Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – December 10, 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.  We also now have over 6 years of price information thanks to a very helpful contribution which is going to make a lot of new reports and better analysis possible.  When I first thought about an extra 5 years of data I didn’t think it would have much of an effect on the Weekly Drop since of course real estate has been going up, up and more up but the scary reality is about to become evident as you go through this list.  Unfortunately I don’t have any sales history so we’re still only seeing a few pieces of the puzzle.

One thing to note, by adding in this data we are skewing results towards older condo’s in the suburbs since it is these types of properties that in general have been experiencing longer term declines so just keep that in mind.

Some highlights for this week:

  • 7 listings dropped a cumulative 40%+ this week, 25 have dropped 30%, 50 have dropped 25% and 97 have dropped 20% from their peak listing price!  Remember, this only includes homes that have been relisted under a new MLS number or had a price change this past week!
  • Mission leads with 4 listings and Abbotsford, Vancouver West and Maple Ridge all make the list twice
  • 12  of 18 listings with assessment info are now listed below assessment

#20 ) Address:# 308 33669 2ND AV, Mission

F1224330_1

May 05, 2007 F2711082 $199,900 $0 0%
June 05, 2007 F2711082 removed
June 04, 2008 F2816731 $232,500 $0 0%
July 08, 2008 F2816731 $227,900 $-4,600 -2%
July 24, 2008 F2816731 $222,000 $-10,500 -5%
September 15, 2008 F2816731 $219,900 $-12,600 -5%
November 29, 2008 F2816731 removed
July 08, 2009 F2914945 $217,500 $-15,000 -6%
September 22, 2009 F2914945 $214,500 $-18,000 -8%
November 18, 2009 F2914945 $209,500 $-23,000 -10%
January 14, 2010 F2914945 $207,500 $-25,000 -11%
May 30, 2010 F2914945 removed
April 15, 2011 F1109821 $199,000 $-33,500 -14%
September 13, 2011 F1109821 $194,499 $-38,001 -16%
September 28, 2011 F1109821 removed
October 01, 2012 F1224330 $189,900 $-42,600 -18%
November 01, 2012 F1224330 $179,900 $-52,600 -23%
December 06, 2012 F1224330 $159,900 $-72,600 -31%

Assessment: $198,300

Sold January 12, 2011 for $185,000 – I suppose this was a private sale based on the fact that it hadn’t been listed for about 7 months prior to the sale.  People looking for “Great deals” today can learn something from this entry.  This place was bought for over 10% below the last listing price and over 20% below the peak listing price and on top of that it was bought below assessment.  No brainer flip, right?  Fast forward about 2 years and if he sells at list price he will have lost almost $17K in transactional fees and $25K in price for a total of $42K or an almost 23% loss…. on this great deal… 5 sales here last year (not including his purchase) for an average of 2% ABOVE assessment and this unit is now listed almost 20% BELOW assessment.

Bright 2 bdrm, 2 bath top floor corner unit! Over 1000 sqft condo conveniently located to UFV, schools, transportation, highway access and Heritage Park!!


#19 ) Address:# 402 2216 W 3RD AV, Vancouver West

V981845_1

August 27, 2012 V968230 $799,000 $0 0%
September 11, 2012 V968230 $699,000 $-100,000 -13%
October 16, 2012 V968230 $649,000 $-150,000 -19%
November 17, 2012 V968230 $624,000 $-175,000 -22%
December 01, 2012 V968230 removed
December 05, 2012 V981845 $549,000 $-250,000 -31%

Assessment: $503,000

No sales here last year and this unit is listed 9% ABOVE assessment after over 30% in price drops…

Welcome to Radcliffe Pointe. This fantastic location perched on the high side of West 3rd & Yew boasts the most spectacular views of the ocean, mountains & city skyline from this NE corner suite! Incredible ‘great room’ (formerly 2nd bdrm, wall removed, easily put back) has 10 ft ceilings, currently used as home office/studio-Uber dramatic! Lovely oak floors throughout. Beautifully renovated modern bathroom with tons of storage within. Gigantic laundry room & combined storage. Huge gallery style foyer to hang your art collection. Lovely gas fireplace in living room. Steps to the very best of Kitsilano beach & living! Pets allowed w/restriction & rentals maxed out. To see is to fall in love. By appointment only.


#18 ) Address:# 74 17712 60TH AV, Cloverdale

F1228559_1

December 04, 2008 F2833037 $119,900 $0 0%
January 15, 2009 F2833037 $129,900 $0 0%
January 22, 2009 F2833037 removed
January 23, 2009 F2901227 $119,000 $-10,900 -8%
February 17, 2009 F2901227 removed
June 19, 2010 F1017462 $129,900 $0 0%
December 01, 2010 F1017462 removed
May 17, 2011 F1112771 $129,900 $0 0%
June 25, 2011 F1112771 $119,999 $-9,901 -8%
February 01, 2012 F1112771 removed
February 22, 2012 F1204508 $105,900 $-24,000 -18%
October 03, 2012 F1204508 removed
December 10, 2012 F1228559 $89,000 $-40,900 -31%

Assessment: $91,300

1 sale here last year for 14% ABOVE assessment and this unit is now listed at 2% BELOW assessment.  Can someone please explain to me what “CALIFORNIA-STYLE 2 LEVEL TOWNHOME” means?  I look at that property in cloverdale and sorry but California doesn’t come to mind.  The funny thing is that for the same price you could get something much nicer in the real California!

