Vancouver Price Drop

Documenting Vancouver real estate price movements

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.

11 responses to “The Weekly Drop Suburbs – December 26, 2012

  1. Rob December 26, 2012 at 11:11 pm

    Good luck with the blog, it’s a great addition to the lower mainland real estate blogging community.

  2. Vulture Fun December 26, 2012 at 11:34 pm

    I’m trying to figure out the losers who raise the price after months or years of a steadily declining ask. My theory is that the added amount equals the money they recently racked up on the HELOC.

    • Exurban December 27, 2012 at 5:05 am

      Hmmm … you could be on to something there.It’s certainly hard to discern any good logical reasons.

    • Confusions December 29, 2012 at 5:22 pm

      These price changes, de-listing and re-listing are just the standard bag of tricks that all the realtors suggest and use. Constant re-listing is done so that all the people set up with automated emails from realtors get to see the lsiting again. Otherwise once a listing gets to a certain age, it gets very little exposure. Don’t we all try and pick out the fruit that the grocery guy just put on the rack rather than the fruit that was lying there before. This is the primary reaon behind removal of listings over the past few months, so they can be re-listed in spring. This is also why the type of data being presented on this site is so valuable, and also why the RE industry will not make it available, even though from what the author is doing here, it seems provision of this data is not technically difficult.

      The re-listing higher is quite often not an increase in perception of value but a first step towards a price decrease, which when communicated to possible buyers makes them feel like there is a deal to be had. Do we always believe that the 40% mark down in the boxing day sale is indeed a 40% mark down. I think there are some laws in the retail industry that disallow misleading pricing practices. In there real estate indstry, there be none.

      These are all very naive tricks but they seem to work, which is why everyone uses them. Because credit has been so easily available, buyers (generally) have been doing very little due diligence in making their purchase decisions, beyond age of listing and price changes. Some would argue less than one does when buying a new pair of jeans.

  3. RFM December 27, 2012 at 8:58 am

    Thanks ‘an observer’!
    Regarding # 10:
    The website for the development (http://www.vistaridgelots.com/site_plan_sunshine_coast_lots.html) shows a total of 29 available lots, with 8 labeled as ‘sold’ (28% sold; 72% unsold). $179,000 appears to be the lowest priced lot (lot 2), with the highest priced being $459,900 (site 4R).
    The ‘Photo Gallery’ shows views and some lots but no completed homes. Google Maps can’t find the development. A current search on Realty Link shows 113 lots for sale in Gibsons and 369 on the entire Sunshine Coast, and that’s during the ‘off’ season.
    A further search found 2 completed homes for sale in the development (777 Madison and 781 Madison, a street name not shown on the ‘site plan’ and one that Google Maps cannot find); one appears to have been completed in 2010 and the other in 2011. Both are listed as ‘brand new.’
    Nothing seems to have sold in this development, which was started in 2008 (I could not find any news articles about the development, but the website is copyright 2010 and I presume planning and approvals must have started well before then).

    • punnoval December 28, 2012 at 4:05 pm

      I walk past this “development” about once a month. Only one new building has been constructed – on 3R – and it’s only finished on the outside. A couple of others were built some time ago – on the “crescent” and have been for sale for at least a year. A couple of other developments in the area up Port Mellon highway (Elphinstone Crossing, another on Witherby) seem to have gone nowhere (yet.)

  4. Real Estate Tsunami December 27, 2012 at 10:01 am

    # 5. monopoly house. Great metaphor.
    made my morning.

  5. eastvan66 December 27, 2012 at 12:46 pm

    Thanks for the regular updates, great blog.

  6. JR December 27, 2012 at 1:39 pm

    I’ve replied previously about a new development in the Albion/Kanaka Creek area of Maple Ridge. The signs just went up, it’s called Wynn Ridge by Genstar, 3 and 4 br starting at $559k. Down the street trouble persists with several projects. I might have to start taking pictures as it appears many are halted. Driving through Mission on a way to a hike I was surprised to see some projects starting, as well as one development which might have stopped at the excavation phase.

  7. Westcoast Renter December 27, 2012 at 1:53 pm

    Happy holidays, many thanks for all your hard work!

  8. moloko January 1, 2013 at 11:02 pm

    thanks! love your blog.
    Happy New Year

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