Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – November 19, 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:

  • 40 listings dropped to a cumulative total of 20%+ this week, 17 hit 25% and 7 hit 30% this week
  •  Mission appears 3 times and Richmond, Vancouver West, North Vancouver and Maple Ridge all appear 2 times
  •  13 of 18 listings with assessment info are now listed below assessment

#20 ) Address:13808 – 13810 117TH AV, Bolivar Heights, North Surrey

No Picture

August 17 F1220993 $325,000 $0 0%
September 05 F1220993 $249,800 $-75,200 -23%
November 08 F1220993 removed
November 18 F1227597 $249,000 $-76,000 -23%

Assessment: $236,200

First price drop was $75K and the second price drop was $800…  I suspect the next price drop will be more than $800.

Industrial property with great upside. Located next to South Fraser Perimeter Road, this corner lot features a large 20×18 shop with power. House on the property needs work. All details are approximate and to be verified if deemed important by buyer.

#19 ) Address:2376 GONDOLA WY, Whistler, Whistler Pemberton

March 09 V914104 $2,599,000 $0 0%
June 29 V914104 $2,250,000 $-349,000 -13%
November 17 V914104 $1,990,000 $-609,000 -23%

Assessment: $2,266,000

Awesome executive home, quality throughout, excellent sun and views, adjacent to ski home trails of Whistler Mountain. 4 bedrooms, 4 bathrooms, large media room and beautifully crafted wine cellar. Double car garage and covered hot tub which enjoys privacy and good views. This home has it all.

#18 ) Address:# 207 33731 MARSHALL RD, Central Abbotsford, Abbotsford

No Picture

March 09 F1204757 $184,900 $0 0%
April 12 F1204757 $174,900 $-10,000 -5%
April 28 F1204757 $164,900 $-20,000 -11%
May 12 F1204757 $159,900 $-25,000 -14%
September 01 F1204757 removed
October 10 F1224948 $159,000 $-25,900 -14%
October 23 F1224948 $152,500 $-32,400 -18%
November 08 F1224948 removed
November 16 F1227455 $139,900 $-45,000 -24%

Assessment: $171,300

3 sales last year for an average of 4% ABOVE assessment and this unit is currently listed at 18% BELOW assessment.  If they would have properly priced this to begin with they probably could have sold this for $20-$30K more than they are now asking back in the beginning of the year.  “Perfect to get on the property ownership ladder” or rent it for half the cost and buy it in a few years for under $100K

Great 2 bedroom unit in desirable Stephanie Place. Large open floor plan lends itself to comfortable living with a cozy gas fireplace and modern colors. This unit is priced low to sell fast! Perfect to get on the property ownership ladder. Super starter home or retirement opportunity, this is the perfect place to call home.

#17 ) Address:# 125 3411 SPRINGFIELD DR, Steveston North, Richmond

May 26 V952576 $258,800 $0 0%
Open House: May 27
Open House: Jun 03
Open House: Jun 24
June 23 V952576 $244,900 $-13,900 -5%
Open House: Jun 30
Open House: Jul 15
July 12 V952576 $234,900 $-23,900 -9%
Open House: Jul 22
Open House: Jul 21
Open House: Jul 28
Open House: Aug 05
Open House: Aug 11
Open House: Aug 18
Open House: Aug 19
Open House: Aug 26
September 05 V952576 removed
September 09 V969851 $224,000 $-34,800 -13%
Open House: Sep 09
Open House: Sep 16
Open House: Sep 15
Open House: Sep 30
Open House: Sep 29
October 05 V969851 $205,000 $-53,800 -21%
Open House: Oct 13
Open House: Oct 14
Open House: Oct 21
Open House: Oct 28
Open House: Nov 04
Open House: Nov 11
Open House: Nov 18
November 17 V969851 $195,000 $-63,800 -25%

Assessment: $289,400

5 sales here last year averaging 6% ABOVE assessment and this unit is now listed at 32% BELOW assessment…  Court Ordered Sale

Court Order Sale – spacious 1345 sqft 3 bdrm corner unit practical layout & space. Open concept living & dining room, enclosed patio. Updated kitchen SS appliances, newer cabinet, tile backsplash & tile flooring. Master bdrm has 2 pc ensuite & walk-in-closet. Well maint complex – building re-piped & painted inside & out, new windows (2010) & new boiler (2011). Amenities include outdoor swimming pool, rooftop patio & guest suites. Great Steveston North location within walking distance to schools, shopping, transit, park, historic Steveston Village & the West Dyke trails. Open Sunday Nov 18th, 2-4pm.

