Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Metro Vancouver Attached – January 16, 2013

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 AND have dropped the largest percentage overall from their original asking price.

7 listings from Vancouver West!!!  Additionally 2 from Richmond and 1 from Burnaby


#10 ) Address:# 501 1650 BAYSHORE DR, Coal Harbour, Vancouver West

V982693_1

November 03, 2007 V676655 $989,000 $0 0%
January 16, 2008 V676655 removed after 74 days
March 28, 2010 V818178 $1,188,000 $0 0%
June 13, 2010 V818178 $1,088,000 $-100,000 -8%
October 20, 2010 V818178 removed after 206 days
May 19, 2011 V889199 $1,088,000 $-100,000 -8%
January 01, 2012 V889199 removed after 227 days
May 07, 2012 V948144 $999,000 $-189,000 -16%
August 03, 2012 V948144 $948,000 $-240,000 -20%
October 18, 2012 V948144 removed after 164 days
December 15, 2012 V982693 $919,000 $-269,000 -23%
January 16, 2013 V982693 $898,000 $-290,000 -24%

Current Days on Market: 609 (1.67 years)
Current ‘Official’ Days on Market: 1
2012 Assessment: $919,000
2011 Assessment: $938,000

Sold in March 2008 for $950,000 which would leave the owners with a net loss of $105K after commission and taxes over 5 years IF this sells for asking.  It has been listed for 1.67 years yet if it sold today it would be advertised as “SOLD IN 1 DAY!!!”

“Bayshore Gardens” this well kept 2 bedroom unit faces north having Marina view and partial Stanley Park view. Conveniently located near Bayshore Inn Hotel, Marina, Stanley Park, shopping at Robson and Denman Street to enjoy both waterfront living & downtown living. Comes with 24 hour Concierge, fitness room, 2 parkings etc.


#9 ) Address:# 1105 1455 HOWE ST, Yaletown, Vancouver West

V984958_1

January 26, 2007 V627738 $988,000 $0 0%
August 31, 2007 V627738 removed after 217 days
September 29, 2007 V671113 $1,298,000 $0 0%
November 14, 2007 V671113 removed after 46 days
November 17, 2007 V678229 $1,049,000 $-249,000 -19%
November 29, 2007 V678229 $979,000 $-319,000 -25%
December 21, 2007 V678229 removed after 34 days
May 12, 2010 V829129 $998,000 $-300,000 -23%
June 16, 2010 V829129 $938,000 $-360,000 -28%
July 07, 2010 V829129 removed after 56 days
April 17, 2011 V882903 $998,000 $-300,000 -23%
June 02, 2011 V882903 $948,000 $-350,000 -27%
June 07, 2011 V882903 $928,000 $-370,000 -29%
June 20, 2011 V882903 removed after 64 days
January 13, 2013 V984958 $979,000 $-319,000 -25%

Current Days on Market: 4 (0.01 years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $862,000
2011 Assessment: $858,000

Sold in June 2011 for $925,000 which would leave the owners with a net loss of $500 after commission and taxes IF this sells for asking

Luxury SOUTHWEST Water View suite at award winning POMARIA! This 1231 SF 2 bedroom, 2 bath plus den corner home offers sweeping views from False Creek to English Bay. Designed by Rafii Architects with interiors by Robert Ledingham, Pomaria features LEED certified Geothermal heating & cooling, floor to ceiling windows, 9FT ceilings & numerous recent designer upgrades. Gourmet kitchen showcases stainless appliances, Sub Zero fridge, 5 burner gas range, granite counter tops & pantry. Fabulously functional layout with bedrooms & baths cleverly positioned. Fall in love with the King Size Master Suite & newly renovated ensuite spa with frameless glass shower & soaker tub. 1 secure parking, storage locker & 24 HR concierge included.


