Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – October 29, 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:

  • 60 listings dropped to a cumulative total of 20%+ this week (crushing the former record of 47), 23 hit 25% (a new record) and 9 hit 30% this week (tying the record)
  • White Rock, Vancouver West and Sunshine Coast are all on the list 3 times and Richmond, North Surrey and Mission make it twice
  • 12 of 17 listings are listed below assessment
  • 3 new builds in the top 20

#20 ) 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, 20, 26
Open House: Jun 03, 10, 17, 24
Open House: Jul 07, 14
July 16 V947401 removed
August 04 V965253 $1,398,000 $-392,000 -22%
Open House: Aug 04, 05, 07, 11, 12, 14, 18, 19, 25, 26
Open House: Sep 02, 08
September 05 V965253 removed
September 09 V969843 $1,373,000 $-417,000 -23%
Open House: Sep 11, 15, 16, 18, 22, 23, 25, 29, 30
Open House: Oct 02, 06, 07, 09, 13, 14, 16, 21
October 23 V969843 $1,348,000 $-442,000 -25%
Open House: Oct 28

Assessment: Building Unfinished at time of assessment

So Philip Chan, the realtor / owner, has decided to make this FIAT 500 he is now offering with the property the front image on the listing.  This is the guy who went on CBC and 1) lied about how much his property had dropped 2) said he is confident the property won’t drop more than the 10 or 12% it already has dropped (now 25% and a 2012 FIAT drop) and 3)  had this brilliant sound bite “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.”.    Looks like you’re the one who is going to get hurt.  One more comment because this guy really epitomizes a lot of what is wrong with real estate in Vancouver, why would anyone use him as their realtor when he is having open houses for his own property every other day?  You really think if he finds a willing buyer that he isn’t going to push them into buying his own crashing property?  Ok, Philip Chan rant over.

Brand new front unit in this beautiful triplex in Kits w/ an exclusive south facing front yard, perfect for summer BBQs. Features an open flr plan w/ 1,721 SqFt living area, 3 beds, 2.5 baths, & 1 underground parking w/ a unique turntable parking feature! This home features quality luxury finishes, excellent craftsmanship & woodwork throughout, high coffered ceiling, Wainscot panelling, & rich hardwood wide plank flooring. Gourmet kitchen features granite slab countertops & stainless steel Viking appliances. Close to restaurants, shops, schools, & beaches. Strata Plan shows 1,628 SqFt. Under 2-5-10 Warranty. Brand new 2012 FIAT 500 Pop is a present to you if you purchase 2575 W7th Ave! Call us for more details!

 


#19 ) Address:# 4W2 8191 RIVER RD, West Cambie, Richmond

September 01 V968804 $238,800 $0 0%
September 22 V968804 $198,900 $-39,900 -17%
Open House: Sep 29
October 27 V968804 $178,800 $-60,000 -25%

Assessment: $162,600

Lovely little one bedroom and office float home in like new condition. Two patios, one covered, both face south towards the Olympic Oval and swans and ducks on the river. Lots of windows and light in this charming home. Appliances, Fisher/Paykel French door fridge, Maytag 3000 series washer and dryer, range, and microwave are all like new. Relaxed float home community is very friendly and safe. Location is handy to the Vancouver International Airport, River Rock Casino, rapid transit to Downtown Vancouver on the Canada Line and local shopping in Richmond. Open House: Sat, Sept 29th, 1-3 PM.


#18 ) Address:10098 PAINTER RD, Halfmoon Bay, Sunshine Coast

February 03 V929649 $484,900 $0 0%
March 09 V929649 $459,000 $-25,900 -5%
April 24 V929649 $434,900 $-50,000 -10%
May 30 V929649 $424,500 $-60,400 -12%
July 31 V929649 $399,000 $-85,900 -18%
September 20 V929649 $378,000 $-106,900 -22%
October 25 V929649 $359,000 $-125,900 -26%

Assessment: $400,000

Beautiful natural setting situated in Secret Cove on cul-de-sac with nearby marinas & hiking trails. This .53 acre property enjoys sunny exposure and a back drop of mature cedars. The 2,416 sqft post & beam home features vaulted ceiling, floor to ceiling windows, super spacious master suite with sitting area, private deck, 5 piece ensuite, lofted office & updated kitchen with walk-in pantry. Entertainment sized sundeck and gently sloped yard offers enjoyable outdoor living. Short stroll to marina.


