Vancouver Price Drop

Documenting Vancouver real estate price movements

If I Lost a Million Dollars – January 4, 2013

Here we are again with the top 10 properties that have dropped the highest amount since their listing price peak.  It takes  $3.5 million dollar drop to make this list!!!  A couple new features for VancouverPriceDrop in 2013 are 1) we’ll calculate HPI adjusted prices since the last purchase where applicable and 2) some properties will include last years assessment and previous sales in addition to this years


#10 ) Address:6576 ADERA ST, South Granville, Vancouver West

V958898_1

July 27, 2011 V902009 $9,680,000 $0 0%
September 09, 2011 V902009 removed after 44 days
June 28, 2012 V958898 $12,800,000 $0 0%
January 03, 2013 V958898 $9,280,000 $-3,520,000 -28%

2011 Assessment: $6,254,000
2012 Assessment: $6,622,000
Last Sale: $8,000,000 on 05/Sep/2011

Total Profit IF sold for list price: 428,440 transaction costs and 1,280,000 profit on sale = Profit of 851,560

HPI adjusted price  (September HPI for van west detached was 229.5 and current HPI is 205.9 for a drop of 10.3%) is $7,176,000 which if sold for this price would net the owners a LOSS of $1.2 million

The owners paid $8 million for this home a year ago and 9 months later relist it for 60% and $4.8 million more…  With this $3.5 million drop they would still make a nice profit but this is most likely a case where excessive greed is going to put a multi million dollar dent into their net worth by the time this is sold and that puts a smile on my face.

A magnificent residence sits on a 16,449 sf. manicured waterfall garden lot w/ high end craftsmanship finishing of 7,935 sf. living area. Beautifully designed w/ the finest finishes & quality imaginable creates a comfortable living environment w/ tasteful lifestyle. The grand art glass foyer w/ chandelier leads to spacious L/R,D/R, Family room, study, chefs kitchen, & a guest room on main. Upstairs showcases 4 suites including a huge master suite that elaborates a sophisticated walk-in closet & a cozy sitting area w/ fireplace. Entertainment sized basement features a home theatre, tatami room, recreation room w/ wet bar & 2 more suites. 4 car garage, A/C, sprinkler systems & sauna. Best schools & close to everything.


#9 ) Address:6951 ISLEVIEW RD, Whytecliff, West Vancouver

V977719_1

November 25, 2006 V622343 $5,500,000 $0 0%
January 08, 2007 V622343 removed after 44 days
April 20, 2007 V642170 $5,500,000 $0 0%
May 12, 2007 V642170 $4,995,000 $-505,000 -9%
September 05, 2007 V642170 removed after 138 days
September 14, 2007 V668162 $7,500,000 $0 0%
March 11, 2008 V668162 removed after 179 days
October 19, 2008 V740156 $6,800,000 $-700,000 -9%
February 06, 2009 V740156 removed after 110 days
February 15, 2009 V752381 $6,498,000 $-1,002,000 -13%
June 25, 2009 V752381 $5,250,000 $-2,250,000 -30%
August 11, 2009 V752381 removed after 177 days
August 20, 2009 V782689 $5,250,000 $-2,250,000 -30%
February 16, 2010 V782689 removed after 180 days
March 02, 2010 V812025 $5,495,000 $-2,005,000 -27%
March 10, 2010 V812025 $5,250,000 $-2,250,000 -30%
June 13, 2010 V812025 $4,895,000 $-2,605,000 -35%
September 22, 2010 V812025 removed after 204 days
September 24, 2010 V851752 $4,450,000 $-3,050,000 -41%
January 27, 2011 V851752 removed after 125 days
February 03, 2011 V866831 $4,450,000 $-3,050,000 -41%
February 11, 2011 V866831 $3,998,000 $-3,502,000 -47%
January 31, 2012 V866831 removed after 362 days
February 16, 2012 V931692 $3,998,000 $-3,502,000 -47%
June 01, 2012 V931692 removed after 106 days
October 24, 2012 V977719 $3,698,000 $-3,802,000 -51%

2012 Assessment: $2,673,000

#9 and #7 look like they are owned by the same person based on the history of price changes.  Combined this results in a $7.8 million drop in asking prices!

A spectacular 16,690 sq ft Waterfront estate with breathtaking NW ocean, Island & mtn views of Howe Sound & Inner Islands. Offering approx 100 ft of natural shoreline with an oceanside dock & terrace, this gorgeous res has been extensively remodeled & offers 3373 sqft on 3 levels with lg entertainment rms, priv office, wine cellar, 3 spacious bedrooms incl a fabulous master & ensuite, custom gourmet kit feat lg island w/breakfast bar, E/A & professional appl. All rms open out to a sprawling seaside veranda overlooking the priv rock gardens & jaw-dropping views. Rare opportunity to develop your own custom res or live in the existing home as is. Neighbouring ppty 6945 Isleview is also for sale! Full topographical survey & model avail!