#8 ) Address:# 205 8760 NO 1 RD, Boyd Park, Richmond

V974863_1

June 04, 2011 V892190 $279,000 $0 0%
August 16, 2011 V892190 $274,800 $-4,200 -2%
February 01, 2012 V892190 removed after 242 days
February 03, 2012 V929355 $265,800 $-13,200 -5%
May 26, 2012 V929355 $259,000 $-20,000 -7%
October 01, 2012 V929355 removed after 241 days
October 04, 2012 V974863 $238,000 $-41,000 -15%
January 15, 2013 V974863 $210,000 $-69,000 -25%

Current Days on Market: 593 (1.62 years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $199,500
2011 Assessment: $243,200

“MIAMI MODEL” – well we all know what happened to real estate in Miami and this unit is doing its part to keep up with its namesake.  Take a look at the assessment, down almost 20% in 1 year!

“APPLE GREENE” SPECIAL & SELDOM AVAILABLE MIAMI MODEL. 2- BEDROOM, 2 BATHROOM CORNER APARTMENT. INSUITE LAUNDRY. EATING SPACE IN THE KITCHEN WITH SLIDING GLASS DOOR TO THEBALCONY. QUIET LOCATION. UNDERCOVER PARKING. INDOOR & OUTDOOR SWIMMING POOLS. SEAFAIR SHOPPING CENTRE ACROSS THE ROAD AND TRANSIT NEARBY.


#7 ) Address:# 2302 535 SMITHE ST, Downtown, Vancouver West

V975712_1

October 31, 2010 V856833 $550,000 $0 0%
February 16, 2011 V856833 removed after 108 days
February 24, 2011 V871239 $499,900 $-50,100 -9%
May 20, 2011 V871239 removed after 85 days
May 26, 2011 V890151 $485,000 $-65,000 -12%
August 21, 2011 V890151 removed after 87 days
September 10, 2011 V909202 $485,000 $-65,000 -12%
January 01, 2012 V909202 removed after 113 days
January 05, 2012 V923416 $469,000 $-81,000 -15%
May 31, 2012 V923416 removed after 147 days
June 06, 2012 V954656 $469,000 $-81,000 -15%
June 07, 2012 V954656 $449,000 $-101,000 -18%
October 01, 2012 V954656 removed after 117 days
October 07, 2012 V975712 $449,000 $-101,000 -18%
January 12, 2013 V975712 $409,000 $-141,000 -26%

Current Days on Market: 809 (2.22 years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $426,000
2011 Assessment: $431,000

Listed since October of 2010!

One bedroom view unit in Dolce, north facing with great, mountain & city view. Hardwood floor throughout living area, stainless appliances such as Electrolux stove & oven, Jenn Air dishwasher, Liebherr fridge, Sharp microwave and Faber fan. Enclosed balcony for your office. Great location, steps to Robson shopping and public transit. A must See!!


#6 ) Address:# 502 1180 HOMER ST, Yaletown, Vancouver West

V984643_1

September 22, 2007 V669816 $1,450,000 $0 0%
January 23, 2008 V669816 $1,390,000 $-60,000 -4%
April 01, 2008 V669816 removed after 192 days
March 02, 2009 V752034 $1,199,900 $-250,100 -17%
July 01, 2009 V752034 $1,149,900 $-300,100 -21%
January 03, 2010 V752034 removed after 307 days
February 20, 2010 V810704 $1,150,000 $-300,000 -21%
March 04, 2010 V810704 removed after 12 days
June 22, 2012 V957982 $1,099,000 $-351,000 -24%
October 31, 2012 V957982 removed after 131 days
January 12, 2013 V984643 $1,050,000 $-400,000 -28%

Current Days on Market: 209 (0.57years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $934,000

Sold in August 2010 for $986,000 which would leave the owners with a net loss of $500 after commission and taxes IF this sells for asking

Also sold in July 2004 for $759,900

This two bedroom and den apartment has an exceptional combination of the best in modern conveniences, set in the warmth and character of an exclusive Heritage Building (McMaster Building.) Additional features that make this show piece home comfortable are: spacious open floor plan, 10′ ceilings, reclaimed fir floors, fabulous kitchen with Bosch appliances, gas cook top, gas fireplace, a large master bedroom with sumptuous ensuite both including a steam shower. Walk to shops and restaurants from this sought after location. Included are two sided by side parking stalls. Special!


