Vancouver Price Drop

Documenting Vancouver real estate price movements

Monthly Archives: December 2012

The Weekly Drop Metro Vancouver Attached – December 28, 2012

Here are the 10 attached properties in Metro Vancouver (Vancouver West, Vancouver East, Burnaby, Richmond, North Vancouver and West Vancouver) that changed their price or were relisted under a new MLS number the previous week (December 20 to 28) AND have dropped the largest percentage overall from their original asking price.

6 listings from Vancouver West, 2 from West Vancouver and 2 from Burnaby

I only have previous sales data for one of these units but you’ll see how badly the HPI index is going to be hit if/when it sells


#10 ) Address:8571 SEASCAPE LN, Howe Sound, West Vancouver

V983106_1

February 01, 2008 V686443 $959,000 $0 0%
March 25, 2008 V686443 removed after 53 days
October 13, 2011 V915266 $998,000 $0 0%
December 05, 2011 V915266 removed after 53 days
September 23, 2012 V973197 $908,000 $-90,000 -9%
November 21, 2012 V973197 removed after 59 days
December 24, 2012 V983106 $859,000 $-139,000 -14%

Assessment: $854,000

Listing for over 10% below 2008 asking price

Enjoy this rarely offered Bellevue Plan Unit with Stunning West Coast ocean & island views. Situated on Seascape Lane, this contemporary townhome has a level entry leading to bright modern, open plan living, dining, den, kitchen, and spacious master bedroom suite on the main floor. The lower level includes two further bedrooms, large recreation room perfect for children & guests. Additional upgrades include fully soundproofed Media/theatre room and air conditioning throughout.


#9 ) Address:# 1501 4160 SARDIS ST, Central Park, Burnaby

V982959_1

September 06, 2007 V661092 $228,900 $0 0%
November 01, 2007 V661092 removed after 56 days
January 17, 2008 V683570 $229,000 $0 0%
June 01, 2008 V683570 removed after 136 days
July 12, 2008 V722148 $229,000 $0 0%
October 08, 2008 V722148 removed after 88 days
April 17, 2009 V761387 $179,900 $-49,100 -21%
April 30, 2009 V761387 removed after 13 days
May 05, 2011 V886046 $269,000 $0 0%
July 21, 2011 V886046 $258,000 $-11,000 -4%
September 15, 2011 V886046 removed after 133 days
November 09, 2011 V918945 $258,000 $-11,000 -4%
January 31, 2012 V918945 removed after 83 days
April 20, 2012 V944540 $249,000 $-20,000 -7%
May 11, 2012 V944540 $246,000 $-23,000 -9%
June 18, 2012 V944540 removed after 59 days
June 20, 2012 V957368 $268,000 $-1,000 0%
August 24, 2012 V957368 $273,000 $0 0%
December 19, 2012 V957368 removed after 182 days
December 21, 2012 V982959 $233,000 $-40,000 -15%

Assessment: $226,900

Completely redone in 2010 yet listing for right around 2007 prices.  They tried raising the price in June but surprise, surprise that failed miserably.  Does that ever work?  It’s been listed for over 750 days in the past 5 years

Central Park Place, offers a fantastic 15th floor south facing vista of Central Park. Seller completely renovated the inside of the apartment recently, leaving nothing untouched, features new bathroom, new kitchen (new fridge, stove, dishwasher), new water-proof flooring, new paint. The building envelope (including double glazed windows and new balconies) was completely redone in 2010. Excellent location with Crystal Mall, Metrotown, Patterson Skytrain station, within walking distance. Try your hand at tennis or golf. A pleasure to show.


#8 ) Address:# 1606 950 CAMBIE ST, Yaletown, Vancouver West

V980804_1

December 11, 2006 V623074 $580,000 $0 0%
February 25, 2007 V623074 removed after 76 days
May 16, 2007 V647496 $570,000 $-10,000 -2%
May 31, 2007 V647496 removed after 15 days
November 25, 2011 V920902 $599,900 $0 0%
January 27, 2012 V920902 $591,900 $-8,000 -1%
February 23, 2012 V920902 removed after 90 days
March 09, 2012 V936133 $579,900 $-20,000 -3%
April 04, 2012 V936133 $559,900 $-40,000 -7%
May 08, 2012 V936133 removed after 60 days
August 06, 2012 V965356 $539,000 $-60,900 -10%
September 26, 2012 V965356 $529,900 $-70,000 -12%
November 04, 2012 V965356 removed after 90 days
November 21, 2012 V980804 $514,900 $-85,000 -14%
December 28, 2012 V980804 $509,900 $-90,000 -15%

Assessment: $537,000

Sold July 2007 for $565,000.  In July 2007 the HPI for Vancouver West apartments was 141.2 and it is currently 151.6.  Using the HPI methodology this apartment would be worth 7.4% more than it did in July 2007 for a calculated value of $607K.  Incidentally that appreciation (if it were real) would not be enough to cover commission and transfer taxes due to the huge transactional costs of real estate.  Here is where it gets interesting though – it is currently listed for almost $100K below what it should have sold for.  What this means is that if this sells for the current asking price, it will register as a 16% drop in the HPI.  Also note that this place has been renovated so even more money has been sunk into the place although to be fair it is a court ordered sale SOLD AS IS WHERE IS.

When you look at other apartments in Vancouver West you see a lot of the same things – selling for asking would be a huge hit on the HPI.  Once these apartments (and homes) start selling again you are going to see a massive shift downwards in the HPI.  At that point there is no amount of spin that can stop this from reaching the MSM and impacting the decisions of all buyers and sellers.

Best priced 2bedroom! Court order sale. Partly renovated, come and finish off the renovation and make it yours! Pacific Place Landmark One. Spacious 2bdrm + huge den enough for home office or 3rd bedroom. Huge windows giving you lots of natural light.Open concept nicely renovated kitchen. Convenient Yaletown location, just a short stroll to seawall, shopping, dining, night life & Canada Line. Lots of potential! SOLD AS IS WHERE IS.


#7 ) Address:# 3307 833 SEYMOUR ST, Downtown, Vancouver West

V974888_1

September 09, 2011 V908920 $969,000 $0 0%
November 02, 2011 V908920 removed after 54 days
October 04, 2012 V974888 $849,000 $-120,000 -12%
December 28, 2012 V974888 $819,000 $-150,000 -15%

Assessment: $855,000

Based on the price change history and description #7 and #3 are likely owned by the same “investor” although I use that term loosely.  Normally when you see a short listing like we had here last September to November, it means there was a sale.  BC Assessment only shows 2011 sales up to the end of October so it is possible this sold and if that is the case this buyer lost a lot of money

Unmatched LUXURY & SPECTACULAR views of the city Skyline. 33rd floor, NW corner, views from every room in this 2 bdrm & den in the Exclusive Collection at the Capitol Residences. Air conditioned for your comfort, bedrooms on opposite end for ultimate privacy & EXQUISITE INTERIORS:over-height ceilings, marble flrs & granite counters in spa like bathrooms, h/w flrs throughout, s/s GE Monogram appl, gas cooktop, top of the line kitchen & bath finishings. Walking distance everywhere – financial district, city parks, skytrain, Robson St, boutiques & dining in Yaletown, Theatres & Sports Arena’s. Capitol Amenities: concierge, fitness centre, lounge, meeting rooms & 4 high speed elevators. No HST, move-in ready!