#8 ) Address:1416 WESBROOK CR, University, Vancouver West

V983132_1

April 18, 2010 V823102 $12,880,000 $0 0%
June 22, 2010 V823102 removed after 65 days
June 22, 2012 V957905 $27,800,000 $0 0%
November 20, 2012 V957905 removed after 151 days
December 29, 2012 V983132 $23,800,000 $-4,000,000 -14%

2011 Assessment: $12,263,000
2012 Assessment: $14,337,000

Somehow the assessment increased by over $2 million this past year but even after a $4 million price drop they’ll likely need an additional eight figure price drop to get any interest in this place

This 7 years costum built house in prestigious UBC area give you panoramic view of water, mountain & city. 7876 SF of living area on 30,545 SF of beautifully landscaped with outdoor pool. It offers elegant LR & DR, spacious family room & a nice wok kitchen on main. Upper level: 3 nice sized bedrooms plus a huge living room (can be 4th bdrm). Basement: spacious recreation & media room, wine cellar. It offers everything you can imagine. A must see!


#7 ) Address:6945 ISLEVIEW RD, Whytecliff, West Vancouver

V977676_1

November 25, 2006 V622369 $5,500,000 $0 0%
January 08, 2007 V622369 removed after 44 days
April 20, 2007 V642168 $5,500,000 $0 0%
May 12, 2007 V642168 $4,995,000 $-505,000 -9%
September 05, 2007 V642168 removed after 138 days
September 14, 2007 V668172 $7,750,000 $0 0%
March 11, 2008 V668172 removed after 179 days
October 21, 2008 V740205 $7,200,000 $-550,000 -7%
February 06, 2009 V740205 removed after 108 days
February 15, 2009 V752408 $6,800,000 $-950,000 -12%
June 25, 2009 V752408 $5,495,000 $-2,255,000 -29%
August 06, 2009 V752408 removed after 172 days
March 03, 2010 V812066 $5,250,000 $-2,500,000 -32%
March 10, 2010 V812066 $5,495,000 $-2,255,000 -29%
June 13, 2010 V812066 $4,950,000 $-2,800,000 -36%
September 22, 2010 V812066 removed after 203 days
September 24, 2010 V851694 $4,479,000 $-3,271,000 -42%
January 27, 2011 V851694 removed after 125 days
February 03, 2011 V866834 $4,479,000 $-3,271,000 -42%
February 11, 2011 V866834 $3,998,000 $-3,752,000 -48%
January 31, 2012 V866834 removed after 362 days
February 16, 2012 V931686 $3,998,000 $-3,752,000 -48%
June 01, 2012 V931686 removed after 106 days
October 24, 2012 V977676 $3,698,000 $-4,052,000 -52%

2012 Assessment: $2,470,000

A magnificent 17,570 sq. ft. Waterfront estate with spectacular NW ocean, island & sunset views of Howe Sound and Bowen Island. Offering approx 105 ft of natural shoreline with an oceanside dock & terrace, this current res feat approx 3274 sq ft on 2 sprawling levels incl a large LR & DR, an open kitchen, 3 spacious bedrooms & large rec rm down. The value of this ppty is mainly in the land & can be purchased in conjunction with its neighbouring ppty (6951 Isleview Road) to create a World Class W/F compound or simply bought to develop your own custom residence. A full topographical survey & model is available. This is a truly spectacular building site & a very rare opportunity!


#6 ) Address:5590 GALLAGHER PL, Eagle Harbour, West Vancouver

V970327_1

September 14, 2007 V668128 $12,888,888 $0 0%
December 17, 2007 V668128 removed after 94 days
August 20, 2009 V782573 $9,980,000 $-2,908,888 -23%
December 01, 2009 V782573 removed after 103 days
January 23, 2010 V805577 $9,288,000 $-3,600,888 -28%
March 20, 2010 V805577 $8,888,800 $-4,000,088 -31%
July 26, 2010 V805577 removed after 184 days
February 24, 2011 V871446 $8,298,000 $-4,590,888 -36%
May 21, 2011 V871446 $8,198,000 $-4,690,888 -36%
June 21, 2011 V871446 removed after 117 days
June 29, 2011 V896798 $7,980,000 $-4,908,888 -38%
November 01, 2011 V896798 removed after 125 days
November 17, 2011 V920061 $7,980,000 $-4,908,888 -38%
April 24, 2012 V920061 removed after 159 days
September 08, 2012 V970327 $7,999,000 $-4,889,888 -38%

