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

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

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!!

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

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.

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

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

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#17 ) Address:32600 BOBCAT DR, Mission

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!

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

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

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

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.

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

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!

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#13 ) Address:1278 248TH ST, Langley

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.

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#12 ) Address:33036 HAWTHORNE AV, Mission

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!!

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

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.

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#10 ) Address:30041 HARRIS RD, Abbotsford

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.

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#9 ) Address:5212 GRANVILLE ST, Vancouver West

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!

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#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

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

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

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

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!

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

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.

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

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 !!

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

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.

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#2 ) Address:2888 PANORAMA DR, North Vancouver

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!

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

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