#6 ) Address:# 900 9 SMITHE MEWS, Yaletown, Vancouver West

V983110_1

August 13, 2009 V781494 $2,298,000 $0 0%
February 17, 2010 V781494 removed after 188 days
April 09, 2010 V820499 $1,990,000 $-308,000 -13%
November 01, 2010 V820499 removed after 206 days
March 04, 2012 V935308 $1,899,000 $-399,000 -17%
October 01, 2012 V935308 removed after 211 days
October 20, 2012 V975280 $1,899,900 $-398,100 -17%
December 05, 2012 V975280 removed after 46 days
December 26, 2012 V983110 $1,899,900 $-398,100 -17%

Assessment: $1,760,000

Listing for $400K below what it listed for 3 and a half years ago

900 – 9 Smithe Mews, Vancouver, BC, V6Z 2R8, Executive 2,030 s/f, 3 bed, 3 bath Waterfront 1 lev @ “Coopers Lookout Villas” Suite Feat; gas fireplace & Cooktop, H/W flrs, granite counters, S/S Miele appl, A/C, generous sized balcony, private elevator w/one suite per floor and a view from every room of False Creek. Facilities are located at Coopers Lookout at 33 Smithe Mews, the “Espitit City Club” amenities incl a 60′ indoor pool, steam sauna, gym, billiards, party rm, sports lounge, 2 bowling lanes, yoga studio & Kayaks for owner use. Secure bldg w/24 hr concierge. 2 park stalls #18,#19(P1) but no storage. Go to realtors web site for suite video & feat sheet w/flr plans. Unit is avail for immediate occupancy. Pets & Rentals OK


#5 ) Address:# 201 1785 ESQUIMALT AV, Ambleside, West Vancouver

V974068_1

February 15, 2007 V630669 $279,900 $0 0%
April 18, 2007 V630669 removed after 62 days
April 16, 2012 V943714 $338,000 $0 0%
May 29, 2012 V943714 $328,800 $-9,200 -3%
June 15, 2012 V943714 removed after 60 days
June 20, 2012 V957499 $319,800 $-18,200 -5%
July 24, 2012 V957499 $299,000 $-39,000 -12%
August 31, 2012 V957499 removed after 72 days
September 29, 2012 V974068 $309,000 $-29,000 -9%
November 06, 2012 V974068 $290,000 $-48,000 -14%
November 29, 2012 V974068 $285,000 $-53,000 -16%
December 22, 2012 V974068 $279,000 $-59,000 -17%

Assessment: $271,700

Another unit back to 2007 asking prices

Charming & tranquil setting in one of the most desirable locations in Ambleside, West Vancouver. Updated kitchen & bathroom with new granite counter tops.New crown moldings & baseboards plus laminate flooring. A short distance to the Sea Wall, shopping & rec centre.


#4 ) Address:# 203 6333 LARKIN DR, University, Vancouver West

V982955_1

April 07, 2007 V639627 $628,000 $0 0%
May 22, 2007 V639627 removed after 45 days
April 06, 2011 V879954 $859,000 $0 0%
August 31, 2011 V879954 removed after 147 days
March 23, 2012 V938801 $788,000 $-71,000 -8%
June 23, 2012 V938801 removed after 92 days
June 29, 2012 V959301 $748,000 $-111,000 -13%
December 18, 2012 V959301 removed after 172 days
December 21, 2012 V982955 $699,000 $-160,000 -19%

Assessment: $702,000

Best priced 3 bedrooms condo in UBC! Legacy is a 5-year new award winning development by Adera. This big, airy 3 bedroom ground level suite, with access to large private patio/garden is ideal for your family. Private entrance from garden. Lovely upgraded hardwood floors, spacious living room, open-plan kitchen complete with granite counters, S/S GE Monogram oversized fridge/freezer, gas stove & built-in oven/microwave. Luxuriate in ‘ his-hers’ hotel-style bathrooms. Next to Old Barn center, parks and Pacific Spirit Park nature trails. Enjoy the vibrant academic community of UBC campus, U-Hill Elem School, new U-Hill Secondary School. Immediate possession. Just move-in and enjoy!


#3 ) Address:# 3404 833 SEYMOUR ST, Downtown, Vancouver West

V974697_1

April 13, 2011 V881768 $1,018,000 $0 0%
May 26, 2011 V881768 $968,000 $-50,000 -5%
October 01, 2011 V881768 removed after 171 days
October 21, 2011 V916634 $890,000 $-128,000 -13%
November 02, 2011 V916634 $899,000 $-119,000 -12%
December 29, 2011 V916634 removed after 69 days
October 03, 2012 V974697 $855,000 $-163,000 -16%
December 28, 2012 V974697 $825,000 $-193,000 -19%

Assessment: $873,000

SPECTACULAR views of the city skyline and unmatched LUXURY! 34th floor, SW corner, air conditioned 2 bdrm+den open plan with spacious living/dining, 2 balconies, master suite with walkthrough closets, ensuite bath w/double sinks and separate tub & shower. EXQUISITE INTERIORS: over-height ceilings, marble floors, granite countertops, h/w floors throughout, s/s GE monogram appl, gas cooktop, top of the line kitchen & bath finishings. Walking distance everywhere – financial district, city parks, skytrain, Robson St, boutiques and dining in Yaletown, theaters & Sports Arena’s. Capitol Amenties: concierge, fitness centre, lounge, meeting rooms & 4 high speed elevators. No HST, move -in ready!


#2 ) Address:8785 OAK ST, Marpole, Vancouver West

V975846_1

October 02, 2008 V737009 $584,060 $0 0%
November 05, 2008 V737009 $473,860 $-110,200 -19%
March 05, 2009 V737009 $449,800 $-134,260 -23%
July 01, 2009 V737009 removed after 272 days
August 01, 2009 V779827 $448,000 $-136,060 -23%
October 01, 2009 V779827 removed after 61 days
November 06, 2009 V796456 $498,000 $-86,060 -15%
December 11, 2009 V796456 removed after 35 days
October 11, 2012 V975846 $440,900 $-143,160 -25%
November 09, 2012 V975846 $429,900 $-154,160 -26%
December 01, 2012 V975846 $424,900 $-159,160 -27%
December 21, 2012 V975846 $419,900 $-164,160 -28%

Assessment: $479,000

Not sure why you wouldn’t need a car, this is Marpole not downtown…  This one had a peak list price in 2008

Superb location. No need for a car in this location. Generous sized bedrooms. Bright corner unit. Easy to view. Move into this lovely home for Christmas.


#1 ) Address:# 801 9232 UNIVERSITY CR, Simon Fraser Univ., Burnaby

V972623_1

October 05, 2006 V613909 $375,000 $0 0%
November 04, 2006 V613909 $369,800 $-5,200 -1%
February 25, 2007 V613909 removed after 143 days
September 02, 2007 V666397 $515,000 $0 0%
September 13, 2007 V666397 removed after 11 days
December 04, 2008 V745619 $510,000 $-5,000 -1%
March 03, 2009 V745619 removed after 89 days
July 01, 2011 V897386 $420,000 $-95,000 -18%
November 02, 2011 V897386 removed after 124 days
September 21, 2012 V972623 $385,900 $-129,100 -25%
November 17, 2012 V972623 $374,900 $-140,100 -27%
December 21, 2012 V972623 $364,900 $-150,100 -29%

Assessment: $363,000

30% below 2007 asking prices

Welcome to Novo 2 by Intergulf at S.F.U University living complex! This 2 bedroom & 2 bath corner suite on top of the world with gorgeous mountain & private forest views!! It has an open concept kitchen, complete with granite counter tops, 2 big balconies offers great entertainment space and fantastic views! Located within a 5 minute walk to SFU Campus, Bus Loop, Grocery Market, Bank, Pharmacy and Restaurants. Call today for your private showing! OPEN HOUSE: OCT 27, 2-4PM

 

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The Weekly Drop Metro Vancouver Detached – December 27, 2012

Here are the 10 detached properties in Metro Vancouver (Vancouver West, Vancouver East, Burnaby, Richmond, North Vancouver and West Vancouver) that changed their price or were relisted under a new MLS number the previous week (December 19 to 27) AND have dropped the largest percentage overall from their original asking price.

