Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – November 26, 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:

  • 43 listings dropped to a cumulative total of 20%+ this week, 12 hit 25% and 6 hit 30% this week
  •  Richmond appears on the list 4 times, Whistler and Abbotsford 3 times and North Vancouver 2 times
  •  12 of 16 listings with assessment info are now listed below assessment

#20 ) Address:# 135 8880 JONES RD, Brighouse South, Richmond

March 09 V928450 $259,000 $0 0%
May 29 V928450 removed
June 04 V954164 $249,000 $-10,000 -4%
October 26 V954164 removed
October 28 V978465 $229,000 $-30,000 -12%
November 21 V978465 $199,000 $-60,000 -23%
Open House: Nov 24

Assessment: $249,900

10 sales here last year for an average of 5% ABOVE assessment and this unit is now priced 20% BELOW assessment.  Listing description still says $20K below assessment at the beginning even though they dropped it 5 days ago to $50K below assessment.  They then managed to mention the $50K drop at the end – great proof reading!  PCDS dates October 26 – I believe what this means is that the Property Condition Disclosure Statement is from a month ago so it’s possible that everything has been trashed since then

Priced $20,000 below assessment for immediate sale! North-West corner large one bedroom with windows on 2 sides. Huge sundrenched 300 sq ft patio, gas fireplace, insuite laundry. Less than 10 steps to elevator & courtyard. Central location, just 5 blocks away from bus stop & 2 blocks from shopping mall. PCDS dates October 26, 2012. Parking stall #220, 2 small pets (cats or dogs) allowed. Rentals restricted to 15 currently at maximum. Priced over $50,000 below city assessed value for immediate sale. Open House: Sat, Nov. 24th, 2-4pm.


#19 ) Address:# 1411 34909 OLD YALE RD, Abbotsford East, Abbotsford

March 09 F1129600 $118,500 $0 0%
March 30 F1129600 removed
April 11 F1208875 $112,700 $-5,800 -5%
May 24 F1208875 $106,550 $-11,950 -10%
July 07 F1208875 removed
August 10 F1220413 $97,400 $-21,100 -18%
November 09 F1220413 removed
November 25 F1227934 $91,000 $-27,500 -23%

Assessment: $135,400

6 sales here last year for an average of 3% ABOVE assessment and this unit is now listed at 32% BELOW assessment.  What a lazy listing description and it includes one of my pet peeves, abbreviations when no abbreviating is necessary in “bdrm”

1 bdrm on main floor at the Gardens. A great location in McMillan area. Complex has outdoor swimming pool. All measurements are approximate.


#18 ) Address:# 403 534 6TH ST, Uptown, New Westminster

April 12 V942573 $468,000 $0 0%
May 17 V942573 removed
May 21 V951355 $398,800 $-69,200 -15%
Open House: May 27
Open House: Jun 03
Open House: Jun 09
July 05 V951355 removed
July 08 V960830 $377,000 $-91,000 -19%
Open House: Jul 14
Open House: Jul 22
Open House: Jul 29
Open House: Aug 04
Open House: Aug 11
Open House: Aug 18
Open House: Aug 26
August 27 V960830 removed
August 30 V968580 $375,000 $-93,000 -20%
Open House: Sep 01
Open House: Sep 02
Open House: Sep 08
Open House: Sep 09
Open House: Sep 15
Open House: Sep 16
Open House: Sep 22
Open House: Sep 23
Open House: Oct 06
Open House: Oct 13
November 19 V968580 removed
November 21 V980788 $358,888 $-109,112 -23%
Open House: Nov 24
Open House: Nov 25

Assessment: No Assessment Available

This is an example of a good description and just over $200 per sqft for a renovated unit seems like a pretty good price but it isn’t selling for a reason

This extremely gorgeous 1528 sq ft unit located in the core of Uptown New Westminster has been renovated from top to bottom, Perfect location, close to royal center, Safeway, White Spot, Tim Horton’s, Starbucks, banks and many more. Renovation include new engineered cherry wood flooring in the living area, all new lighting fixtures and paints. The kitchen has brand new wood cabinet and granite countertop high-end. Bosch stainless steel appliances Master Bedroom comfortably accommodates a king size bed and a walk in closet and PLUS a spa like bath. This unit also has electric fireplace, stem washer/dryer. Modern open plan with large bedrooms and 2 parking stalls and lockers. Rental allowed.