#5 ) Address:# 302 1405 W 12TH AV, Fairview, Vancouver West

V975310_1

January 16, 2011 V863682 $429,000 $0 0%
February 15, 2011 V863682 $419,800 $-9,200 -2%
March 22, 2011 V863682 $409,000 $-20,000 -5%
April 20, 2011 V863682 $398,000 $-31,000 -7%
April 22, 2011 V863682 removed after 96 days
April 24, 2011 V884218 $398,000 $-31,000 -7%
May 12, 2011 V884218 removed after 18 days
June 08, 2011 V892811 $388,000 $-41,000 -10%
July 13, 2011 V892811 removed after 35 days
October 05, 2012 V975310 $359,000 $-70,000 -16%
November 21, 2012 V975310 $345,000 $-84,000 -20%
December 12, 2012 V975310 $325,000 $-104,000 -24%
January 16, 2013 V975310 $309,500 $-119,500 -28%

Current Days on Market: 104 (0.28years)
Current ‘Official’ Days on Market: 1
2012 Assessment: $385,000
2011 Assessment: $388,000

Sold in January 2006 for $316,000 which would leave the owners with a net loss of $30K over a period of 7 years after commission and taxes IF this sells for asking.  “Bank foreclosure, selling “as is where is” All offers subjects to court approval. Schedule ‘A” to accompany all offers.”

Bank foreclosure, selling “as is where is” All offers subjects to court approval. Schedule ‘A” to accompany all offers. Spacious and bright one bedroom and den on the SW corner with natural light. Nice hardwood floor in living area, gas fireplace, great closet in bedroom, insuite laundry. Easy to show. Open house, Saturday, November 24th, 2012 from 1-3 PM.


#4 ) Address:# 125 3411 SPRINGFIELD DR, Steveston North, Richmond

V969851_1

March 16, 2011 V875113 $259,000 $0 0%
June 08, 2011 V875113 removed after 84 days
July 02, 2011 V897691 $259,900 $0 0%
September 30, 2011 V897691 removed after 90 days
May 26, 2012 V952576 $258,800 $-1,100 0%
June 23, 2012 V952576 $244,900 $-15,000 -6%
July 12, 2012 V952576 $234,900 $-25,000 -10%
September 05, 2012 V952576 removed after 102 days
September 08, 2012 V969851 $224,000 $-35,900 -14%
October 05, 2012 V969851 $205,000 $-54,900 -21%
November 17, 2012 V969851 $195,000 $-64,900 -25%
January 10, 2013 V969851 $185,000 $-74,900 -29%

Current Days on Market: 236 (0.65years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $251,400
2011 Assessment: $289,400

“Court Order Sale” with assessment down 14% this past year

Court Order Sale – spacious 1345 sqft 3 bdrm corner unit practical layout & space. Open concept living & dining room, enclosed patio. Updated kitchen SS appliances, newer cabinet, tile backsplash & tile flooring. Master bdrm has 2 pc ensuite & walk-in-closet. Well maint complex – building re-piped & painted inside & out, new windows (2010) & new boiler (2011). Amenities include outdoor swimming pool, rooftop patio & guest suites. Great Steveston North location within walking distance to schools, shopping, transit, park, historic Steveston Village & the West Dyke trails.


#3 ) Address:1832 GREER AV, Kitsilano, Vancouver West

V984253_1

September 24, 2011 V912126 $1,140,000 $0 0%
October 31, 2011 V912126 removed after 37 days
November 02, 2011 V918043 $1,140,000 $0 0%
January 27, 2012 V918043 $978,000 $-162,000 -14%
January 30, 2012 V918043 removed after 89 days
February 03, 2012 V929346 $978,000 $-162,000 -14%
February 18, 2012 V929346 $868,000 $-272,000 -24%
May 07, 2012 V929346 removed after 94 days
May 10, 2012 V948952 $799,000 $-341,000 -30%
June 18, 2012 V948952 removed after 39 days
June 22, 2012 V958021 $778,000 $-362,000 -32%
July 27, 2012 V958021 $678,800 $-461,200 -40%
August 17, 2012 V958021 removed after 56 days
November 25, 2012 V981196 $749,900 $-390,100 -34%
January 04, 2013 V981196 removed after 40 days
January 10, 2013 V984253 $749,900 $-390,100 -34%