#16 ) Address:150 BOUNDARY RD, Vancouver Heights, Burnaby

March 06 V935578 $2,397,000 $0 0%
May 29 V935578 $2,188,000 $-209,000 -9%
August 14 V935578 removed
September 06 V969082 $1,899,000 $-498,000 -21%
November 16 V969082 $1,795,000 $-602,000 -25%

Assessment: $1,412,000

25% drop in price and is still unbelievably overpriced.  This one could make a run at the top spot in the coming weeks and months

Fall in love with this lovely custom designed home, in a well situated location for easy access to downtown (minutes), Northshore (minutes), freeway access (minutes). Water, mountain & city views from every level, home features, solid fir doors & casing & baseboards, jatoba hardwood flooring, brazilian cherry stairs, custom arts & crafts fireplace, home to be viewed by appt. Please, Thanks.

#15 ) Address:# 802 1405 W 12TH AV, Fairview, Vancouver West

March 14 V936789 $869,000 $0 0%
April 28 V936789 $859,000 $-10,000 -1%
July 12 V936789 removed
August 31 V968623 $719,000 $-150,000 -17%
Open House: Sep 09
Open House: Sep 16
Open House: Sep 22
Open House: Sep 29
Open House: Oct 07
October 05 V968623 removed
October 07 V975743 $669,000 $-200,000 -23%
Open House: Oct 14
Open House: Oct 21
Open House: Oct 28
Open House: Nov 11
Open House: Nov 18
November 16 V975743 $649,900 $-219,100 -25%

Assessment: $675,000

1 sale here last year for 6% BELOW assessment and this unit is currently 4% BELOW assessment.  Not to mention ” being upgraded at sellers expense”.  I don’t often say this but this one probably won’t last too long but they would have sold for a lot more back in March if they dialed back the greed plus they might have got away without paying for the building upgrades

The Warrenton. Gorgeous north, east and south VIEWS.Only 2 suites per floor. Generous floor plan with 1202 sq ft, 2 BDRMS + DEN, 2 baths and 2 PARKING stalls with STORAGE LOCKER. Recently renovated with hardwood floors and an updated gourmet kitchen and a gas fireplace. A fantastic suite to entertain with large living space with two balconies facing north and south. A solid well maintained building which is also being upgraded at sellers expense to give you added peace of mind. ONLY 31 SUITES with 2 elevators. Loads of BICYCLE STORAGE. 5 minutes to Downtown, 15 mins to YVR and an easy bus ride to UBC. Enjoy all the shops and galleries South Granville has to offer. PETS OK! OPEN HOUSE SUNDAY November 18 3pm-5pm

#14 ) Address:6121 GLENEAGLES DR, Gleneagles, West Vancouver

May 04 V947366 $3,898,000 $0 0%
June 06 V947366 $3,685,000 $-213,000 -5%
June 27 V947366 removed
June 30 V959385 $3,290,000 $-608,000 -16%
August 17 V959385 $2,999,000 $-899,000 -23%
October 01 V959385 removed
October 05 V975318 $2,999,000 $-899,000 -23%
Open House: Oct 14
Open House: Nov 11
November 15 V975318 $2,899,000 $-999,000 -26%
Open House: Nov 17

Assessment: Building Unfinished

$1 million in reductions on this new home in West Vancouver

Italy on the Pacific Coast. Elegant, clean lines, form and function all come to mind throughout this Grand Home. European influence is all around from the Carrera marble, Hand picked Italian tile and stone, Colombo door hardware, Swedish Oak floors, and Miele appliances. The Eclipse doors, Montigo Fireplace, “Blu” vanity, sinks and the stylish “Luna” tub, and much, much more. West facing water views from every window and East onto Gleaneagles Golf Course. A short stroll to Larson Bay, Seawall walk or the clubhouse for brunch? 5 minutes to Caulfied Village or 12 minutes to Park Royal. Mason Kent has given shape to the ideas of the owners of this Home and the result is a stunning masterpiece.