#17 ) Address:# 17 4001 OLD CLAYBURN RD, Abbotsford East, Abbotsford

March 26 F1207507 $514,000 $0 0%
April 13 F1207507 $499,000 $-15,000 -3%
May 25 F1207507 $479,000 $-35,000 -7%
Open House: Jul 21
July 21 F1207507 $469,000 $-45,000 -9%
October 01 F1207507 $423,000 $-91,000 -18%
October 22 F1207507 removed
October 24 F1226045 $409,000 $-105,000 -20%
November 24 F1226045 $394,000 $-120,000 -23%

Assessment: $429,000

7 sales here for an average of 6% ABOVE assessment and this unit is now listed at 8% BELOW assessment.  “FAR BELOW market value” – this is just stupid…  it is obviously listed at ABOVE market value if it hasn’t been sold.  Next time don’t list your Abbotsford townhouse at 20% ABOVE assessment and you might not end up in this mess…

AMAZING opportunity here- FAR BELOW market value! Immaculate “Bradner”‘ style townhome, in the high end, gated complex of Cedar Springs. Level entry with fully finished basement, new kitchen, new tile flooring, new heat pump w/A/C,laundry on the main, workshop, freshly painted throughout. Enjoy very spacious rooms, massive decks all while taking in the beautiful mountain views! Located close to gate for quick access. Superbly maintained grounds, large clubhouse, indoor pool & sauna. Tons of patio room! Enclosed double garage. No age restrictions and you can bring your pet!


#16 ) Address:10091 DEAGLE RD, Broadmoor, Richmond

April 09 V941570 $3,788,800 $0 0%
June 30 V941570 removed
July 18 V962493 $3,788,800 $0 0%
July 31 V962493 $3,580,000 $-208,800 -6%
Open House: Aug 04
August 01 V962493 $3,490,000 $-298,800 -8%
Open House: Aug 05
October 16 V962493 removed
November 22 V980912 $2,880,000 $-908,800 -24%

Assessment: Building Unfinished at time of assessment

Almost a million off this new build.  “Walking distance to Richmond centre” – ummm, no.  Unless a 45 minute walk up #3 road is considered walking distance.  That’s just good old fashioned deception for people that don’t know the area and don’t bother to fact check.

Prestigious house in Central Richmond! Built in 2012. 9024sqft huge lot size and 4018sqft floor finishing area. Rarely find architectural and designer’s mansion. Grand open foyer with magnificent crystal chandelier, tons of drop ceiling and luxury crown moulding, marble entrance hallway, spiral staircase, spacious living room, family room and dining room located in the main floor, 2 well-equipped kitchens, granite countertops, 5 bedrooms in total with 5.5 baths, 1 den and 3 garages. HRV, A/C, lawn sprinkler system, steam bath, “home” theatre security system. Walking distance to Richmond centre and Skytrain station. Famous Maple Lane elementary and London Secondary high catchment.


#15 ) Address:1901 GLENAIRE DR, Pemberton, North Vancouver

August 29 V968365 $1,050,000 $0 0%
October 30 V968365 $818,000 $-232,000 -22%
November 20 V968365 $798,000 $-252,000 -24%
Open House: Nov 24
Open House: Nov 25

Assessment: $784,000

$1 million!  Good one!

Very livable home in this desirable area packed with amenities such as parks, riverside walks, shopping, transit access, new retail plaza & community center coming along with new residential high rise developments & senior facilities. Theselots are viewed as prime for redevelopment to higher density residential uses to compliment the new Village Center practically adjoining this quiet & well treed street. House has real hardwood floors & is in good condition. Rents in this area are quite high if used as a holding property. Perfect for holding or make application immediately for rezoning. Other lots and assembly into large sites available. OCP plans & info available. Call LS for details & other opportunities.


#14 ) Address:2393 CLARKE DR, Central Abbotsford, Abbotsford

March 09 F1125179 $579,000 $0 0%
June 30 F1125179 removed
July 08 F1217664 $578,888 $-112 0%
August 08 F1217664 removed
October 16 F1225274 $479,000 $-100,000 -17%
November 24 F1225274 $439,000 $-140,000 -24%

Assessment: $407,000

I hate this trend of saying “no HST!” on homes that aren’t new.  If your home is new and there is no HST then feel free to mention it.  This home is 50 years old, I am aware there is no HST, thanks.  “Two lots for under $480,000 – you can’t beat that!!”  Well apparently you can beat that since the new price is 2 lots for $439K!!!  Also love the initial price drop of $112 to bring it to $578,888…  That was $140K ago.

Excellent Investment!!! Buy this property and pay no HST and get a home on 2 legal lots with separate titles! Sitting on this corner of Clarke & McDougall, this home is close to all amenities and a great location for new development. Purchase this property and either keep the house and build a new house next door or use this opportunity to build two new houses. Two lots for under $480,000 – you can’t beat that!! Whether it means renovating the current house and building a new one on the other lot included or whether is means building two new houses one on each title – we have all the tools and experience to get this property working for you.