Current Days on Market: 481 (1.32years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $583,000

Purchased August 14, 2012 for $678,000 and then relisted 3 months later for $71,100 more (works out to about a $28K profit after fees and taxes if it sells for asking).  A 3 month flip attempt!  No chance that this person won’t take a loss, the only question is how aggressive he will get with price drops to try and minimize the losses

As everyone always says, Location, Location, Location! This newer character Triplex is situated in Kits Point, one of Vancouver’s premiere neighborhoods. Beautifully finished featuring American walnut flooring, great spacious open floor plan with nice attention to detailed work. 2 bedrooms with 2 bathroom with great outdoor space, a short stroll to Kits beach, seawall, Granville Island and all the beautiful places around, that we call home! Sharply priced to sell! Contact LS to view.


#2 ) Address:7769 NURSERY ST, Burnaby Lake, Burnaby

V984305_1

May 11, 2011 V887252 $1,223,800 $0 0%
May 16, 2011 V887252 removed after 5 days
March 24, 2012 V939088 $888,900 $-334,900 -27%
April 23, 2012 V939088 removed after 30 days
April 26, 2012 V945517 $799,900 $-423,900 -35%
July 12, 2012 V945517 removed after 77 days
January 10, 2013 V984305 $788,888 $-434,912 -36%

Current Days on Market: 7 (0.02years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $624,800

This Burnaby duples listed for over $1.2 million a year and a half ago, double the current assessment!  They’ve managed to put five 8’s in their price so that should attract a lot of buyers.  I could see this place on this list a couple of years from now down 80% from the peak list price.  It’s a 40 year old duplex in Burnaby right beside Canada Way.  Is this really worth more than $250K in a normal market?

Beautiful newly renovated 1/2 duplex sitting on a large lot 72×164, with 5900 sqft each side. Spacious 2449 sqft of living area is quiet cul-de-sac of Burnaby Lake. Features 3 br up and 2 br down. New kitchen with granite counter tops, new flooring, paint. New windows, newer roof, new appliances, moldings throughout. Shows like new house. Back lane access with lots of parking. Close to amenities. Functional floor plan, shared laundry. You will not be disappointed.


#1 ) Address:# 2602 1011 W CORDOVA ST, Coal Harbour, Vancouver West

V971677_1

March 12, 2010 V814654 $3,888,000 $0 0%
April 30, 2010 V814654 $3,288,000 $-600,000 -15%
September 08, 2010 V814654 removed after 180 days
February 02, 2012 V928810 $2,690,000 $-1,198,000 -31%
June 27, 2012 V928810 $2,490,000 $-1,398,000 -36%
August 07, 2012 V928810 removed after 187 days
September 15, 2012 V971677 $2,488,000 $-1,400,000 -36%
January 16, 2013 V971677 $2,298,000 $-1,590,000 -41%

Current Days on Market: 350 (0.96years)
Current ‘Official’ Days on Market: 1
2012 Assessment: $2,405,000
2011 Assessment: $2,354,000

Nice try on the $3.888 million price back in 2010!  They are down 41% and almost $1.6 million but it is still listed at over $1200/sqft.  Apparently that makes it “PRICED TO SELL!”

BEST PRICE 2 BDRM WATERFRONT VIEW residence situated at the Fairmont Pacific Rim Estate levels. Offering approximately 1870 SQFT of luxurious living space on 1 spacious level, this premium Northeast view residence offers some of the most stunning views in Coal Harbour waterfront. Spacious well designed open floor plan with no wasted space perfect for entertaining guests with great water & mountain views and a fabulous 333 SQFT DECK (not offered on all 02 plans)! This unit is 70 sqft bigger than most other 02 plans. Unsurpassed quality craftsmanship and details are evident throughout with features like Boffi Italian kitchen, professional series appliance package and much more. Info & floor plan on agents website. PRICED TO SELL!