#17 ) Address:# 206 1369 GEORGE ST, White Rock, White Rock

May 12 F1212478 $269,000 $0 0%
May 31 F1212478 $249,000 $-20,000 -7%
Open House: Jun 03
June 20 F1212478 $239,000 $-30,000 -11%
Open House: Jul 15
July 14 F1212478 $229,000 $-40,000 -15%
September 07 F1212478 $209,000 $-60,000 -22%
October 27 F1212478 $199,000 $-70,000 -26%

Assessment: $260,000

No units sold in this property last year.  Now listed 23% BELOW assessment

CAMEO TERRACE!!! Large one bedroom and den, could be a second bedroom. Great location, western exposed balcony with peek a boo view of the ocean. Engineered hardwood floors, wood blinds, Stainless appliances, breakfast bar.Great layout, spacious laundry with side by side washer & dryer. Shows well! Age restrictions, no rentals, small pet allowed.


#16 ) 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%
October 26 F1225175 $139,900 $-50,000 -26%

Assessment: $203,900

4 units sold in this property last year for an average of 10% ABOVE assessment and this unit is now listed 34% BELOW assessment!!!  A 44% swing is mind blowing – I have to think there is more to this story.

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.


#15 ) Address:12309 24TH AV, Crescent Beach Ocean Park, White Rock

October 07 F1124941 $1,188,000 $0 0%
November 27 F1124941 $1,088,000 $-100,000 -8%
February 01 F1124941 $988,000 $-200,000 -17%
March 16 F1124941 $928,000 $-260,000 -22%
June 23 F1124941 $888,000 $-300,000 -25%
October 27 F1124941 $869,000 $-319,000 -27%

Assessment: $719,000

Like most SFH’s in White Rock / South Surrey the sellers are starting to come to the realization that buyers are no longer willing to be overpay by huge margings.  Most of the listings in this area are 25%+ above assessment (with many at 50-100% above assessment) but they are sitting for a long time.  From April to the end of August only 7% of homes there sold for assessment or lower.  Since then that number is 38%.  Here’s the funny part… only 4% of homes in the area are currently listed at or below assessment.  You also might notice that over the last 4 weeks, White Rock has had multiple Weekly Drop entries in 3 of these weeks.  Additionally, 8 White Rock / South Surrey listings had cumulative price drops reaching 20%+ this week.  Reality check is coming

STUNNING OCEAN PARK/CRESCENT HEIGHT HOME on a very private site & only minutes (literally) from the beach path. Improvements in recent years include all new wiring etc, all new plumbing & fixtures. All new doors & windows (Euroline Tilt &Torn Gold Series) 5″ wide maple flooring & slate flooring entry, ultra line professional 6 burner gas stove, solid fir French doors (3 sets) leading onto the deck area, custom built cedar storage shed (12×16) heated & insulated + vertical grain fir kitchen cabinets & so much more. TRULY A ONE OF A KIND!


#14 ) Address:420 N OXLEY ST, West Bay, West Vancouver

March 09 V921903 $4,840,000 $0 0%
April 23 V921903 $4,498,000 $-342,000 -7%
June 08 V921903 removed
June 13 V956135 $3,999,000 $-841,000 -17%
Open House: Jun 17, 23, 24
Open House: Jul 15, 22, 29
Open House: Aug 11, 25
Open House: Sep 08, 09, 16, 22, 23
Open House: Oct 14, 20
October 22 V956135 removed
October 25 V977860 $3,488,000 $-1,352,000 -28%
Open House: Oct 28

Assessment: $1,855,000

There was a large renovation on this property but being very generous by assuming they spent $500K on the renovations it looks like it is more than a million over priced even after $1.3 million in drops

Looking for something that makes a statement? This 3 level 4 bedroom rebuilt contemporary has it all, beautiful ocean views, state of the art kitchen including an ultra modern appliance package. The open living plan takes advantage of the gorgeous ocean view and the spectacular gardens surrounding the house. Lots of private outdoor living for entertaining or just relaxing in your own mini Butchart Gardens. To fully appreciate this property you have to view it for yourself. Public open Sunday Oct. 28th, 2pm-4pm


#13 ) Address:4898 FANNIN AV, Point Grey, Vancouver West

March 09 V899955 $13,980,000 $0 0%
June 22 V899955 removed
July 07 V960623 $12,880,000 $-1,100,000 -8%
October 27 V960623 $9,980,000 $-4,000,000 -29%

Assessment: $9,145,000

Wow, $9 million+ assessment – don’t see that very often.  $4 million in price drops and still over assessment – you also don’t see that very often

Majestic! A rare chance to own an over 1 acre lushly garden estate in the most sought after Point Grey area. This elegant private residence showcased beautifully park-like, mountain & water view. Over 8,100 sq ft of tastefully decorated living area w/7 bedrooms, cross hall formal dining room & living room w/conservatory, open concept gourmet kitchen w/spacious eating area & family room, recreation room w/steam bath, enchanting garden & heated outdoor pool w/entertainment sized BBQ patio. Bonus: a coach house for your guest.


