Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Suburbs – January 14, 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 AND have dropped the largest percentage overall from their original asking price.


#10 ) Address:# 217 33545 RAINBOW AV, Central Abbotsford, Abbotsford

F1300564_1

January 12, 2008 F2800868 $299,900 $0 0%
February 13, 2008 F2800868 $289,900 $-10,000 -3%
May 01, 2008 F2800868 removed after 110 days
April 25, 2009 F2908757 $259,900 $-40,000 -13%
October 01, 2009 F2908757 removed after 159 days
April 10, 2010 F1009487 $245,000 $-54,900 -18%
July 05, 2010 F1009487 removed after 86 days
April 20, 2012 F1209808 $219,900 $-80,000 -27%
July 21, 2012 F1209808 $209,900 $-90,000 -30%
January 01, 2013 F1209808 removed after 256 days
January 11, 2013 F1300564 $199,800 $-100,100 -33%

Current Days on Market: 269 (0.74 years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $192,000

Incredible, this place is 6 years old and yet “never been occupied”.  That’s probably close to $30K in condo fees and property tax, a few thousand dollars a year in opportunity cost on the down payment plus a horrendous drop in price.

Brand new, never been occupied Tempo @ Marshall/McCallum. Great location, close to hospital, freeway, University, recreation center, rentals ok. Will present any reasonable offers.


#9 ) Address:32600 BOBCAT DR, Mission BC, Mission

F1300777_1

September 07, 2011 F1122311 $319,000 $0 0%
October 07, 2011 F1122311 $299,000 $-20,000 -6%
November 16, 2011 F1122311 $289,000 $-30,000 -9%
January 27, 2012 F1122311 $284,000 $-35,000 -11%
March 01, 2012 F1122311 $250,000 $-69,000 -22%
October 05, 2012 F1122311 removed after 394 days
October 06, 2012 F1224897 $231,900 $-87,100 -27%
November 01, 2012 F1224897 $224,900 $-94,100 -29%
December 05, 2012 F1224897 $217,900 $-101,100 -32%
January 02, 2013 F1224897 removed after 88 days
January 13, 2013 F1300777 $211,900 $-107,100 -34%

Current Days on Market: 495 (1.36 years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $286,000
2011 Assessment: $285,000

Bobcat has been featured a number of times and still opens with “Come for the views, stay for the equity”.  False advertising anybody?  This one is now over 25% BELOW assessment

Come for the views, stay for the equity. Great fixer upper on a quiet street, yet only minutes to town. 3 bedrooms and 2 bathrooms on a large lot with views of the valley below. Home needs some TLC but is priced accordingly. Don’t miss your chance, view today!


#8 ) Address:16580 104TH AV, Fraser Heights, North Surrey

F1300688_1

May 17, 2008 F2814186 $1,975,000 $0 0%
August 07, 2008 F2814186 removed after 82 days
May 15, 2012 F1212689 $1,379,000 $-596,000 -30%
July 14, 2012 F1212689 $1,299,000 $-676,000 -34%
December 31, 2012 F1212689 removed after 230 days
January 12, 2013 F1300688 $1,249,000 $-726,000 -37%

Current Days on Market: 244 (0.67 years)
Current ‘Official’ Days on Market: 3
2012 Assessment: $911,800
2011 Assessment: $905,100

1.2 Acre development property in the heart of Fraser Heights, most recently operated as a garden nursery. 2438 SF bsmt entry, 3 BR older home with several greenhouses and outbuildings. Value mainly in the land. Close to Pacific Academy & all levels of schools. Call for more details on this excellent investment opportunity.


#7 ) Address:5848 175TH ST, Cloverdale BC, Cloverdale

F1300509_1

February 25, 2012 F1204886 $1,600,000 $0 0%
April 04, 2012 F1204886 $1,100,000 $-500,000 -31%
June 23, 2012 F1204886 $999,900 $-600,100 -38%
January 01, 2013 F1204886 removed after 311 days
January 10, 2013 F1300509 $999,900 $-600,100 -38%

Current Days on Market: 324 (0.89 years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $547,000
2011 Assessment: $506,100

” prime location – downtown Cloverdale.” – this may be the first time these two statements have ever been made in the same sentence.  Relisted at the previous failed price

Future Development – Multi Family potential in prime location – downtown Cloverdale. 15,046 sqft lot – all fenced. Could be a great rental while checking with city for zoning particulars. Close to transport & schools.


