Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Metro Vancouver Detached – January 15, 2013

Here are the 10 detached 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.

4 properties are in Richmond (including the top 3, all owned by the same person), 2 in Burnaby, 2 in North Vancouver, 1 in West Vancouver and 1 in Vancouver West


#10 ) Address:8443 13TH AV, East Burnaby, Burnaby

V984718_1

February 25, 2012 V933528 $1,888,000 $0 0%
April 11, 2012 V933528 $1,500,000 $-388,000 -21%
May 08, 2012 V933528 removed after 73 days
May 11, 2012 V949298 $1,399,000 $-489,000 -26%
September 16, 2012 V949298 removed after 128 days
September 18, 2012 V971963 $1,399,000 $-489,000 -26%
December 19, 2012 V971963 removed after 92 days
January 12, 2013 V984718 $1,399,000 $-489,000 -26%

Current Days on Market: 327 (0.90 years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $1,069,000
2011 Assessment: $1,020,000

Initially listed using the magic 8’s formula for riches and 80% over assessment.  Dropped 26% in 2 and a half months and has been stuck there ever since

This spacious custom built home is not to be missed! The upper level has over 1100 sqft and has 4 bedrooms and 3 bathrooms, while the basement is over 1400 sqft with 3 bedrooms and 2 bathrooms. The main floor is also over 1400 sqft and has a family room, living room, bathroom, dining room, eating nook and kitchen. The kitchen is open concept with rich darker cabinets and granite counters. There are two fireplaces on the main level as well, both gas fuelled. Enjoy the outdoor patio and backyard, complete with a detached two car garage. This home is great for families, with great schools and parks within walking distance.


#9 ) Address:6188 GORDON PL, Buckingham Heights, Burnaby

V984668_1

May 02, 2012 V946948 $2,698,000 $0 0%
June 27, 2012 V946948 $2,498,000 $-200,000 -7%
September 07, 2012 V946948 $2,298,000 $-400,000 -15%
January 04, 2013 V946948 removed after 247 days
January 12, 2013 V984668 $1,998,000 $-700,000 -26%

Current Days on Market: 260 (0.71 years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $1,642,000

“Kitchen appls”, “competely”, “hald”… Needless abbreviations and spelling mistakes on this 2+ million dollar home. On this plus side this place has a “paradise garden.” whatever that means.  “The whole house competely renovation in 2008, and seller spent over hald a million to update the special home.”  wow

Lot 13619 SF in prestigious Buckingham Heights cul-de-sac. Architect designed home, custom built by owner. Featuring: new metal roof, high efficient forced air, heat pump & air condition, new window, flooring & skylights. Kitchen appls etc . . . Good for entertaining with open concept & contemporary set up. Automated sprinkler system with the paradise garden. The whole house competely renovation in 2008, and seller spent over hald a million to update the special home.


#8 ) Address:888 SENTINEL DR, Sentinel Hill, West Vancouver

V984587_1

February 13, 2008 V688486 $6,350,000 $0 0%
April 24, 2008 V688486 $5,975,000 $-375,000 -6%
May 07, 2008 V688486 removed after 84 days
August 29, 2010 V847855 $5,450,000 $-900,000 -14%
August 31, 2010 V847855 removed after 2 days
December 12, 2010 V860897 $5,525,000 $-825,000 -13%
July 23, 2011 V860897 $5,295,000 $-1,055,000 -17%
August 01, 2011 V860897 removed after 232 days
September 09, 2011 V908879 $5,295,000 $-1,055,000 -17%
November 09, 2011 V908879 $4,988,000 $-1,362,000 -21%
December 12, 2011 V908879 removed after 94 days
January 15, 2012 V925630 $5,180,000 $-1,170,000 -18%
April 12, 2012 V925630 removed after 88 days
April 18, 2012 V943984 $4,880,000 $-1,470,000 -23%
September 20, 2012 V943984 $4,680,000 $-1,670,000 -26%
January 01, 2013 V943984 removed after 258 days
January 11, 2013 V984587 $4,680,000 $-1,670,000 -26%

Current Days on Market: 872 (2.39 years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $3,939,000

It would be interesting to know is this place sold for around $6 million back in spring of 2008.  The place is down $1.67 million from the 2008 heights and still almost 20% ABOVE assessment after being listed for almost 2 and a half years

Beautiful home on Sentinel Hill overlooking West Vancouver out to downtown and Mt.Baker. Quality runs throughout the house with great use of marble, granite, hardwood floors, air conditioning and in-floor heating. This 7500 sq.ft. home has a formal layout with an open kitchen/family room and an open living/dining room on the main floor all looking out to the view. Above the main floor are 4 bedrooms, all with views and oversized rooms. The master suite has vaulted ceilings with a “his” master ensuite and a “her” master ensuite. Below the main floor is a sauna, media room, large rec room with fireplace and a nanny/in-law suite with doors out to the pool and patio/cabana.


