Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Suburbs – January 7, 2013

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 (actually more than a week due to Christmas break – December 27 to January 7) AND have dropped the largest percentage overall from their original asking price.

All but one of these listings are currently below assessment


#10) Address:# 413 33960 OLD YALE RD, Central Abbotsford, Abbotsford

F1210945_1

March 13, 2007 F2704366 $167,700 $0 0%
August 22, 2007 F2704366 removed after 162 days
November 11, 2011 F1127557 $169,900 $0 0%
April 27, 2012 F1127557 removed after 168 days
April 28, 2012 F1210945 $129,000 $-40,900 -24%
June 26, 2012 F1210945 $119,000 $-50,900 -30%
October 27, 2012 F1210945 $114,000 $-55,900 -33%
January 04, 2013 F1210945 $109,000 $-60,900 -36%

2012 Assessment: $129,100
2011 Assessment: $133,300

“Ideal for an investor or first time buyer.  Great investment!!” because it worked out so well for the current owner.

Ideal for an investor or first time buyer. 1 bedroom and 1 bath condo with a Maple kitchen, laminate flooring, in-suite laundry. 2 underground parking stalls and 1 storage locker. Downtown Abbotsford location, walking distance to restaurants, pubs, grocery stores and more. No age or rental restrictions. Great investment!!


#9 ) Address:# 401 19128 FORD RD, Central Meadows, Pitt Meadows

V981031_1

September 13, 2009 V787072 $399,000 $0 0%
May 02, 2010 V787072 removed after 231 days
November 23, 2012 V981031 $259,900 $-139,100 -35%
January 03, 2013 V981031 $249,900 $-149,100 -37%

2012 Assessment: $276,000

The capitalization choices on this one are funny… “PENTHOUSE” ok, maybe worth capitals. “GAS FIREPLACE” really, capitals for that?  “COURT ORDERED SALE”  again, worth capitals?  How about “SPACIOUS LIVING” or “SECURED UNDERGROUND PARKING”?

PENTHOUSE-Entire top floor. Two huge decks accessed from bedrooms and kitchen. Facing North and South. 1685 sq ft of spacious living. Ensuite includes walk-in closet, soaker tub and shower stall. GAS FIREPLACE. Heat and hot water included in maintenance. Minutes from shopping, transit and recreation facilities. 2 secured underground parking and locker. COURT ORDERED SALE. Easy to show.


#8 ) Address:# 301 2855 152ND ST, King George Corridor, White Rock

F1225448_1

August 31, 2007 F2722479 $260,000 $0 0%
October 05, 2007 F2722479 $253,000 $-7,000 -3%
November 16, 2007 F2722479 removed after 77 days
October 16, 2012 F1225448 $209,900 $-50,100 -19%
November 01, 2012 F1225448 $184,900 $-75,100 -29%
November 22, 2012 F1225448 $174,900 $-85,100 -33%
December 01, 2012 F1225448 $169,500 $-90,500 -35%
January 04, 2013 F1225448 $159,900 $-100,100 -39%

2012 Assessment: $195,700
2011 Assessment: $241,200

Assessment is down 20% this year and it’s still 20% lower than the new assessment

Centrally located! TOP FLOOR unit with balcony facing North East. In suite laundry, Gas f/p, kitchen with pass-through to lvgrm/dinrm combo, bright and open plan, 2 bedrooms (master has wall separating into 2 rooms), 2 baths, 2 covered parking stalls walking distance to Southpoint shopping center. Call for access and all details.


#7 ) Address:22301 ROSS RD, Hope Center, Hope and Region

No Picture

March 09, 2012 H1200719 $239,900 $0 0%
April 25, 2012 H1200719 $224,900 $-15,000 -6%
August 31, 2012 H1200719 removed after 175 days
November 29, 2012 H1204610 $159,900 $-80,000 -33%
December 29, 2012 H1204610 $144,900 $-95,000 -40%

2012 Assessment: $270,000
2011 Assessment: $272,000

Nice 2.8acre hillside property located near the Trans Canada Highway. The value is in the land only, but a 3500sqft structure has been started. This is a great chance to build your dream home on a private acreage. Only 5 minutes from town.