#13 ) Address:# 302 15342 20TH AV, King George Corridor, White Rock

March 09 F1127137 $249,900 $0 0%
March 22 F1127137 $234,900 $-15,000 -6%
May 03 F1127137 removed
May 26 F1213763 $219,900 $-30,000 -12%
July 03 F1213763 removed
July 07 F1217573 $199,000 $-50,900 -20%
September 27 F1217573 $189,000 $-60,900 -24%
November 01 F1217573 removed
November 22 F1227752 $189,000 $-60,900 -24%

Assessment: $279,000

1 sale here last year for 11% BELOW assessment and this unit is currently listed at 32% BELOW assessment.  Too bad since it is so “beatifull”… You know when after dropping 24% they relist at the same price they are unfortunately approaching foreclosure territory

1 bedroom and a den in a beatifull area. Court ordered sale. ‘Subject to Court Approval’. Property sold “As is where is, excludes all chattels and non-fixtures”. Measurements approximate. Schedule an appointment to view the property.


#12 ) Address:2077 FIVE COVES, Squamish, Squamish

March 26 V939332 $199,000 $0 0%
March 26 V939332 removed
November 24 V981136 $149,900 $-49,100 -25%

Assessment: No Assessment

Design and build your private getaway on this 1.75 acre recreational property located a quick 15 minute boat ride from Britannia Beach. Enjoy privacy and seclusion at Five Coves, an exclusive bay on Howe Sound with just 20 properties. Affordably priced and waiting for your ideas.


#11 ) 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
November 20 V975716 $889,000 $-310,000 -26%
Open House: Nov 25

Assessment: $891,000

26% in drops and now just below assessment.  Another property that would have sold for more if they weren’t so greedy but looks like they are going to ride the price drops down

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. Open House Nov 25 Sunday 2 – 4pm.


#10 ) Address:4596 CEDARCREST AV, Canyon Heights, North Vancouver

May 16 V950279 $1,495,000 $0 0%
Open House: May 19
Open House: May 26
November 22 V950279 removed
November 24 V981099 $1,099,000 $-396,000 -26%

Assessment: $987,900

It’s a 1600 square foot house that’s over 50 years old – sorry but you’re going to get as much interest at $1.1 million as you did at $1.5 million, that being none.

Traditional Tudor side split with fabulous street appeal. Beautifully landscaped gardens with in ground sprinklers on an oversized and usable11,368 sq. ft. private lot. Renovated kitchen with light shaker style cabinets, Corian counter tops with centre island, gas cooktop and top of the line stainless appliances. Upstairs has two good sized bedrooms and a four piece bathroom. The fully finished bright basement includes a family room, generous laundry room and powder room. Crawl space for storage. Furnace and hot water tank replaced in 2002. Roof replaced 5 years ago. Well maintained throughout. A short walk to Canyon Heights Elementary and located in coveted Handsworth school catchment. Enjoy amenities of nearby Edgemont Village.


#9 ) Address:14058 KING RD, Bolivar Heights, North Surrey

May 25 F1213537 $1,230,000 $0 0%
Open House: Jun 16
June 23 F1213537 $998,875 $-231,125 -19%
Open House: Jun 30
July 16 F1213537 removed
August 11 F1220515 $985,000 $-245,000 -20%
Open House: Sep 15
Open House: Sep 23
Open House: Oct 07
Open House: Oct 21
Open House: Nov 04
Open House: Nov 17
November 23 F1220515 $899,000 $-331,000 -27%

Assessment: Building Unfinished at time of assessment

This new 5000 square foot home is down 27% and is now under $200 per sqft not including lot price!

Magnificent City and River views! South facing custom built home with the finest details and well thought versatile layout that every buyer is looking for. Total 4 balconies/patios on two floors to enjoy the beautiful views. 18′ ceiling family room, gourmet and spice kitchens, plenty ensuited bedrooms. 2 separate entries above ground, very versatile multi-functional basement accommodates various creative preferences & needs. Great schools. Easy access to Surrey City Center, Patullo Bridge & No.1 Hwy. 2-5-10 warranty. Must see & call now to view!


#8 ) Address:7306 CLOVER RD, Pemberton, Whistler Pemberton

March 09 V901344 $797,000 $0 0%
April 20 V901344 $849,000 $0 0%
June 30 V901344 removed
July 22 V963403 $799,000 $-50,000 -6%
August 31 V963403 $719,000 $-130,000 -15%
September 24 V963403 removed
September 26 V973469 $694,000 $-155,000 -18%
October 21 V973469 $669,000 $-180,000 -21%
November 07 V973469 $649,000 $-200,000 -24%
November 22 V973469 $619,000 $-230,000 -27%

Assessment: $1,002,000

They tried the ‘ol flip flop back in April by raising the price but that brilliant plan failed.  A court ordered sale that is about 40% BELOW assessment…

24 acres in the Pemberton Valley with great possibilities. Currently operating as a hostel, there is plenty of room for everyone here. The lot is very private near the end of a cul-de-sac and not far from the Pemberton Village. There are several outbuildings, a barn, gazebo, and storage shed, some with power. This is a court ordered sale and listed well below assessed value. Great possibilities to build the family estate on this private acreage in the Pemberton Valley.