CALIFORNIA-STYLE 2 LEVEL TOWNHOME! On the 2nd and 3rd levels of the building. Up the stairs to your hallway, then enter your foyer. Up a few stairs to the huge living and dining room area with sliding glass doors that lead to the sundeck. Your viewpoint is the spacious complex grassed yard area. The kitchen has been updated, very comfy. Up some more stairs to the full bathroom, storage area, and large master bedroom. Strata fees 280ish, no rental restrictions, pets allowed. Close to bus routes, shopping, freeway, and various recreational opportunities. Nice condition unit. * PREC – Personal Real Estate Corporation


#17 ) Address:32600 BOBCAT DR, Mission

F1224897_1

September 07, 2011 F1122311 $319,000 $0 0%
October 07, 2011 F1122311 $299,000 $-20,000 -6%
November 16, 2011 F1122311 $289,000 $-30,000 -9%
January 27, 2012 F1122311 $284,000 $-35,000 -11%
March 01, 2012 F1122311 $250,000 $-69,000 -22%
October 05, 2012 F1122311 removed
October 06, 2012 F1224897 $231,900 $-87,100 -27%
November 01, 2012 F1224897 $224,900 $-94,100 -29%
December 05, 2012 F1224897 $217,900 $-101,100 -32%

Assessment: $285,000

24% BELOW assessment.  “Come for the views, stay for the equity.” – come on now, don’t you feel even a little bit sleazy writing this?

Come for the views, stay for the equity. Great fixer upper on a quiet street, yet only minutes to town. 3 bedrooms and 2 bathrooms on a large lot with views of the valley below. Home needs some TLC but is priced accordingly. Don’t miss your chance, view today!


#16 ) Address:# 407 2958 TRETHEWEY ST, Abbotsford

F1221685_1

May 25, 2011 F1113386 $219,500 $0 0%
October 20, 2011 F1113386 $214,500 $-5,000 -2%
November 20, 2011 F1113386 removed
November 24, 2011 F1128153 $190,000 $-29,500 -13%
January 31, 2012 F1128153 $187,500 $-32,000 -15%
August 02, 2012 F1128153 removed
August 29, 2012 F1221685 $169,900 $-49,600 -23%
December 10, 2012 F1221685 $149,900 $-69,600 -32%

Assessment: $189,700

No sales here last year and this unit is currently listed at 20% BELOW assessment.  

Cascade Green: 2 bedrooms, 2 bathrooms in this quiet, top floor unit. Enjoy the view from the sunny western exposure, private & spacious corner patios. Features include a wide open floor plan, in-suite laundry, gas fireplace and each bedroom has access to a covered patio. There is 1 underground parking stall with extra parking available for a monthly fee, and lots of visitor parking. The ensuite bathroom has been updated by Bath Fitter and second bathroom offers a glass walk-in shower. Strata includes gas & hot water. This is a premium location; walking distance to schools, shopping, recreation and transit. Complex is family and pet friendly. Perfect spot to start out in or downsize to call today! Quick possession is possible. * PREC – Personal Real Estate Corporation


#15 ) Address:# 206 1369 GEORGE ST, White Rock

F1212478_1

November 10, 2007 F2728840 $279,900 $0 0%
December 11, 2007 F2728840 $274,900 $-5,000 -2%
January 12, 2008 F2728840 $269,900 $-10,000 -4%
January 18, 2008 F2728840 removed
May 12, 2012 F1212478 $269,000 $-10,900 -4%
May 31, 2012 F1212478 $249,000 $-30,900 -11%
June 20, 2012 F1212478 $239,000 $-40,900 -15%
July 14, 2012 F1212478 $229,000 $-50,900 -18%
September 07, 2012 F1212478 $209,000 $-70,900 -25%
October 27, 2012 F1212478 $199,000 $-80,900 -29%
December 10, 2012 F1212478 $189,000 $-90,900 -32%

Assessment: $260,000

No units sold in this property last year.  Now listed 27% BELOW assessment.  Just realize that whenever you see “peek a boo view of the ocean” it means that you can’t see the ocean 98% of the time.

CAMEO TERRACE!!! Large one bedroom and den, could be a second bedroom. Great location, western exposed balcony with peek a boo view of the ocean. Engineered hardwood floors, wood blinds, Stainless appliances, breakfast bar. Great layout, spacious laundry with side by side washer & dryer. Shows well! Age restrictions, no rentals, small pet allowed.


#14 ) Address:# 204 11671 FRASER ST, Maple Ridge

V959261_1

January 05, 2008 V682012 $178,500 $0 0%
March 12, 2008 V682012 $174,900 $-3,600 -2%
April 30, 2008 V682012 removed
May 03, 2008 V705695 $173,800 $-4,700 -3%
August 13, 2008 V705695 $163,000 $-15,500 -9%
August 18, 2008 V705695 removed
December 24, 2009 V801569 $138,900 $-39,600 -22%
May 13, 2010 V801569 $134,900 $-43,600 -24%
July 10, 2010 V801569 $129,900 $-48,600 -27%
October 26, 2010 V801569 removed
October 28, 2010 V856470 $129,900 $-48,600 -27%
May 01, 2011 V856470 removed
June 23, 2011 V895929 $124,900 $-53,600 -30%
March 19, 2012 V895929 removed
June 29, 2012 V959261 $94,300 $-84,200 -47%
December 05, 2012 V959261 $120,000 $-58,500 -33%

Assessment: $112,400

1 sale here last year for 3% ABOVE assessment and this unit is now priced at 7% ABOVE assessment… AFTER a 28% INCREASE IN THE PRICE IT HAD BEEN SITTING AT FOR THE LAST 6 MONTHS!!!!  Sorry about the yelling, I got caught up in the excitement.  What is the logic behind this?  Maybe, just maybe (ok highly unlikely but just play along) someone with a $100K budget might have saw this listing and thought it was a decent deal but now you’ve lost any chance of selling this property.  See you at #1 spot soon!