#13) Address:4507 CEDARCREST AV, Canyon Heights, North Vancouver

June 28 V959011 $1,325,000 $0 0%
August 04 V959011 $1,250,000 $-75,000 -6%
August 25 V959011 $1,175,000 $-150,000 -11%
September 19 V959011 $1,125,000 $-200,000 -15%
October 06 V959011 $1,075,000 $-250,000 -19%
October 27 V959011 $1,025,000 $-300,000 -23%
November 17 V959011 $975,000 $-350,000 -26%

Assessment: $954,500

Another case of incredible greed and it likely cost this person at least a couple of hundred thousand dollars, tax free!  It’s a common theme on these weekly drops – very few homes on these lists were initially priced reasonable and most have dropped way past the point they would have sold at just 9 months ago.  “Sold As Is, Where Is.”, that sure makes me feel confident.

Canyon Heights 2 level, 4 bedroom, 2 bathroom 2,100 sq/ft family home on a large, private lot located on a quiet, low traffic street. Offering an L-shaped dining room and living room with wood burning fireplace, vaulted ceilings, and French doors to a covered deck. Completing the main is a kitchen, 4 piece bathroom, and 2 bedrooms. The suite potential, walk-out lower level offers a recreation room, two bedrooms, 4 piece bathroom, large utility room, and plenty of storage. Featuring a partially treed, private lot, with peek-a-boo view potential. Ideal to renovate, rent and hold, or redevelop. Ideal location minutes to Edgemont Village, and just a short walk to Canyon Heights Elem. and Handsworth Sec. Schools. Sold As Is, Where Is.

#12 ) Address:13011 250TH ST, Websters Corner, Maple Ridge

September 22 V911968 $669,000 $0 0%
January 30 V911968 $639,000 $-30,000 -4%
March 09 V911968 $629,900 $-39,100 -6%
June 13 V911968 $599,900 $-69,100 -10%
September 01 V911968 removed
September 13 V970862 $599,000 $-70,000 -10%
September 27 V970862 removed
September 29 V974231 $549,900 $-119,100 -18%
October 18 V974231 $509,900 $-159,100 -24%
November 01 V974231 $494,900 $-174,100 -26%
November 17 V974231 $489,900 $-179,100 -27%

Assessment: $537,000

Great family home on 1.777 acres, on quiet cul-de-sac, backing onto greenbelt. Spacious 2 storey home with 4 bedrooms plus family room up, 2 ? baths, and double garage.

#11 ) Address:1029 DEVONSHIRE CR, Shaughnessy, Vancouver West

March 09 V931906 $3,288,000 $0 0%
July 03 V931906 removed
July 08 V960829 $2,988,000 $-300,000 -9%
September 01 V960829 $2,760,000 $-528,000 -16%
October 17 V960829 $2,560,000 $-728,000 -22%
November 17 V960829 $2,380,000 $-908,000 -28%

Assessment: $2,401,000
Last Sale: $2,499,888 on 25/Jun/2011
Total Loss IF sold for list price: 125,238 transaction costs and 119,888 loss on sale = LOSS of 245,126

Quarter million dollar loss and counting on this failed flip but “It’s a good investment opportunity!”.  Too bad, so sad!  Over 20% of listed homes in Shaughnessy right now were purchased just one year ago – this is not including new builds.

South exposure solid house. 3 level, 3 bedroom + den home in Shaughnessy area. This house is in livable condition and/or to build a dream house by yourself in the future. It’s a good investment opportunity!

#10 ) Address:12468 CARDINAL ST, Steelhead, Mission

March 22 F1207024 $677,000 $0 0%
September 21 F1207024 removed
September 25 F1223928 $579,900 $-97,100 -14%
October 25 F1223928 $549,900 $-127,100 -19%
November 16 F1223928 $489,900 $-187,100 -28%

Assessment: $623,000

Rancher with full walkout basement on 11.87 acres! Subdividable property with 2 road frontages, roughly 60% is cleared and could easily accommodate livestock. Home is in good condition. Call for your personal showing today. * PREC – Personal Real Estate Corporation

#9 ) Address:750 FORSMAN AV, Lynnmour, North Vancouver

March 09 V878754 $1,658,000 $0 0%
March 13 V878754 $1,388,000 $-270,000 -16%
June 07 V878754 removed
November 15 V980122 $1,188,000 $-470,000 -28%