#7 ) Address:# 206 22720 119TH AV, East Central, Maple Ridge

March 17 V937820 $78,800 $0 0%
May 14 V937820 removed
August 22 V967375 $149,900 $0 0%
November 06 V967375 $129,900 $-20,000 -13%
November 20 V967375 $109,000 $-40,900 -27%

Assessment: $130,700

1 sale here last year for 7% ABOVE assessment and this unit is currently listed at 16% BELOW assessment.  Not exactly sure what happened here but it failed to sell for under $80K earlier in the year then was increased to $150K…  Now back down to $109K but still $30K above the initial failed price.  Maybe there was a special assessment which the owner paid some time between May and August?  That would be my guess but you figure they would mention this important detail in the description so who knows…

2 level apartment with a large roof top deck, 2 bedrooms, 2 bathrooms, insuite laundry, onsite parking. Near shopping, transit & leisure centre.


#6 ) Address:# 204 3411 SPRINGFIELD DR, Steveston North, Richmond

May 26 V952415 $264,900 $0 0%
June 20 V952415 $249,900 $-15,000 -6%
July 17 V952415 $239,900 $-25,000 -9%
July 26 V952415 $225,000 $-39,900 -15%
August 29 V952415 $219,000 $-45,900 -17%
September 28 V952415 $209,000 $-55,900 -21%
October 11 V952415 $201,700 $-63,200 -24%
October 24 V952415 $199,000 $-65,900 -25%
November 21 V952415 $185,000 $-79,900 -30%

Assessment: $265,900

5 sales here last year for an average of 6% ABOVE assessment and this unit is now listed at 30% BELOW assessment.  “All offers are subject to court approval”. 

Bayside Court. Spacious 3 bdrm, 2 bath, end unit condo overlooking the courtyard, huge private enclosed balcony off living room, generous-sized bedrooms, walk-in closet and 2 pc ensuite bathroom in master bedroom. Great amenities: sauna, outdoor pool and 2 guest suites. Location within walking distance to Steveston Public Market, to the dyke, park, public transit, Manoah Steves Elementary & Huge Boyd Secondary. All offers are subject to court approval. Finished area includes 63 sf of enclosed balcony.


#5 ) Address:3125 SUTHERLAND RD, Pemberton, Whistler Pemberton

April 16 V943485 $418,000 $0 0%
September 20 V943485 $329,000 $-89,000 -21%
November 21 V943485 $289,000 $-129,000 -31%

Assessment: $282,000

Private Birken Oasis… Situated in the heart of Sea to Sky Country surrounded by mountain views is a unique 8.4 +/- acre property with a cozy cabin offering total privacy & pristine natural beauty. A short drive to Anderson Lake – with fabulous fishing, boating recreation & approximately an hour away to all the World Class amenities of Whistler-Blackcomb skiing, golfing, shopping, hiking……


#4 ) Address:16920 96TH AV, Fleetwood Tynehead, Surrey

March 09 F1111545 $799,000 $0 0%
March 10 F1111545 $720,000 $-79,000 -10%
March 15 F1111545 removed
May 21 F1213186 $650,000 $-149,000 -19%
July 04 F1213186 removed
July 07 F1217342 $629,980 $-169,020 -21%
September 29 F1217342 removed
October 05 F1224795 $599,890 $-199,110 -25%
November 23 F1224795 removed
November 26 F1227970 $530,000 $-269,000 -34%

Assessment: $621,000

“PRICED TO SELL FAST AND WILL NOT LAST!!” has been in their description all year…  Maybe they are serious this time?

CHEAPEST 1 ACRE IN ALL OF FLEETWOOD!!! BUILD YOUR DREAM HOME AT A FRACTION OF THE PRICE! This beautiful 1 acres lot has NO easements, NO right of ways, NO hydro lines [only small creek through very top corner of property near road] Old house burned down. Completely cleared and cleaned as per city requirement. PRICED AT AN AMAZING PRICE and the only lot in a million dollar neighborhood!! Buy and build your dream home in one of the best areas in Surrey. PRICED TO SELL FAST AND WILL NOT LAST!!


#3 ) Address:16535 TIMBERLINE RD, Pender Harbour, Sunshine Coast

June 01 V953784 $230,000 $0 0%
June 30 V953784 $210,000 $-20,000 -9%
August 10 V953784 $200,000 $-30,000 -13%
August 30 V953784 $180,000 $-50,000 -22%
September 27 V953784 $170,000 $-60,000 -26%
November 02 V953784 $165,000 $-65,000 -28%
November 23 V953784 $150,000 $-80,000 -35%

Assessment: $169,400

This one bedroom one bath property offers a peaceful get away from the big city. It is minutes from the Earls Cove ferry, and the treed lot provides all the privacy you could ever want. A view corridor could be opened up to the ocean as the property is bordered on one side by an undeveloped road allowance. Perfect for the couple or family who want a rural retreat without the big price tag.


#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%
November 22 V945639 $689,900 $-521,000 -43%

Assessment: $841,800

43% off the original price – will it hit 50%?