Perfect for a first time Buyer. Great 2 bedroom, 1 bath upper unit features a functional floor plan, and a covered deck off the Livingroom. Conveniently located w/ shopping and recreation close by. Close to West Coast Express.Pets are allowed with restrictions. New Roof 2008. Call today to view!


#13 ) Address:1278 248TH ST, Langley

18771633_w475h356

October 07, 2010 F1025238 $2,590,000 $0 0%
July 03, 2011 F1025238 removed
July 13, 2011 F1117647 $1,850,000 $-740,000 -29%
November 16, 2011 F1117647 $1,750,000 $-840,000 -32%
October 04, 2012 F1117647 $1,695,000 $-895,000 -35%
December 01, 2012 F1117647 removed
December 10, 2012 F1228491 $1,695,000 $-895,000 -35%

Assessment: Farm Land

Absolutely gorgeous 36.9 AC property with 2 road frontages is an exceptional property to build your dream country estate or for various types of farming. Boasting a gentle slope at the front of the property is primarily level, well drained and cleared with selective trees left to enhance the beauty of the property. 2 road frontages. Fantastic property for country estate or farming. Info package available. Contact for access or tour.


#12 ) Address:33036 HAWTHORNE AV, Mission

F1215814_1

October 06, 2006 F2609741 $879,900 $0 0%
January 01, 2007 F2609741 removed
April 03, 2008 F2808560 $899,900 $0 0%
June 10, 2008 F2808560 $859,900 $-40,000 -4%
June 27, 2008 F2808560 $799,995 $-99,905 -11%
September 05, 2008 F2808560 removed
October 21, 2008 F2829992 $799,000 $-100,900 -11%
December 16, 2008 F2829992 $749,000 $-150,900 -17%
January 31, 2009 F2829992 removed
May 05, 2009 F2908945 $725,000 $-174,900 -19%
June 19, 2009 F2908945 $699,995 $-199,905 -22%
September 01, 2009 F2908945 $720,000 $-179,900 -20%
November 10, 2009 F2908945 $680,000 $-219,900 -24%
January 21, 2010 F2908945 removed
June 18, 2012 F1215814 $679,900 $-220,000 -24%
July 15, 2012 F1215814 $659,900 $-240,000 -27%
August 15, 2012 F1215814 $639,900 $-260,000 -29%
September 08, 2012 F1215814 $629,900 $-270,000 -30%
October 16, 2012 F1215814 $619,900 $-280,000 -31%
November 10, 2012 F1215814 $599,900 $-300,000 -33%
December 05, 2012 F1215814 $582,900 $-317,000 -35%

Assessment: $662,000

.45 acre lot with triple garage 5 car tandem covered parking. This 7000 SF, 3 story home has 3 kitchens, 4 fireplaces, 5 bathrooms, approx 3000 SF of decks, 3 laundries, heat recovery system, granite kitchen counters, amazing value!!


#11 ) Address:28241 108TH AV, Maple Ridge

V939037_1

March 24, 2012 V939037 $475,000 $0 0%
July 26, 2012 V939037 $399,900 $-75,100 -16%
December 05, 2012 V939037 $300,000 $-175,000 -37%

Assessment: $818,000

Here we go, over 60% below assessment!!!  I could quote the entire description but just go ahead and read it.

Court Ordered Sale. 16 acre parcel with slight slope in an area of nicer homes. The site is in violation of Ministry of the Environment, the Agricultural Land Commission and District of Maple Ridge regulations and Bylaws and was used as a dump site. Can’t get a mortgage for this property.


#10 ) Address:30041 HARRIS RD, Abbotsford

F1228504_1

April 15, 2010 F1010027 $2,850,000 $0 0%
April 01, 2011 F1010027 removed
July 08, 2011 F1117197 $2,495,000 $-355,000 -12%
January 24, 2012 F1117197 removed
January 25, 2012 F1201990 $2,199,000 $-651,000 -23%
May 01, 2012 F1201990 removed
May 12, 2012 F1212424 $1,999,000 $-851,000 -30%
July 31, 2012 F1212424 removed
December 10, 2012 F1228504 $1,799,000 $-1,051,000 -37%

Assessment: $1,565,000

“PRESTIGIOUS MT.LEHMAN” – I had no idea!  At close to 10 acres and 10K sqft in the house you have to think the owners are taking a killing on this one

‘ESTATE LIVING IN PRESTIGIOUS MT.LEHMAN – 9.5 ACRES – SHOP – BARN – RIDING RING FOR HORSES’. Stunning view of North Mountains and rolling hills, this is Mt.Lehman at its finest with a stately 9700 SF Estate Home, featuring 5 bdrms, 5 bathrms, a full fin w/o Bsmt, and an impressive open plan main floor w/imposing Foyer, soaring ceilings, lavish kitchen and a view from every window. Five car attach Garage; 2500 SF htd Workshop, 4200 SF Barn w/7 stalls & lots of well fenced pasture and paddocks. You could consider Grapes or Blueberries as a popular alternative on this beautiful cleared 9.5 acres. Two drilled wells & water system, irrigation and city water at street. A well planned estate home! Minutes to Hwy 1 & Abbotsford amenities.


