Vancouver Price Drop

Documenting Vancouver real estate price movements

Vancouver East Spotlight – November 8, 2012

It’s been a month so once again here are the top 10 properties currently listed in Vancouver East with the largest overall drop in asking price since early March.  Please note that the listings are now in reverse order so starting with #10 and going up to #1

Some Highlights

  • It takes a 20% drop to make this top 10.  The previous 4 months were 19%, 18%, 17% and 15%
  • 4 of 9 listings are now below assessment

#10 ) Address:2781 E 55TH AV, Fraserview, Vancouver East

March 09 V931022 $1,738,000 $0 0%
April 02 V931022 removed
April 05 V941262 $1,599,000 $-139,000 -8%
July 25 V941262 $1,499,000 $-239,000 -14%
October 02 V941262 removed
October 04 V975056 $1,399,000 $-339,000 -20%
Open House: Oct 07
Open House: Oct 14
Open House: Nov 03

Assessment: Building Unfnished at time of assessment

Brand new 3 level house in Prime Fraserview, close to golf course, park, school, bus routes & shops! Quiet street appearance, house features 9 feet high ceilings on the main & basement floor, hardwood flooring, spacious layout, gas fireplace, HRV & etc.. Basement suites available, nice backyard with fence around. Excellent workmanship throughout the whole house, ready to move in, 2-5-10 New Home Warranty. Open House Sun Nov 3rd, 2-4pm.


#9 ) Address:# 211 2142 CAROLINA ST, Mount Pleasant, Vancouver East

March 10 V936530 $262,000 $0 0%
May 16 V936530 $258,000 $-4,000 -2%
June 21 V936530 removed
June 25 V958552 $248,000 $-14,000 -5%
August 08 V958552 removed
September 09 V970139 $240,000 $-22,000 -8%
November 07 V970139 $210,000 $-52,000 -20%

Assessment: $221,600

9 sales here last year for an average of 1% ABOVE assessment and this unit is currently listed for 5% BELOW assessment


#8 ) Address:5651 TYNE ST, Collingwood, Vancouver East

April 05 V941363 $1,249,000 $0 0%
May 30 V941363 $1,224,000 $-25,000 -2%
June 08 V941363 $1,199,000 $-50,000 -4%
September 18 V941363 $1,099,000 $-150,000 -12%
October 03 V941363 removed
October 05 V975151 $999,000 $-250,000 -20%

Assessment: $874,000

Excellent location walking distance to skytrain. Kingsway bus, school, Safeway, banks, restaurants, groceries. Mortgage help from 2 bdrm suites and 1 bdrm suite. Double garage + one carport with rear lane access. House is in a brand new condition.


#7 ) Address:3155 E 6TH AV, Renfrew, Vancouver East

June 04 V954399 $1,199,000 $0 0%
June 22 V954399 $1,149,000 $-50,000 -4%
July 13 V954399 $1,059,000 $-140,000 -12%
August 17 V954399 $999,000 $-200,000 -17%
September 01 V954399 removed
October 07 V975716 $948,800 $-250,200 -21%
Open House: Oct 14

Assessment: $891,000

22yr old freshly updated 2 level with basement. Features 3 bedrooms up and 1 bedroom in the basement, mountain view, double garage, new appliances, laminated floors and blinds. Close to school , shopping and transit.Property contains unauthorized accommodations.


#6 ) Address:# 208 2234 PRINCE ALBERT ST, Mount Pleasant, Vancouver East

May 26 V952525 $279,000 $0 0%
May 31 V952525 removed
July 14 V961897 $279,000 $0 0%
Open House: Jul 22
Open House: Oct 06
October 05 V961897 $250,000 $-29,000 -10%
October 26 V961897 $219,000 $-60,000 -22%
Open House: Oct 27

Assessment: $270,300

4 sales here last year averaging 5% ABOVE assessment and this one is currently listed for 18% BELOW assessment

Bright Northwest corner unit with gorgeous views of the North Shore Mountains. This unit has its own private wrap-around balcony perfect for summer BBQ’s. A renovator’s dream space! The Oasis Building is well maintained with secure parking and storage. The Oasis is centrally located in Mount Pleasant, just blocks from both Main and Commercial. Close to some of the best shopping and restaurants Vancouver has to offer!!