#12 ) 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%
October 27 F1225069 $199,000 $-80,000 -29%

Assessment: $268,000

2 units sold in this property last year for an average of 3% BELOW assessment and this unit is currently listed 25% BELOW assessment.  Listed 8 months and still has a typo in “transporation”.

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.


#11 ) 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%
October 28 F1224295 $170,000 $-69,000 -29%

Assessment: $174,000

4 sales in this last year averaging 1% ABOVE assessment and this unit is currently priced at 2% BELOW 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.


#10 ) Address:36181 BEYER RD, Dewdney Deroche, Mission

March 09 F1124806 $380,000 $0 0%
April 04 F1124806 removed
June 08 F1214930 $330,000 $-50,000 -13%
August 09 F1214930 removed
October 26 F1226288 $269,000 $-111,000 -29%

Assessment: $323,000

Looking for that perfect building site? 13.2 acres of privacy the driveway is in place. The Engineering, Riparian and Geo-technical reports have been completed and will be made available ready for your dream home. Not far from Cascade FallsRegional Park along with many more sites for outdoor adventures. Ideal for the outdoor enthusiast. Call to view today! This property is priced to sell!!


#9 ) 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%
October 27 V968373 $1,325,000 $-555,000 -30%

Assessment: $1,364,000

This Dunbar lot makes the list again and after 30% in drops is finally now below assessment

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.


#8 ) Address:3120 SATURNA PL, Quilchena, Richmond

June 07 V955043 $2,590,000 $0 0%
Open House: Jun 09, 10, 23
Open House: Aug 19
Open House: Sep 08
October 02 V955043 $2,390,000 $-200,000 -8%
October 24 V955043 $1,799,990 $-790,010 -31%
Open House: Oct 27

Assessment: Building Unfinished

A new build in Richmond down $800K in just a few months.  The former property was assessed at $1.2 million so I can’t imagine there being much profit left in this

Distinguished brand new home just finished! Nearly 9400 sq ft lot with 4143 sq ft super solid house sitting in quiet cul-de-sac along prime Quilchena Golf Course in West Richmond. Thoughtful planning on strength and durability plus extra attention to enduring craftsmanship. Reinforced concrete foundation, carved metal entrance door and sound-proof insulation between each room makes this home special. Wood circle stairs and remote controlled electronic curtains are just other additions to the must haves: 5 bedrooms and 5 bathrooms (4 ensuite), huge chandelier, sauna & gym room with exposure to private backyard. Security TV, HRV, radiant heat, air-conditioning, outdoor sprinkler, huge deck and triple car garage. Open House Oct 27, 2-4.


#7 ) Address:# 413 33960 OLD YALE RD, Central Abbotsford, Abbotsford

March 09 F1127557 $169,900 $0 0%
April 27 F1127557 removed
April 28 F1210945 $129,000 $-40,900 -24%
June 26 F1210945 $119,000 $-50,900 -30%
October 27 F1210945 $114,000 $-55,900 -33%

Assessment: $133,300

3 units sold in this property last year for an average of 1% ABOVE assessment and this unit is now listed for 15% BELOW assessment

Ideal for an investor or first time buyer. 1 bedroom and 1 bath condo with a Maple kitchen, laminate flooring, in-suite laundry. 2 underground parking stalls and 1 storage locker. Downtown Abbotsford location, walkingdistance to restaurants, pubs, grocery stores and more. No age or rental restrictions. Great investment!!


#6 ) Address:1857 NORTH RD, Gibsons, Sunshine Coast

October 17 V976756 $375,000 $0 0%
October 25 V976756 $249,000 $-126,000 -34%

Assessment: Building Unfinished at time of assessment

Building is not only unfinished at time of assessment but it is still unfinished and comes furnished with a bucket of nails, a philips screwdriver and a sledgehammer.  