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:# 404-D 2020 LONDON LN, Whistler, Whistler Pemberton

December 23 V922939 $115,000 $0 0%
March 09 V922939 $90,000 $-25,000 -22%
June 06 V922939 $79,000 $-36,000 -31%
August 25 V922939 $72,900 $-42,100 -37%
November 21 V922939 removed
November 23 V980969 $59,000 $-56,000 -49%

Assessment: $74,100

Was already the 2nd most dropped property in Whistler before this latest drop and now relisted almost 20% below the previous price!  Initially priced 55% ABOVE assessment and now priced 20% BELOW assessment.  Is there anyone in the market for a quarter share like this in whistler?  Based on the number of these that end up in the weekly drop I’d say the market is limited regardless of how low they go.

The newest and most modern of all quarter-share in Whistler…Short walk to ski-lifts, restaurants and stores. Fantastic amenities, including pool, steam, sauna, jacuzzi. All the luxury and convenience for a 1/4 the cost. Clean modern, functional with that ‘new’ feeling to this spacious condo in Whistler’s Creekside neighbourhood. This one-fourth interest allows owners to use or rent out their property for one week per month throughout the year with a 2 week bonus every four years at Christmas.

 

55 responses to “The Weekly Drop – November 26, 2012

  1. Felix November 27, 2012 at 2:04 am

    I know it’s price drops, but have you ever thought of doing % below assessment? Just curious, thanks for the hardwork, I look forward to reading your posts.

    • an observer November 27, 2012 at 10:43 am

      Assessment lookups are manual so it would be incredibly time consuming to do something like this – I would literally need to lookup assessment value for every listed property!

      • Ray November 28, 2012 at 2:59 pm

        If the assessment lookup is web-based, I’d be willing to develop the scrape to tie the assessment to the address. It only needs to be run one per year, right?

      • Arthur November 29, 2012 at 2:47 pm

        Ray, I can’t reply directly to your post as it is too nested/deep but you can get the assessment values online on the BC Assessment website http://bcassessment.ca/. You can’t just scrape everything though (I think) because you need to look up each address. It would be possible though to make a database for all existing listings and have a script that just adds the assessed values for new listings.

      • Alan L. (@alanleung604) November 29, 2012 at 5:39 pm

        I heard u were a Programmer or IT… Why not write a simple Selenium script and check those assessment values for u? It should be quite easy to obtain, however you can’t do a big batch of requests, their servers might view it as a ddos attack

      • Ray November 30, 2012 at 10:03 am

        Presumably he has a database of all addresses. Those are the inputs (POST query) to the bcassessment website and the resulting assessment is filled into his table. It’s really a no-brainer but would take some cooperation. You need to plan the intervals, throttling, new listings, etc. He can always contact me if he’s interested.

  2. MP November 27, 2012 at 9:56 am

    Enjoy all the hard work you are doing, so you probably don’t need more, but it would be interesting to start graphing the data you are generating – the listings that dropped to a cumulative total of 20%, 25% and 30% for each week and the number of listings below assessment (for where you have dug up the info).

    I find myself wondering each week if these metrics have gone up or down. Sometimes I’ll dig up older posts to compare, sometimes not. With the blog being around for quite a few months it would be a telling graph!

    • an observer November 27, 2012 at 10:45 am

      I keep track of the most 20%+, 25%+ and 30% plus drops in a week and when a record is broken I post it in the description. A few weeks ago these were all getting record numbers.

      A lot of listings get pulled this time of year so not much of a surprise that the quantity of big drops is a little lower – this spring I bet we’ll see the entire top 20 in the 30%+ range each week

  3. ere November 27, 2012 at 10:37 am

    All this listings are garbage,it’s does not make any sense for whole picture

    • an observer November 27, 2012 at 10:46 am

      Not sure if I understand the point you are trying to make

      • gokou3 November 27, 2012 at 11:37 am

        His point is, he is a realtor / mortgage broker / banker. 🙂

      • Groundhog November 27, 2012 at 12:00 pm

        Maybe its best that we’re all kept in the dark? It’s a waste of time looking at actual data? Looking at drops in ask prices and prices in comparison to assessment value isn’t part of the “whole picture?” I for one think that any light that is shed on the market that the MLS and Real Estate companies would like to be kept in the dark is a good thing.

      • Brye November 27, 2012 at 2:55 pm

        I think his point is that he is a flipper who is waking up to the fact that he could soon be heading underwater.

      • 121FORCE November 30, 2012 at 9:07 am

        Don’t pay attention to ere, this does make sense and we are all glad someone is doing this kind of research. This is the heart of our economy and we need to be aware of what is really happening out there and not what we read in the newspapers. Keep up the great work!

    • Vulture Fun November 27, 2012 at 3:02 pm

      All your data are belong to us.