Assessment: $676,800

Developer Alert! This 9,333 sq ft corner property permits triplex & 3 storey townhomes at 0.8 FSR by approval of District of North Vancouver. Adjacent 1562 E. Keith Rd is available (MLS V904916), combined total 18,476 sq ft. Cul-de-sac, towering cedars are buffer to roadway, recreation, greenbelt, equestrian centre, Lynn Creek, Seymour River, multiple parks, dog walking trails, schools, University, super shopping, theatre, restaurants, etc. Excellent bus service. This location has the fastest access to Greater Vancouver from the North Shore. View by appointment or from streets, do not disturb occupants. Seller motivated.

#8 ) Address:1451 LAMBERT WY, Hockaday, Coquitlam

June 23 V958276 $1,175,000 $0 0%
October 01 V958276 removed
October 06 V975369 $874,900 $-300,100 -26%
Open House: Oct 21
November 16 V975369 $834,900 $-340,100 -29%

Assessment: $738,000

What were they smoking when they came up with $1.175 million as the initial price for this home?

Location! Location! Set on a quiet street a spacious family home backs onto Coquitlam River and Galette Park. This executive 2 storey with basement has vaulted ceilings and an open staircase to the upper floor where there are 4 bedrooms. The master bedroom has a 4 piece ensuite and overlooks the park and river. Main floor has a den/office and family room with lots of windows to take advantage of the green belt view. Bring the in-laws, the lower level is a walk out basement with 3 bedrooms, a large living area and a summer kitchen. Fully landscaped rear yard with lots of flowers and shrubs, plus a hot tub. Enjoy the sound of the river from the master bedroom or relaxing on the deckor in yard or hot tub. Peace and quiet at its best!

#7 ) Address:9571 NO 4 RD, Saunders, Richmond

August 04 V959259 $591,600 $0 0%
August 08 V959259 $558,000 $-33,600 -6%
September 09 V959259 $519,888 $-71,712 -12%
September 22 V959259 $498,800 $-92,800 -16%
October 04 V959259 $488,000 $-103,600 -18%
October 23 V959259 $448,000 $-143,600 -24%
November 10 V959259 $428,000 $-163,600 -28%
November 14 V959259 $408,000 $-183,600 -31%

Assessment: $486,300

This property makes this Weekly Drop on back to back weeks

LIVE in it, RENT it out, HOLD it for future development !! This half duplex has huge potential to be part of a multiple family land assembly, but is priced affordably. 3 BR + 1.5 bathroom and substantially renovated. Single Garage. Large Western exposed lot, near to schools, parks, and transportation routes. Interior, carpets and paint, HW tank, and lighting updated. Roof done 2002. Please allow notice to show. All measurements approximate and to be confirmed by Buyer. See MLS#V956594

#6 ) 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%
November 15 F1210290 $199,900 $-95,100 -32%

Assessment: $298,000

Over 33% BELOW assessment and counting on this home

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.

#5 ) Address:2507 LEHMAN RD, Roberts Creek, Sunshine Coast

March 09 V929382 $399,000 $0 0%
July 13 V929382 removed
July 15 V962228 $329,900 $-69,100 -17%
August 11 V962228 $317,900 $-81,100 -20%
September 12 V962228 $305,000 $-94,000 -24%
October 13 V962228 removed
November 16 V980343 $269,990 $-129,010 -32%

Assessment: $340,700

“bring your horses.”

Handyman Special. Hobby farm of 4.6 acres in Roberts Creek. This property has a barn and numerous outbuildings. This home needs love and attention, offers a fabulous opportunity for the right buyer. Riding ring and fenced paddocks…bring your horses.

#4 ) 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%
November 03 F1214691 $169,900 $-79,100 -32%
November 15 F1214691 $154,900 $-94,100 -38%

Assessment: No Assessment

This property has made the Weekly Drop a few times.  “It is wet at the bottom, then rises steeply up the mountain.”.  Sounds like the perfect property… for a water slide

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 rises steeply up the mountain. * PREC – Personal Real Estate Corporation

#3 ) 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%
November 09 V965832 removed
November 15 V980056 $299,900 $-199,100 -40%

Assessment: $530,000

“BEAUTIFUL and ELEGANT” … “damaged by fire and a former grow-op.  extensive work to be done”.  43% BELOW assessment…

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 tub and separate shower, and quiet location.

