out now. All measurements are approx. buyer to verify.


#9 ) Address:385 RABBIT LN, British Properties, West Vancouver

March 12 V936611 $3,800,000 $0 0%
March 21 V936611 $3,395,000 $-405,000 -11%
May 02 V936611 $3,100,000 $-700,000 -18%
August 06 V936611 removed
August 15 V966332 $3,100,000 $-700,000 -18%
August 16 V966332 removed
August 24 V967881 $2,988,000 $-812,000 -21%
Open House: Sep 16
October 12 V967881 $2,788,000 $-1,012,000 -27%
Open House: Oct 14

Assessment: $1,990,000

Went from about double assessment to now just 40% above assessment, what a deal!!!  But “ideallly” “thequality” would be higher for this price

English country Estate ideallly located in the lower British Properties on a 1/2 acre fully level property – beautiful garden and grounds with complete privacy. This 5,200 sq. ft. Tudor designed home has been completely updated with all thequality you’d expect in a home of this caliber. Features: Grand Entry, Hardwood floors throughout, Country kitchen w/viking appliances. Huge main floor rec room/billiards room. All bedrooms with ensuite bathrooms. Resort like Master ensuite. Separate guest/nannies accommodation. Garage with a built-in sub-zero fridge…Truly a home of distinction within close proximity to Collingwood School.


#8 ) Address:# 212 14200 RIVERPORT WY, East Richmond, Richmond

March 09 V934864 $498,500 $0 0%
April 12 V934864 removed
April 14 V943239 $459,900 $-38,600 -8%
April 28 V943239 $449,900 $-48,600 -10%
May 11 V943239 $435,000 $-63,500 -13%
June 09 V943239 $424,500 $-74,000 -15%
June 19 V943239 $415,000 $-83,500 -17%
July 10 V943239 $399,900 $-98,600 -20%
July 28 V943239 $389,900 $-108,600 -22%
September 05 V943239 $372,500 $-126,000 -25%
October 11 V943239 $362,900 $-135,600 -27%

Assessment: $432,000

4 sales here last year averaging 6% ABOVE assessment and this unit is now 16% BELOW assessment.  PLEASE BUY BECAUSE I AM SO DESPERATE THAT I WROTE THE ENTIRE DESCRIPTION IN CAPS

SPECTACULAR RIVER VIEWS FROM YOUR SOUTH FACING BALCONY. THIS 2 BED/ 2 BATH WATERFRONT CONDO IS LARGE, OVER 1100 SQ. FT. WITH A BONUS DEN, LOCKER, IN SUITE LAUNDRY AND STORAGE ROOM.


#7 ) Address:9396 PORTAGE RD, Pemberton, Whistler Pemberton

October 06 V914384 $55,000 $0 0%
January 16 V914384 $49,500 $-5,500 -10%
July 25 V914384 $44,900 $-10,100 -18%
October 13 V914384 $39,900 $-15,100 -27%

Assessment: $68,400

This building lot is now over 40% BELOW assessment

Affordable purchase for recreational usage or build your principal residence. 0.57 acres in Birken, 20 minutes from Pemberton and only minutes to popular Anderson Lake. Power and small outbuilding already on lot. Magnificent mountain views.


#6 ) Address:15 BRUNSWICK BEACH RD, Lions Bay, West Vancouver

June 23 V958302 $9,800,000 $0 0%
September 17 V958302 removed
October 11 V975931 $6,980,000 $-2,820,000 -29%

Assessment: $3,202,000

Started at triple assessment then they had an assessment sized price drop to bring it to a little over double assessment.  One more assessment sized price drop and I’m sure it will sell

Where else can you find over 440 feet of flat waterfront that wraps around a 12,000 sq. foot mini-peninsula? Located all alone at the end of a quiet road, this home is ideally designed to capture the 360 degree views, from the intimate ocean vistas back to the rising mountains. Spectacular 4500+ sq. foot home features 3 bedrooms and 5 bathrooms on 2 levels of luxurious living space. This home boasts breathtaking views from every room and is situated on an extremely private and flat lot. The outdoor entertainment areas feature an ocean-side pool built at the high tide line, commercial grade seawall (with 2 beach accesses), flat lawns, outdoor fire pit and multiple patio and deck areas. There is nothing that compares to this property, it’s truly spectacular!


#5 ) Address:4840 FISHER DR, West Cambie, Richmond

March 09 V923733 $1,350,000 $0 0%
June 04 V923733 removed
October 14 V976718 $950,000 $-400,000 -30%

Assessment: $919,000

Many sentences.  Big price drop.  Still too much.

Quality, bright & spacious 3429 sf home with 5 bedrooms + den, 5 bathrooms & 2 kitchens, (separate entrance for suite down). Well kept. South facing. Convenient location. All measurements are approximate. Buyer to verify.


