Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Metro Vancouver Attached – December 28, 2012

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

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

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


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

V983106_1

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

Assessment: $854,000

Listing for over 10% below 2008 asking price

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


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

V982959_1

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

Assessment: $226,900

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

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


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

V980804_1

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

Assessment: $537,000

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

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

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


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

V974888_1

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

Assessment: $855,000

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

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


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

V983110_1

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

Assessment: $1,760,000

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

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


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

V974068_1

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

Assessment: $271,700

Another unit back to 2007 asking prices

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


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

V982955_1

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

Assessment: $702,000

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


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

V974697_1

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

Assessment: $873,000

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


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

V975846_1

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

Assessment: $479,000

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

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


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

V972623_1

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

Assessment: $363,000

30% below 2007 asking prices

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

 

13 responses to “The Weekly Drop Metro Vancouver Attached – December 28, 2012

  1. Diane Irvine December 29, 2012 at 12:22 am

    To be fair to Marpole, depending on where you are you might not need a car – there are lots of restaurants, grocery stores, cafes, booktores etc in the granville/66th street area, and the area is really well served by transit to downtown. The bottom of oak street though is a km walk to that, or to Canada Line.

    • Finally December 29, 2012 at 1:31 am

      Walking from Oak/72nd to Granville/72nd will take 15 minutes. Perhaps I’m lazy, but I don’t consider that walking distance to shops.

  2. JR December 29, 2012 at 1:42 am

    Re #6. I was down there last year and ran into a realtor doing an open house for what I think might have been this property, same building I believe, same price. He told me that the guy owned this and 2.5 million property in the adjacent building, neither have been lived in, both being sold below what they paid. Judging on the lack of price movement I doubt they are losing sleep over it.

  3. Exurban December 29, 2012 at 2:10 am

    Great work, great blog, so naturally I have to nitpick in the interest of making it even better :^)

    #10 is a good 3 miles outside the boundary of West Vancouver (the municipality ends at Horseshoe Bay).

    #2, “superb location” LOL. Superb for the deaf maybe, since it’s right beside the approach to the Oak Street Bridge. The traffic noise is 24 hours there, and between about 6:00 am and 9:00 pm it must be virtually continuous.

  4. Exurban December 29, 2012 at 2:56 am

    Excuse me, after talking it over with a few friends (this blog is serving as our party entertainment) I have discovered that I’m out of date and #10 is now indeed inside the District of West Vancouver. Sorry.

  5. djindustry December 29, 2012 at 8:10 am

    absolute pure gold observer! I am so addicted to this site and check it daily for its new permutations…am loving this new model
    keep up the great work, and the dry humor!

  6. waiting December 29, 2012 at 10:16 am

    Love the comments. Icing on the cake. Of course these are all anomalies according to today’s Sun. If they keep printing it, it has to be true, doesn’t it?
    “Vancouver real estate buyers waiting for a price collapse in 2013 could be in for a long wait”
    http://www.vancouversun.com/business/real-estate/Vancouver+real+estate+buyers+waiting+price+collapse/7754204/story.html#ixzz2GShOqPjV

  7. RFM December 29, 2012 at 10:38 am

    Regarding # 3 & 7 (Capitol Residences):
    According to a very knowledgeable source, ‘investors’ in this building generally took a bath, right from the beginning. It’s a nondescript building of 372 suites (the typical floor contains 12 suites) in a C- location; there have been 20-40 suites for sale at any given time, right from day one. Another plausible explanation for the time lapse in these two listings is that the ‘investor’ gave up trying to sell at some point, put in a tenant for 6-12 months and then re-listed when that tenant moved out. That is a typical ploy to buy time until the market ‘improves’ or ‘recovers.’ Good try!

    Regarding # 6 (The Villas at Cooper’s Lookout):
    Concord Pacific marketed this building as a ‘platinum’ building. It is a 11-storey building completely in the shadow (no views!) of the building to the west (Flagship, a 28-storey building) and soon to be completely in the shadow of a building to the east (a 20-25-storey building; development permit pending). The identical unit on the floor above sold for $1,780,000 in August 2010 and the identical unit on the floor below sold for $1,765,000 in March 2011. The current assessment is ‘right on’ for a value 2 years ago, but I’ll bet this unit will sell below that when the time comes.

    Regarding # 9:
    Building built in 1977; building envelope redone in 2010 (think $$$$special assessment!); renovated interior: they must have done everything from the ‘clearance’ section of Home Depot, including the paint; if the seller is satisfied with the quality of the photos depicting this property, then they should be willing to accept a sales price significantly lower than assessment……..

  8. Spiltbongwater December 29, 2012 at 3:48 pm

    #9 is having an open house on Jan 01. Really, how many people go to open houses on New Years Day? And lol at the pictures for #9. I remember my first 1 mega pixal camera. Looks like the photos were taken with the realtors 10 year old cell phone.

  9. Real Estate Tsunami December 29, 2012 at 5:00 pm

    Seems a little slow right now, which is normal during this time of the year.
    Relax, enjoy the last few days of tranquility.
    I think, starting next weekend, we will see listings going up at a nice clip,
    and prices going the other way.

  10. Jack January 1, 2013 at 9:45 pm

    Check out #3202 – 128 West Cordova (Woodward’s). BC Assessment is showing a sale in Sept. for $611,800. I know of asking prices as high as $988,000 and as low as $670,800.

    • gokou3 January 2, 2013 at 5:48 pm

      916 SF. For $668/SF, you get to live in one of the most eventful neighbourhood of the city.

      What’s going in the mind of the seller listing for >$1000/SF in the first place?

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