Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – October 22, 2012

Sorry about the late night posting this week but 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:

  • 41 listings dropped to a cumulative total of 20%+ this week, 17 hit 25% and 4 hit 30% this week
  • Mission makes the list 4 times followed by Burnaby and Maple Ridge with 3 a piece
  • 10 of 17  listings are listed below assessment

#20 ) Address:# 10 2986 COAST MERIDIAN RD, Birchland Manor, Port Coquitlam

May 12 V949714 $389,900 $0 0%
Open House: May 27
Open House: Jun 16
June 19 V949714 $379,900 $-10,000 -3%
July 23 V949714 removed
July 26 V963681 $375,000 $-14,900 -4%
Open House: Jul 29
July 27 V963681 removed
July 29 V964359 $359,000 $-30,900 -8%
August 14 V964359 $339,000 $-50,900 -13%
September 06 V964359 $319,000 $-70,900 -18%
September 20 V964359 removed
September 22 V972985 $319,000 $-70,900 -18%
Open House: Sep 30
September 29 V972985 $309,000 $-80,900 -21%
Open House: Oct 13
October 20 V972985 $299,000 $-90,900 -23%

Assessment: $373,000

2 sales last year averaging 1% BELOW assessment and this one is currently listed at 20% BELOW assessment!  Description used to read: ”Bonus – fully fenced backyard, complete with a converted shop into a hair salon.”  I don’t call having to spend time and money converting the hair salon back into something usable a bonus…  They dropped that from the description shortly afterwards!

WOW!! Completely redone. Great family complex central to all levels of schools, recreation, transit and shopping. This unit offer new: windows, maple hardwood floors, custom kitchen with all new tile work, designer paint, all new high end mouldings/trim work to accent the detailed finished, some slate floors. Updated bath with new fixtures and tile work. The master offers a huge Hollywood style walk in closet converted from the third bedroom, which you could easily return to 3 bedrooms. The top floors has a den/office with a door to the roof top deck. Bonus – fully fenced backyard. Hurry on this one, with it’s quiet location and updated it wont last.

#19 ) Address:555 INGLEWOOD AV, Cedardale, West Vancouver

March 09 V925985 $3,188,000 $0 0%
April 04 V925985 $3,088,000 $-100,000 -3%
May 08 V925985 removed
May 11 V949526 $3,288,000 $0 0%
Open House: May 20, 27
Open House: Jun 03
June 02 V949526 $2,880,000 $-408,000 -12%
Open House: Jun 09, 10, 24
Open House: Jul 22
Open House: Aug 26
Open House: Sep 09
September 24 V949526 removed
September 27 V973687 $2,799,000 $-489,000 -15%
Open House: Sep 30
October 19 V973687 $2,488,000 $-800,000 -24%
Open House: Oct 21

Assessment: Unfinished at time of assessment

Between March and May they went from $3.2 million down to $3.1 million and then up to $3.3 million.  Fun times and cheap tricks are over and now reality is setting in with this $800K price drop.

New modern custom designed & built home (No HST) is nestled in a stunning natural setting. Stand on the back deck & listen to the melodic sounds of the forest & creek. 4300 sqft plus of living space on an impressive 18,000 sqft lot. Polished marble entry, bamboo hardwood & ceramic tile flooring. Swiss, German & Dutch bath & kitchen fixtures and finishes. Miele appliances, Viessman Boiler for heating and hot water. Top of the line European kitchen. Tiled roof w/hard steel gutters, fir doors & window frames. Natural stone patio & driveway. This home is bright w/plenty of light streaming in from the windows and sky lights. Located near all the great West Van schools (Westcot & Sentinel), Park Royal and downtown.

#18 ) Address:6563 ORCHARD PL, Deer Lake, Burnaby

October 05 V975230 $1,369,000 $0 0%
October 19 V975230 $1,035,000 $-334,000 -24%

Assessment: No assessment

8 lots in the Deer Lake area of Burnaby.  Only 5 are currently listed – not sure if that means that 3 sold but if that’s the case then they can’t be happy since the other 5 units have dropped an average of over 20% in just 2 weeks since the initial listing!  This highest priced lot took the biggest hit at 24%

“Deer Lake Woods” a boutique 8-lot subdivision in prestigious, upscale Deer Lake. Your opportunity to purchase a fully serviced R2 zoned lot and build your dream home of approximately 4700 sq. ft. Located off Brantford Avenue, north of Oakland St. and surrounded by the forest of Deer Lake. These lots are situated in a cul-de-sac, some offer mountain views while others have the forested Deer Lake Park overlooking your back yard. This is a rare opportunity to build your own new executive home in a gem of a setting. All services at lot line and are ready to build on. Quick & easy access from this greenbelt to Metrotown & Hwy 1. Shadbolt Center for the Arts, Deer Lake and nature trails all nearby. Close to transportation & schools.