#9 ) Address:5212 GRANVILLE ST, Vancouver West

V981817_1

August 20, 2011 V906021 $3,780,000 $0 0%
November 08, 2011 V906021 removed
November 10, 2011 V919181 $2,995,000 $-785,000 -21%
February 29, 2012 V919181 removed
March 04, 2012 V935126 $2,688,000 $-1,092,000 -29%
September 02, 2012 V935126 removed
September 08, 2012 V969787 $2,498,000 $-1,282,000 -34%
December 01, 2012 V969787 removed
December 05, 2012 V981817 $2,378,000 $-1,402,000 -37%

Assessment: $1,786,800

Initially listed at 110% ABOVE assessment and still listed at over 30% ABOVE assessment…  As angry as that makes me, the last few sentences cheered me up: “Owner has relocated. PRICE REDUCED! Seller’s loss-Buyer’s gain. MOVE-IN NOW!”

UPPER SHAUGHNESSY JEWEL, BEST BUY! Elegant family home – the epitome of timeless character. Set-back far away from the street & high hedges. Tastefully upgraded, using only the finest materials – all planned with enjoyable living in mind. 5 bedrooms+ den and 3.5 gorgeous bathrms. Huge master bdrm with beautiful guest bdrm. Formal entertainment – size living and dining room and gourmet country- cane kitchen with Dutch-door opening to lower level terrace & lawn. Large recreation room,family room and bar. Air conditioning throughout. Desirable 70’x145′ corner lot.Walk to the finest private and public schools. On direct bus route to downtown. Owner has relocated. PRICE REDUCED! Seller’s loss-Buyer’s gain. MOVE-IN NOW!


#8 ) Address:5864 152ND ST, Surrey

No Picture

August 15, 2007 F2721058 $855,000 $0 0%
September 21, 2007 F2721058 $825,000 $-30,000 -4%
October 04, 2007 F2721058 removed
June 03, 2008 F2816565 $1,199,000 $0 0%
October 01, 2008 F2816565 removed
February 24, 2010 F1004919 $929,900 $-269,100 -22%
May 20, 2010 F1004919 $899,900 $-299,100 -25%
August 18, 2010 F1004919 removed
December 10, 2012 F1228490 $729,000 $-470,000 -39%

Assessment: $794,800

“this home can pay for itself until you decide to build your dream home.”.  What they don’t mention is that for it to pay for itself you will need to put $500K as a down payment…  By the way, nice attempt at $1.2 million back in 2008!!!

Builders and Investors!! This well maintained 3400+ sq ft home is located on over 20,000 sq ft lot in one of Surrey’s most desirable areas – Sullivan Station! Currently tenanted, this home can pay for itself until you decide to build your dream home. Excellent potential to be verified by the City of Surrey. * PREC – Personal Real Estate Corporation


#7 ) Address:274 RUPERT ST, Hope and Region

h1204081_1

March 09, 2012 H1104578 $469,000 $0 0%
April 09, 2012 H1104578 $489,000 $0 0%
May 17, 2012 H1104578 removed
May 19, 2012 H1202138 $439,000 $-50,000 -10%
June 09, 2012 H1202138 $419,000 $-70,000 -14%
June 26, 2012 H1202138 $409,000 $-80,000 -16%
July 14, 2012 H1202138 $399,000 $-90,000 -18%
July 24, 2012 H1202138 $379,000 $-110,000 -22%
August 17, 2012 H1202138 removed
October 12, 2012 H1204081 $319,900 $-169,100 -35%
October 23, 2012 H1204081 $309,900 $-179,100 -37%
November 01, 2012 H1204081 $299,900 $-189,100 -39%
December 06, 2012 H1204081 $289,900 $-199,100 -41%

Assessment: $455,000

Now listed 37% BELOW assessment

Great location in Hope, set on treed lot with waterfront views of Fraser. A fisherman’s dream home. Conveniently located close to boat launch. This is a unique home with over 3000 sq.ft., 5 bedrooms, rec room and games room. Lots of windows to take in the scenic views. Needs some updating, but lots of potential. Central to shopping. * PREC – Personal Real Estate Corporation


#6 ) Address:# 201 555 E 8TH AV, Vancouver East

V982220_1

July 12, 2008 V721878 $295,000 $0 0%
January 01, 2009 V721878 removed
March 13, 2009 V756660 $199,000 $-96,000 -33%
June 02, 2009 V756660 $174,900 $-120,100 -41%
October 01, 2009 V756660 removed
June 24, 2010 V838756 $159,900 $-135,100 -46%
July 12, 2010 V838756 removed
July 27, 2012 V963881 $168,800 $-126,200 -43%
December 01, 2012 V963881 removed
December 10, 2012 V982220 $168,800 $-126,200 -43%

Assessment: $134,000

1 sale here last year for 29% ABOVE assessment (????) and this unit is currently listed at 25% ABOVE assessment.  Initial price was 120% ABOVE assessment!!! “Priced under market value for a quick sale” – No, it is priced over market value otherwise it would have sold already, duhhhh!

This is a great holding property for an Investor looking for the SOMA area. This is a 2 bedroom suite in the heart of Mt. Pleasant! There is IN-SUITE laundry! Quick transit to downtown and to the skytrain. Quick completion available. Currently tenanted with great tenants. Priced under market value for a quick sale. This is an up and coming area in Vancouver BC. If you look on a map of Vancouver. This is Central!