2012 Assessment: $7,267,000

Went from six 8’s in the initial price 5 years ago to zero 8’s today.  Funny how things change.  Also funny how they were unable to sell this for $7.98 million a year ago but that still didn’t stop them from raising the list price

An absolutely stunning Lamoureux designed home. Situated over half acre of waterfront, this home is appointed with every luxury one could imagine. Features include Sub-Zero fridges, drawers, bar fridges, Dacor commercial range & ovens, light-touch lighting by Cryderman Electric, media and billiard rooms, complete entertainment bar with cigar fans, wine coolers, bar fridge with ice-maker, edge-grain oak floors, granite, tumbled marble & marble finishings, extensive millwork, 3-car garage, paving stone pathway (ready for golf cart) to your own patio and DOCK on the 200′ of waterfront and more – too much to list. Enjoy the stunning views through Dynamic floor window or from one of the 4 patios (3 covered all with gas & water).


#5 ) Address:4898 FANNIN AV, Point Grey, Vancouver West

V960623_1

July 23, 2011 V899955 $14,980,000 $0 0%
January 26, 2012 V899955 $13,980,000 $-1,000,000 -7%
June 22, 2012 V899955 removed after 335 days
July 07, 2012 V960623 $12,880,000 $-2,100,000 -14%
October 27, 2012 V960623 $9,980,000 $-5,000,000 -33%

2011 Assessment: $9,145,000
2012 Assessment: $10,108,000

One acre in Point Grey is now listed below assessment and $5 million off the initial asking price

Majestic! A rare chance to own an over 1 acre lushly garden estate in the most sought after Point Grey area. This elegant private residence showcased beautifully park-like, mountain & water view. Over 8,100 sq ft of tastefully decorated living area w/7 bedrooms, cross hall formal dining room & living room w/conservatory, open concept gourmet kitchen w/spacious eating area & family room, recreation room w/steam bath, enchanting garden & heated outdoor pool w/entertainment sized BBQ patio. Bonus: a coach house for your guest.


#4 ) Address:12157 – 12175 224TH ST, West Central, Maple Ridge

V703429_1

April 24, 2008 V703429 $7,900,000 $0 0%
June 25, 2008 V703429 $5,900,000 $-2,000,000 -25%
October 15, 2008 V703429 $4,900,000 $-3,000,000 -38%
October 29, 2009 V703429 $2,490,000 $-5,410,000 -68%
February 09, 2010 V703429 $3,900,000 $-4,000,000 -51%
July 10, 2010 V703429 $2,900,000 $-5,000,000 -63%
September 22, 2010 V703429 $2,499,000 $-5,401,000 -68%
November 03, 2010 V703429 $3,900,000 $-4,000,000 -51%
July 20, 2011 V703429 $2,900,000 $-5,000,000 -63%
September 24, 2011 V703429 $2,500,000 $-5,400,000 -68%
February 01, 2012 V703429 $1,990,000 $-5,910,000 -75%
May 01, 2012 V703429 $1,750,000 $-6,150,000 -78%

2011 Assessment: $898,000
2012 Assessment: $954,000

78% off the initial price of $7.9 million… BAHAHAHAAHA.  “Located near Town & Ecra Seniors Centre”, wow sounds amazing, who do I make my cheque out too?

Town Core potential highrise site. Located near Town & Ecra Seniors Centre & extensive new apartment development.


#3 ) Address:5347 KEW CLIFF RD, Caulfeild, West Vancouver

V958265_1

April 07, 2007 V638852 $8,400,000 $0 0%
July 30, 2007 V638852 removed after 114 days
September 16, 2007 V668834 $9,000,000 $0 0%
December 04, 2007 V668834 removed after 79 days
August 21, 2011 V906191 $14,300,000 $0 0%
October 13, 2011 V906191 $12,980,000 $-1,320,000 -9%
April 11, 2012 V906191 $9,980,000 $-4,320,000 -30%
June 14, 2012 V906191 removed after 298 days
June 23, 2012 V958265 $8,998,000 $-5,302,000 -37%
November 10, 2012 V958265 $7,898,000 $-6,402,000 -45%

2011 Assessment: $8,286,000
2012 Assessment: $8,217,000

The only property in the top 10 to have a lower assessment this year and remember, assessments are based on July 1.  This property is now listed for below 2007 prices

A magnificent luxury Waterfront home situated on one of West Vancouver’s most sought after streets. Offering over 5,300 sq. ft. of outstanding luxury & detail throughout on all 3 levels. Large entertainment size rooms including a feature curved staircase with wrought iron railings, all French doors leading onto spacious walk-out patios with wonderful outdoor swimming pool & jacuzzi. This beautifully appointed luxury home features a World Class International kitchen, separate den or office, theatre room, wine cellar & a simply gorgeous Master suite. Fully gated & landscaped with breathtaking views!