#17 ) Address:7545 WHELEN CT, Deer Lake, Burnaby

March 09 V932130 $1,877,000 $0 0%
May 16 V932130 $1,777,000 $-100,000 -5%
June 06 V932130 removed
June 11 V955744 $1,499,000 $-378,000 -20%
October 16 V955744 $1,399,000 $-478,000 -25%
Open House: Oct 20

Assessment: $1,611,000

RARE & PRESTIGIOUS! Tranquil “Stanley Park” like setting w/ stunning elevated vista views. Highly desired & rarely available large property (over 15,000 sqft) in Deer Lake/Buckingham Heights. Extensively updated modern post & beam mid-century home! Long time owner, renovations include new kitchen, bathrooms, windows, roof, hardwood floors, deck covering, & new 2 car enclosed garage. Low maintenance yard, professionally landscaped. Floor to ceiling windows, lots of natural light, bright, open layout, vaulted ceilings & skylights. Grand marble slab kitchen-island, stainless steel appliances & appointments. Flexible layout, potential self contained nanny’s quarters. Walk to Deer Lake, in Buckingham Heights School catchment!

#16 ) Address:24243 101A AV, Albion, Maple Ridge

August 10 V965832 $499,000 $0 0%
September 07 V965832 $469,900 $-29,100 -6%
October 19 V965832 $369,000 $-130,000 -26%

Assessment: $530,000

Wow, over 30% BELOW assessment for this 4 year old home…  “BEAUTIFUL and ELEGANT” “partially damaged by fire and a former grow-op”

GREAT POTENTIAL HERE in “Mainstone Creek”– This two storey w/ full walkout basement, BEAUTIFUL and ELEGANT, 6 bedroom, 3.5 bathroom home was partially damaged by fire and a former grow-op. Price reflects the extensive work to be done –currently no flooring, missing drywall, roof truss and vinyl siding on outside needs repair from fire damage. Features include maple kitchen and island, family room/great room with gas fireplace, ensuite soaker and tub and separate shower, and quiet location.

#15 ) Address:34831 DEWDNEY TRUNK RD, Hatzic, Mission

June 15 F1215628 $1,360,000 $0 0%
October 19 F1215628 $999,000 $-361,000 -27%

Assessment: $972,000

Spell check!  It is “Separate” not “Seperate”.  I admit that I sometimes make this same mistake but when you’re charging someone $50K to sell their home you should use spell check…  Original price was 40% above assessment

“Mansion on the Hill” Situated on a very private 1.84 acre lot over looking the mighty Fraser River, prairies, South, East and West views!! State of the art hot water heating system. This custom 2 storey, plus fully finished basement has it all! 5 huge bedrooms upstairs, almost 2500 SQFT main floor has a very open floor plan, with gourmet kitchen for entertainment. Seperate formal dining and living room, beautiful den (lots of wood) with its own patio overlooking the pond. Sewing/craft room, walk in pantry, family room and bright sun room. Basement has Nanny/Caretaker guest suite, huge entertaining rec/games area, plus its own big temp. controlled wine room. Lots of custom finish, mill work throughout. This truly is one of a kind!!! Qualified buyers only!! The quality is incredible!!!

#14 ) Address:4897 5TH AV, Pebble Hill, Tsawwassen

March 09 V934576 $2,300,000 $0 0%
Open House: May 27
May 26 V934576 removed
June 02 V954106 $2,300,000 $0 0%
June 23 V954106 $1,898,000 $-402,000 -17%
Open House: Jul 22, 29
Open House: Sep 16
September 30 V954106 removed
October 18 V977058 $1,689,000 $-611,000 -27%
Open House: Oct 21

Assessment: $1,292,000

Originally listed at 80% ABOVE assessment and even after large drops it is still over 30% ABOVE assessment.  To be fair, some homes in Tsawwassen do seem to have quite low assessments compared to similar homes in other suburban areas.  I’ve also noticed this home on the Craigslist home rentals recently after having no luck selling it

One of Tsawwassen’s most desirable home’s is on the market for the first time in 15 years. Situated on the upper bluff area on a huge 15,177 square foot private landscaped lot, close to transit and schools, this home is a well balanced home perfect for entertaining while offering the best in family intimacy and convenience. Boasting all the best in home luxury and lifestyle including Subzero and wolf appliances, a custom built Blakemore kitchen, built in air conditioning, radiant hot water heating on both levels, in ground pool and hot tub, separate nannies quarters, and a state of the art air exchange system. Dreaming of having it all this luxury home is for you, please call for a private viewing of this extraordinary home.