#5 ) Address:# 101 11816 88TH AV, North Delta

F1228517_1

May 30, 2007 F2713802 $115,000 $0 0%
August 16, 2007 F2713802 removed
July 24, 2012 F1219076 $84,900 $-30,100 -26%
October 27, 2012 F1219076 $74,900 $-40,100 -35%
November 30, 2012 F1219076 removed
December 10, 2012 F1228517 $64,900 $-50,100 -44%

Assessment: $89,900

1 sale here last year for 5% BELOW assessment and this unit is now listed at 28% BELOW assessment.  “EXTRA ORDINAIRE”, wow, so fancy!!

BACHELOR SUITE EXTRA ORDINAIRE!!! Totally updated!! This unit faces east. Unit boasts; laminate floors, wall bed all custom made, new kitchen cabinets (shaker style) dishwasher, beautiful bathroom. This unit looks like it was redone by a professional. If you are looking for a bachelor or studio condo you need to see this one. Seeing it is located on the ground level it would suit a wheelchair. Sungod Villa has great access to the Alex Fraser Bridge, Richmond and downtown Vancouver.


#4 ) Address:# 104 2334 MARPOLE AV, Port Coquitlam

V974081_1

October 06, 2006 V604773 $189,000 $0 0%
November 03, 2006 V604773 removed
November 16, 2011 V919780 $129,900 $-59,100 -31%
January 12, 2012 V919780 $119,900 $-69,100 -37%
May 16, 2012 V919780 $109,900 $-79,100 -42%
July 20, 2012 V919780 removed
September 29, 2012 V974081 $112,900 $-76,100 -40%
October 31, 2012 V974081 $104,900 $-84,100 -44%
December 04, 2012 V974081 $99,900 $-89,100 -47%

Assessment: $130,400

1 sale here last year for 1% ABOVE assessment and this unit is now listed at 23% BELOW assessment.  “Court Ordered Sale”. “Unit requires complete updating”. “Collapse of previous accepted court sale !!” and saving the best for last “Building documentation is limited”.  Awesome.

Downtown Poco – Court Ordered Sale! Spacious 2 bedroom, 1 bathroom unit boasting over 900sqft, above ground level unit. Unit requires complete updating. This complex consists of 10 residential unit located above 2 com/retail units and is self managed. Building documentation is limited. Rentals and pets are permitted. Unit is located in the heart of Downtown Poco and is extremely close to shopping, transportation, West Coast Express, river walks, trails and all levels of schools. Collapse of previous accepted court sale !!


#3 ) Address:# 204 3411 SPRINGFIELD DR, Richmond

V952415_1

May 26, 2012 V952415 $264,900 $0 0%
June 20, 2012 V952415 $249,900 $-15,000 -6%
July 17, 2012 V952415 $239,900 $-25,000 -9%
July 26, 2012 V952415 $225,000 $-39,900 -15%
August 29, 2012 V952415 $219,000 $-45,900 -17%
September 28, 2012 V952415 $209,000 $-55,900 -21%
October 11, 2012 V952415 $201,700 $-63,200 -24%
October 24, 2012 V952415 $199,000 $-65,900 -25%
November 21, 2012 V952415 $185,000 $-79,900 -30%
December 05, 2012 V952415 $139,900 $-125,000 -47%

Assessment: $265,900

5 sales here last year for an average of 6% ABOVE assessment and this unit is now listed at 47% 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.


#2 ) Address:2888 PANORAMA DR, North Vancouver

v892989_1

July 11, 2010 V841549 $17,900,000 $0 0%
June 07, 2011 V841549 removed
June 09, 2011 V892989 $14,900,000 $-3,000,000 -17%
November 01, 2011 V892989 $12,998,000 $-4,902,000 -27%
April 24, 2012 V892989 $10,998,000 $-6,902,000 -39%
August 22, 2012 V892989 $8,990,000 $-8,910,000 -50%
December 02, 2012 V892989 removed
December 10, 2012 V982221 $8,990,000 $-8,910,000 -50%

Assessment: $5,947,000

So this property made a lot of the drop lists along with the “If I lost a million dollars” lists but that was based on 2012 drops not including the $5 million in price drops leading up to that point!  Imagine, almost $9 million in price drops and 50% off the original price and it is still 50% ABOVE assessment!!!!  

This magnificent WF estate on over 1/2 acre above Indian Arm’s most dramatic cliff & rock formations. This res is wrapped in 270 degrees of coastline vws. Exquisitely crafted, taking 6 painstaking yrs to perfect offering 12,922 sqft w/milled beams, slate roof, crafted w’dwork, natural stone & hardw’ds, vaulted ceilings, timber & steel beam constr, stone FP’s, Chef’s kit w/breakfast bar, EA, adj FR, grand DR priv study. Kids paradise down w/custom I/D bsketb’ll ct, state-of-the-art theatre, fabulous billiard rm w/wet bar, games rm w/professional dart board & air hockey arena. Most incredible hidden passage to a Old World wine cellar & guest accomm. BBQ centre, manicured lawns/gardens & OD F/P. A stunning work of art!