#2 ) Address:2888 PANORAMA DR, Deep Cove, North Vancouver

V982221_1

July 11, 2010 V841549 $17,900,000 $0 0%
June 07, 2011 V841549 removed after 331 days
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 after 542 days
December 10, 2012 V982221 $8,990,000 $-8,910,000 -50%

2011 Assessment: $5,947,000
2012 Assessment: $6,130,000

Originally listed for 200% ABOVE assessment… after almost $9 million and 50% in price drops it is still grossly overpriced

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:3390 THE CRESCENT, Shaughnessy, Vancouver West

V973696_1

January 30, 2010 V806985 $17,900,000 $0 0%
August 01, 2010 V806985 removed after 183 days
October 28, 2011 V917626 $31,900,000 $0 0%
September 25, 2012 V917626 removed after 333 days
September 27, 2012 V973696 $22,800,000 $-9,100,000 -29%

2011 Assessment: $15,788,000
2012 Assessment: $16,076,000

Apparently this home was purchased for $6 million about 6 years ago (I believe).  This one will be the first $10 million drop and likely the first $15 million and $20 million drop as well.

Location! In the heart of the 1st Shaughnessy! Rare find 10,516 sf Mansion sets on over One acre in the city’s most exclusive enclave of ‘The Crescent’. The finest and the most prestigious area. Beautiful huge front yard like a private park. Totally rewired and new pipes. The main floor has a grand entry w/a sweeping staircase to second floor. Wok Kitchen, massive living room, & dining room all overlook the garden & pool area. The paneled den, family room & breakfast room open to the large deck which access the garden & pool. The master suite has three dressing rooms, a fireplace. A large recreation room in basement. 5 car garages, a greenhouse & a outdoor pool w/large cab and more.

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12 responses to “If I Lost a Million Dollars – January 4, 2013

  1. JoeQ January 4, 2013 at 4:01 pm

    What realtor would let their client buy a house for $31M a year after it was listed for $17M? oh wait – all of them

  2. eastvanspecial January 4, 2013 at 5:34 pm

    Everyone just hoping for a greater fool to come along. Good luck!

  3. bailinginbc January 4, 2013 at 10:27 pm

    Oh, where to begin? This posting is just an open sesame to a treasure trove of biting witticisms! I’ll pick #1 for an observer’s pet peeve, the unnecessary abbreviation. “…a (sic) outdoor pool w/large cab…” It took me a while but I guess the pool comes “with a large cabana”. Really was that too much to write? I suppose if I was the sort of person who rubbed shoulders with people who owned $31 million properties, “cab” would immediately summon up an image of cocktails around the pool, as opposed to transportation for people who can’t afford chauffeurs. Then again, in that case, I could probably afford a realtor who knew the appropriate useage of the words “a” and “an”.

  4. AG Sage January 4, 2013 at 10:36 pm

    These high stakes homes are like exotic pets at an animal shelter . . . in a normal market they await exactly the right buyer. “Value” is never a rational concept here in any market. That said, watching expectation giving way to reality like some kind of five stages of grief is something to observe.

    Not sure what the data means for the market as a whole besides the loss of the celebrity of it. These sales on the way up drive the dreams of the overall market, making average buyers feel great about overpaying because that overpaying promises so much more than waiting. The loss of these rich sales from the market takes time to sink in with the average buyer, more than a year to 18 months based on observing Australia.

  5. Ray January 5, 2013 at 12:28 am

    The $14 million “costum” home (#8) is asking more than the $16 million home (#1). Anyone find that weird? I think it’s going to cost’em.

  6. spitfire January 5, 2013 at 12:26 pm

    Favourite post so far! Thanks!

    First house had asking price of 9,680,000 and sold for 8 million. 17.5% less than asking.

    I guess that all negotiations should start at about 25-30% less than asking if the rich are willing to settle for 17.5% less than they are asking.

  7. Pierre January 6, 2013 at 10:58 am

    About #8, it seems it sold on June 22, 2010 (it was removed after only 65 days) and it was put back on the market exactly 2 years later, on June 22, 2012. Is this a coincidence? Or are there some tax laws that require you to hold on a property for 2 years if you are to avoid taxes on capital gains?

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