Vancouver Price Drop

Documenting Vancouver real estate price movements

Vancouver West Spotlight – November 8, 2012

It’s been a month so once again here are the top 10 properties currently listed in Vancouver West 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

Update: I forgot to post the picture

Some Highlights

  • It takes a 24% drop to make this top 10.  The previous 4 months were 23%, 23%, 22% and 20%
  • 4 of 9 listings are now below assessment

#10 ) Address:# C1 1500 HORNBY ST, Yaletown, Vancouver West

February 24 V933540 $628,000 $0 0%
February 27 V933540 $569,000 $-59,000 -9%
May 16 V933540 $564,900 $-63,100 -10%
June 20 V933540 $529,900 $-98,100 -16%
July 19 V933540 $479,900 $-148,100 -24%
September 18 V933540 removed
September 21 V972750 $479,900 $-148,100 -24%

Assessment: $462,000

10 units sold in this apartment last year for an average of 9% ABOVE assessment and this unit is currently listed at 4% ABOVE assessment

Street access office or retail space in prime Yaletown location. Great opportunity to own commercial space in a busy location. Property:825 sqft of office/retail space, double-wide frontage w/direct access, partitioned into 4 offices.Located a block away from the Marina& seabus & transportation. Includes 2secure parking spaces and street parking is readily available. Currently owner occupied business. Great holding property for the savvy investor. Building offers great amenities (pool, hot tub, gym etc.). TRY YOUR OFFER -Owner will consider renovation and/or improvement credit for future buyer! JUNE rent rates, you would see NET $33,000/annum, this would show a 6% CAP RATE at the current list price! **See V4032709

#9 ) Address:769 W 61ST AV, Marpole, Vancouver West

June 29 V959332 $2,480,000 $0 0%
Open House: Jul 15
Open House: Sep 09
Open House: Sep 16
September 18 V959332 $2,380,000 $-100,000 -4%
Open House: Sep 22
Open House: Sep 30
October 02 V959332 removed
October 18 V977024 $2,090,000 $-390,000 -16%
Open House: Oct 20
Open House: Oct 21
November 01 V977024 $1,890,000 $-590,000 -24%
Open House: Nov 03
Open House: Nov 04

Assessment: $1,770,000

South facing with an excellent floor plan in Marpole neighbourhood. This large family home is situated on a quiet & beautiful street, convenient location to Churchill Secondary, Laurier Elementary, community centre, shopping mall, public transit & more. Huge lot 44×122′, with almost 3500 sq ft of interior living, 4 bedrooms up, 1 bdrm on main & 2 bdrm suite for mortgage helper/nanny’s quarter. This home is well maintained & has some updates. 3 car garage & a private fenced yard. A pleasure to view.

#8 ) Address:356 W 62ND AV, Marpole, Vancouver West

March 09 V930742 $2,190,000 $0 0%
June 08 V930742 removed
July 06 V960379 $1,880,000 $-310,000 -14%
October 25 V960379 $1,650,000 $-540,000 -25%

Assessment: $1,283,800

Live in the house and enjoy the privacy and convenient the location is offering buy this house with other houses in intire block for investment remember it is cambie corridor soon or later will be high end redevelopment it is really a wonderfull opprtunity for the builder and investor who is willing to invest and wait until the plan arrive the seller have been living in this house for many years and enjoy the privacy and the freedom of moving around without waittiong for transpotation the love tio stay at the house ifit is possible as tenant

#7 ) Address:# 2900 1280 RICHARDS ST, Yaletown, Vancouver West

March 09 V935549 $2,648,800 $0 0%
April 03 V935549 $2,548,800 $-100,000 -4%
April 14 V935549 $2,395,000 $-253,800 -10%
July 26 V935549 removed
August 09 V965537 $2,380,000 $-268,800 -10%
Open House: Aug 10
Open House: Aug 11
Open House: Aug 12
Open House: Aug 17
Open House: Aug 24
Open House: Aug 26
September 25 V965537 $1,980,000 $-668,800 -25%
Open House: Sep 28
Open House: Sep 29
Open House: Oct 05
Open House: Oct 19
Open House: Oct 20

Assessment: $2,462,000

7 sales in this apartment for an average of 1% BELOW assessment.  This unit is currently almost 20% BELOW assessment!

This is the entire 29th floor Of the Grace Residence. With 360 degree city, ocean and mountain views, this beautiful 1 bedroom and den 3 bath home comes with 3 parking and a locker. Has 200 yr old reclaimed pine floors from Quebec. A hand carved limestone gas fireplace that fills the room with warmth. Air conditioning to keep you cool on those hot summer days. Bright & spacious living and dinning area, 48 inch Sub Zero fridge, doublewall ovens and a 5-burner gas cooktop makes this home perfect for entertaining. Amenities include an indoor-outdoor lap pool, a hot tub and sauna a play ground and gym facility. With biometric security systems (thumb print fobs) and a concierge this is a one of a kind wonderful home.