#1 ) Address:# LT.3 SWARD RD, Mission

F1214691_1

July 17, 2009 F2908175 $299,000 $0 0%
October 31, 2009 F2908175 $269,000 $-30,000 -10%
September 01, 2010 F2908175 removed
March 10, 2012 F1206134 $299,900 $0 0%
April 28, 2012 F1206134 $250,000 $-49,900 -17%
June 04, 2012 F1206134 removed
June 06, 2012 F1214691 $249,000 $-50,900 -17%
June 21, 2012 F1214691 $234,000 $-65,900 -22%
July 07, 2012 F1214691 $226,500 $-73,400 -24%
July 26, 2012 F1214691 $214,900 $-85,000 -28%
August 11, 2012 F1214691 $201,900 $-98,000 -33%
August 28, 2012 F1214691 $189,900 $-110,000 -37%
September 22, 2012 F1214691 $185,900 $-114,000 -38%
October 16, 2012 F1214691 $179,900 $-120,000 -40%
November 03, 2012 F1214691 $169,900 $-130,000 -43%
November 15, 2012 F1214691 $154,900 $-145,000 -48%
December 04, 2012 F1214691 $146,000 $-153,900 -51%

Assessment: No Assessment

This property has been scoring high in the weekly drop many times with 10 price drops since June.  At over 50% off you would think there would be a buyer but then when you consider the description you wonder if it would sell at any price?

8.17 ACRES at the north end of Hatzic Lake. Access off the end of a dead-end street. Neighborhood has a park and boat launch. Not subdividable. No driveway, property begins at the end of the street. It is wet at the bottom, then rises steeply up the mountain. * PREC – Personal Real Estate Corporation

58 responses to “The Weekly Drop – December 10, 2012

  1. bopeep December 10, 2012 at 5:48 pm

    135-8880 Jones Road in Richmond sold for $195,000, tax assessment $249,000, but the clincher is that it sold in 2007 for $215,000. Which means that the prices in the suburb of Richmond could revert past 2007? The pendulum swings. Oh yes, and #3 has posted a sale at $135,000 – 50% off assessment.

  2. mike December 10, 2012 at 6:09 pm

    the units that show 5-6 yr history, r they for sale from the same owner. if so they sure wait forever to make a sale

  3. gb December 10, 2012 at 6:13 pm

    I had to laugh at number two. Originally listed at $17 million??? For real?? I think they were trying to trick Will Smith into buying this place. How delusional can you be.

  4. Exurban December 10, 2012 at 7:56 pm

    Why is #18 described as “California-style”, you ask? Because (1) its exterior is light-colored stucco (2) it’s probably uninsulated and (3) the architect/builder made no provision whatsover for the 70+ inches of rain that Cloverdale gets every year.

    You’re welcome.

  5. davers December 10, 2012 at 8:16 pm

    Not sure I’m a fan of the new extra data. It’s pretty well known that the outer suburbs of Vancouver never really recovered much from the 2008 drop, so it seems like the list is now dominated by places in Abbotsford, Mission, Langley, etc.

    Maybe it’s just me, but I’m more interested in places no further than Surrey. There hasn’t been the same hype and speculation in the far reaches of the lower mainland since 2009, so it’s not much of a surprise than those areas have big drops when you include the last 5 years of data.

    That, and I have about zero interest in buying anything that involves crossing a river to get to Vancouver.

    • an observer December 10, 2012 at 8:36 pm

      I was thinking about that and mentioned it in the post today. What I’ll probably do instead is do 4 top 10 lists a week and revert the spotlights to once every few months.

      The 4 lists would be:

      1) Greater Vancouver SFH
      2) Greater Vancouver non-SFH
      3) Fraser Valley SFH
      4) Fraser Valley non-SFH

      More useful and dropping to a top 10 and not doing the spotlights each month should make the effort level about the same

      • davers December 10, 2012 at 8:47 pm

        Sounds like an excellent plan, the top 10 is really the most interesting part anyway.

        Thanks for all the effort you’ve put in, I really enjoy reading these!

      • Homer Klaidel December 10, 2012 at 10:07 pm

        I like that as well. I’m with davers in terms of being less interested in properties so far removed from Vancouver.

        Keep up the great work. Much appreciated.

      • mike December 11, 2012 at 12:53 am

        i also agree with them. but i still appreciate ur website

      • bailinginbc December 11, 2012 at 8:22 am

        Remember that there are those of us who live outside of Vancouver who are way more interested in what happens in their neck of the woods that want is happening in Kits. Don’t forget to throw us a bone once in a while. For those in Vancouver it could be a brief visit from the ghost of Christmas future.

      • gokou3 December 11, 2012 at 1:37 pm

        +1 for 4 lists.

    • overthepoond December 10, 2012 at 10:02 pm

      I think the new extra data does provide some interesting insights into what some properties were doing after the post-08 recovery.

      Personally not too bothered about it being a little more Fraser Valley centric – I personally think that the loss of equity in the more working Joe type families is going to be the real story – everyone on here knows how doomed the over-leveraged Vancouverites are going to be – it will be interesting to see if the bottom end of the market gets as creamed as the ‘luxury teardown’ sector will.

      Thanks for your work again observer! With price drops like these, it is shaping to be a very interesting spring market.

      • moloko December 12, 2012 at 1:48 pm

        i live in Kits, but I find the further out regions very interesting…. my vote is for you to keep posting those regions

      • an observer December 12, 2012 at 2:52 pm

        I’m trying to come up with some sort of balance that ensures that the widest range of people get the most out of the lists while keeping the amount of work I do on the site around the same level as before. I have something in mind that should work

    • ere December 10, 2012 at 10:32 pm

      Good job ,observer,but again, real estate rule:location,location,location!!!
      Mission,Abbotsford etc.are worthless

  6. RFM December 10, 2012 at 8:30 pm

    Attention Condo Shoppers!
    The last super premium building in Coal Harbor, Three Harbor Green, was completed a few months ago. Consisting of 81 suites, I wondered how many were unsold, given that the developer has six listed on the MLS, starting at just over $5,000,000. I figured it was at least twice that number. It turns out I underestimated. Now, based on very reliable information, about 35% of that pricey building is unsold. Accordingly, the developer currently is offering discounts of 30% off the listed prices for the next 20 sales before the end of this week. It’s not clear when this offer started, but it appears it was a couple of weeks ago. Apparently, if the realtor has 20 or more offers pending by Friday, then all the purchasers get 30% off. If they are short of the 20-unit sales goal, the discount doesn’t apply. That’s playing real chicken with buyers, whom I’ll bet will pull their offers if they don’t get the 30% off. But, think of it. A $5,000,000 condo for $3,500,000. That still may not be a realistic price, but it’s a lot closer to the mark.