#2 ) Address:14120 TRITES RD, Panorama Ridge, Surrey

March 09 F1203674 $1,980,000 $0 0%
March 22 F1203674 removed
March 23 F1207274 $1,189,900 $-790,100 -40%
June 23 F1207274 $1,139,000 $-841,000 -42%
August 02 F1207274 removed
August 04 F1220063 $1,089,000 $-891,000 -45%
September 27 F1220063 $1,039,000 $-941,000 -48%
November 17 F1220063 $999,000 $-981,000 -50%

Assessment: $1,017,000

What’s more amazing, the fact that it has now dropped 50% and finally dipped below assessment OR the fact that it has dropped 50% and didn’t make 1st spot on the weekly list?

PANORAMA RIDGE – Private Estate – 5191 sqft, 1.41 ACRE 2 storey w/basement. Great STREET APPEAL. Situated on a very private treed road. Spacious floor plan with 20′ vaulted ceilings in both family & living room (features grand stone fireplace), hardwood & tile flooring throughout main. Large ‘gourmet’ kitchen + additional spice kitchen & large W/I pantry. Up – Large master with private patio, full ensuite & soaker tub, an additional 4 oversized bedrooms are also located upstairs. Down – Is currently partially finished, potential for optional media/recreation and/or gym. Back – Features a very private view of the valley + densly treed location. Call now to arrange a viewing. * PREC – Personal Real Estate Corporation

#1 ) Address:# 306 1371 FOSTER ST, White Rock, White Rock

October 18 F1125845 $225,000 $0 0%
November 27 F1125845 $219,785 $-5,215 -2%
September 01 F1125845 removed
October 04 F1224577 $119,900 $-105,100 -47%
November 15 F1224577 $109,900 $-115,100 -51%

Assessment: $228,200

1 sale here last year for 5% BELOW assessment (and this happened just back in October) and this unit is currently listed at 52% BELOW assessment.  I’m guessing the buyer in October didn’t take a look at the strata minutes…

Needs A Little Work, But Look At This Price, (note there is an upcoming assessment of approximately $63,000). You absolutely have to see this 2 bed, 2 bath top floor unit in the heart of White Rock. This unit boasts a large master bedroom walk thru closet, lots of storage and an Ocean View. Great extra’s such as in suite laundry, updated kitchen, fresh paint, attractive crown mouldings and large balcony with ocean views. Walking distance to shopping dining and the beach, no rentals, 19 plus and pets allowed with restrictions.


25 responses to “The Weekly Drop – November 19, 2012

  1. Alexcanuck November 19, 2012 at 9:30 pm

    My poor math says that unit is ~52% below assessed.

  2. gokou3 November 19, 2012 at 10:15 pm

    Re #1, it’s hard for the buyer to come up with $63k cash to pay for the assessment. Would the listing be more attractive if the seller lists it at, say, $170k and agree to pay for the assessment? In the latter case, I think the buyer would have an easier time to get a 80% LTV loan on the $170k.

  3. McLovin November 19, 2012 at 10:21 pm

    Gold as always. I am not seeing as many removed coming back on 10% higher. I used to like those ones a lot. There are so many people waiting to put a bid in when they see it pulled they panic and will pay anything. Bha hah ahah aha hah a ha!

    • an observer November 19, 2012 at 11:10 pm

      There are still tons of listings that get relisted higher – it’s pretty comical. Doesn’t look like any of them happened to make it into the top 20 this week but once they lower their price back way below the previous low price you’ll get a good laugh

      • elme November 22, 2012 at 5:23 pm

        It would be lovely to see some of these flippers in this market. There used to be special editions for flippers as I can recall.

  4. Jace The Ace November 19, 2012 at 11:17 pm

    I don’t see too many listings from Surrey and Langley. What’s your take on these ares? Are they cut off becuase they are in the 20s and 30S?