23 responses to “The Weekly Drop Metro Vancouver Attached – January 16, 2013

  1. Mac January 16, 2013 at 11:23 pm

    Looks like you’ve captured the city’s most delusional sellers. I would love to see you do a post on true attached: duplexes, townhouses and God forbid those closest to the dumpster in the alleyways–the coach house.

    Thanks.

  2. gokou3 January 17, 2013 at 12:15 am

    Re #7

    This unit in the Dolce building is selling for a seemingly crazy $780/SF, but if I remember correctly the developer actually sold it for $1k/SF. Can someone confirm?

  3. Tyler January 17, 2013 at 1:21 am

    #10 That unit on Bayshore drive has a monthly maintenance fee of over $600 a month. No wonder it’s not selling that’s almost like half a mortgage payment in itself. They will have to sell at 30% less than asking to make up for such a high maintenance fee.

  4. mike January 17, 2013 at 1:29 am

    i like how u put when the properties sold. im curious tho do u know this information for sure? or are u guessing.

    • an observer January 17, 2013 at 1:36 am

      Hi, if I have a date and sell price in the description then I know for sure that it was sold. I have some info on any listing that sold between January and October 2012, some sales from January to October 2011, and some downtown apartment sales from any year.

      Note, if there is no sold information on a listing that definitely does not mean that it did not sell – it just means that I don’t know about it which is the case most of the time except in the examples I listed above

  5. Nelson January 17, 2013 at 2:00 am

    Can’t wait for January 2013 stats, and the Real estate Board comments, should be a laugh.

  6. JoeQ January 17, 2013 at 6:25 am

    You should seriously start a business packaging up this data

    Take all standing housing inventory – not just what listed in the week, and give buyers a full spreadsheet with a weekly snapshot into the price change history of all properties for sale. I’d pay a fortune for it if I was buying – so valuable.

    Thanks for doing this.

    • an observer January 17, 2013 at 9:16 am

      Your realtor should be able to do something like this for you. This site will never have a paid for service of any kind and I need to ensure that I don’t step over any grey area in terms of the type of information I provide because ultimately my goal is to keep on doing this without having someone trying to shut me down!

    • Loon January 17, 2013 at 11:35 am

      Don’t give him ideas 😉

  7. RFM January 17, 2013 at 9:49 am

    I looked at the posted photos for all 10 listings and noticed this:
    #10 – Staged (vacant)
    #9 – Staged (vacant)
    #8 – Vacant
    #7 – Vacant
    #6 – Occupied
    #5 – Vacant
    #4 – Vacant
    #3 – Vacant
    #2 – Vacant
    #1 – Vacant

    Pretty soon someone will get desperate and set a new low-price bar and then everyone will have to match that.

    • an observer January 17, 2013 at 10:13 am

      I’d say that low bars are being set all over the place but many people just refuse to believe or acknowledge it. In the US it wasn’t until about 12 to 15 months of drops where things really went south. I figure we’re in the same boat – another 4 or 5 months of this and then reality will likely set in and things will get ugly by the summer.

      • bullwhip29 January 17, 2013 at 11:10 am

        For a sneak preview of things to come, take a look at what happened in Whistler. The big unknown right now is WHEN this will occur. You never know, this tug-o-war could last for more than just a few months. We’ll see what happens…

    • Real Estate Tsunami January 17, 2013 at 10:33 am

      Looks like they are all “Vacation Homes”.
      These speculators will be burned to a crisp.

  8. RFM January 17, 2013 at 10:03 am

    I have just posted my Thoughts on Pricing Property in a Declining Market at:

    http://vancouverpeak.com/Thread-Thoughts-on-Pricing-Property-in-a-Declining-Market

  9. bullwhip29 January 17, 2013 at 10:51 am

    1) Only $1200/ sq ft and $1200/mo for maintenance. 3 yr Olympic anniversary is coming up. Investors in properties such as this should have been paying closer attention to what was going down with high end RE in Whistler. The fact that three Fairmont Hotels exist within a 1 mile radius was probably a WAVIN’ red flag too (everyone sing along now…)

    2) This listing is for 1/2 duplex. Maybe the whole property was listed for $1.2M in 2011?