Bring any offer!! Magnificent ocean, island, and North Shore mountain views from this unique partially built home. Spacious open floor plan to take advantage of the ocean views! Engineered designed wall with floor to ceiling windows, architecturally designed scarf joints with post & beam 1st growth Queen Charlotte cedar, roof is designed to have solar panels, paved driveway, .679 acres, 50 ft frontage, by 581 depth, zoned for a cottage, 750sq ft on the main floor, and 375 to 750 up all with ocean views, 2 beds, 2 baths, with plans for a huge deck, 480 sq ft of built in containers for the perfect media room, or man cave! Gorgeous sunrises! Owner says 70K to 80K to finish. Opportunity knocks! Click on multi media for tour.


#5 ) 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%
October 23 H1204081 $309,900 $-179,100 -37%

Assessment: $455,000

These sellers tried the raise the price to sell trick back in April – now 6 months later and 37% in drops with a new price that is over 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


#4 ) Address:32921 14TH AV, Mission BC, Mission

No Picture

December 04 F1128776 $1,450,000 $0 0%
April 16 F1128776 $1,000,000 $-450,000 -31%
October 26 F1128776 $880,000 $-570,000 -39%

Assessment:$442,000

Was originally more than triple assessment and is now just double assessment.  With new zoning coming you can make the argument that assessment is below potential value but you can also make the argument that nobody is going to be wanting to build any high density in Mission shortly

1.47 acre property in central Mission approved for 23 town homes. Complete with drawings, geotech, engineering and site plans. Present zone R558. New zone MT40. Preliminary approval.


#3 ) Address:9267 188TH ST, Port Kells, North Surrey

March 09 F1129462 $1,788,000 $0 0%
March 17 F1129462 removed
May 29 F1213865 $1,399,000 $-389,000 -22%
July 24 F1213865 $1,150,000 $-638,000 -36%
August 24 F1213865 $1,089,000 $-699,000 -39%
October 25 F1213865 $1,069,000 $-719,000 -40%

Assessment: $1,171,000

The “WILL ACCEPT TRADES” property makes the list again – now listed 40% below peak.  Scary thing is that a 40% drop only gives this property 3rd spot on the week…

INVESTOR ALERT! IN THE PORT KELLS NCP FOR FUTURE DEVELOPMENT. Over an 1.22 acres of flat and usable land. In the mean time, a huge, gorgeous home perfect for the property owner and their family, or a terrific revenue property to rent out.Many updates to the house include flooring, paint, etc and 3 generously-sized rooms with an additional, massive rec room. Very quiet area with tons of yard for kids, entertaining, hobbies or your landscaping dreams. Double garage for working on the car(s), woodworking and all your other activities. WILL ACCEPT TRADES.


#2 ) Address:18700 RIVER RD, East Richmond, Richmond

April 26 V945639 $1,210,900 $0 0%
May 23 V945639 $1,139,750 $-71,150 -6%
June 21 V945639 $1,110,900 $-100,000 -8%
July 24 V945639 $779,900 $-431,000 -36%
August 23 V945639 $756,900 $-454,000 -37%
September 25 V945639 $734,900 $-476,000 -39%
October 25 V945639 $719,900 $-491,000 -41%

Assessment: $841,800

That’s a lot of land but lots of evidence from other property bubbles suggests that lot / land value takes a large hit as credit dries up and over leveraged developers scramble to liquidate their completed builds

2.29 AC (99,752 sq ft) acreage on River Rd in North Richmond. Easy access to Vancouver via Knight Street Bridge & Hamilton (East Richmond) featuring all amenities & large shopping centre. Excellent holding property, 3 bedroom house tenanted. Hold now or build your dream home. The Vendor will not accept any offers to purchase from any individual that is an employee of Toronto Dominion Bank or any of its subsidiaries or affiliated corporations”


#1 ) Address:4478 STALASHEN DR, Sechelt, Sunshine Coast

May 21 V951633 $69,000 $0 0%
June 21 V951633 $59,000 $-10,000 -14%
July 18 V951633 $39,000 $-30,000 -43%
October 23 V951633 $37,500 $-31,500 -46%

Assessment: $148,400

The lease expires in a couple of years but can be extended.  Very low price point but still a 46% drop since May and now about 75% BELOW assessment (with the disclaimer that leased land is not really assessed according to market value)

Lowest priced home in Tsawcome properties – 2 bedroom rancher-style home shows pride of ownership throughout and boasts a recently replaced roof and pressurized septic field. The open floor plan with vaulted ceilings and skylights in the living room, master bedroom and bathroom areas provide a spacious feeling and the abundance of over-sized windows further enhance the bright and welcoming interior. A gas fireplace for romantic evenings, private treed yard with privacy fence in front, covered parking and just a few steps to the beach make this home an ideal situation for full time AND weekend living in an “ALMOST WATERFRONT” setting! A prepaid lease to 2014 with option to extend lease to 2037!