  4. pips November 27, 2012 at 11:31 am

    I know no.7. That building is actually covered in mildew and on an almost alleyway of a street. Super sketchy looking and crowded in by old commercial buildings. I don’t know where they got this picture from. I’ve never seen the place that clean…

    • overthepond November 27, 2012 at 9:28 pm

      Was mildly interested in the place from the picture/description/pricing – and then I saw your comment. One quick Google Maps street view later, and oh my goodness, it looks like it derelict dump in an inner city. Talk about dressing mutton up as lamb!

    • MaxPower November 30, 2012 at 1:01 pm

      I was totally interested in this one…until I looked a little closer. The picture used is clearly very old. Google street view shows the mildewed exterior – though it is nice and white on the sunny side. But one can’t help but notice that the neighbouring building looks different (not much of a clue), both the vehicles pictured are – at best – 24 years old. The Toyota was new from ’85-’88 and the Ford from ’80-’86 (again, not a huge clue…people keep cars). The best one for me, and noting the Google image being from August of 2011, was the trees. The building now has a row of trees out front. Two of which are pushing 30ft.

      Just another in the realtor’s bag of dirty tricks. At least with this blog we can see some of the truth being the B.S.

      Thanks!

  5. bullwhip29 November 27, 2012 at 11:53 am

    1) Yes, own a one-fourth interest in “all the luxury and convenience” for 1/4 the cost. Where do I sign up? When will all the talking heads realize that this resort isn’t even close to being the bargain it once was when the dollar was far lower and prices for everything were still firmly planted on solid ground? Whistler was a ghost town this summer. Everyone headed down to WA, OR and CA this summer.

    2) How much is flood insurance again?

    4) Old house burned down (meaning any shred of evidence that this was a crack house is gone forever…bonus)

    7) Maybe someone thought East Central Maple Ridge was gonna be the new Richmond?

    8) These folks only missed the mark by 3-4 years or so.

    9) Standard builder grade cookie cutter cardboard box within a stones throw of the train tracks. Awesome. This is still overpriced by at least $300-400k. Lovely dining room table, by the way.

    11) These 2nd generation Vanc specials do not age very well, do they?

    14) Lovely location and neighborhood

    16) There are cardboard homes like this all over Rmd. Whoever buys this can look forward to utility bills in excess of $1000/mo during the winter (assuming they want most of the home above 10’C)

    17) Not only is the priced BELOW market value, the maintenance fees are only $524/mo with the prop taxes est to be $3385. What’s not to like?

    18) Listing is deceiving. Maybe lots of amenities nearby, but 1/2 hr walk to Sky Train. Bldg is old, dated and ugly from the outside. Too much noise from the street. High strata fees. Owner (ie. flipper wannabee) not only overspent on renos, but didn’t even do a good job. Who was the hack that installed the lighting? Nice try with the lucky 888’s though… (this never gets old)

    20) if unit is located @ NW, how can patio be “sundrenched” ??? hmm, wonder why no buyers for units that are “rentals restricted”? don’t tell me people have been buying condos as investments. say it isn’t so… The least they could have done was dropped price to $188,888

  6. bcj November 27, 2012 at 12:03 pm

    #16) “Famous Maple Lane elementary” bwahahaha

  7. Jack Cate November 27, 2012 at 12:44 pm

    Great job and look forward to your posts. Information is power and use this with other means of research to keep up with the market.

    Cheers!

  8. Warren (@WarrenC12) November 27, 2012 at 2:18 pm

    Time shares always seem risky, and of course the annual fees need to be calculated in, but $60k for 1 week a month in Whistler is tempting. Certainly the risk is less than $500k on some of the other sketchy properties on the list.

    • an observer November 27, 2012 at 2:28 pm

      The maintenance is $360/month and the property tax is $65/month plus the opportunity cost on the $60K is about $250/month – I’m not exactly sure what other expenses you are on the hook for like cable / heat / insurance etc? You are paying $675 a month to be able to use it for a week each month or close to $100/night not including any additional expenses.

      Assuming not much more downside in the price in the coming years (probably a big assumption) and you go to Whistler frequently then it’s getting to the point where it might make sense when you compare it to renting an equivalent unit.

      • bullwhip29 November 27, 2012 at 3:12 pm

        Everything being equal, I’d prefer to rent. These things are too much of a hassle at the best of times. My friends have got a place like this and it gets completely trashed on a regular basis. When they are there using it, they do not find it relaxing whatsoever. For the one or two times I year I head up there, I’d much rather stay in a nice hotel with all the amenities. The optics of having such a low price (for only 1/4 share) fool many people. Would you pay $240k for 100% ownership of this little 600 sq ft apartment? I wouldn’t. With the exception of peak ski season, places like this sit empty most of the time. Judging by the pile of listings for just this one complex alone (20+ I believe), many others have also waken up to this fact too. Having said this, I doubt some buyer will get totally wiped out financially on such a deal, but this does have the potential to become like a ball and chain that slowly bleeds cash away year after year.