Half of the listings this week are from Vancouver West, 3 are from Richmond and 2 from Vancouver East


#10 ) Address:7507 ELLIOTT ST, Fraserview, Vancouver East

V969575_1

September 07, 2012 V969575 $1,280,000 $0 0%
September 25, 2012 V969575 $1,230,000 $-50,000 -4%
December 19, 2012 V969575 $1,090,000 $-190,000 -15%

Assessment: $1,052,300

“Separate” although I admit I make that spelling mistake quite often – difference is I’m not writing a description for a million dollar property.

A stunning Fraserview Golf Course corner lot home!!! Newly renovated 5 bdrm, 2 bath includes updated floor, new roof, fresh paints. Features original hardwood floors and gorgeous interior wall logs – a truly rare find. Seperate backentrance for potential basement suite. Move in and enjoy the fantastic floor plan, or build your dream home. Central to schools, parks, Metrotown shopping, all within steps from the door and 15 minutes to Richmond and the airport. All measurements are approx. Buyers to verify if important.


#9 ) Address:7768 VICTORIA DR, Fraserview, Vancouver East

V982831_1

May 05, 2011 V886154 $1,888,000 $0 0%
August 11, 2011 V886154 removed after 98 days
February 11, 2012 V930850 $1,888,000 $0 0%
March 02, 2012 V930850 $1,799,900 $-88,100 -5%
April 16, 2012 V930850 removed after 65 days
April 23, 2012 V944966 $1,749,000 $-139,000 -7%
June 01, 2012 V944966 $1,699,000 $-189,000 -10%
June 16, 2012 V944966 $1,690,000 $-198,000 -10%
August 01, 2012 V944966 $1,699,000 $-189,000 -10%
October 01, 2012 V944966 removed after 161 days
December 19, 2012 V982831 $1,598,000 $-290,000 -15%

Assessment: $1,279,000

“Customer built luxury home” – you mean custom built?

Customer built luxury home! Quiet part of Victoria Dr. in Fraserview area. Inside like new! 7 bdrm/6 baths/3515 sqft/2 lvl home w/ 2 separate bsmt entrance. Wok kitchen & kitchen w lg island and high quality appliances, extensive use of granite & tiling, A/C, HVR, DVR-cctc Se. system w 5 cameras, family rm w 7.1 entertainment system, motion light system @ stairs, & multi-room Nexus intercom audio system. Too many features to list. Basement has a bdrm legal suite & a 1 bdrm & rec area. All info & meas. approx. – buyer to verify. Easy to show!


#8 ) Address:7480 CHELSEA RD, Granville, Richmond

V982900_1

September 11, 2010 V849565 $1,038,000 $0 0%
October 08, 2010 V849565 removed after 27 days
January 06, 2012 V923508 $2,998,000 $0 0%
March 13, 2012 V923508 $2,788,800 $-209,200 -7%
April 16, 2012 V923508 removed after 101 days
April 19, 2012 V944294 $2,688,000 $-310,000 -10%
July 16, 2012 V944294 removed after 88 days
July 18, 2012 V962396 $2,588,000 $-410,000 -14%
September 25, 2012 V962396 $2,498,000 $-500,000 -17%
October 10, 2012 V962396 removed after 84 days
October 12, 2012 V976294 $2,498,000 $-500,000 -17%
December 11, 2012 V976294 removed after 60 days
December 20, 2012 V982900 $2,498,000 $-500,000 -17%

Assessment: $1,851,000

This lot was purchased for around a million and I suspect the home cost about $800K to build so let’s say they are in for $1.8 million which just happens to be what the assessment is.  Yet, they have the nerve to ask $2.998 million for the place???  They seem to have stalled at the $2.498 million price point but really they aren’t even close so I fully expect this at or near the top of the weekly drop list in future weeks

Super Deluxe custom home. Prime Granville area, House 3,815 SF (includes 170 SF accommodation) + 5 bedrooms, 5.5 baths (include 2 master ensuites) 2 kitchens with top of the line S/S appliances’ Deluxe maple cabinets. Media room w/ wet bar & built-in cabs. Master ensuite with steam bath & sauna. Tons of crown mouldings & dramatic drop ceiling. Marble foyer, granite counters, H/W floors, huge imported chandeliers. Air-Con, HRV System, lawn sprinkler system, 3 car garage and deluxe stone facing. Lots of luxury homes around. Close to shopping, transit & city centre.


#7 ) Address:9320 CHAPMOND CR, Seafair, Richmond

V982932_1

February 26, 2011 V871843 $1,088,000 $0 0%
March 04, 2011 V871843 removed after 6 days
March 09, 2011 V874021 $1,088,888 $0 0%
March 16, 2011 V874021 $1,039,888 $-49,000 -5%
March 24, 2011 V874021 $999,800 $-89,088 -8%
April 16, 2011 V874021 $970,000 $-118,888 -11%
August 23, 2011 V874021 removed after 167 days
January 13, 2012 V925045 $999,888 $-89,000 -8%
March 02, 2012 V925045 $959,988 $-128,900 -12%
August 01, 2012 V925045 removed after 201 days
August 22, 2012 V967528 $948,000 $-140,888 -13%
December 18, 2012 V967528 removed after 118 days
December 20, 2012 V982932 $899,000 $-189,888 -17%

Assessment: $978,000

I love how they pulled the original listing after a few days so that they could relist it with 3 more 8’s in the price.  Fast forward almost 2 years and the only 8 left in the price is the one at the beginning!

GREAT RENOVATED HOME & GREAT LOCATION!!! Just a few mins from the lovely dyke & Steveston Village! Large level lot.5 good sized bedrooms plus den. 2 remodeled high end baths! Hardwood & laminate floors, upstairs. 21’x16′ private sundeck exits off remodeled kitchen w/ granite counter tops and newer appliances. Spacious remodeled family room w/gas f/p, newer carpet & paint for all rooms & hallway downstairs. Easily to create 2 bdrm suite and still enjoy 3 bedrooms & a family rm. The fully fenced & beautiful backyard w/upgraded drainage and a well maintained inground pool. Newer roof, newer windows & more. Move in condition!


#6 ) Address:5575 ELM ST, Kerrisdale, Vancouver West

V962068_1

March 25, 2007 V637468 $3,079,000 $0 0%
April 12, 2007 V637468 removed after 18 days
July 14, 2012 V962068 $4,880,000 $0 0%
July 28, 2012 V962068 $4,530,000 $-350,000 -7%
December 20, 2012 V962068 $3,990,000 $-890,000 -18%

Assessment: $3,545,000

“Priced to sell” at $4 million!  Funny enough, it was listed as “Priced to sell” when it came in at $4.88 million!!! 

The perfect “10” Kerrisdale custom-built home by Loukas Designs with over 5000 sq ft luxury home. Large 50′ x 162′ lot. East-facing front to greet the morning sun. 10′ to 11′ ceiling all over, gourmet kitchen with carrera marble countertops, Sub-Zero fridges, Miele D/W, Thermador stainless steel stove, French doors open to huge west-facing gas-heated covered patio w/ built-in BBQ overlooks the blue swimming pool & hot tub. Total of 5 bedrooms, 6 baths, a media room & exercise room. Bsmt offers suite potential for nanny or the in-laws. H/W floors throughout, radiant heat, built-in surround music system and 3 car garage. The fenced backyard is a kid’s heaven. Priced to sell. Open house July 29, Sunday 2-4 pm.