#4 ) Address:7980 GOLDSTREAM PL, Broadmoor, Richmond

May 19 V951161 $1,498,000 $0 0%
August 14 V951161 $1,298,000 $-200,000 -13%
October 12 V951161 removed
October 14 V976621 $998,000 $-500,000 -33%

Assessment: $1,198,600

About 20% BELOW assessment and was previously priced 25% ABOVE assessment.  That’s one hell of a reality check!

Well maintained 3 bdrm 2.5 bath rancher with games room over the double garage in desirable Maple Lane subdivision, home has been lovingly cared for and is perfect to live in now and rebuild later. Original hardwood floors, 2 fireplaces, nice sprawling plan on one level. Private and huge 11622 sq ft lot in quiet cul de sac, this park like lot is a great place to build your dream home. Great location close to all amenities. Exclusions are drapes in liv/din, light fixture in family room, chandelier in dining room. More photos at realtor’s website.


#3 ) Address:274 RUPERT ST, Hope Center, Hope and Region

March 09 H1104578 $469,000 $0 0%
April 09 H1104578 $489,000 $0 0%
May 17 H1104578 removed
May 19 H1202138 $439,000 $-50,000 -10%
June 09 H1202138 $419,000 $-70,000 -14%
June 26 H1202138 $409,000 $-80,000 -16%
July 14 H1202138 $399,000 $-90,000 -18%
July 24 H1202138 $379,000 $-110,000 -22%
August 17 H1202138 removed
October 12 H1204081 $319,900 $-169,100 -35%

Assessment: $455,000

Another home listed at 30% BELOW assessment!

Great location in Hope, set on treed lot with waterfront views of Fraser. A fisherman’s dream home. Conveniently located close to boat launch. This is a unique home with over 3000 sq.ft., 5 bedrooms, rec room and games room. Lots of windows to take in the scenic views. Needs some updating, but lots of potential. Central to shopping. * PREC – Personal Real Estate Corporation


#2 ) 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%
October 12 V970117 $998,000 $-752,000 -43%

Assessment: No Assessment Available

43% drop in 4 months.  The building doesn’t have any assessment info – not sure why that is.  At $900/sqft for a 52 year old building it seems ridiculously high even after a 43% drop but man, what a view!  That would be a great place to rent but buying, not so much.

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.


#1 ) Address:12470 BLUE MOUNTAIN CR, Northeast, Maple Ridge

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%
October 13 V965433 $374,900 $-323,100 -46%

Assessment: $526,000

And CAPE COD takes top spot once again!

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.


 

27 responses to “The Weekly Drop – October 15, 2012

  1. RFM October 15, 2012 at 2:52 pm

    A couple comments:

    Wow, #5 on the 1 October price drop seems like a lot of house for $1,300,000! Nice.

    I know your comment on # 19 was tongue in cheek, so just for fun: Oprah Winfrey has a penthouse in Chicago, but her full-time residence is in Santa Barbara, California. Mark Zuckerberg lives in Palo Alto, California. Lebron James has a 35,440 square foot home in Bath Township, a suburb northwest of Akron, Ohio that is only 10,000 square feet smaller than the local Best Buy! And, last but not least, Britney Spears lives at the Calabasas Country Club in Calabasas, CA, between the mountains of Malibu and the San Fernando Valley.

    #2 may be a ‘cooperative’ rather than a ‘condominium,’ in which case the building would have an assessed value and property taxes would be paid as part of the monthly fees, which the listing says are $750 a month. That’s my guess.

    Thanks for all your hard work as always!

    • an observer October 15, 2012 at 3:09 pm

      I think you are right about #2 since the building does have a combined assessed value

      Yeah, was joking about the specific neighbours but in the $4 million range in southern California you can be sure that a number of your neighbours will be people that are more than a little famous not that this is a big deal. Just funny when compared to Vancouver since there multi million dollars homes are owned by people you would expect to own multi million dollar homes while here multi million dollar homes are often unlivable and owned by people with very little income or net worth outside of real estate..

  2. Roy October 15, 2012 at 3:13 pm

    #17 – “I imagine there must be something going on with this building”

    No, its just another dump in Surrey getting a reality check. In a few years, crack addicted minds in Greater Vancouver will thaw and realize that crack shacks and dumps are just borderline condemned living spaces that only sold before because markets were rising.

  3. Lexlimo October 15, 2012 at 3:53 pm

    I don’t think you need the editorial commentary, your wonderful statistics and tracking work tells the story. I find the editorial comments actually muddy your message and over personalize otherwise objective data. Just some friendly feedback, keep up the good work.

    • Yellow Helicopter October 15, 2012 at 4:31 pm

      Just want to respectually disagree – i love your editorial commentary! Please keep it up.

    • Alexcanuck October 15, 2012 at 5:40 pm

      Keep the comments! Especially the “previous sales in the building”, that is pure gold. I’ve shown those to some people and watched their jaw drop!

      • overthepond October 15, 2012 at 7:56 pm

        Yup the previous building sales info is a great comparison. Plus you bring to light the terrible spelling in the listing descriptions that I miss whilst skimming over the realtor rubbish!