#13 ) Address:# 16 17700 60TH AV, Cloverdale BC, Cloverdale

March 09 F1205311 $98,900 $0 0%
June 29 F1205311 removed
September 14 F1222892 $122,900 $0 0%
October 19 F1222892 $89,900 $-33,000 -27%

Assessment: $81,700

2 sales last year averaging 1% BELOW assessment and this unit is still listed 10% ABOVE assessment.  Really bizarre – initial price of $99K was over 20% above assessment and it didn’t sell.  They then relist at 50% above assessment !  Now they have dropped it 27% bust still way more than they have any hope of getting for this place.  Future #1 on the Weekly Drop.  “Why Rent? When you can OWN! OFFER!”

Priced for an immediate SALE! Bright Open Floor Plan. Maintenance fee also includes heat and hot water. Great location – Walking distance to all amenities – On Bus Route – Easy Access to Hwy#15& Hwy#10. Why Rent? When you can OWN! OFFER!

#12 ) Address:32913 14TH AV, Mission BC, Mission

March 09 F1205726 $295,000 $0 0%
April 21 F1205726 removed
April 23 F1210290 $284,900 $-10,100 -3%
May 04 F1210290 $279,900 $-15,100 -5%
May 15 F1210290 $274,900 $-20,100 -7%
June 16 F1210290 $264,900 $-30,100 -10%
July 11 F1210290 $255,000 $-40,000 -14%
July 14 F1210290 $245,500 $-49,500 -17%
August 15 F1210290 $235,900 $-59,100 -20%
September 13 F1210290 $224,900 $-70,100 -24%
October 19 F1210290 $214,900 $-80,100 -27%

Assessment: $298,000

Now listed 28% BELOW assessment

Ample parking and only a short walk to Centennial Park from this 4 bed / 2 bath rancher in a great location. The large kitchen and lavish main bathroom make this a must see property. Separate dining room and living room for entertaining.Fully finished basement with bedroom, rec room and bathroom complete this home. RV parking is available and extra deep single car garage makes for a great work shop.

#11 ) Address:6135 DUFFERIN AV, Forglen, Burnaby

June 27 V958839 $1,165,000 $0 0%
July 05 V958839 $1,065,000 $-100,000 -9%
July 11 V958839 $995,000 $-170,000 -15%
September 07 V958839 removed
September 13 V970890 $895,000 $-270,000 -23%
Open House: Sep 16, 30
Open House: Oct 13
October 20 V970890 $847,500 $-317,500 -27%

Assessment: $863,300

UPDATE: Sold for $740,000, thanks “Disowned Renter”

Prime location. Close to Metrotown, Skytrain, Schools and nature trails. The original owners have cared for this home for 51 years. 3 bedrooms on the main floor, eating area in the kitchen, separate dining room, living room has hardwood floors, fireplace and overlooks the green space of Kisby Park. Partly finished basement with recroom and large area for potential finishings. A wonderful opportunity to renovate or add on to this solid home. This 50 X 150 lot with lane is great for building up to a 4500 square feet of living space.Open Sat Oct 13 2-4

#10 ) 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%
October 19 F1203321 $79,000 $-30,000 -28%

Assessment: $111,000

2 sales last year for an average of 4% ABOVE assessment and this listing is currently 29% 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.

#9 ) Address:# 307 4369 MAIN ST, Whistler, Whistler Pemberton

June 14 V817945 $159,000 $0 0%
April 25 V817945 $127,000 $-32,000 -20%
October 20 V817945 $115,000 $-44,000 -28%

Assessment: $103,100

2 sales last year averaging 3% ABOVE assessment and this one is currently listed at 11% ABOVE assessment, down from 54% ABOVE assessment!!!

Deluxe studio, fully finished. Located in the heart of Whistler Village. Featuring lofted 9′ ceiling, galley style kitchen complete with full size fridge, stove, dishwasher & microwave oven. Cozy sunken living room. Close to shops, restaurants and ski lifts. The building has an outdoor pool, hot tub, fitness room, sauna and secure underground parking. Affordable luxury with room for four people.