#7 ) Address:1901 GLENAIRE DR, Pemberton, North Vancouver

V968365_1

August 29, 2012 V968365 $1,050,000 $0 0%
October 30, 2012 V968365 $818,000 $-232,000 -22%
November 20, 2012 V968365 $798,000 $-252,000 -24%
January 12, 2013 V968365 $765,000 $-285,000 -27%

Current Days on Market: 141 (0.39 years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $820,700
2011 Assessment: $784,000

“Rents in this area are quite high if used as a holding property.”  Rents would need to be around $5K/month (153x rent) for this to make sense even at this 27% off price.  Actual rent for a home like this is probably 1/3 of that

Very livable home in this desirable area packed with amenities such as parks, riverside walks, shopping, transit access, new retail plaza & community center coming along with new residential high rise developments & senior facilities. Theselots are viewed as prime for redevelopment to higher density residential uses to compliment the new Village Center practically adjoining this quiet & well treed street. House has real hardwood floors & is in good condition. Rents in this area are quite high if used as a holding property. Perfect for holding or make application immediately for rezoning. Other lots and assembly into large sites available. OCP plans & info available. Call LS for details & other opportunities.


#6 ) Address:3280 W 16TH AV, Arbutus, Vancouver West

V984927_1

January 08, 2012 V924164 $2,188,000 $0 0%
April 19, 2012 V924164 $1,999,900 $-188,100 -9%
June 06, 2012 V924164 $1,859,900 $-328,100 -15%
August 27, 2012 V924164 removed after 232 days
January 13, 2013 V984927 $1,588,000 $-600,000 -27%

Current Days on Market: 375 (1.03 years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $1,551,000
2011 Assessment: $1,638,000

5% drop in assessment for this Arbutus home.  Big price drop on this new listing but probably not enough.  They would have had little issue selling this for a couple of hundred thousand more when they initially listed a year ago

Arbutus 4 bedroom and den family home plus fully developed basement on a 50’x120′ south exposed lot. This bright cozy home was completely rebuilt in 2003. Hardwood floors, wainscotting, gas fireplace and triple car garage. Walking distance to all levels of most desired elementary and high schools, bus transportation, shopping and parks. Just minutes to UBC and downtown. OPEN HOUSE WEDNESDAY 10:30 am – 12:30 pm, Jan 16th


#5 ) Address:10971 ROSECROFT CR, South Arm, Richmond

V923419_1

February 25, 2011 V871566 $1,388,000 $0 0%
March 16, 2011 V871566 $1,288,000 $-100,000 -7%
July 01, 2011 V871566 removed after 126 days
September 30, 2011 V913087 $1,068,000 $-320,000 -23%
November 01, 2011 V913087 $998,000 $-390,000 -28%
January 01, 2012 V913087 removed after 93 days
January 05, 2012 V923419 $998,000 $-390,000 -28%
February 09, 2012 V923419 $928,000 $-460,000 -33%
March 31, 2012 V923419 removed after 86 days
January 12, 2013 V984801 $958,800 $-429,200 -31%

Current Days on Market: 5 (0.01 years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $807,300
2011 Assessment: $973,100

Almost a 20% drop in assessment!  They pulled the listing a year ago and have now listed higher but we all know how this is going to turn out.   This “happy home” is ” loved by the owners” – we’ll see how much love is floating around once this lists at $700K with no offers because that is where it is heading

This happy home sits on a huge 9000 sq ft lot. It has separate access to a 2 bedroom suite that has a kitchen, bathroom & lounge. The location is awesome! It is located in Southarm & is close to Historic Steveston Village, schools, shopping, & is only a 4 minute walk to the bus & Canada Line. This house boasts a newly constructed detached garage & workshop that is 24×24′ with 12 foot ceiling & its own 220 amp sub panel. Come see this home that is loved by the owners.