#5 ) Address:7921 HUDSON ST, Marpole, Vancouver West

V982945_1

April 23, 2007 V642807 $729,000 $0 0%
May 01, 2007 V642807 removed after 8 days
October 19, 2007 V674387 $1,088,000 $0 0%
December 06, 2007 V674387 removed after 48 days
February 27, 2009 V754572 $1,599,000 $0 0%
March 10, 2009 V754572 removed after 11 days
December 08, 2011 V921950 $3,180,000 $0 0%
March 08, 2012 V921950 $2,698,000 $-482,000 -15%
December 02, 2012 V921950 removed after 360 days
December 20, 2012 V982945 $2,580,000 $-600,000 -19%

Assessment: $2,105,000

“prime Marpole area” – ok, maybe I’m out of the loop but I’m pretty sure Marpole is as far away from prime as you can possibly get.

Located in prime Marpole area, quality built on excellent quiet street. 41’x122′ lot, 3000 sq ft, 3 storey house. Spacious & functional floor plan, 5 bedrooms & 4 bathrooms, entertaining size gourmet kitchen & Chinese kitchen. Extensive use of crown moulding, granite tops, stunning crystal chandelier in living & dining room, hardwood floor, radiant heat, air conditioning, HRV, SS appliances, 3 car garage & more. School catchment David Lloyd Elementary, Sir Winston Churchill Secondary.


#4 ) Address:3527 W 50TH AV, Southlands, Vancouver West

V975454_1

April 13, 2012 V943026 $2,898,000 $0 0%
August 14, 2012 V943026 $2,698,000 $-200,000 -7%
October 01, 2012 V943026 removed after 171 days
October 06, 2012 V975454 $2,649,000 $-249,000 -9%
December 20, 2012 V975454 $2,249,000 $-649,000 -22%

Assessment: $2,403,000

Imagine owning a home on the 11th hole of the spectacular Point Grey golf course. This spacious 2860 sq.ft. contemporary rancher is ready for you to move in. The home boasts large rooms, ideal for entertaining, and the home includes a private guest suite. The central courtyard and contemporary window design allow natural light into the warm and inviting spaces. The one level home suits all ages and lifestyles. The large lot and excellent location make this an ideal site for your new home. Bring your offers, priced to sell.


#3 ) Address:3391 W 40TH AV, Dunbar, Vancouver West

V982773_1

July 19, 2008 V723510 $1,249,000 $0 0%
August 11, 2008 V723510 removed after 23 days
February 23, 2011 V871111 $1,749,000 $0 0%
March 03, 2011 V871111 removed after 8 days
February 17, 2012 V931990 $2,490,000 $0 0%
April 25, 2012 V931990 $2,290,000 $-200,000 -8%
August 31, 2012 V931990 removed after 196 days
October 06, 2012 V975406 $1,998,000 $-492,000 -20%
December 03, 2012 V975406 removed after 58 days
December 19, 2012 V982773 $1,888,000 $-602,000 -24%

Assessment: $1,910,000

Sold for $1,775,000 on Feb 24, 2011 and was relisted a year later for about 45% higher…  If they get the current asking price they will walk away with a profit of $16K once transactional costs are factored in.

Rare opportunity-Outstanding character home w/3 bedrooms & 2 baths up + large bsmt suite in prime Dunbar location! Major addition/renovation in 2002 & now offers over 3100sf of finished lvg area.Main flr features loads of original charm – original h/w flrs in LR/DR,new h/w flooring in kit, bright kit w/granite counters & updated S/S appls,fam rm,guest bdrm & FULL bath.Upstairs has 3 good sized bedrooms incl spacious master w/enste.Lower features a flexible layout for family use or excellent rental potential – full kitchen,huge LR/DR (or large rec rm if not suited),bdrm & full bath. Located just steps to Crofton House, Kerrisdale School,W. 41st Ave shopping & transit. Point Grey High catchment.


#2 ) Address:8180 FRANCIS RD, Saunders, Richmond

V983035_1

October 02, 2009 V790721 $778,000 $0 0%
October 06, 2009 V790721 removed after 4 days
August 19, 2011 V905764 $1,188,000 $0 0%
October 07, 2011 V905764 $1,168,000 $-20,000 -2%
December 01, 2011 V905764 removed after 104 days
March 22, 2012 V938504 $1,148,000 $-40,000 -3%
May 30, 2012 V938504 $1,145,000 $-43,000 -4%
June 13, 2012 V938504 $1,128,000 $-60,000 -5%
July 19, 2012 V938504 removed after 119 days
August 11, 2012 V965965 $1,099,000 $-89,000 -7%
November 06, 2012 V965965 removed after 87 days
December 22, 2012 V983035 $889,000 $-299,000 -25%

Assessment: $931,000

Great Location and Neighbourhood! Beautiful 4 bedrooms 4 full baths plus den (can be 5th bedroom), featuring 2,350 sq ft living area, immaculately maintained by current owner. Well laid out, bright and spacious with high ceiling in Foyer & Living Room, cozy Dining Room, gourmet Kitchen with maple cabinet, granite counter, stainless steel appliances, French door Frigidaire fridge with ice & water and extend warranty, laminated hardwood floor, hot water radiant heating for both floors, tile roof with skylights. Detached double car garage in the back and south facing backyard. Convenient location, walk to No 3 Road transit, minutes to town center. A pleasure to show!


#1 ) Address:3311 W 39TH AV, Dunbar, Vancouver West

V982988_1

August 04, 2012 V965119 $1,880,000 $0 0%
August 17, 2012 V965119 $1,750,000 $-130,000 -7%
August 27, 2012 V965119 removed after 23 days
August 29, 2012 V968373 $1,499,000 $-381,000 -20%
October 12, 2012 V968373 $1,399,000 $-481,000 -26%
October 27, 2012 V968373 $1,325,000 $-555,000 -30%
December 17, 2012 V968373 removed after 110 days
December 21, 2012 V982988 $1,325,000 $-555,000 -30%

Assessment: $1,364,000

Here is the original description that this property used for the last few months

“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.”

Actually written pretty well.  Compare that to the atrocity below written by Wei Wang and note that this isn’t the first time I’ve highlighted a horrendous Wei Wang listing.  Honestly, why would you ever use this realtor?  I understand that not everyone speaks or writes English fluently but if you stand on making a $50K commission you could at least have someone proofread this garbage…

Excellent building lot in beautiful DUNBAR- with an architectural plans. This RS-5 zoned 46 x 104.7′ (4,816 sq/ft )southern exposed lot is ready for development . In walking distance of the best schools that the Westside of Vancouver.The best deal in Westside, asking price lower than Accessment Value. Court approval needed.

 

The Weekly Drop Suburbs – December 26, 2012

Here are the 10 properties outside of Metro Vancouver (Vancouver West, Vancouver East, Burnaby, Richmond, North Vancouver and West Vancouver) that changed their price or were relisted under a new MLS number the previous week (December 18 to 26) AND have dropped the largest percentage overall from their original asking price.