#8 ) Address:# LT.3 SWARD RD, Mission BC, Mission

June 06 F1214691 $249,000 $0 0%
June 21 F1214691 $234,000 $-15,000 -6%
July 07 F1214691 $226,500 $-22,500 -9%
July 26 F1214691 $214,900 $-34,100 -14%
August 11 F1214691 $201,900 $-47,100 -19%
August 28 F1214691 $189,900 $-59,100 -24%
September 22 F1214691 $185,900 $-63,100 -25%
October 16 F1214691 $179,900 $-69,100 -28%

Assessment: No assessment

8.17 ACRES at the north end of Hatzic Lake. Access off the end of a dead-end street. Neighborhood has a park and boat launch. Not subdividable. No driveway, property begins at the end of the street. It is wet at the bottom, then risessteeply up the mountain. * PREC – Personal Real Estate Corporation

#7 ) Address:12142 287TH ST, Northeast, Maple Ridge

May 14 V950147 $1,349,900 $0 0%
July 06 V950147 $1,299,900 $-50,000 -4%
September 19 V950147 $1,199,900 $-150,000 -11%
October 15 V950147 removed
October 17 V976812 $969,500 $-380,400 -28%

Assessment: $1,030,000

Sold last Feb 24, 2011 for $900,000.  Initial asking price was hoping for a $385,500 profit after all fees but that has dwindled to $15,750 profit after $53,746 in transactional related fees.  If they manage to sell for asking then still a nice score for doing nothing but that’s a big if. 

OPPORTUNITY! 6300 sq ft home on 5.004 Ac with gated entrance & winding driveway to private setting. Has 4 bedrooms (all with ensuite) 6 bathrooms in total (his & hers ensuites in master suite), 3 bay garage & attached workshop, large covered deck. Open plan with huge kitchen (granite countertops), Hot water radiant heat + air exchange system. Measurements are approximate and should be verified by the Buyers if important to them.

#6 ) Address:# 614 528 ROCHESTER AV, Coquitlam West, Coquitlam

March 23 V938821 $199,000 $0 0%
March 31 V938821 $189,000 $-10,000 -5%
April 05 V938821 $185,000 $-14,000 -7%
April 23 V938821 removed
April 26 V945578 $200,000 $0 0%
July 18 V945578 removed
July 25 V963470 $209,000 $0 0%
August 04 V963470 $199,000 $-10,000 -5%
August 18 V963470 $179,000 $-30,000 -14%
September 06 V963470 $174,900 $-34,100 -16%
September 19 V963470 $159,000 $-50,000 -24%
October 16 V963470 $149,000 $-60,000 -29%

Assessment: $194,100

15 units sold in this condo last year for an average of equal to assessment value and this unit is currently 23% BELOW assessment.  Semi random price increases back earlier this year followed by a free fall.  I’d be worried about 15+ sales last year along with 7 current listings in this building.  

Location, Location, Location. This cozy 500 sq ft condo is steps from Lougheed Mall, Skytrain and every imaginable amenity. SFU Students take note; this has to be one of the easiest commutes to SFU and with a small downpayment you own instead of rent! Features include: insuite laundry, media room, billiard and exercise room with a bonus guest suite. Relax and enjoy the peace and quiet on your private top floor deck. Book a showing today for this quality built concrete condo, it will not disappoint.

#5 ) Address:34161 SUMMERHILL PL, Central Abbotsford, Abbotsford

May 18 F1213003 $1,195,000 $0 0%
June 08 F1213003 $995,000 $-200,000 -17%
August 17 F1213003 $925,000 $-270,000 -23%
October 19 F1213003 $849,000 $-346,000 -29%

Assessment: $707,000

Huge pet peeve of mine – why write bsmt instead of basement???  ” these rooms are sure to aid in spoiling any child” – is that really something somebody wants to read in a description?  Surely there are better ways to convey the message.

This home really has it all inside and out, in fact it’s a veritable playground. The home functions extremely well with master bdrm on main and two massive bedrooms upstairs; these rooms are sure to aid in spoiling any child. The bsmt is finished and becomes the perfect access to what is probably one of the nicest backyards in town, featuring a gorgeous pool, outdoor kitchen, hot tub, massive stamped patio area surrounded by gorgeous landscaping on a 1/3 acre lot, & more. Come check out the extras which are too numerous to list here.

