Vancouver Price Drop

Documenting Vancouver real estate price movements

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.

 

6 responses to “The Weekly Drop Metro Vancouver Detached – December 27, 2012

  1. Ray December 27, 2012 at 11:28 pm

    You’re cooking with gas now. Excellent.

  2. Happy cynic December 28, 2012 at 1:34 am

    Terrific. Thanks.
    #9 is even featured on YouTube- http://www.youtube.com/watch?v=dLqWkNec_e8
    as presented by a previous agent. At 1.598M there can’t be much profit left in this 2011 build.
    Lots of granite apparently. An excellent view of the picturesque Knight St. Bridge and a secluded location on quiet Victoria Drive heading down to S.E. (not N.W.) Marine Drive.
    Location, location…..

  3. Nelson December 28, 2012 at 4:09 am

    Why do many listings have the number 8 in their price. Is it supposed to bring good luck?

  4. elme December 28, 2012 at 4:42 pm

    How hard for flippers to realize that they have lost the game?

  5. elme December 28, 2012 at 4:51 pm

    #5
    Maybe the realtor means marpole is the primest location in Vanwest that 2.5 million can get you settled.

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