I’m thinking this will be the format at least for the coming months.  On a normal week Monday will be the top 10 of listings outside of Metro Vancouver, Tuesday will be the top 10 detached in Vancouver and Wednesday the top 10 attached in Vancouver.  We’ll see how that goes anyways.  Merry Christmas and a Happy New Years from “an observer”


#10 ) Address:# LOT 17 COURTNEY RD, Gibsons, Sunshine Coast

V933929_1

March 09, 2012 V933929 $260,000 $0 0%
May 11, 2012 V933929 $219,000 $-41,000 -16%
August 10, 2012 V933929 $189,000 $-71,000 -27%
December 26, 2012 V933929 $179,900 $-80,100 -31%

Assessment: Unknown

Your dream can become a reality. Set in spectacular Gibsons BC just above the prestigious Grantham’s Landing, Vista Ridge is a lush master planned development offering both privacy and majestic views of Howe Sound and the Coastal Mountain ranges. The sustainable envisioned Vista Ridge at Granthams adheres to our environmental and aesthetic guidelines to protect both your investment and its sublime natural surroundings. Located only 1 km from Gibsons, 2 km from the Langdale ferry terminal and 1 hour from Vancouver, Vista Ridge is close enough to all the amenities you will require, yet far enough away to enjoy the tranquility of life on the Sunshine Coast.


#9 ) Address:12498 232ND ST, East Central, Maple Ridge

V983052_1

July 17, 2011 V900385 $1,298,000 $0 0%
October 27, 2011 V900385 removed after 102 days
October 30, 2011 V917886 $1,298,000 $0 0%
June 06, 2012 V917886 $1,095,000 $-203,000 -16%
July 11, 2012 V917886 $975,500 $-322,500 -25%
September 07, 2012 V917886 $889,000 $-409,000 -32%
December 09, 2012 V917886 removed after 406 days
December 24, 2012 V983052 $889,000 $-409,000 -32%

Assessment: $697,000

This one’s coming down again shortly

Build your family dream home with pristine, panoramic meadow and mountain views and a rural setting yet close to downtown Maple Ridge. Very Private. Add a “modular” guest home. Zoning permits hobby farm and/or agri-business such as garden centres, green houses, kennels, etc. Municipal services on 5.73 acre site. Must be seen. Call today for your information brochure.


#8 ) Address:14070 110TH AV, Bolivar Heights, North Surrey

No Picture

October 05, 2007 F2725709 $679,000 $0 0%
October 30, 2007 F2725709 $629,000 $-50,000 -7%
February 04, 2008 F2725709 removed after 122 days
December 19, 2012 F1228829 $449,800 $-229,200 -34%

Assessment: $488,200

Listing for 34% below 2007 prices

One of a kind!! Over 1 Acre land in a middle of the city close to city center and sky train station(Gateway). Detach work shop and large garage.


#7 ) Address:32930 CARDINAL ST, Steelhead, Mission

No Picture

June 21, 2010 F1017619 $849,000 $0 0%
October 21, 2010 F1017619 removed after 122 days
March 02, 2011 F1105395 $699,900 $-149,100 -18%
May 27, 2011 F1105395 removed after 86 days
October 23, 2011 F1126232 $659,000 $-190,000 -22%
November 15, 2011 F1126232 $599,000 $-250,000 -29%
February 05, 2012 F1126232 removed after 105 days
February 08, 2012 F1203207 $549,900 $-299,100 -35%
March 08, 2012 F1203207 $529,000 $-320,000 -38%
June 07, 2012 F1203207 removed after 120 days
December 20, 2012 F1228837 $549,000 $-300,000 -35%

Assessment: $593,000

They pulled the listing in June and relisted in December for $20K higher than the last price.  Good luck with that

2 legal homes on 4.51 acres zoned 1.73 acre parcels. Approx 20,000.00 to complete a subdivision 2 road frontages one on Dewdney and the other on Cardinal making complete privacy from each home. Each house has 4 bdrms. One home is a 4800 sq ft modular with vaulted ceiling beautiful kitchen with stainless steel appl. Ensuite with soaker tub and separate shower 2nd home is an older farm house that has been nicely updated. Not a drive by a great deal for 2 family or a developer looking to make some money. All meas approx.


#6 ) Address:31986 ROBIN CR, Mission BC, Mission

F1218297_1

September 27, 2010 F1024446 $350,000 $0 0%
June 01, 2011 F1024446 removed after 247 days
February 22, 2012 F1204403 $295,900 $-54,100 -15%
March 31, 2012 F1204403 $289,900 $-60,100 -17%
May 19, 2012 F1204403 removed after 87 days
July 14, 2012 F1218297 $274,900 $-75,100 -21%
July 18, 2012 F1218297 $275,000 $-75,000 -21%
August 29, 2012 F1218297 $264,900 $-85,100 -24%
September 21, 2012 F1218297 $250,000 $-100,000 -29%
October 19, 2012 F1218297 $245,000 $-105,000 -30%
November 17, 2012 F1218297 $234,900 $-115,100 -33%
December 18, 2012 F1218297 $219,900 $-130,100 -37%

Assessment: $297,000

This home is close to 30% BELOW assessment.

Light & bright, 5 bedroom basement entry style home with spacious, level foyer and open & flowing layout located on Mission West Side. Attractions include separate entry for bsmt, large, fenced, private corner lot, extra parking with a secure spot behind fence for your RV and extra vehicles, lovely laminate floors and flexible living space with lots of room for every member of the family including your extended family. Needs work but is priced accordingly. Safe, family friendly neighborhood with quick & easy access to the West Coast Express, Lougheed Highway & bridge to Abbotsford. Come check it out, you will be glad you did!


#5 ) Address:20419 LORNE AV, Southwest Maple Ridge, Maple Ridge

V981279_1

August 13, 2010 V845948 $239,900 $0 0%
October 20, 2010 V845948 $229,900 $-10,000 -4%
March 02, 2011 V845948 removed after 201 days
May 19, 2011 V889014 $155,000 $-84,900 -35%
August 12, 2011 V889014 $144,900 $-95,000 -40%
September 15, 2011 V889014 removed after 119 days
November 28, 2012 V981279 $193,000 $-46,900 -20%
December 11, 2012 V981279 $169,000 $-70,900 -30%
December 18, 2012 V981279 $159,000 $-80,900 -34%
December 20, 2012 V981279 $149,000 $-90,900 -38%

Assessment: $136,000

Sold in September, 2011 for $130,000.  Their initial relist price was 50% higher than what they paid for it last year.  This would have netted them a $46K profit after transactional costs.   In under a month they have had 3 price drops totaling 23% and brining their profit if sold for asking to under $5K…  I find it ironic that they chose a monopoly piece for the picture since that game is all about buying and flipping homes and going bankrupt…

Great 50 x 120 building lot for under $150,000. Buyer to verify all information with City Hall regarding building process set backs etc. Building Permit needed.


#4 ) Address:7735 HORNE ST, Mission BC, Mission

F1225863_1

February 08, 2007 F2702676 $469,000 $0 0%
March 20, 2007 F2702676 $449,000 $-20,000 -4%
May 05, 2007 F2702676 removed after 86 days
June 13, 2007 F2715176 $449,000 $-20,000 -4%
August 03, 2007 F2715176 $439,000 $-30,000 -6%
October 01, 2007 F2715176 removed after 110 days
October 11, 2007 F2726150 $439,000 $-30,000 -6%
October 30, 2007 F2726150 removed after 19 days
May 27, 2008 F2815782 $589,900 $0 0%
September 21, 2008 F2815782 removed after 117 days
June 14, 2011 F1115279 $449,000 $-140,900 -24%
July 08, 2011 F1115279 $429,000 $-160,900 -27%
August 03, 2011 F1115279 $419,000 $-170,900 -29%
September 30, 2011 F1115279 $409,000 $-180,900 -31%
January 01, 2012 F1115279 removed after 201 days
October 23, 2012 F1225863 $398,900 $-191,000 -32%
November 21, 2012 F1225863 $386,800 $-203,100 -34%
December 19, 2012 F1225863 $359,900 $-230,000 -39%

Assessment: $438,000

“This is truly an exceptional buy at this price. Call for your private viewing before this opportunity disappears.” – this description was the same back in October so probably not an exceptional buy and likely not disappearing.  This place is now almost 40% below 2007 pricing

Sprawling 4 level executive style home with Spectacular views to the South. Two party sized decks taking in views of Mount Baker. Tons of top notch renovations including roof, doors, windows, kitchen, bathroom, furnace, flooring…….This is truly an exceptional buy at this price. Call for your private viewing before this opportunity disappears.