#4 ) Address:12026 DUNBAR ST, West Central, Maple Ridge

April 25 V945314 $499,000 $0 0%
July 25 V945314 $399,000 $-100,000 -20%
October 18 V945314 $349,000 $-150,000 -30%

Assessment: $424,000

Central Maple Ridge property close to downtown core. 1/4 ACRE, 80 x 144 lot that is currently zoned RS-1. The OCP indicates commercial use. All measurements are approximate and should be verified by the purchaser.

#3 ) Address:# 1901 1250 QUAYSIDE DR, Quay, New Westminster

April 14 V943137 $999,000 $0 0%
April 24 V943137 $899,000 $-100,000 -10%
May 05 V943137 $850,000 $-149,000 -15%
May 19 V943137 $788,000 $-211,000 -21%
July 09 V943137 removed
July 12 V961471 $749,000 $-250,000 -25%
August 18 V961471 $699,000 $-300,000 -30%
September 13 V961471 removed
September 16 V971748 $698,800 $-300,200 -30%
October 17 V971748 $679,000 $-320,000 -32%

Assessment: $665,000

Just one sale in this unit last year and it was sold at 1% below assessment.  How they imagined they could get close to a million dollars for this apartment in New Westminster is hard to understand.  32% drop and still above assessment…

Again… “Mstr Bedrm”, “Bathrm”, “lrg”, “Gas FP”, “Pkg”… so lazy. Luckily they have a “healthly” contingency.

WOW! 3425 sq ft, 2 level penthouse on the water. Possibly the best spot in the Quay & unlimited views. This spotless 1 owner home is very special. Impressive entrance from spiral staircase, to Grand rooms this one of a kind home very rarely comes available. Loads of windows, doors & balconies to enjoy Sunsets and bbq’s. Enjoy entertaining in the lrg Living/Dining Rooms, fabulous Family room w/BI Cabinets and Gas FP. 2 kitchens, Massive Mstr Bedrm, WI closet, Spa bathrm, Skylights, A/C. Gorgeous Drapes and Shears throughout. To top it off, this is an amazing building with healthly contingency & Pro-Active council. The building was Rainscreened/03, new Roof/11, Boiler/11, Plumbing/07, Pkg membrane/11. Tons of BI storage, 2 Pkg. “10”

#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%
October 17 V962408 $245,000 $-157,000 -39%

Assessment: $248,900

2 sales in this low rise last year averaging 1% ABOVE assessment and this unit is now listed 1.5% BELOW assessment after and almost 40% drop…

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:7964 168TH ST, Fleetwood Tynehead, Surrey

April 26 F1210712 $950,000 $0 0%
October 03 F1210712 removed
October 16 F1225428 $519,900 $-430,100 -45%

Assessment: $429,200

From $950K and 120%+ ABOVE assessment down to a still ridiculous 21% ABOVE assessment in just 1 drop.  It actually dropped more than the assessment in price!  Welcome to top spot.

Prime corner property as part of a land assembly or to hold for future development. Great high visibility property to use for a home business! Very solid house on this fully fenced property that Seller would rent back if required by the buyer. All services very close. Please do NOT enter the property without an appointment. Buyer to do their own investigations.


24 responses to “The Weekly Drop – October 22, 2012

  1. jimbob October 23, 2012 at 4:36 am

    I have to shake my head at #1. Talk about greed.

  2. jr October 23, 2012 at 8:52 am

    #16 ZOMFG! “BEAUTIFUL and ELEGANT, 6 bedroom, 3.5 bathroom home was partially damaged by fire and a former grow-op.”

  3. Watching the Circus October 23, 2012 at 9:53 am

    Perhaps #11 is not selling since one of the rooms in it looks like a scene out of a exorcism genre movie. Cross over the bed with pink sheets, CREEPY!!! Take a look at the additional pictures.

  4. Devore October 23, 2012 at 6:30 pm

    #1… attention “investors”!

  5. overthepond October 23, 2012 at 8:34 pm

    Listing #12 is the most telling on the list for me this week. What looks like a perfectly serviceable starter home for a family – which was originally listed reasonably around assessment price being cut price constantly. From the price drop increments, and the lack of any sort of staging in the pictures – I presume it’s a POS.

    Seeing the big dollar number mansions being cut in price in one thing – but with properties like #12 you can see a ‘normal’ family’s net worth being absolutely crushed. A city such as Mission which has boomed with priced out property virgins accepting a huge commute moving from Greater Vancouver could be one of victims of a killing of sales volume.

  6. Ray October 23, 2012 at 9:01 pm

    #6… is the perspective off or do you really need to be less than 75 lbs to fit into that kitchen? Is that a moveable island or something? Does the fridge and the stove even open?