    • Ray October 15, 2012 at 10:26 pm

      More comments, absolutely, without a doubt. The only reason I follow the real estate market at all (since I have no intention of ever buying), is to read the outrageous nature of the biggest bubble in the world. Don’t stop.

    • Vulture Fun October 17, 2012 at 3:37 pm

      Just wanted to add my vote, even though the election appears to be over. Keep the comments coming. The stats are great but I love it when you get your snark on. This is tied with VCI as my favourite RE blog.

    • moloko October 18, 2012 at 7:07 pm

      I really enjoy the commentary! and thanks for all the work you put into this blog, much appreciated!

  4. Fish10 October 15, 2012 at 4:48 pm

    Your comments are the icing on the cake.

    Keep it up!

  5. mike October 15, 2012 at 5:26 pm

    informative and fun, keep commenting

  6. jane October 15, 2012 at 6:09 pm

    Please keep the comments coming! Thanks for all your hard work!

  7. S October 15, 2012 at 7:07 pm

    Do you think that these massive price drops will become common or while they remain with a few desperate sellers? Thanks!

  8. Norman October 15, 2012 at 7:44 pm

    Thanks for all the work. It’s appreciated!

  9. Spiltbongwater October 15, 2012 at 7:54 pm

    #3 does have a nice white tarp on it. Prefer to have that then a blue tarp on the roof.

  10. Bob Arctor October 16, 2012 at 6:31 am

    Keep up the good work! No need to tone down the commentary…

  11. RFM October 16, 2012 at 7:53 am

    Another nondescript mediocre condo building sits 20% unsold and vacant:

    OnQue, a small 30-unit development on the southwest corner of Broadway and Quebec (http://www.liveonque.com/neighbourhood.html) was completed many months ago, but there are still at least six units listed for sale by the developer. Ranging from 651 to 787 square feet, priced from $361,900 to $439,900, these are not moving. It is going to be another classic case of ‘chasing the market to the bottom.’ To sell these units and recoup any profit, the developer will discount the units to prices below what original purchasers paid, thus undermining their values and creating pressure on every unit in the building.

    And, just blocks away, they are digging huge holes in the ground and pouring concrete for 2,192 more units in southeast False Creek.

    Wall Center False Creek by Wall Financial—————557 units
    Residences at West by Exec. Group Dev.—————-488 units
    Pinnacle Living False Creek by Pinnacle Int.————-155 units
    Opsal by Bastion———————————————165 units
    Meccanica by Cressey—————————————170 units
    Block 100 by Onni——————————————-160 units
    Lido by Bosa Prop.——————————————173 units
    Central by Onni———————————————–324 units

    Somebody’s gonna get hurt………………

    • Funky monkey October 16, 2012 at 1:00 pm

      I saw that condo building on the corner Quebec and broadway 20% unsold I would say that is all the profit sitting unsold. There is another condo building on the corner of broadway and woodland I drove by it last night very dark no lights on I think there are many buildings like this in vancouver. Has anyone heard about rise? The tower they were going to put at kingsway and broadway no advertising for it anymore.

  12. Jack Cate October 16, 2012 at 5:43 pm

    Does anyone see dirty money being laundered in these upcoming projects. Yes developers are committed to projects some what, but pumping water into a sinking ship for the foreseeable future…..just sayin’

    I too enjoy the editorial sarcasm that you inter twine in your posts.

  13. Pingback: Vancouver Price Drop: Richmond Example of Due Diligence |

  14. AW October 17, 2012 at 10:50 pm

    Re: #8 – some interesting information about this property from a poster yesterday ( “patiently waiting”) on greaterfool.ca:

    2)15438 Royal Avenue
    Original List Price $2,000,000 in March 2012
    Just sold for $1,240,000. Days on Market shows only 85 days. Again less the half the time it actually took to sell. The Title also showed 3 judgements registered, and a Certificate of Pending Litigation by TD Bank – basically on it’s way to foreclosure.

  15. Aleksey October 19, 2012 at 10:08 am

    Thank you. Comments gor listings rock! =)

    • Spiltbongwater October 20, 2012 at 12:01 pm

      #11 the realtor is not even smart enough to rotate the pictures before uploading them. Guess working to earn the commission is becoming too cumbersome.

  16. Devore October 23, 2012 at 6:13 pm

    Totally keep the comments! Just keep it respectful and cool.

    #2 might be a co-op. It’s the big white tower at the end of Denman/Davie. I always thought those were rentals, but I could see this being a co-op. I can see directly (well, from a few blocks distance) into the back of this building. The south side of the top 2 floors (minus the penthouse) seem to be under construction. The next 2 floors seem to be dumpy/under construction as well, which is why I thought this was rentals being stratified. This unit is one of the inside units, as you can see from the pics.

    I always wondered about the two penthouses there. They’re on the small side, but have massive rooftop decks. I have never seen anyone there the last 3 years, no lights. Not even during the festival of lights fireworks.

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