#6 ) Address:2055 ACADIA RD, University, Vancouver West

June 11 V955804 $5,888,000 $0 0%
August 31 V955804 removed
October 18 V977077 $4,850,000 $-1,038,000 -18%
Open House: Oct 21
Open House: Oct 20
Open House: Oct 27
Open House: Oct 28
Open House: Nov 03
Open House: Nov 04
November 07 V977077 $4,300,000 $-1,588,000 -27%

Assessment: $4,376,900

Rarely available (112.7′ width x 165 depth) total 18,596sft large quiet flat corner lot in UBC prestigious neighborhood. It’s a beautiful place to live in or to build your dream home.

#5 ) Address:# 202 8775 CARTIER ST, Marpole, Vancouver West

April 30 V946467 $289,000 $0 0%
June 27 V946467 $269,000 $-20,000 -7%
Open House: Jun 30
August 30 V946467 removed
November 04 V979115 $210,000 $-79,000 -27%

Assessment: $280,400

3 sales here last year averaging 4% BELOW assessment and this unit is currently 25% BELOW assessment

NO SIGN! Prime Marpole location. Quiet, bright southeast corner 1 bedroom apartment in the ‘Cartier House’. Also includes an enclosed balcony which is not include in the 670 sq.ft with views of Marpole Park, maple cabinets in the kitchen & hallway, newer appliances, gas fireplace with glass doors, marble tiles & maple mantle, closet organizers, mirrored bi-fold doors and more. One parking stall. One storage locker. No pets. Rentals allowed with restrictions. Lobby, boiler & hot water tank 2009. Roof 2008. Piping 2001. Quick completion possible.

#4 ) Address:3390 THE CRESCENT, Shaughnessy, Vancouver West

October 27 V917626 $31,900,000 $0 0%
September 25 V917626 removed
September 27 V973696 $22,800,000 $-9,100,000 -29%

Assessment: $15,788,000

Location! In the heart of the 1st Shaughnessy! Rare find 10,516 sf Mansion sets on over One acre in the city’s most exclusive enclave of ‘The Crescent’. The finest and the most prestigious area. Beautiful huge front yard like a private park. Totally rewired and new pipes. The main floor has a grand entry w/a sweeping staircase to second floor. Wok Kitchen, massive living room, & dining room all overlook the garden & pool area. The paneled den, family room & breakfast room open to the large deck which access the garden & pool. The master suite has three dressing rooms, a fireplace. A large recreation room in basement. 5 car garages, a greenhouse & a outdoor pool w/large cab and more.

#3 ) 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

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.

#2 ) 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

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.

#1 ) 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

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.


11 responses to “Vancouver West Spotlight – November 8, 2012

  1. Seeking knowledge... November 8, 2012 at 4:21 pm

    Who wrote the description for #8, the agent’s 9 yr old child?

    • bailinginbc November 8, 2012 at 10:52 pm

      Oh you bet me to it! That is bloody awful. Both of my children at 9 could have done significantly better. How does someone entrust the selling of a supposedly $2m property to someone who cannot write a decent sentence AND is too stupid to know that they need someone to proof read for them. Idiot owner, Idiot realtor, a match made in hell.

    • James November 13, 2012 at 6:10 pm

      Wow! That is one of the worst write ups I have ever seen. The intelligence level of some realtors is amazing. At least try to show that you perform some sort of service.

  2. happyrenter November 8, 2012 at 11:32 pm

    Take a look at MLS®: V974579 : “tax assessment for 2012 was over 5.1 million and listed at 3.98 million…..” Still insane money but “unbelieverable” value. Love it.

  3. OsoyoosRon November 9, 2012 at 9:32 am

    I’m surprised there are still no detached houses west of Cambie St under a million dollars. I remember in the 2008 bubble there were many selling in the 700 and 800’s.

  4. JG November 12, 2012 at 11:29 am

    You do a fantastic job, and your hard work is appreciated, thank you!

  5. Leonardo November 14, 2012 at 6:51 am

    When the last of the greater fools leaves town. Look out below. Long ways to go yet.

  6. Leonardo November 14, 2012 at 7:07 am

    The house in #8 currently listed at 1,650,000 would have been priced at around 40,000 in 1974 or 3.3 times average income for 1 person. At the time an average wage was around 12000/yr. Same ratio today would value this house at 60,000 x 3.3 = 198,000. If you were to take two incomes at 60,000 each, the value should be around 396,000. At current price, a household would have to earn $500,000 under the normal ratio of 3.3 to afford to buy this. What was affordable for 1 average wage earner now is unaffordable for two highly paid professionals. (and look what they get) What is wrong with this picture?

  7. zen November 17, 2012 at 1:08 am

    Whoever you are, you’re awesome for creating this blog. i really appreciate your efforts! you rock!

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