#5 ) Address:7039 MAIN ST, South Vancouver, Vancouver East

June 21 V957696 $1,428,000 $0 0%
Open House: Jul 14
Open House: Jul 15
July 24 V957696 removed
July 26 V963792 $1,269,000 $-159,000 -11%
August 21 V963792 $1,100,000 $-328,000 -23%

Assessment: $1,116,000

Rarely available Triplex on 2 legal lots on Main and 54th, Van. 3 kitchens, 2 hot water tanks, 2 furnaces, 3 electric meters. Live in one of the suites and rent the 2 other units. Catchment area of Sexsmith Elementary School and Sir Winston Churchill Secondary School. All sizes and ages are approx only. The Buyer should not rely upon listing information without Buyer independently verifying the information.


#4 ) Address:2008 E 61ST AV, Fraserview, Vancouver East

April 02 V940604 $1,438,000 $0 0%
April 25 V940604 $1,398,000 $-40,000 -3%
May 25 V940604 $1,353,000 $-85,000 -6%
June 13 V940604 removed
June 28 V959102 $1,230,000 $-208,000 -14%
August 15 V959102 $1,199,000 $-239,000 -17%
Open House: Aug 19
September 11 V959102 removed
September 13 V970925 $1,150,000 $-288,000 -20%
October 26 V970925 $1,099,000 $-339,000 -24%
Open House: Oct 28

Assessment: $1,056,000

Fraserview is the city’s newest waterfront neighbourhood. With larger lots came the larger homes, truly the perfect scene of treelined streets and lush grass. THIS HOME: Over 3000 sq ft of intelligently designed interior space, 4 lavish bedrooms upstairs. Master bath not spared – jacuzzi tub perfect for at home spa time! A rec room appropriate for a poker table, man cave or kids area, an enormous kitchen including a substantial eating area and desk space. Need to cool off? No sweat – the family room is equipped with a ductless A/C system. Otherwise, step out to your covered patio space and enjoy a glass of iced tea! Seriously, come see – bring friends and tell others. OPEN HOUSE: SUN 28TH 2-4PM.


#3 ) Address:905 E 15TH AV, Mount Pleasant, Vancouver East

March 09 V914244 $668,000 $0 0%
April 13 V914244 removed
April 16 V943709 $598,000 $-70,000 -10%
July 12 V943709 $568,000 $-100,000 -15%
October 30 V943709 $498,000 $-170,000 -25%

Assessment: $518,000

Very quiet Mount Pleasant location close to everything. Beautiful ground floor unit in a half duplex with open floor plan. 2 bedrooms with full bath. All on one level this beauty boasts a stunning kitchen with granite countertops, stainlesssteel appliances including gas range, gleaning engineering wood, radiant in floor heat and superb finishing detailing around window and doors. Outdoor space includes front Eastern patio and large backyard with garden space. Parking space off lane. This home shows like a display suite. Act fast!


#2 ) Address:1283 E 63RD AV, South Vancouver, Vancouver East

August 06 V965442 $979,000 $0 0%
August 11 V965442 $1,250,000 $0 0%
August 16 V965442 $1,025,000 $-225,000 -18%
September 12 V965442 $929,000 $-321,000 -26%

Assessment: $794,700

The house is stripped and built again except the foundation. New walls, windows, floors, kitchens, bathrooms, plumbing, electrical, garage, solid house, well maintained by the owners. Up & down occupied by the sellers. Won’t last, call soon. Very central location, near schools, transport & Airport, double glazed windows. Hardwood floors, sellers motivated.


#1 ) 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

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.


 

3 responses to “Vancouver East Spotlight – November 8, 2012

  1. happy cynic November 8, 2012 at 11:55 pm

    Thanks again!
    #10- 8 bedrooms – lots of income potential here for this new house.
    Looks like this one was pretty cheaply finished off as the builder sensed the market heading south. Shame, as it’s a nice location.

  2. nmd November 14, 2012 at 8:39 pm

    I used to rent in the same building as the unit in #6. Unit prices are finally starting to get reasonable. Last year units would be listed for low 300s. The biggest problem for sellers in that building is the high maintenance fee considering what got done in the building.

  3. Anymouse December 1, 2012 at 6:07 pm

    Even at these prices, it’s soooooo unaffordable

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