#3 ) Address:4100 CEDAR DR, Burke Mountain, Coquitlam

V982851_1

September 09, 2011 V908692 $1,249,000 $0 0%
November 05, 2011 V908692 $1,199,000 $-50,000 -4%
November 18, 2011 V908692 $995,000 $-254,000 -20%
December 10, 2011 V908692 $890,000 $-359,000 -29%
March 31, 2012 V908692 $775,000 $-474,000 -38%
May 12, 2012 V908692 $699,000 $-550,000 -44%
June 20, 2012 V908692 $660,000 $-589,000 -47%
August 15, 2012 V908692 removed after 341 days
December 19, 2012 V982851 $699,000 $-550,000 -44%

Assessment: $775,300

“this is the deal of the decade.” – well actually it is $39K higher than the last time you failed to sell it

OPPORTUNITY KNOCKS! Great location close to shopping, recreation, transportation and adjacent to the coming Equestrian Style neighbourhood (5 acre parcels). Huge revenue potential here. Minimum $1500 per DAY boarding dogs & cats in an earthquake engineered 12 year old kennel. Easily modified to accommodate horses. RS2 zoning will allow 2 houses here with a 45% lot coverage.. Priced well below city assessed value, this is the deal of the decade. Call Lorne for more details.


#2 ) Address:8624 GAGLARDI ST, Mission-West, Mission

F1225865_1

April 28, 2007 F2710291 $495,900 $0 0%
June 01, 2007 F2710291 removed after 34 days
August 27, 2008 F2825034 $439,900 $-56,000 -11%
October 17, 2008 F2825034 $419,900 $-76,000 -15%
November 27, 2008 F2825034 $399,900 $-96,000 -19%
January 20, 2009 F2825034 $374,900 $-121,000 -24%
February 16, 2009 F2825034 removed after 173 days
May 05, 2009 F2908302 $374,900 $-121,000 -24%
May 27, 2009 F2908302 $364,900 $-131,000 -26%
June 17, 2009 F2908302 removed after 43 days
February 25, 2012 F1204863 $389,000 $-106,900 -22%
April 04, 2012 F1204863 $369,000 $-126,900 -26%
April 26, 2012 F1204863 $349,500 $-146,400 -30%
August 23, 2012 F1204863 removed after 180 days
October 23, 2012 F1225865 $299,000 $-196,900 -40%
November 20, 2012 F1225865 $288,800 $-207,100 -42%
December 18, 2012 F1225865 $272,000 $-223,900 -45%

Assessment: $345,700

Over 20% BELOW assessment and 45% BELOW 2007 listing prices.  Normally when a new listing is pulled quickly (as in 2007) there was a sale so this place is likely down close to to 50% by the time you throw in the realtor commissions and transfer taxes

Country style home on just over 1 acre in the Silverdale area. The acreage is cleared and has a gentle slope to the front of the property. The previous listing indicated a new drilled well and older shallow well (Buyer to verify). The current home is non-conforming as it is encroaching on the front property line. Great property to build your new dream house on. Minutes walk to Silverdale elementary.


#1 ) Address:# 101 33464 GEORGE FERGUSON WY, Central Abbotsford, Abbotsford

F1224246_1

April 07, 2007 F2707883 $133,000 $0 0%
April 24, 2007 F2707883 removed after 17 days
October 05, 2012 F1224246 $85,900 $-47,100 -35%
October 26, 2012 F1224246 $79,900 $-53,100 -40%
November 28, 2012 F1224246 $74,900 $-58,100 -44%
December 19, 2012 F1224246 $69,900 $-63,100 -47%

Assessment: $124,600

This apartment is well over 40% BELOW assessment and 47% off 2007 pricing in what was likely a sell based on the short time on market

Spacious 2 bedroom ground level unit with an enclosed patio plus a garden area which is all fenced off. Age restricted complex 45+ yrs of age. No rentals allowed but small pets are OK. Located close to shopping and transportation. Also has insuite laundry.

Disproving the HPI?

I have been very skeptical of the HPI because these 0.1% drops just don’t seem to match the reality of the situation so I’ve been hoping to somehow get my hands on a large enough sales data set where I could prove that this number is massaged and manipulated as much as the other numbers that are thrown out by the industry each month.  The data set I was able to work with included most of the apartment sales in Vancouver West for the last 10 years although unfortunately not including 2012.

Crunching the data using the methodology they use in the calculation is a lot of work but the workflow looked something like this:

  1. Identify all the units that have sold multiple times in the data set
  2. Any units that had more than one sale in the same year had those 2 sales merged into a single sale with the average of the 2 prices.  I was only concerned with year to year HPI changes so this was a good enough estimation of the average selling price
  3. Starting back at the first year find any units that sold in both 2000 and 2001 and take the median price difference as the HPI increase for the year.  This value is then applied to every other listing that sold in 2000 but not in 2001 to set a new 2001 approximated value
  4. Repeat step 3 for each additional year finding units that sold in that year (2002 for example) and compare that to the HPI adjusted (or last year selling price if valid) then take this median value as the HPI and apply to all the listings that had a value at that point – etc, etc

The end result was that the numbers were very close – close enough for me to conclude that the feeling I had in my gut that this number is completely inaccurate is actually more conspiracy theory than fact.  It is really too bad that I didn’t have the same data for 2012 because that would be more telling but given that 2008 / 2009 seemed accurate I’d expect the same now.

However, there is still an issue with it.  How many people do you know who have lived in an apartment or home have spent money upgrading, renovating, rain screening, special assessmentizing etc etc during that time?  Just about everyone I would imagine.  A 20% gain in HPI for apartments over a period of a few years essentially means that the average apartment sold for 20% more but how much did the average apartment spend on updates, new appliances, repairs, special assessments etc?  In reality the apartment that is being bought 5 years later is generally better (through expenses the owner paid for) than the same one that sold 5 years earlier.  So this isn’t like looking at a stock price over time or an ounce of gold.  It seems like a small difference but the impact can be pretty large in making the HPI look bigger than it really is.

As a final comment, when going through the HPI values for Vancouver West Apartments I discovered something that might be shocking, at least it was to me.  The current HPI for Vancouver West Apartments is the same as it was at the 2008 peak in April…  That’s over 4.5 years with a return of 0%.  I’ll be doing some more HPI related analysis in the future so stay tuned.

The Weekly Drop – December 19, 2012

Here are the 10 attached properties in Metro Vancouver (Vancouver West, Vancouver East, Burnaby, Richmond, North Vancouver and West Vancouver) that changed their price or were relisted under a new MLS number the previous week AND have dropped the largest percentage overall from their original asking price.