    3) Perhaps this agent, Ray Soo, will wind up selling this t/h twice within a matter of months? I wonder if he’ll set a record by doing so? Then again, maybe something funny is going on here?

    4) Bldg is old and probably not built to last another 30 yrs. I guess we will find out more as the deadline for depreciation report completion nears. Priced 26% BELOW assessment.

    5) Price isn’t completely over the top given the neighborhood. Due to age etc, a more thorough review is a must.

    6) Over $1000/mo for maintenance and prop taxes. Special! No wonder current owners did an about face after less than 2 yrs.

    7) Another pre-sale flip attempt gone bad. Is this owner thinking of keeping the parking spot too? If I were this person, I’d get a move on before the 53rd floor of Telus Gardens is complete.

    8) Same as #4 above, but priced ABOVE assessment.

    9) I think this is the kind of situation we are going to see a lot of. Bought pre 2008 market crash, now trying to get it off the books some 6 yrs later without taking a loss. Couldn’t sell this for $979k when financial markets were at their peak in fall 2007. Now unit is relisted at same price in hopes someone out there believes things are better now or has completely forgotten what happened in recent years. Good luck.

    10) Nice place. If this can’t sell for $750/sq ft, what does that tell you? What are all the other sellers of condos (with pie in the sky valuations) smoking?

  10. Ray January 17, 2013 at 1:53 pm

    Does the “Official” DOM really reset with every single price change? Surely you’d think they would leave the counter going for the life of the current MLS number. What a useless piece of information for them to provide (if that’s the case). I liked the suggestion today that knowing the attached property’s maintenance fee certainly gives you a feel for how horribly it is managed and likely why a lot of these properties sit on the market for years. Who the hell wants a property with a $600+ monthly nut, forever? Isn’t the maintenance fee something in the scrape?

    • an observer January 17, 2013 at 2:04 pm

      No, thanks for catching that. It resets on MLS # changes

    • Alexcanuck January 17, 2013 at 6:28 pm

      In BC, many strata fees are set too low, as a sales tool. There is no hard requirement for a healthy contingency fund to build over the years, hence ensuring big special assessments when the big-ticket repairs finally come up. (Not if, when!)
      Few buyers have any intention of still being there 10 or 20 years from now when TSHTF, and a low strata fee helps to sell condos.
      As I understand the soon-to-take-effect new regulations, there still will be no requirement to build a contingency fund, you just have to inform the owners of how much over actual operating expenses they should be paying, and even that can be skipped with a 75% vote.
      I could be wrong on that, anyone have a better explanation?
      Some jurisdictions do require a contingency to build from day one, and much higher strata fees as a result. I believe that’s the case in Toronto, but again I’m no expert in strata law.

      IMHO, it is horrible management to NOT set fees high enough in the beginning to build up a contingency fund, because big-ticket repairs WILL come around!

  11. James January 17, 2013 at 10:14 pm

    I noticed the mls listings numbers started around v984 in January and only half a month has passes and I’ve seen v985+. Lots of listings flooding the market. Let’s see how the listings to sales graph looks like next month.

  12. chibidani January 17, 2013 at 11:16 pm

    I just spent over an hour looking at your postings from the last month. That’s a lot of information that I thank you for compiling. I am interested to see what these numbers will look like in 6 months!

  13. Jonnie January 18, 2013 at 8:12 am

    Great research. How about a “special” , ” Million dollar properties post July 2012 CHMC bank insurance cap” That would be interesting and might show how government policy may or may not affect the market.

  14. kelly January 18, 2013 at 2:04 pm

    If anyone has BC Online account, it will show the amount of mortgage(s) registered against each property. Do an interesting analysis of price drop in relation to debt owed.

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