  7. RFM October 24, 2012 at 2:30 pm

    This is an update on a small development about which I reported two months ago:

    Below is my posting from 29 August 2012; all that has changed since then is that one of the realtors’ three signs is missing from its post and another one, that proclaimed ‘Price Reduced” is laying on the ground. The prices haven’t changed and all five units are unsold and vacant. How long will the developer pay carrying costs that I conservatively estimate at $12,000.00 a month before throwing in the towel, facing foreclosure or filing bankruptcy?

    Original post: This is an interesting case study and a cautionary tale about the reality of the Vancouver real-estate market:

    In the first quarter of 2012 a five-unit strata development (called, according to the on-site sign, ‘Strathcona Gateway’) was completed from assembled lots at the southeast corner of Gore Avenue and Union Street in Strathcona in Vancouver East. The five detached townhouses have ‘heritage’ architectural elements with a shared 4-car garage (parking pad for 312 Union) without storage. Floor plans available on various websites show very small rooms but an open kitchen arrangement. I have not toured these properties, but the interior photos appear to show average construction and finishing.

    The situs is the southeast corner of Gore Avenue and Union Street. Gore Avenue is moderately busy; Union Street is lightly traveled and is a major bike route from the east to downtown; Prior Street is one-half block to the south and is a very heavily traveled street at all hours as it is a major feeder to and from the Georgia and Dunsmuir viaducts. There is a park across Gore Avenue, but all of this is subject to radical change as the City’s plans for demolition of the viaducts move forward. I would rate this a C- location.

    Regarding the developer, Wadaco Development Corp.: A Google search turned up a Wadaco Development at 643 East Georgia Street, Vancouver, BC V6A 2A2 but the phone number, (604) 676-9266, is a private home and Wadaco Development Corp. was unknown to the woman answering the phone.

    Searching the City of Vancouver website, nothing came up under ‘Strathcona Gateway,’ Wadaco Development Corp.’ or any of the individual street addresses of the properties (including variations of the names and addresses).

    Here are the particulars on the development (all five listings were originally placed on MLS on 21 March 2012 and do NOT include HST):

    308 Union Street is a 2-bedroom, 2.5-bath townhouse of 1,254 square feet currently listed for $828,000 as V939338 (originally priced at $898,000).

    312 Union Street is a 3-bedroom, 2.5-bath townhouse of 1,258 square feet currently listed for $818,000 as V939353 (originally priced at $888,000).

    808 Gore Avenue is a 2-bedroom, 2.5-bath townhouse of 1,076 square feet currently listed for $699,000 as V939337 (originally priced at $760,000).

    818 Gore Avenue is a 2-bedroom, 2.5-bath townhouse of 1,078 square feet currently listed for $699,000 as V939341 (originally priced at $760,000).

    828 Gore Avenue is a 2-bedroom, 2.5-bath townhouse of 1,110 square feet currently listed for $719,000 as V939354 (originally priced at $780,000).

    As of the date of this writing (29 August 2012), none of the five townhouses appears to have been sold or occupied. Two of the realtor’s signs on the site have large ‘add-on’ signs proclaiming in big red letters ‘PRICE REDUCED.’ The main sign says: ‘Move in May 2012.’

    Will this be a classic case of initially overpricing the units and then chasing the market to the bottom?

  8. R.E 101 October 25, 2012 at 2:25 pm

    I really enjoy your web-site. Please keep up the good work and I told all my friends about your site.

    For #7 Since the transactional related fee is #53746 and if one also count the tax which that owner paid for a $900K property. This guy should be losing money even at the current asking price. Is that correct. Thanks for explaining.

    R.E 101

    • an observer October 25, 2012 at 3:07 pm

      Hi, I include the taxes in the cost. I use this estimate:

      1) 1% of first $100K and 2% of remaining amount of initial purchase for Property Transfer Tax
      2) Realtor fees of $8400 for first $100K and 2.8% of remaining balance which is based on 6.5% of first $100K + 2.5% of remainder + HST
      3) Flat costs of $4K for various legal / inspection / etc fees for the 2 transactions

  9. raincoast October 26, 2012 at 6:54 pm

    #17 is over 15,000 square feet. Is it just me, or is that insane? What a massive waste of space, even if it is a large family. Can’t imagine the utilities this place sucks up.

  10. McLovin October 27, 2012 at 10:17 am

    My rainy Saturday just got brighter after reading the latest write up. Keep up the good work!

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