#10 ) Address:# 219 9857 MANCHESTER DR, Cariboo, Burnaby

V968176_1

February 28, 2010 V811970 $199,000 $0 0%
May 04, 2010 V811970 $189,900 $-9,100 -5%
May 15, 2010 V811970 $184,900 $-14,100 -7%
May 30, 2010 V811970 removed after 91 days
June 13, 2010 V836379 $179,900 $-19,100 -10%
August 09, 2010 V836379 removed after 57 days
August 26, 2012 V968176 $169,900 $-29,100 -15%
December 14, 2012 V968176 $159,900 $-39,100 -20%

Assessment: $180,600

LOTS OF CAPS AND A STEADY DECLINE IN ASKING PRICE OVER CLOSE TO 3 YEARS

GREAT VALUE! COMFORT & CONVENIENCE AT BARCLAY WOODS. SPACIOUS, CLEAN, FRESHLY PAINTED THROUGHOUT IN 2012. FEATURES LAMINATE FLOOR, LARGE MASTER BEDROOM, BRIGHT EURO STYLE KITCHEN WITH NEW STOVE. COVERED WALK OUT PATIO TO ENJOY YEAR ROUND PERFECT FOR PETS & PATIO GARDENERS. STORAGE LOCKER / ONE PARKING STALL INCLUDED. HANDY SHARED LAUNDRY JUST STEPS DOWN THE HALL IS EASY TO ACCESS AND USE. WONDERFUL OPPORTUNITY TO BUY A HOME OR MAKE A SOLID INVESTMENT. RENTALS & PETS ALLOWED. RENTAL REVENUE $850. PER MONTH. 5 MINUTE WALK TO SKY TRAIN, TRANSIT, LOUGHEED MALL.


#9 ) Address:# 108 3709 PENDER ST, Willingdon Heights, Burnaby

V974709_1

March 16, 2012 V937566 $277,900 $0 0%
May 22, 2012 V937566 removed after 67 days
May 26, 2012 V952465 $273,400 $-4,500 -2%
October 01, 2012 V952465 removed after 128 days
October 03, 2012 V974709 $247,800 $-30,100 -11%
November 09, 2012 V974709 $237,900 $-40,000 -14%
December 15, 2012 V974709 $222,900 $-55,000 -20%

Assessment: $254,000

Court Ordered Sale

Court Ordered Sale. Spacious one bedroom suite with nice floor plan. Fireplace in the living room. Fenced South-facing patio. End unit, parking stall and locker. Close to transportation. Great opportunity. A must view this one.All measurements are approximate and to be verified by buyers. Call for appointment now.


#8 ) Address:4737 GRASSMERE ST, Forglen, Burnaby

V982736_1

March 26, 2012 V939334 $799,000 $0 0%
May 23, 2012 V939334 $788,000 $-11,000 -1%
June 08, 2012 V939334 $749,000 $-50,000 -6%
June 26, 2012 V939334 $699,000 $-100,000 -13%
August 21, 2012 V939334 $688,000 $-111,000 -14%
September 13, 2012 V939334 $648,800 $-150,200 -19%
October 03, 2012 V939334 removed after 191 days
December 16, 2012 V982736 $638,000 $-161,000 -20%

Assessment: $759,000

If you include the $30K in renovations this place is listed for well over 20% BELOW assessment.  “All Offers will be presented on Tues, Dec 18th at 6 PM.” – Interesting to see if there were any offers

Hot Deal. Priced well below BC Assessment of $759,000. Approx $30,000 in renovations just done. New laminated floors throughout, new S/S appliances, new furnace, blinds and painted up and down and approx 4 yr old roof. 5 bedrooms, 3 baths & 2 kitchens. 3 bedrooms main floor plus 2 bdrm basement suite. Master bdrm with 3 pce ensuite. Private backyard with covered deck. Vaulted ceiling, bright south facing and lots of windows. Great location – Metrotown, Bby Hospital & BCIT. Attached garage or hobby shop plus driveway parking. Can accommodate quick possession. Close to schools and shopping. A pleasure to show. Will not last at this price. Rare find. This renovated SxS half duplex which sits on a large private lot is amazing priced for quick sale. Open House: Monday & Tuesday Dec 17th & 18th,from 12:00 – 2:00 PM. All Offers will be presented on Tues, Dec 18th at 6 PM.


#7 ) Address:# 202 1675 HORNBY ST, Yaletown, Vancouver West

V967125_1

January 12, 2007 V625270 $888,000 $0 0%
April 01, 2007 V625270 removed after 79 days
August 15, 2008 V728195 $965,000 $0 0%
October 20, 2008 V728195 removed after 66 days
April 02, 2011 V879477 $948,000 $-17,000 -2%
May 11, 2011 V879477 removed after 39 days
July 23, 2011 V901295 $948,000 $-17,000 -2%
September 24, 2011 V901295 $929,900 $-35,100 -4%
December 01, 2011 V901295 removed after 131 days
February 03, 2012 V929236 $929,900 $-35,100 -4%
March 24, 2012 V929236 $899,000 $-66,000 -7%
April 19, 2012 V929236 removed after 76 days
August 18, 2012 V967125 $839,900 $-125,100 -13%
October 02, 2012 V967125 $829,900 $-135,100 -14%
December 18, 2012 V967125 $765,000 $-200,000 -21%

Assessment: $688,000

Sold for $825,000 in September, 2006.  According to the HPI, Vancouver West condo’s have gone up by 17% since then…  I’m very skeptical of the HPI because this is just not matching up to what I am seeing in the real world.  This unit is listed for 7% BELOW what it sold for 6 years ago…  If they sell for list price they will have lost over $100K when factoring in transactional fees not to mention condo fees and property tax for the 6 years plus a little think called inflation.

2 bdrm, 2 bath professionally measured at 1173 SF. Welcome home to the premier Seawalk South located on the water at the foot of Hornby Street. This amazing home boasts a covered balcony with a SE view of Granville Island. Brand new natural walnut engineered H/W throughout, smooth ceilings, freshly painted. Features include an updated kitchen with stone counters & newer appliances, Shoji screens in the den/2nd bdrm. This waterfront home comes with 2 secured parking spots & 1 storage locker. One pet & rentals permitted. Rooms are large, perfect for entertaining, the must see terrace is a generous 462 SF. The building is extremely well managed with a very proactive council.


#6 ) Address:# 215 1961 COLLINGWOOD ST, Kitsilano, Vancouver West

V978901_1

July 13, 2012 V961742 $2,688,000 $0 0%
August 31, 2012 V961742 removed after 49 days
September 06, 2012 V969402 $2,499,000 $-189,000 -7%
October 31, 2012 V969402 removed after 55 days
November 02, 2012 V978901 $2,295,000 $-393,000 -15%
December 15, 2012 V978901 $2,095,000 $-593,000 -22%

Assessment: $1,129,000

Don’t understand the assessment value on this one – this is a 3500 square foot 3 level town home in the heart of kits. I wonder what would happen if people’s assessments were adjusted based on their asking price!

PRICE TO GO! REDUCED FROM $2,295,000! Designed by award-winning BBA Design this one-a kind City Home feat. sophisticated luxury finishes of custom oak cabinetry & millwork, Subzero & Miele appl, natural stone & premium fixtures. This 4 BR, den & spacious family rm feat. generous master w/ plenty of clothes strg & grand ensuite. 2 entrances to home allow for multiple uses like a live/work situation (separate entry, private patio & up to 3 office spaces) or for those living w/ in-laws or adult children. Private 316 sf on 2 front patios, 40′ x 12’10” entertaining deck off dining & kitch. & 39’9 x 13’8″ master terrace. Concrete, steel & brick construction add to the uniqueness of this Premier property.