    • Greg November 28, 2012 at 5:27 pm

      A studio condo (hotel room style with kitchenette) sold in the Cascade Lodge within the last few months for $54000 for the complete unit. It would be a much better deal, since at least you can rent it out when you are not using it. I don’t know what the monthly fees were though.

  9. Lynn November 27, 2012 at 4:48 pm

    6159 Dunsmuir Crescent, Richmond, BC sold for $1,060,000, assessed for $1,500,000. I am curious (admittedly nosey) how much they bought this land for?

    • bullwhip29 November 27, 2012 at 11:34 pm

      Good question. They may have been sitting on these lots for quite some time. I remember homes in Terra Nova selling for a few hundred grand when construction in that area just got off the ground. If this is a confirmed sale, then there are going to be a lot of cranky neighbors. Up until now, asking prices have been very sticky in that area. I wonder if the dominos start to tumble now?

      • Lynn November 28, 2012 at 12:09 pm

        The price includes HST and the home is only 1 year old. If building costs for 2351 sq ft is ($200/sf) $470,000, then land value would be $450,000? Neighbours should be pissed. Owner on file is a development company. I’m guessing they know better than to stick around.

      • an observer November 28, 2012 at 1:01 pm

        A 1 year old home selling for 30% below assessment is pretty horrible. Guaranteed they lost a bundle on this one. The land value on their $1.5 million assessment must be around $1 million and that must partly be based on what they paid for it 2 years ago so based solely on today’s assessment value maybe $800K if I had to take a guess?

        The $1.5 million assessment seems absurd though for a 2400 sqft home on a 4300 sqft lot

      • bullwhip29 November 28, 2012 at 2:08 pm

        @ an observer/Lynn
        These were the last homes to go up in Terra Nova. For a number of years, this section was just a patch of dirt waiting for the green light to build. I don’t know how long the developers were sitting on this ground. It is entirely possible they walk away with a decent profit. This being said, they left a lot of money on the table. For this kind of activity to occur in such a so called “prestigious” neighborhood does not bode well for Rmd RE in general (and especially T.N home buyers who just paid 3x what a comparable place would have sold for less than 10 years ago). Assuming this is an accurate sign of things to come, prices have slipped all the way back to 2009/10 levels literally overnight…and the sh#t hasn’t even begun to hit the fan yet here, in the US and elsewhere around the world. Most people are still oblivious to the fact that a stealth housing crash has been underway for some time now and are still racking up the visas, helocs and so forth like there’s no tomorrow. Big problems coming soon to a theatre near you…

        Since we are talking about Terra Nova, I see this cute little home is still on the market. Obviously, the lucky 888’s are not working. IMHO, this one will wind up being number one on your list…eventually. Bookmark this one.
        http://www.thevlist.com/vlist/property_detail.php?t=q&code=&vlist=1010000938&reqd_cxc=9

      • an observer November 28, 2012 at 2:50 pm

        It’s down a million already!

      • Lynn November 28, 2012 at 5:53 pm

        I just took a closer look and this sale isn’t out of the ballpark. You are right – this area has been very sticky, but price drops have finally started and the dominoes are a tumblin’.

        6351 Barnard dropped to $1.218 asking, assessed at $1.419, although still not at 2009 prices – bought Aug 09 for $908.

      • bullwhip29 November 28, 2012 at 9:48 pm

        @ Lynn
        908K was actually a pretty good buy at that time. By the time the Olympics rolled around I believe these were going for about 1.2M. With this sale @ 1.06M crossing the tape, I think these folks will have to make further revisions as it is a much older home located on a busier street.

      • Lynn November 30, 2012 at 11:46 am

        On the other hand, this realtor’s home (5200 Woodpecker Drive) in Westwind sold for $1.85, assessed at $1.18. Tax Assessment too low? Or sale price too high?

      • Real Estate Tsunami November 30, 2012 at 1:52 pm

        Walked by 5200 Woodpecker today. It looks actually quite stunning. Not your average row house. Assessment is definitely too low.

      • an observer November 30, 2012 at 4:19 pm

        It would be interesting if listing price was used when calculating property tax for the coming year! I bet you’d see a lot more people get reasonable on their asking price in no time

      • bopeep November 30, 2012 at 5:51 pm

        They do use the latest sale in the tax assessment for the upcoming year when the new owner will have a shock for sure. My question is how this realtor/owner kept his assessment so low for so long saving money on property tax, when his neighbours are paying their fair share. If the tax assessment is correct, then this buyer just paid 53% higher than assessment at a time when everything in Richmond is selling 30% below assessment. Maybe next time you walk by, you should yell “SUCKER!!!” at the new owner, and do a little nudge, nudge, wink, wink at the realtor/owner.

  10. Ford Prefect November 27, 2012 at 7:21 pm

    I have read your blog since it was first posted this spring. What impresses me most about it is the fact that you do your own original research. Many sites, those that are not just rants, rely on data generated by others and then give their interpretation of that data. You do not. This fact is amazing given that you are, as I understand it, a one man band.