    • davers December 10, 2012 at 8:42 pm

      Holy crap, I just went to their website (http://www.harbourgreenplace.com) and nearly spat my drink at my computer. The intro video they have is priceless, there must be some way to record that. VREAA, get on it!

    • Homer Klaidel December 10, 2012 at 10:19 pm

      Isn’t this the joke of a place that comes with a rental ferrari for all residents? This development is the epitome of what’s wrong with Vancouver. I expected this one to be the undoing of it all, what with it trying to sell itself and the city as much much more than it is. Looks like it may turn out to be the case.

  7. Gandalf December 10, 2012 at 9:14 pm

    RFM
    If I’m not mistaken I believe the developers of HarbourGreen were those two clowns that got arrested in Hong Kong on bribery charges? Someone correct me if I’m wrong but if that’s the case I suspect these guys will eventually try and just blowout the units to pay fines and legal fees??

  8. bailinginbc December 10, 2012 at 9:38 pm

    I’m surprised we didn’t see Squamish feature this week with the new extra data. We certainly have some doozies here. I guess nothing dropped in Squish this week.

  9. Ray December 10, 2012 at 11:13 pm

    Superb. Thanks.

  10. 121FORCE December 11, 2012 at 9:26 am

    Hi Observer, thanks for the great website I try very hard to promote by posting the link on RE blogs. I think people need to realize what is happening and be prepared.

    I’m a renter and when or if i am able to I will purchase, but lately things have become dire! Last week my landlor gave us notice to leave because he want to sell right away. We have been looking and looking and noticed that rental prices have gone way up (more than 40% in our area). What is really scary is that allot of the places we have been viewing have “for sale” signs on the lawn and the owners are only willing to rent short term. My area is Port Moody and RE is still very expensive here, i’ve been keeping my eye on the MLS and noticed proporties have just dissapered, I guess they may be relisted in Spring.

    It would be great to see some Coquitlam / Port Moody data, because it use to be cheaper to rent but now it’s about the same.

    • Landbaron December 11, 2012 at 10:54 am

      How long have you been renting for, because rents in PM have not gone ‘up 40%’ over any period of time less than a decade!

      • Real Estate Tsunami December 11, 2012 at 12:35 pm

        123force. Sorry, but your story does not seem true.
        Craiglist is full of rental listings.

      • 121FORCE December 11, 2012 at 1:53 pm

        Rented for 8 yrs, had a brand new 2 bdr townhouse for $1250/month. Anything comparable in Heritage Woods is now around $2000/month. The townhomes that we looked at in the $1200 – $1500/month range were considerably less years ago and are not in good shape. Don’t be fooled by pictures on Craiglists, reality is rent has gone up.

    • gokou3 December 11, 2012 at 1:48 pm

      Try Silhouette condo near lougheed mall. I saw a few rental listings the other day on craigs, apparently by accidental landlords. This building has like 30 sales listings.

    • an observer December 11, 2012 at 1:51 pm

      Similar to the delusional owners we see highlighted each week here, some landlords (many of which are accidental landlords) have ridiculous expectations. If I had more energy I’d create VancouverRentDrop!

  11. Landbaron December 11, 2012 at 2:37 pm

    121Force. What they ask is not what they get, $2000 up on the hill seems high to me (pardon the pun).

    You can get a 2 bedroom in Vancouver for that price. I suggest looking around more.

    • Real Estate Tsunami December 11, 2012 at 3:23 pm

      121force. I’m renting a whole house (assessment 1.2 mil) in Ditchmond for 1,500.
      Landlord would not dare to raise the rent, because he knows we’d move.
      Spread your net a little wider.
      Also, make sure that he gives you 2 months free rent and notice, as required by legislation.

      • Landbaron December 11, 2012 at 3:30 pm

        RET: Whaaa? Please explain 2 months free rent as I would like to take advantage, never heard of it.

        I’m a rookie renter, sadly only owned in the past, err, happily only owned in the past (other than land)…

      • Real Estate Tsunami December 11, 2012 at 3:54 pm

        If the landlord sells his place he has to give you 2 months free rent.
        I know because I was in that situation. The unit was run by a property management firm and they advised me of my rights.
        Renters, know your rights. The law is usually on the side of the renter.

      • W December 11, 2012 at 3:55 pm

        I think he meant to say 1 months free rent and 2 months notice (+ reimbursement of rent if you decide to move out earlier).

        See section 49 and 51 of the Residential Tenancy Act.
        http://www.bclaws.ca/EPLibraries/bclaws_new/document/ID/freeside/00_02078_01#section49

        Also, the 2 months notice only counts if it’s delivered before the 1st of the month, so if you get served notice after the 1st then you’d get more than 2 months notice.