    • an observer November 19, 2012 at 11:24 pm

      In general the initial prices in those areas are more reasonable (excluding south surrey) so less opportunity for dramatic price drops at least for now although #2 at a 50% drop is in Surrey. If you look at the regional spotlights you’ll see the drops by area and can get a better idea. Also just remember that these weekly drop lists only show properties that have been relisted or had their price change within the previous 7 days but the regional spotlights will go through all of the listings in the area.

      • Real Estate Tsunami November 20, 2012 at 10:01 am

        Thanks for the humorous notations.
        Your blog has become a must read for me.

      • Jace The Ace November 20, 2012 at 12:13 pm

        Thansk for the quick reply. man, you are up late blogging! Many of my friends are family are in the burbs (Langley and Surrey). They are young families with high ratio mortgages supported by legal and illegal suites. Some of them cannot afford not to have renters in the basement. Two of them in particular will have financial problems if they lose their tenants for just one month. They are one rent cheque from potential trouble.

  5. Real Estate Tsunami November 20, 2012 at 10:07 am

    The new (lower) assessments will come out soon.
    This will be fun.

    • an observer November 20, 2012 at 10:45 am

      I don’t think they’ll be lower since they are supposed to reflect the prices as of July I believe and at that point most areas were still up according to the HPI.

      If you are hoping for lower prices then having assessments be flat or slightly up is a good thing since it will make selling prices by comparison so much worse in 2013

  6. DJB November 20, 2012 at 10:30 am

    #16, nothing like spending $1.8 million to live under some high voltage power lines.

  7. The Deuce November 20, 2012 at 12:31 pm

    This has now turned into my favourite website. It is amazing how many people do not know that this is actually going on as no Realtor is going to give anyone this info from this website. What cracks me up was reading in the Province paper this morning that all the mortgage specialist are upset with the Federal Govt now because they did the right thing with the new adjustments to the mortgage rules. Someone has to protect the consumer from all of these vultures preying on new victims as in the first time home buyer being talked into something they can’t afford. Keep up the great work!

  8. Carbon Based Lifeform November 20, 2012 at 3:00 pm

    Gotta love when real estate agents can’t be bothered to add more than a single picture on as such is the case with the Shaughnessey home.

  9. Kelly November 21, 2012 at 8:17 pm

    Gotta love how the s.surrey realtors are deluding themselves. There are very few sales and most are way under list price, yet the realtors keep listing at outrageous prices!!! i.e new houses on 5000 sq ft lots for 1,200,000. Examples of Nov sales:2825 Northcrest drive – listed for 1,398,000 and sold for 1,200,000(one acre ) and 3390 144 st – listed for 1,348,000 sold for 1,228,000.

  10. elme November 22, 2012 at 5:20 pm

    #8 You wanna know what they were smoking when they asked for 1.175 million? It’s called Greed which is stronger than any weeds on this planet and can keep smokers the way high in the sky.

  11. elme November 22, 2012 at 5:28 pm

    The current price movement makes the BC Assessment a joke that should be named as Before Crash Assessment.

  12. Pingback: Spot The Speculators #93 – “Over 20% of listed homes in Shaughnessy right now were purchased just one year ago.” | Vancouver Real Estate Anecdote Archive

  13. Larson November 26, 2012 at 6:48 pm

    Would appreciate some colour on how relevant the assessment price is when looking at SFHs on the north shore. Is it even relevant to look at the difference between an assessed price and sale price for recent transactions to try and determine pricing for properties that are currently on the market? While I recognize setting this value is a tax exercise, I genuinely wonder if it’s a better indication of current pricing instead of where a realtor is advising to list a property, especially in the current market environment….. Great work maintaining this site, appreciate the transparency.

    • an observer November 26, 2012 at 10:42 pm

      Assessment is a reasonably good comparison for most properties but you need to compare apples to apples. For example, if you are looking at tear downs in a particular area and the average tear down is selling for 10% below assessment recently then it’s a pretty good guess that the tear down you are looking at will sell for around 10% below assessment. Likewise with apartments, if you compare sold vs assessment for units in an apartment or area then it should roughly translate over to the unit you are looking at. With homes that are not meant to be sold for lot value there is a lot more variance. Two side by side homes with the same lot size, age and square footage will likely have the same assessment but of course there could be night and day differences between the properties in terms of quality, condition etc

      In general it’s a pretty good estimate at least in the environment we have here where any type of information is hard to come by

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