    I am based in Courtenay, B.C. Like the lower mainland there is, or was until very recently, a relatively massive real estate boom here. Unlike the lower mainland with your site, or sites such as Whispers From a Village etc. and VancouverReal Estate Anecdote Archive, there is no reliable information available locally regarding the real estate market. This fact was driven home when in June of this year I questioned a mid level management municipal employee along the lines “why was the City of Courtenay pumping money into real estate developments when the market for real estate appeared to be collapsing in the lower mainland”. His response was literally one of shock. He had no idea that this change was occurring.

    Which brings me to my last point. It constantly surprises me how little use is made by most people of the quite wonderful resources, such as your site, that are available on the internet. By using these sites it is possible to obtain reliable information and intelligent interpretation of events and practices, for example in the real estate industry, that are simply not available in the mainstream media. How you and others like you can expand your audience I do not know. But I for one greatly appreciate your efforts. Keep up the good work.

    • Real Estate Tsunami November 28, 2012 at 10:40 am

      I came to this blog through reading VREAA.
      I am a a close follower of RE in the Lower Mainland, and have been frustrated by the lack of information and the monopoly of the RE cartel.
      Blogs like these have given me a sense of control. I can now better assess the direction the market is going.
      I hope that more and more people realize that they cannot trust the mainstream media and turn to these blogs, and then there will be a snow ball effect.

  11. Jack November 27, 2012 at 10:00 pm

    #16 – If you look at the map, is actually walking distance to something called Richlea Shopping Centre. Street view shows it consists of a pub, liquor store & KFC. I wonder if this isn’t an honest mistake by someone in the office writing the copy by looking at google and reading Richlea as Richmond. Lazy & confused rather than dishonest?

    And I agree with whoever up there said “All this listings are garbage”.

    • an observer November 27, 2012 at 10:28 pm

      It would be nice if it was an honest mistake but they also mention sky train which is Richmond Centre and easily a 45+ minute walk… This realtor really is sinking to new levels of BS

    • gokou3 November 27, 2012 at 10:49 pm

      “Walking distance to Richmond centre and Skytrain station.”

      Is there a skytrain station at Richlea too?

      • an observer November 28, 2012 at 12:11 am

        No, not even close. It’s basically a strip mall – I’ve been to Richlea mall hundreds of times but always thought it was called broadmoor mall. In fact, I went to school at the “famous” maple lane that this listing speaks of! That’s how I immediately knew that this realtor was full of it!

    • Brye November 28, 2012 at 12:07 am

      And yet here you are Jack….

      • jack December 1, 2012 at 8:17 pm

        I think they saw Richlea, read Richmond and went “hey, there’s a skytrain at Richmond Centre” and did the rest by autopilot. From the pictures and descriptions of a lot of listings, it feels like very little effort goes into them. In many cases it’s like the person writing has never seen the house. That’s what this felt like to me. But I would put it at 50-50 to your theory, Observer.

        And my comment about the listings being garbage, I guess the sarcasm didn’t come through. They are, for the most part, garbage. Overpriced garbage. Which is why the prices are being dropped, repeatedly. That was not a shot at the blog, but the listings themselves.

  12. Real Estate Tsunami November 28, 2012 at 10:27 am

    Thanks again for making my morning.
    I’m always amused by the BS that the realtors are spreading.
    Particularly, here in “Ditchmond”, with so many Chinese Realtors, many of the descriptions are hilarious.

    • Real Estate Tsunami November 28, 2012 at 10:44 am

      As you are familiar with Ditchmond, you may wanna keep an eye on the “Duns”.
      Lots of listings, with nothing moving.

      • bullwhip29 November 28, 2012 at 2:18 pm

        Keep your eye on areas like Terra Nova, Quilchena and Seafair where it is literally overflowing with stale multi-million dollar listings. See comments on 6159 Dunsmuir Cres above.

  13. punnoval November 30, 2012 at 6:32 pm

    Re: No. 18. There is a similar unit in this building called “The Belmont” for around 320K – so the initial asking price seems insane. what sort of place is this – it looks like a converted office building with an extremely high (~430 / mo) maintenance. Does anyone know more about it?

  14. Michael Schratter December 8, 2012 at 4:35 pm

    I enjoy your blog!

    Question, are assessed values objective or are they too inflated as Vancouver real-estate prices.

    Thanks,
    Michael

    • an observer December 8, 2012 at 5:46 pm

      Really depends – they are supposed to represent how much the home could be sold for – in rising markets most homes sell for over assessment and in dropping markets most homes sell for below assessment. Some homes have a disconnect with assessment values but for most homes it is a pretty reasonable amount.

      Value on the other hand is different – how much it would cost to rent the home / apartment should be close to how much it costs to own a home / apartment but in Vancouver it is common for rents to be 1/2 the price of owning or less.

      So tough question to answer, depends on how you look at it

  15. Pingback: Richmond Spotlight – June 25, 2013 | Vancouver Price Drop

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