#5 ) Address:# 501 1650 BAYSHORE DR, Coal Harbour, Vancouver West

V982693_1

November 03, 2007 V676655 $989,000 $0 0%
January 16, 2008 V676655 removed after 74 days
March 28, 2010 V818178 $1,188,000 $0 0%
June 13, 2010 V818178 $1,088,000 $-100,000 -8%
October 20, 2010 V818178 removed after 206 days
May 19, 2011 V889199 $1,088,000 $-100,000 -8%
January 01, 2012 V889199 removed after 227 days
May 07, 2012 V948144 $999,000 $-189,000 -16%
August 03, 2012 V948144 $948,000 $-240,000 -20%
October 18, 2012 V948144 removed after 164 days
December 15, 2012 V982693 $919,000 $-269,000 -23%

Assessment: $938,000

Sold for $950,000 March 2008.  Another apartment listing for less than it sold for 4 and a half years ago.  The HPI says this should be worth $1.1 million but the market is saying something completely different

“Bayshore Gardens” this well kept 2 bedroom unit faces north having Marina view and partial Stanley Park view. Conveniently located near Bayshore Inn Hotel, Marina, Stanley Park, shopping at Robson and Denman Street to enjoy both waterfront living & downtown living. Comes with 24 hour Concierge, fitness room, 2 parkings etc.


#4 ) Address:# 204 3709 PENDER ST, Willingdon Heights, Burnaby

V979685_1

June 07, 2007 V651291 $249,900 $0 0%
July 18, 2007 V651291 removed after 41 days
April 15, 2011 V882386 $300,000 $0 0%
June 28, 2011 V882386 $298,000 $-2,000 -1%
August 31, 2011 V882386 removed after 138 days
January 06, 2012 V923629 $298,000 $-2,000 -1%
January 27, 2012 V923629 $297,500 $-2,500 -1%
February 28, 2012 V923629 $297,000 $-3,000 -1%
March 06, 2012 V923629 $295,000 $-5,000 -2%
March 20, 2012 V923629 $289,000 $-11,000 -4%
April 26, 2012 V923629 removed after 111 days
April 30, 2012 V946500 $275,800 $-24,200 -8%
May 09, 2012 V946500 removed after 9 days
June 29, 2012 V959304 $275,800 $-24,200 -8%
November 08, 2012 V959304 removed after 132 days
November 09, 2012 V979685 $242,900 $-57,100 -19%
November 22, 2012 V979685 $234,900 $-65,100 -22%
December 13, 2012 V979685 $224,900 $-75,100 -25%

Assessment: $255,000

They were knocking off $500 at a time from the price earlier this year before the reality check came

Exceptionally well priced 1 bedroom townhouse. Recently rainscreened building. Upgraded windows and decks as well. Underground secured parking….1 parking space and 1 storage locker. Gas fireplace. Insuite laundry. Lots of natural light inside this townhouse. Walk to Hastings bus service. Great location for certain. Easy to view. Pet friendly building: 2 cats or 2 dogs permitted.


#3 ) Address:# 303 1030 QUEBEC ST, Mount Pleasant, Vancouver East

V982752_1

June 21, 2008 V717851 $1,100,000 $0 0%
August 07, 2008 V717851 $1,049,000 $-51,000 -5%
August 29, 2008 V717851 removed after 69 days
August 31, 2008 V730808 $999,000 $-101,000 -9%
September 29, 2008 V730808 removed after 29 days
December 24, 2009 V801558 $1,199,000 $0 0%
March 17, 2010 V801558 $1,085,000 $-114,000 -10%
April 21, 2010 V801558 removed after 118 days
May 09, 2012 V948741 $1,098,000 $-101,000 -8%
May 26, 2012 V948741 $1,048,000 $-151,000 -13%
June 09, 2012 V948741 $999,000 $-200,000 -17%
June 27, 2012 V948741 removed after 49 days
June 30, 2012 V959386 $989,000 $-210,000 -18%
August 01, 2012 V959386 $949,000 $-250,000 -21%
October 12, 2012 V959386 $899,000 $-300,000 -25%
December 01, 2012 V959386 removed after 154 days
December 16, 2012 V982752 $898,000 $-301,000 -25%

Assessment: $912,000

“in the heart of downtown Vancouver!” such a blatant lie – this townhome isn’t even considered to be in Vancouver West!  Thanks Max for pointing this out

Private 3 level townhome in the heart of downtown Vancouver! Views of False Creek and downtown from all 3 levels. This bright, spacious unit has a house-like feel with oversized rooms and lots of storage. There are only 6 townhouse residences sharing their own private elevator and secure lobby. High-end features include hand-scraped hardwood floors, granite counters, custom lighting and blinds, and walk-in closet with custom organizer. The top level is perfect for a third bedroom, family room or office. Great location close to all the hot spots: False Creek, sea wall, BC Place, Athlete’s Village, Chinatown. Only steps to the skytrain and close to the hwy make this location a commuter’s dream!


#2 ) Address:# 506 8871 LANSDOWNE RD, Brighouse, Richmond

V973842_1

November 08, 2008 V743083 $389,900 $0 0%
August 01, 2009 V743083 removed after 266 days
September 16, 2009 V787192 $359,900 $-30,000 -8%
September 23, 2009 V787192 removed after 7 days
September 28, 2012 V973842 $319,000 $-70,900 -18%
October 12, 2012 V973842 $299,900 $-90,000 -23%
December 15, 2012 V973842 $279,900 $-110,000 -28%

Assessment: $274,000

Well maintained East facing unit. Excellent location. Close to transportation, shopping mall & etc. Good to own or to invest, act quick, won’t last.


#1 ) Address:# 102 8460 GRANVILLE AV, Brighouse South, Richmond

V982452_1

October 06, 2006 V609652 $315,000 $0 0%
October 29, 2006 V609652 $325,000 $0 0%
February 16, 2007 V609652 removed after 133 days
February 21, 2007 V631503 $325,000 $0 0%
March 13, 2007 V631503 $315,000 $-10,000 -3%
March 19, 2007 V631503 removed after 26 days
April 25, 2009 V763169 $328,000 $0 0%
May 21, 2009 V763169 removed after 26 days
May 20, 2011 V889386 $466,000 $0 0%
June 29, 2011 V889386 $446,000 $-20,000 -4%
September 01, 2011 V889386 removed after 104 days
August 24, 2012 V967816 $368,000 $-98,000 -21%
September 21, 2012 V967816 $355,000 $-111,000 -24%
October 26, 2012 V967816 $349,000 $-117,000 -25%
November 17, 2012 V967816 $335,000 $-131,000 -28%
November 26, 2012 V967816 removed after 94 days
December 13, 2012 V982452 $319,800 $-146,200 -31%

Assessment: $362,000

LOWEST PRICED 900FT2 2 Bdrm apt in Richmond CITY CTR. Priced $42’200 BELOW ASSESSMENT to sell quickly. Rock solid CONCRETE BOSA building. Beautiful kitchen with granite countertops, upgraded stainless steel appliances, spa-like bathrooms, , Open concept living and dining with gas fireplace & access to x-large private patio (great for pets, entertaining etc), in-suite laundry plus 2 PARKING STALLS & 1 locker. Excellent location in City Center close to Central library, Richmond Center Mall, Skytrain, buses, banks, restaurants, shops, Garden City Park, Schools & Kwantlen College, and YVR Airport. DON’T MISS THIS ONE!! WON’T LAST!!! Open House Dec 16th 2:00am-4:00pm