#4 ) Address:320 TEMPE CR, Upper Lonsdale, North Vancouver

V977720_1

October 02, 2011 V913583 $1,249,000 $0 0%
October 27, 2011 V913583 $1,199,000 $-50,000 -4%
February 13, 2012 V913583 removed after 134 days
October 24, 2012 V977720 $825,000 $-424,000 -34%
January 09, 2013 V977720 $775,000 $-474,000 -38%

Current Days on Market: 85 (0.23 years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $1,186,100

“Built Your Dream Home”…  This owner is getting creative – they subdivided their lot and are moving the existing home over a little bit to make way for a new home.  They initially wanted over the entire assessment value of the existing home and double sized lot for the new lot but have now dropped almost 40%.  Interesting approach if they can sell the lot but I have to think that this is still way overpriced

Built Your Dream Home! This is a terrific building lot 6109 SF in well established Upper Lonsdale neighbourhood. Approximate 4,000 sq ft home potential. Southwest facing with great views of Lions Gate Bridge and City. Existing home on two legal lots being moved to exterior lot and inner lot 99 for sale. Close to great schools, transit, recreation centers, library, and skiing. Services will be provided at the property line.


#3 ) Address:6751 ECKERSLEY RD, Brighouse, Richmond

V985027_1

April 22, 2007 V642662 $880,000 $0 0%
June 11, 2007 V642662 removed after 50 days
March 25, 2010 V817141 $2,920,000 $0 0%
April 29, 2010 V817141 $2,270,000 $-650,000 -22%
May 30, 2010 V817141 removed after 66 days
June 13, 2010 V835215 $1,980,000 $-940,000 -32%
February 01, 2011 V835215 removed after 233 days
March 09, 2011 V874223 $1,950,000 $-970,000 -33%
December 13, 2011 V874223 removed after 279 days
January 13, 2013 V985027 $1,726,000 $-1,194,000 -41%

Current Days on Market: 4 (0.01 years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $1,205,000
2011 Assessment: $1,376,000

#1, #2 and #3 are all owned by the same people.  They initially wanted $8.76 million for their 3 lots for a prorated rate of almost $15 million/acre in Richmond.  Good luck with that.  They have now dropped a combined $3.582 million or 41%.  To add insult to injury, their assessments dropped by 12% this past year!  “Hurry up! Bring your offer!”

Rare available huge lot in prime Richmond Centre! Three potential rezoning 66×132′ lots detached homes (6731×6751 Eckersley, 6740 Cooney) for sale together! This 26,136 sq ft land is capable to build more than 42 units with a total 51,000 sq ft apartments (1-3 bedrooms) townhouses; three homes are currently rented for $4,000/month. Hurry up! Bring your offer!


#2 ) Address:6740 COONEY RD, Brighouse, Richmond

V985024_1

March 25, 2010 V817160 $2,920,000 $0 0%
April 29, 2010 V817160 $2,270,000 $-650,000 -22%
May 30, 2010 V817160 removed after 66 days
June 13, 2010 V836266 $1,980,000 $-940,000 -32%
February 01, 2011 V836266 removed after 233 days
March 09, 2011 V874217 $1,950,000 $-970,000 -33%
December 13, 2011 V874217 removed after 279 days
January 13, 2013 V985024 $1,726,000 $-1,194,000 -41%

Current Days on Market: 4 (0.01 years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $1,290,000
2011 Assessment: $1,461,000

Rare available huge lot in prime Richmond Centre! Three potential rezoning 66×132′ lots detached homes (6731&6751 Eckersley, 6740 Cooney) for sale together! This 26,136 sq ft land is capable to buld more than 42 units with a total 51,000 sq ft apartment (1-3 bedrooms) townhouses; three homes are currently rented for $4,000/month. Hurry up! Bring your offer!