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26 responses to “The Weekly Drop – October 29, 2012

  1. Bear Extraodinaire October 29, 2012 at 11:20 am

    First Post! 😀

  2. Wilma October 29, 2012 at 12:03 pm

    You rarely feature houses in the Burnaby area. Are prices stable there?

    • an observer October 29, 2012 at 12:19 pm

      The weekly drop only shows the top 20 from all areas combined. I also do a monthly spotlight for each region – check the right hand side and look for Burnaby spotlight. I’m going to be doing all of the spotlights again starting tomorrow. Burnaby is definitely not stable – not a lot of huge drops but the city as a whole has not been doing well in terms of sale / inventory

      • larobinha October 30, 2012 at 10:49 pm

        I notice there are no Bowen Island properties in your data set. May I ask whether you have access to this data and whether I can get access to it?

        Also, may I have access to the data you use for your analysis? I work in the Business Intelligence software market and would like to have a go at building some visualizations with it.

        Great blog! Keep up the good work.

      • an observer October 31, 2012 at 9:34 am

        Hi, I’m not watching Bowen Island but if you are interested in this specific area you can call up a realtor and ask him to set you up with email alerts on all listings, price changes and sales in that area and they might be able to do that for you.

  3. JR October 29, 2012 at 12:07 pm

    Regarding #7. Rumour has it that the FV realtors are freaking out and having meetings trying to figure out how to move condos, especially the higher end ones (this is a relative term, those over 200k).

    • an observer October 29, 2012 at 12:22 pm

      Choose any condo / townhome in the fraser valley and look up current listing prices vs assessment and compare to sales from last year vs assessment in the same condo and you will be VERY thankful you don’t own a FV condo… Easily a 20% drop since last years peak for FV condo’s based on the things I’m seeing

  4. happy cynic October 29, 2012 at 12:08 pm

    Thanks for providing hope to those who have been priced out of this market. Please keep it up. You provide a counter to the industry propaganda touted through the mainstream media outlets.

  5. rp1 October 29, 2012 at 2:39 pm

    Who spends $1.3M on a condo and wants a Fiat 500? You may as well offer a Zap Xebra.

  6. Groundhog October 29, 2012 at 2:54 pm

    Any info on the lease for #1? Seems like a good price, even if you bought and used it as a recreational property until lease expiration in 2037 and weren’t able to sell it then. Maybe there’s a large fee to renew the lease?

  7. craigcherlet October 29, 2012 at 3:27 pm

    The best part of this real estate downturn is that people like Mr Chan that have made an easy living in this 10 yr bull RE market will now have to work for their income. I wish we could track how many realtors leave the profession over the next 5 years. That would be a drop metric I would like to see.

  8. Roy October 29, 2012 at 5:13 pm

    Great work, and good grief on #20. This guy must be aging 10 years in 2012. Total denial of what is reality and obviously so incredibly desperate fighting every step of the way down for whatever last dime he could possibly squeeze out of a buyer… You nailed it he epitomizes everything that is wrong with Vancouver real estate.

    #2- might as well give up. Its another one of these condemned homes that in rising markets would reluctantly be bought and sold, but in downward markets is simply a dumpground that can’t sell at any price.

  9. Rich October 30, 2012 at 10:35 am

    FYI… Blue Tarp just sold in court yesterday for $650,000.

  10. Bill October 30, 2012 at 10:27 pm

    I bet Philip Chan won’t sell his house even if he gives away another brand new RV and boat

  11. 121FORCE October 31, 2012 at 1:09 pm

    What a great page. I really like all your comments in RED (they are super funny and true). This is very real and counter to what I read on the Globe&Mail VancouverSun and others! How is Port Moody doing? i’ve always thought it was way over priced and have noticed (through MLS) that properties aren’t selling but I haven’t noticed any price drops.

    • an observer October 31, 2012 at 1:41 pm

      As of the beginning of this month there hasn’t been a single sale in Port Moody greater than $1.9 million… Current inventory is 29 in that range and many more on the sidelines that have been pulled.

      A “normal” market has an MOI of around 4 although to be fair higher end homes are usually higher. For the purposes of this example lets use an MOI of 8 for these high end homes. That means you would expect there to have been somewhere over 30 sales of $1.9 million+ homes in Port Moody this year and to repeat, there have been 0… There are already some huge price drops happening at the high end.

      Lower priced homes are doing better although I don’t have specifics

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