#6 ) Address:9805 HALL ST, Mission-West, Mission

F1228985_1

December 03, 2010 F1028619 $1,999,000 $0 0%
March 31, 2011 F1028619 removed after 118 days
September 13, 2011 F1122855 $1,049,000 $-950,000 -48%
September 27, 2011 F1122855 $1,349,000 $-650,000 -33%
June 09, 2012 F1122855 removed after 270 days
August 02, 2012 F1219839 $1,198,000 $-801,000 -40%
October 04, 2012 F1219839 $1,098,000 $-901,000 -45%
November 22, 2012 F1219839 $1,150,000 $-849,000 -42%
December 12, 2012 F1219839 removed after 132 days
December 28, 2012 F1228985 $1,150,000 $-849,000 -42%

2012 Assessment: $922,000

This is actually a pretty awesome home in my opinion.  The listing price history is kind of odd – it doesn’t look like it sold at any point and it’s still listed higher than it was a little over a year ago.  The assessment seems artificially low as well since I can’t imagine they spent much less than $900K building the place.  Something doesn’t really add up

WAIT TILL THE SUMMER when you can waterski from your own dock on Silvermer Lake! 1 year old, 2 storey home plus full basement. At end on quiet street, very private! Approx. 5100 sq ft, 3 bdrms all with own ensuites, 5 baths, 2 double car garages, 40 yr fibreglass roof. 2×6 const, Low E windows, heat pump w/central air, hardwood. Great room w/19′ celing, french doors to deck overlooking the lake. $100,000 worth of maple cabinets w/granite tops including laundry, large entertainment size kitchen w/eating area and wet bar. Master suite with huge walk-in closet with laundry hook-ups. Ensuite w/all granite shower, deck off master. Rec room in basement with view from almost every window! Private yard and too much more to mention!


#5 ) Address:16535 TIMBERLINE RD, Pender Harbour, Sunshine Coast

V953784_1

June 01, 2012 V953784 $230,000 $0 0%
June 30, 2012 V953784 $210,000 $-20,000 -9%
August 10, 2012 V953784 $200,000 $-30,000 -13%
August 30, 2012 V953784 $180,000 $-50,000 -22%
September 27, 2012 V953784 $170,000 $-60,000 -26%
November 02, 2012 V953784 $165,000 $-65,000 -28%
November 23, 2012 V953784 $150,000 $-80,000 -35%
January 01, 2013 V953784 $130,000 $-100,000 -43%

2012 Assessment: $138,900
2011 Assessment: $169,400

Why aren’t we hearing about properties dropping 20% in their assessments?  This is the 2nd one on the list with a 20% drop in assessment

This one bedroom one bath property offers a peaceful get away from the big city. It is minutes from the Earls Cove ferry, and the treed lot provides all the privacy you could ever want. A view corridor could be opened up to the ocean as the property is bordered on one side by an undeveloped road allowance. Perfect for the couple or family who want a rural retreat without the big price tag.


#4 ) Address:2636 CAMPBELL AV, Central Abbotsford, Abbotsford

F1227924_1

October 25, 2008 F2830562 $489,000 $0 0%
December 09, 2008 F2830562 removed after 45 days
July 29, 2011 F1119279 $399,000 $-90,000 -18%
December 31, 2011 F1119279 removed after 155 days
November 30, 2012 F1227924 $249,900 $-239,100 -49%
December 28, 2012 F1227924 $239,900 $-249,100 -51%

2012 Assessment: $286,600

“Investor Alert!! Court ordered sale”

Investor Alert!! Court ordered sale. Great property for future development, property has lane access. The house is very old and needs a lot of work.


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

F1214691_1

July 17, 2009 F2908175 $299,000 $0 0%
October 31, 2009 F2908175 $269,000 $-30,000 -10%
September 01, 2010 F2908175 removed after 411 days
March 10, 2012 F1206134 $299,900 $0 0%
April 28, 2012 F1206134 $250,000 $-49,900 -17%
June 04, 2012 F1206134 removed after 86 days
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%
January 01, 2013 F1214691 $137,000 $-162,900 -54%

2012 Assessment: No Assessment

This property is making its way into hall of shame territory with all the appearances in the top spots.   13 price drops in 8 months

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


#2 ) Address:1 NEAVES RD, North Meadows, Pitt Meadows

V983282_1

May 25, 2007 V649153 $2,500,000 $0 0%
November 09, 2007 V649153 $1,900,000 $-600,000 -24%
December 31, 2007 V649153 removed after 220 days
June 29, 2011 V896742 $1,300,000 $-1,200,000 -48%
December 31, 2011 V896742 $1,000,000 $-1,500,000 -60%
January 01, 2013 V896742 removed after 552 days
January 04, 2013 V983282 $1,000,000 $-1,500,000 -60%

2012 Assessment: No Assessment

“CALL RON FOR INFO PACKAGE.”  PLEASE CALL ME.  PLEASE.

35.4 ACRES DESIGNATED AG IN CITY OFFICIAL COMMUNITY PLAN WITH POTENTIAL OF HIGHLAND PORTION TO OBTAIN OCP AMENDMENT TO ALLOW RESIDENTIAL ONE ACRE OR LARGER REDEVELOPMENT. ACCESS POTENTIAL VIA WEST MAPLE RIDGE. AMAZING VIEWS AND SETTING FOR EXECUTIVE ESTATE. CALL RON FOR INFO PACKAGE.


#1 ) Address:13328 SYLVESTER RD, Dewdney/ Deroche, Mission

KONICA MINOLTA DIGITAL CAMERA

November 23, 2007 F2729638 $695,000 $0 0%
April 20, 2008 F2729638 $579,900 $-115,100 -17%
October 01, 2008 F2729638 removed after 313 days
October 11, 2008 F2829453 $595,000 $-100,000 -14%
December 12, 2008 F2829453 $475,000 $-220,000 -32%
October 11, 2009 F2829453 removed after 365 days
October 21, 2009 F2923946 $468,800 $-226,200 -33%
January 08, 2010 F2923946 $399,000 $-296,000 -43%
July 02, 2010 F2923946 removed after 254 days
July 14, 2010 F1019338 $388,800 $-306,200 -44%
November 01, 2010 F1019338 removed after 110 days
November 17, 2010 F1027835 $395,000 $-300,000 -43%
November 11, 2011 F1027835 removed after 359 days
August 03, 2012 F1219902 $249,000 $-446,000 -64%
August 10, 2012 F1219902 $259,000 $-436,000 -63%
November 15, 2012 F1219902 $237,500 $-457,500 -66%
January 05, 2013 F1219902 $224,500 $-470,500 -68%

2012 Assessment: $412,000

“Sign on!!”  Down almost 70%, close to 50% below assessment and listed for sale almost non stop for 5 years…  

As lexlimo noted in the comments, this one is “party treed” and Ookpik noted that these “party trees” are from the Shire:  The Party Tree was a large tree in a field just outside of Hobbiton.  At Bilbo’s “Long Expected Party“, a huge tent was pitched over the Party Tree. However, during the War of the Ring, while occupying the ShireSaruman had it cut down. It was later replaced with the only Mallorn tree outside of Lórien, planted by Sam Gamgee using the dirt and seed given to him by Lady Galadriel.

The interesting thing is that the Party Tree picture from the LOTR wiki looks very similar to the tree in the picture…  What does it all mean?

Fabulous Price!! 9.46 Ac in quiet country setting. Level, party treed, septic installed, drilled well, geotech has been done!! McNabb Creek runs thru property – ready to build now. Sign on!!


 

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10 responses to “The Weekly Drop Suburbs – January 7, 2013

  1. MaxPower January 8, 2013 at 8:56 pm

    I haven’t found it yet, but there has to be a joke in “wet at the bottom, then rises steeply.”

    That is my favourite line from any listing, and it just keeps coming back – or never going away.

  2. howlowcanyougo January 8, 2013 at 8:58 pm

    Properties #1 and #2 on the list. Would these not be good investments at these prices? You would think they would even take a lower offer based on the listing history. What if someone paid cash and had no mortgage ? #2 is basically waterfront on Hatzic Lake. Its no gem of a lake but 8 and 9 acres of anything in even the most depraved LM market has got to be worth these asking prices ? Am I missing something ? A .5 acre lot in 100 Mile House is going for 50k ? What gives.

    Thanks for the great blog observer. I’m a habitual checker of it.

  3. Alexcanuck January 8, 2013 at 9:59 pm

    Apropos to nothing here, but still interesting…
    4361Carson St in Burnaby was featured on your list a few times. It’s a block from where we live so I walk by it often. Realtor sign disappeared one day with no “sold” sticker ever appearing. Still empty, no current listing, weeds starting to pop up.
    Expect to see it again soon.

  4. Lexlimo January 9, 2013 at 1:28 am

    That last one already has party trees, that’s gotta be worth something.

  5. drew January 13, 2013 at 10:27 pm

    9805 Hall St is a court ordered sales with the owner living in the house. The house is not finished inside or out, although it looks good from the street. The owners have a history of living in the house since 2009 and the bank cant get them out. Weird deal.

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