    • moloko December 12, 2012 at 3:34 pm

      ya $2000 in Port Moody doesn’t sound right, you can get a really sweet 2 bedroom in Kitsilano for that price

  12. Landbaron December 11, 2012 at 6:49 pm

    Ok, so VCI isn’t working and I checked out another site, Vancouver Luxury Rentals. Ha!

    http://www.vancouverluxuryrentals.com/

    Look at the list of “some of the buildings we manage:, isn’t it a list of every building in the city?? or is it just me…

    Fuck if I managed that many buildings I would be retired in the tropics by now…

    Rent with confidence with Sophia, who has dozens of listings on Craigslist and could care less about you!

  13. Seeking knowledge... December 12, 2012 at 12:51 am

    Kudos and thanks again for this great site. Your new idea of top 10 for each area makes lots of sense. The data you’re collecting is invaluable – I think it’s the only blog that does this kind of data gathering. I know it’s a lot of work, but it would be very useful to see a data trend of the price drop vs. time for each area similar to your Desperation Meter.

  14. Nelson December 12, 2012 at 9:50 am

    Love the site and the tracking!!! One thing that would be interesting is to see what the final purchase price on some of these homes, when they actually sell…

  15. moloko December 12, 2012 at 3:37 pm

    OMG i can’t believe #19 started off at $800,000…that crappy little building is a few blocks from me, it’s a disaster waiting to happen. When that place is priced at about $279,000 it will be worth looking at real estate again.

  16. RFM December 12, 2012 at 5:15 pm

    Not a good sign!

    Toronto, December 12, 2012 — Moody’s Investors Service has revised the outlook on the Province of British Columbia’s Aaa issuer and debt ratings to negative from stable, affecting approximately CAD39.8 billion in debt securities.

    RATINGS RATIONALE

    “The negative outlook reflects Moody’s assessment of the risks to the province’s ability to reverse the recent accumulation in debt with the softened economic outlook, weaker commodity prices and continued expense pressures,” said Moody’s Assistant Vice President Jennifer Wong, lead analyst for the province.

    In the province’s second quarter report, released in November 2012, the Economic Forecast Council (group of private economic forecasters) revised its forecasts down for provincial growth in 2012 and 2013 to 2.1% and 2.2% from 2.2% and 2.5%, respectively. The slowing in the provincial economy, continued weak natural gas prices and delay in the expected sale of the province’s Little Mountain property have translated into a wider deficit for the 2012-13 fiscal year. The deficit is now projected to be C$1.5 billion (3.5% of revenues), compared to C$1.0 billion forecast at budget time. With the posting of operating deficits in recent fiscal years along with significant capital expenditures, the province increased its net debt to an estimated C$33.6 billion, or 82% of revenues, at March 31, 2012, from roughly 65% of revenues at March 31, 2008.

    Full report: http://www.moodys.com/research/Moodys-Revises-British-Columbias-Outlook-to-Negative-from-Stable-on–PR_261569

  17. Kelly December 12, 2012 at 11:12 pm

    thank you again for all of your work!!!!!!South Surrey is following suit;13795 18A Ave just sold for $1,290,000 and was listed at $1,438,000!!!!

  18. data junkie December 13, 2012 at 10:31 am

    No discussion of delusional landlords can ever be complete without mentioning RentItFurnished.com, where you can find 800sqft boxes in Yaletown for $4,500 a month, just because the landlord is leaving behind his shitty Ikea Poang chair.

    The only rational explanations I can find for the listings on that website are as follows: either they are the desperate fumblings of an accidental landlord who can no longer afford his mortgage (hence the abandoned ‘furnishings’) who wants the new tenant to cover the entire mortgage + fees + taxes (fat chance says I), or they’re simply being listed as a way of documenting paper ‘losses’ for investor-owners so they can write it all off at tax time.

    Either way, I find this stuff endlessly amusing. Observer, if you ever contemplate expanding your website to include delusional landlords, let me know, I’d be happy to do a weekly Top 10 Insane Rental Listings piece!

    • Sheesh December 13, 2012 at 11:39 am

      I have always wondered about this! The rents are absolutely ridiculous–sometimes twice as much as anything comparable. My spouse’s theory is that they rent to mining executives who are put up by their companies and don’t care about the rents. But how many of those could there be? It seems really fishy.

      • Real Estate Tsunami December 13, 2012 at 12:19 pm

        The tax write off is probably the most plausible reason.
        Just like a hobby farm.

      • Warren (@WarrenC12) December 14, 2012 at 4:10 pm

        It happens. I used to rent out a furnished condo. Getting $200/night for 500sf was not uncommon. Overall income was about 2x typical rental over a 2-3 year period, but there were hits and misses on individual months.

        Many of the tenants were out of their regular homes for insurance reasons. Bigger (2-3 bedroom) condos get a lot more business.

    • moloko December 13, 2012 at 3:13 pm

      what really? they can list it for say twice the normal amount ($3000 for a crappy one bedroom condo with $200 of IKEA furniture) and then if it doesn’t rent, then they can claim it as a loss?

      Maybe if it’s a company i guess? any rental that I’ve ever owned I was only able to write off the obvious (maintenance fees, taxes, repairs and mortgage interest). I was never in a position where it wasn’t ever rented, but even in that case it would only be less rental income…no?

  19. guest December 14, 2012 at 8:45 am

    Hey Observer, found this one too good to be true…91% drop?? can you check against your stats?

    http://livefraservalley.ca/homes/1838-W-58TH-Ave/Vancouver/BC/V6P-1X2/25919925/?index=41

  20. None December 15, 2012 at 11:21 am

    #10 sold Sept/12. Flip?

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