#1 ) Address:6731 ECKERSLEY RD, Brighouse, Richmond

V985007_1

April 22, 2007 V642682 $880,000 $0 0%
April 24, 2007 V642682 $920,000 $0 0%
June 11, 2007 V642682 removed after 50 days
March 21, 2010 V816683 $2,920,000 $0 0%
April 29, 2010 V816683 $2,270,000 $-650,000 -22%
May 30, 2010 V816683 removed after 70 days
June 13, 2010 V836285 $1,980,000 $-940,000 -32%
February 01, 2011 V836285 removed after 233 days
March 09, 2011 V874212 $1,950,000 $-970,000 -33%
December 13, 2011 V874212 removed after 279 days
January 13, 2013 V985007 $1,726,000 $-1,194,000 -41%

Current Days on Market: 4 (0.01 years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $1,290,000
2011 Assessment: $1,461,000

Rare available huge lot in prime Richmond Centre! Three potential rezoning 66×132’t lots detached homes (6731 & 6751 Eckersley, 6740 Cooney) for sale together! This 26,136 sq ft land is capable to build more than 42 units with a total 51,000 sq ft apartments (1-3 bedrooms)/townhomes, three homes are currently rented for $4,000/month. Hurry up! Bring your offer!

12 responses to “The Weekly Drop Metro Vancouver Detached – January 15, 2013

  1. JoeQ January 16, 2013 at 7:26 am

    Panic is setting in

  2. specialfx3000 January 16, 2013 at 8:58 am

    Perhaps in the end, they might get $1,726,000….

    for all 3 of their POS properties.

  3. JR January 16, 2013 at 10:04 am

    When I see homes like 1, 2, 3, and 5 I can’t help but think what you could get for that type of money in some of the nicest parts of Seattle. These are total POS!

  4. West Van Tree Dweller January 16, 2013 at 10:09 am

    Wow – even the assessments on #3, 2, and 1 are insanely high – we have nearly 20k sq ft in West Vancouver and our assessment is only slightly above the value of ONE of those lots!

  5. Real Estate Tsunami January 16, 2013 at 10:26 am

    Wow. Looks like assessments in Richmond are down quite a bit.

  6. gokou3 January 16, 2013 at 11:04 am

    Re #1-3, I have a dissenting view here.. if the listing description is accurate, the lots are selling for $100/SF of buildable space. Add $200/SF for wood frame construction cost and total cost is $300/SF. Sell for $400/SF, pocket $100/SF difference.

    Is my math way out of whack? It may be optimistic to ask for $400/SF in richmond nowadays (let alone 2 years down the road), but the asking price is not as crazy as it seems.

    • an observer January 16, 2013 at 11:26 am

      My 2 cents

      I’m not sure about the details on costs, I’ll assume you are more or less correct but it still comes down to finding a developer who is willing and able to come up with $15-$20 million in loans, pre-sales, internal funding etc… In a market that is going up with no signs of weakness, you can find these people but I doubt there is anyone out there that would buy these with the intention of building townhomes right now.

      If the price gets low enough then you’ll have a new type or buyer who is willing to bet on price appreciation and flip to a developer if/when things improve but they are far from that point right now.

      • Real Estate Tsunami January 16, 2013 at 3:29 pm

        In the Richmond Review, there are still are few rezoning applications for Townhomes on Williams.
        You would think with the glut of unsold inventory, developers would take a breather.

  7. Westcoaster January 16, 2013 at 8:34 pm

    Interesting to have the 2007 listing prices to get some context about just how fast and high prices went — that said, these folks are beyond greedy and delusional!

    They also don’t seem to realize the assessments are lagging by months, and would actually be a lot lower if done today. Anyone serious about selling needs to list significantly below assessed value to even get a viewing. These properties will probably worth 25 to 30% less by the spring, and these people will be asking for even more.

    Also, these realtors don’t even try to make an effort with the listings. #1 proudly lists the fact that the THREE properties (total asking price of $5,178,000) bring in combined rental of $4000, which wouldn’t even cover HALF the mortgage on ONE of the properties. Crazy.

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

    #1 , #2 , #3, I wonder how many fancy cars were bought by tapping into home equity release, on the back of these over inflated priced houses? Haha . Banks on a hiding to nowhere here.

  9. Spelling January 21, 2013 at 6:38 am

    “Kitchen appls”, “competely”, “hald”… Needless abbreviations and spelling mistakes on this 2+ million dollar home. On this plus side this place has a “paradise garden.” whatever that means. ”The whole house competely renovation in 2008, and seller spent over hald a million to update the special home.” wow

    This is hald ironically!

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