#6 ) Address:6177 272ND ST, County Line/Glen Valley, Langley

OLYMPUS DIGITAL CAMERA

September 25, 2009 F2921638 $5,000,000 $0 0%
March 01, 2010 F2921638 removed after 157 days
May 02, 2010 F1012157 $5,000,000 $0 0%
November 01, 2010 F1012157 removed after 183 days
September 25, 2011 F1124062 $3,895,000 $-1,105,000 -22%
February 04, 2012 F1124062 $3,495,000 $-1,505,000 -30%
January 09, 2013 F1124062 $3,095,000 $-1,905,000 -38%

Current Days on Market: 477 (1.31 years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $2,323,000

“The prettiest available today” and now down almost $2 million

64 acres with 1500 ft. frontage and 2 road frontage, 3800 sq.ft. custom built home. Large detached workshop/studio. The prettiest available today with rolling pastures. Fenced and crossed fenced.


#5 ) Address:# 212 33960 OLD YALE RD, Central Abbotsford, Abbotsford

F1210943_1

March 13, 2007 F2704662 $212,700 $0 0%
May 04, 2007 F2704662 $207,700 $-5,000 -2%
August 22, 2007 F2704662 removed after 162 days
November 10, 2010 F1027460 $168,700 $-44,000 -21%
March 22, 2011 F1027460 $162,700 $-50,000 -24%
March 31, 2011 F1027460 removed after 141 days
November 11, 2011 F1127571 $169,900 $-42,800 -20%
April 27, 2012 F1127571 removed after 168 days
April 28, 2012 F1210943 $159,000 $-53,700 -25%
June 26, 2012 F1210943 $149,000 $-63,700 -30%
August 29, 2012 F1210943 $144,000 $-68,700 -32%
October 25, 2012 F1210943 $139,000 $-73,700 -35%
January 10, 2013 F1210943 $129,000 $-83,700 -39%

Current Days on Market: 430 (1.18 years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $158,500

“Great investment!!” Really?  Care to share the math?

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


#4 ) Address:2507 LEHMAN RD, Roberts Creek, Sunshine Coast

V980343_1

March 09, 2012 V929382 $399,000 $0 0%
July 13, 2012 V929382 removed after 126 days
July 15, 2012 V962228 $329,900 $-69,100 -17%
August 11, 2012 V962228 $317,900 $-81,100 -20%
September 12, 2012 V962228 $305,000 $-94,000 -24%
October 13, 2012 V962228 removed after 90 days
November 16, 2012 V980343 $269,990 $-129,010 -32%
December 14, 2012 V980343 $250,000 $-149,000 -37%
January 09, 2013 V980343 $240,000 $-159,000 -40%

Current Days on Market: 311 (0.85 years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $324,700
2011 Assessment: $340,700

Handyman Special. Hobby farm of 4.6 acres in Roberts Creek. This property has a barn and numerous outbuildings. This home needs love and attention, offers a fabulous opportunity for the right buyer. Riding ring and fenced paddocks…bring your horses.


#3 ) Address:32930 CARDINAL ST, Steelhead, Mission

F1300674_1

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%
January 10, 2013 F1228837 removed after 21 days
January 12, 2013 F1300674 $475,000 $-374,000 -44%

Current Days on Market: 25 (0.07 years)
Current ‘Official’ Days on Market: 3
2012 Assessment: $572,000

“All offers subject to Court approval.”  This property was pulled after 21 days just to be relisted $74K lower and is now down 44% from 2010 asking prices

Steelhead community association is next door to this 4.5 acre property, giving it a rural community setting. With a year round creek running right by one of the two homes there is much to enjoy. Older home on Cardinal St. needing some upgrades, is considered to be the principle residence. Measurement detail is for the 2nd residence which is a newer, 1784 sq. ft., double wide trailer, nicely situated on the property with separate access off Dewdney Trunk Rd. There are several out buildings near the older home that look like they could be brought back to life. The 4.5 acres is partially cleared. Great property for two families with room to be separate yet together. All offers subject to Court approval.


#2 ) Address:14120 TRITES RD, Panorama Ridge, Surrey

F1220063-14120-TRITES-2

February 12, 2012 F1203674 $1,980,000 $0 0%
March 22, 2012 F1203674 removed after 39 days
March 23, 2012 F1207274 $1,189,900 $-790,100 -40%
June 23, 2012 F1207274 $1,139,000 $-841,000 -42%
August 02, 2012 F1207274 removed after 132 days
August 04, 2012 F1220063 $1,089,000 $-891,000 -45%
September 27, 2012 F1220063 $1,039,000 $-941,000 -48%
November 17, 2012 F1220063 $999,000 $-981,000 -50%
December 31, 2012 F1220063 removed after 149 days
January 13, 2013 F1300826 $949,000 $-1,031,000 -52%

Current Days on Market: 337 (0.92 years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $1,003,000
2011 Assessment: $1,017,000

Trites is another property that has been features numerous times.  The $1.98 million feels like it must be a typo but it was listed at that price for almost 6 weeks!

PANORAMA RIDGE – Private Estate – 5191 SQFT, 1.41 ACRE – 2 Storey w/Basement. Great STREET APPEAL. Situated on a very private, treed road. Spacious floor plan with 20′ vaulted ceilings in both family & living room (features grand stone fireplace), hardwood & tile flooring througout main. Large ‘gourmet’ kitchen + additional spice kitchen & large W/I pantry. Up – Large Master with private patio, full ensuite & soaker tub, an additional 4 oversized bedrooms are also located upstairs. Down – is currently partially finished, potential for optional media/recreation and/or gym. Back – features a very private view of the valley + densely treed location. Call now to arrange a viewing. * PREC – Personal Real Estate Corporation


#1 ) 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%
January 09, 2013 F1214691 $132,000 $-167,900 -56%

Current Days on Market: 310 (0.85 years)
Current ‘Official’ Days on Market: 6
2012 Assessment: No Assessment

#1 yet again… “Not subdividable. No driveway, property begins at the end of the street. It is wet at the bottom, then rises steeply up the mountain.” Bonus points for honesty.  14th price drop 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

Advertisements

9 responses to “The Weekly Drop Suburbs – January 14, 2013

  1. kelly January 15, 2013 at 12:55 am

    #1 – Suggestion Box – you need to pay someone to take it off your hands. Why would anyone have use for this? To pay property tax?

    • Ray January 15, 2013 at 1:13 am

      I second this. Further, if we know he’s going to drop the price -$4K to -$5K every 3 to 4 weeks, why wouldn’t we wait and see the next price? Then 4 weeks from now, repeat.

  2. JR January 15, 2013 at 12:59 am

    I drove through the Albion/Kanaka Creek part of Maple Ridge on Sunday. A lot more For Sale signs. It seems every intersection has a huge sign advertising some new development, all “40% Sold!!!”. Do you ever wonder about that, does anyone buy into a development because other people who they don’t know did? I’m a little surprised there aren’t more properties from Maple Ridge on this list, but it’s possible it’s acting as a refuge for people priced closer to the Vancouver core for the time being.

    • Brian January 15, 2013 at 1:01 pm

      It’s an advertising gimmick. Frequently, it’s a holding company for the developer or insiders who buy. MC2 in Vancouver was bought by a lot of insiders. My townhouse complex was sold out initially but half was bought by the developer and still on the market, over one year after completion.

      • Real Estate Tsunami January 15, 2013 at 2:40 pm

        I know it’s a shell game.
        That’s why I’m happy that the RE market is finally dropping, and these sleazy developers will end up holding the bag

  3. tony January 15, 2013 at 1:36 pm

    can you look at this property 6080 marine dr. burnaby was sold 9 months ago for 970,000 now asking 1.350.000

    • an observer January 15, 2013 at 1:54 pm

      Looks like they bought the lot for $970K and built a new home. Originally listed at $1.849 million in October and now down to $1.35 million as of November 3… 4 price drops for $500K and 27% in just a month after listing it. These builders are going to get killed on this property

  4. Jonnie January 16, 2013 at 12:00 am

    Surely its the expensive suburbs that need your brilliant research . Properties in the low hundreds of thousands should sell over time. But since the Ottawa led CMHC mortgage guarantee cap in July 2012, it must be drastically affecting the ability to obtain mortgages on $1 million + homes. That’s covering most detached homes in Vancouver and its high end suburbs, is it not?

  5. MaxPower January 17, 2013 at 12:41 am

    “wet at the bottom, then rises steeply up the mountain”

    Honestly, I never get tired of that.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: