Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Suburbs – January 21, 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:32645 RICHARDS AV, Mission BC, Mission

F1301374_1

July 22, 2010 F1019955 $824,900 $0 0%
August 25, 2010 F1019955 $749,000 $-75,900 -9%
September 21, 2010 F1019955 $699,000 $-125,900 -15%
November 06, 2010 F1019955 $649,900 $-175,000 -21%
January 25, 2011 F1019955 $599,900 $-225,000 -27%
May 03, 2011 F1019955 $629,900 $-195,000 -24%
June 22, 2011 F1019955 removed after 335 days
April 09, 2012 F1208602 $629,000 $-195,900 -24%
June 28, 2012 F1208602 $585,000 $-239,900 -29%
August 31, 2012 F1208602 removed after 144 days
September 15, 2012 F1222988 $549,900 $-275,000 -33%
January 18, 2013 F1222988 removed after 125 days
January 20, 2013 F1301374 $499,000 $-325,900 -40%

Current Days on Market: 288 (0.79years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $581,000

Tim Neufeld’s descriptions have been featured in the weekly drop before – maybe that’s a sign the shtick isn’t working?  “BETTER THAN HOT CHOCOLATE WITH WHIPPED CREAM”,  “The barn is suitable for critters”, “The fair condition home”, “If you have your own Realtor please view with them, but otherwise give us a call” – that’s a new one

BETTER THAN HOT CHOCOLATE WITH WHIPPED CREAM is this 7.84 potentially-subdividable south-facing acres in a popular area! An open & bright property, the split-entry home is set well back from the road. There’s a carport, storage shed, and across the creek over a land bridge and past the pond is a large pole barn with half mezz. The barn is suitable for critters, or to finish into a workshop. The fair condition home has been partially renovated on the main, with fresh paint, new laminate flooring and other touches. Three bedrooms up, bright kitchen and dining area, access to the sundeck. The living room has a floor to ceiling brick-backed wood burning fireplace. The recroom down has the same, except with a wood burning insert for wood stove effect. Just needs flooring and a few other touches down. Roughed in bath, bedroom, den, laundry, recroom and more. If you have your own Realtor please view with them, but otherwise give us a call. * PREC – Personal Real Estate Corporation


#9 ) Address:33408 CLAYBURN RD, Matsqui, Abbotsford

F1301378_1

March 23, 2007 F2706965 $929,000 $0 0%
October 01, 2007 F2706965 removed after 192 days
October 24, 2007 F2727374 $835,900 $-93,100 -10%
January 22, 2008 F2727374 removed after 90 days
January 26, 2008 F2802116 $835,000 $-94,000 -10%
July 22, 2008 F2802116 removed after 178 days
January 18, 2011 F1101164 $739,000 $-190,000 -20%
February 25, 2011 F1101164 $729,000 $-200,000 -22%
July 09, 2011 F1101164 $679,000 $-250,000 -27%
August 24, 2011 F1101164 removed after 218 days
August 25, 2011 F1121361 $579,000 $-350,000 -38%
September 30, 2011 F1121361 $549,000 $-380,000 -41%
November 17, 2011 F1121361 $519,000 $-410,000 -44%
December 13, 2011 F1121361 removed after 110 days
January 20, 2013 F1301378 $559,000 $-370,000 -40%

Current Days on Market: 2 (0.01years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $474,800

It’s not “seperate”, it’s “separate”…  This is newly listed and at above the previous list price from November of 2011 but still well short of 2007 list prices

Fully renovated rancher on .93 acres in the beautiful Matsqui area of Abbotsford. This great family home features a large living room with updated laminate flooring, bright and sunny kitchen with stainless steel appliances. Spacious master suite with private ensuite including a jetted soaker tub, seperate shower, sauna & 2 sided gas fireplace. 3 Additional good sized bedrooms and a full washroom complete this spacious layout. This home is located in a quiet, private setting, yet just minutes to all amenities and the Abbotsford-Mission Hwy. Bonus 2 storey 40×40 shop with seperate power and gas features a wet bar, washroom, rec room and plenty of room to store your toys.


#8) Address:# 302 3071 GLEN DR, North Coquitlam, Coquitlam

V977345_1

October 05, 2006 V600233 $438,000 $0 0%
October 11, 2006 V600233 removed after 6 days
April 20, 2008 V702371 $499,000 $0 0%
June 18, 2008 V702371 removed after 59 days
July 11, 2008 V721721 $519,900 $0 0%
August 05, 2008 V721721 removed after 25 days
October 20, 2012 V977345 $344,900 $-175,000 -34%
December 01, 2012 V977345 $324,900 $-195,000 -38%
January 19, 2013 V977345 $309,900 $-210,000 -40%

Current Days on Market: 94 (0.26years)
Current ‘Official’ Days on Market: 94
2012 Assessment: $346,500

“Court ordered sale. Subject to court approval. Sold as is.”

Large 3 bedroom + den unit at the heart of Coquitlam Center. Court ordered sale. Subject to court approval. Sold as is.


#7 ) Address:19618 24TH AV, Brookswood, Langley

F1301386_1

January 12, 2007 F2700510 $949,900 $0 0%
February 25, 2007 F2700510 $899,000 $-50,900 -5%
March 22, 2007 F2700510 $849,000 $-100,900 -11%
May 01, 2007 F2700510 removed after 109 days
May 11, 2007 F2711849 $799,000 $-150,900 -16%
June 28, 2007 F2711849 $749,000 $-200,900 -21%
August 24, 2007 F2711849 $699,000 $-250,900 -26%
December 31, 2007 F2711849 removed after 234 days
July 11, 2009 F2915324 $649,000 $-300,900 -32%
December 31, 2009 F2915324 removed after 173 days
October 23, 2010 F1026375 $649,000 $-300,900 -32%
December 03, 2010 F1026375 $624,900 $-325,000 -34%
April 01, 2011 F1026375 $599,900 $-350,000 -37%
October 31, 2011 F1026375 removed after 373 days
November 11, 2011 F1127506 $599,900 $-350,000 -37%
August 04, 2012 F1127506 removed after 267 days
January 20, 2013 F1301386 $559,000 $-390,900 -41%

Current Days on Market: 822 (2.25years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $817,600

This property which is essentially a tear down is now down 41% from 2007 list prices and over 30% BELOW assessment

Prime property for building your dream home – 2.16 acres in Brookswood/Fernridge area. Private treed lot with creek running through the east side of the property. House has little value. * PREC – Personal Real Estate Corporation


#6 ) Address:274 RUPERT ST, Hope Center, Hope and Region

h1204081_1

March 09, 2012 H1104578 $469,000 $0 0%
April 09, 2012 H1104578 $489,000 $0 0%
May 17, 2012 H1104578 removed after 69 days
May 19, 2012 H1202138 $439,000 $-50,000 -10%
June 09, 2012 H1202138 $419,000 $-70,000 -14%
June 26, 2012 H1202138 $409,000 $-80,000 -16%
July 14, 2012 H1202138 $399,000 $-90,000 -18%
July 24, 2012 H1202138 $379,000 $-110,000 -22%
August 17, 2012 H1202138 removed after 90 days
October 12, 2012 H1204081 $319,900 $-169,100 -35%
October 23, 2012 H1204081 $309,900 $-179,100 -37%
November 01, 2012 H1204081 $299,900 $-189,100 -39%
December 06, 2012 H1204081 $289,900 $-199,100 -41%
January 16, 2013 H1204081 $279,900 $-209,100 -43%

Current Days on Market: 319 (0.87years)
Current ‘Official’ Days on Market: 101
2012 Assessment: $444,000
2011 Assessment: $455,000

Down 43% in 9 months and is now close to 40% BELOW assessment

Great location in Hope, set on treed lot with waterfront views of Fraser. A fisherman’s dream home. Conveniently located close to boat launch. This is a unique home with over 3000 sq.ft., 5 bedrooms, rec room and games room. Lots of windows to take in the scenic views. Brand new roof. Interior could use some updating but has great potential. Needs some updating, but lots of potential. Central to shopping. * PREC – Personal Real Estate Corporation


#5 ) Address:# 402 15164 PROSPECT AV, White Rock, White Rock

F1227769_1

June 21, 2008 F2818600 $1,590,000 $0 0%
December 20, 2008 F2818600 removed after 182 days
February 27, 2009 F2903896 $1,275,000 $-315,000 -20%
August 18, 2009 F2903896 $1,175,000 $-415,000 -26%
January 03, 2010 F2903896 removed after 310 days
January 08, 2010 F1000373 $1,175,000 $-415,000 -26%
May 30, 2010 F1000373 removed after 142 days
April 14, 2011 F1109675 $1,249,000 $-341,000 -21%
June 03, 2011 F1109675 $1,179,000 $-411,000 -26%
September 29, 2011 F1109675 removed after 168 days
October 01, 2011 F1124483 $1,129,000 $-461,000 -29%
March 31, 2012 F1124483 removed after 182 days
August 21, 2012 F1221152 $927,900 $-662,100 -42%
September 21, 2012 F1221152 $911,900 $-678,100 -43%
October 24, 2012 F1221152 $889,900 $-700,100 -44%
November 15, 2012 F1221152 removed after 86 days
November 22, 2012 F1227769 $879,900 $-710,100 -45%
December 13, 2012 F1227769 $867,900 $-722,100 -45%
January 18, 2013 F1227769 $842,900 $-747,100 -47%

Current Days on Market: 649 (1.78years)
Current ‘Official’ Days on Market: 69
2012 Assessment: $1,029,000
2011 Assessment: $1,052,000

This property has been listed for almost 2 years and is now 47% off the peak listing price from 2008 and close to 20% BELOW assessment

Waterford Penthouse! An opportunity to enjoy south facing ocean view from this one of a kind 2000 + sqft, 3 bedroom/3 bath + den unit in concrete & steel framed condo. Bright & spacious open design featuring hardwood floors, kitchen custom stained cabinets, center work island, stainless steel appliances, granite counters, 2 fireplaces, 3 balconies affords views of Mt.Baker and ocean. Economical heating + A/C with individual heat pump, 2 parking + locker. Conveniently located, close to shops and transit. A perfect place to call home.


#4 ) Address:225 ALPINE DR, Anmore, Port Moody

V985529_1

December 07, 2007 V680460 $3,998,000 $0 0%
December 11, 2007 V680460 $3,500,000 $-498,000 -12%
June 10, 2008 V680460 $2,900,000 $-1,098,000 -27%
January 13, 2009 V680460 removed after 403 days
January 17, 2009 V748792 $2,800,000 $-1,198,000 -30%
June 03, 2009 V748792 removed after 137 days
June 05, 2009 V770143 $2,800,000 $-1,198,000 -30%
January 03, 2010 V770143 removed after 212 days
January 08, 2010 V802723 $2,800,000 $-1,198,000 -30%
January 01, 2011 V802723 removed after 358 days
January 12, 2011 V862941 $2,700,000 $-1,298,000 -32%
June 08, 2011 V862941 removed after 147 days
June 12, 2011 V894069 $2,450,000 $-1,548,000 -39%
December 09, 2011 V894069 removed after 180 days
December 14, 2011 V922304 $2,450,000 $-1,548,000 -39%
March 06, 2012 V922304 $2,248,000 $-1,750,000 -44%
December 11, 2012 V922304 removed after 363 days
January 17, 2013 V985529 $2,100,000 $-1,898,000 -47%

Current Days on Market: 1873 (5.13years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $2,243,000
2011 Assessment: $2,235,000

Anmore has a lot of beautiful homes but unfortunately for the sellers only 2 homes sold for $2 million or higher in all of 2012 and there is a lot of current inventory and shadow inventory in this range.  This home has dropped almost 50% in its asking price and has been listed for over 5 years!!!  47% is a huge price drop but consider that it finally listed for below assessment just this past week…

Stunning luxury estate on private 1 acre lot is designed for entertaining. This 8109 sq ft home was custom built to the highest standards featuring unique architectural design and high-end finishings. Extensive use of granite & marble complete this 6-bed, 8 bath executive home. Two master bedrooms accomodate large families. Main floor features a grand entrance, 10 ft ceilings & principal rooms overlooking private courtyard & greenbelt. The sophisticated kitchen has 9 high-end appl plus wok kitchen, large granite island & breakfast bar. The upper master suite has a luxury 7-pc ensuite, dressing room & den. Upstairs also has a library & 3 other bedrms- all w/balconies & enstes. The basement has a wine cellar, media room.


#3 ) Address:1383 GLENBROOK ST, Burke Mountain, Coquitlam

V985408_1

November 20, 2008 V744228 $2,200,000 $0 0%
July 01, 2009 V744228 removed after 223 days
January 17, 2013 V985408 $1,138,800 $-1,061,200 -48%

Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $922,000

I was considering filtering this one out because the price drop seemed odd – almost like there used to be a larger lot that potentially got subdivided but couldn’t find anything on that so in the end I decided to include it

Lots of tools/trucks/toys? Awesome 39×24 detached shop w/220v power, heat & sink on fabulous 1/2 acre – beautifully landscaped over past 5yrs w/veggie gardens & fruit trees. $100k spent out/in since ’06. Family friendly 4 lvl split w/5’5 concrete, lit crawlspace. Vaulted living rm ceiling, oak kitchen w/newer stainless appl.(dual oven) overlooking family rm – ideal flrplan to keep an eye on children. California shutters in master w/jacuzzi ensuite & W/I closet. Garage has 220v wiring, sink & storage. Int/exterior repainted, H/W tank replaced ’09, furnace serviced 2012. New 2″ blinds, external system for water sprinklers, fencing & added gas outlet. Cedar shake roof repaired & ‘tuned up’. Possible future potential w/land assembly.


#2 ) Address:32921 14TH AV, Mission BC, Mission

F1228011_1

June 12, 2009 F2912858 $495,000 $0 0%
June 25, 2009 F2912858 removed after 13 days
December 04, 2011 F1128776 $1,450,000 $0 0%
April 16, 2012 F1128776 $1,000,000 $-450,000 -31%
October 26, 2012 F1128776 $880,000 $-570,000 -39%
November 26, 2012 F1128776 removed after 358 days
November 28, 2012 F1228011 $799,000 $-651,000 -45%
January 17, 2013 F1228011 $749,000 $-701,000 -48%

Current Days on Market: 415 (1.14years)
Current ‘Official’ Days on Market: 58
2012 Assessment: $442,000
2011 Assessment: $442,000

I highly doubt any developer will take on a 23 townhome project in Mission at this point making this property way overpriced even after the 48% drop

1.47 acre property in central Mission. Approved for 23 townhomes. Complete with drawings, geotech, engineering and site plans. Present zone R558. New zone Mt40. Has had all approvals and district will sign off upon receipt of development fees.


#1 ) Address:11881 250TH ST, Websters Corner, Maple Ridge

No Image

April 04, 2008 V698630 $749,900 $0 0%
April 30, 2008 V698630 $729,900 $-20,000 -3%
June 27, 2008 V698630 $689,900 $-60,000 -8%
August 01, 2008 V698630 $669,900 $-80,000 -11%
October 01, 2008 V698630 removed after 180 days
October 25, 2008 V741004 $650,000 $-99,900 -13%
November 04, 2008 V741004 removed after 10 days
November 20, 2008 V744095 $644,500 $-105,400 -14%
April 10, 2009 V744095 removed after 141 days
January 17, 2013 V985472 $342,900 $-407,000 -54%

Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $638,000

Well I could quote the entire description but just go ahead and read it.  This one is down 54% and over 45% BELOW assessment.  Good news is it comes equipped with your own grow op starter kit!

You will need cash for this one! Banks will not provide financing. A former Grow-op with equipment & plant pots still in place. House has to be remedied and repaired. A fire has caused major damage to house, roof, trusses etc. There is alot of work to be done to bring this property into decent condition. NO SHOWING OF INTERIOR OF HOUSE ALLOWED. Only offers “Subject to Inspection” will be accepted!

 

 

 

20 responses to “The Weekly Drop Suburbs – January 21, 2013

  1. ernie January 22, 2013 at 4:49 am

    #4) Anmore property was asking for $4 million in 2007 (5 years ago).
    When was the last sale, and at what price? Flipping at 3x or 4x at the marked-up price is just plain greedy.
    Other than the cheap bed in the master bedroom and worn-out sofa set in the family room, the whole house appears vacant. Forgot to mention a couple of second-hand looking chairs in the master ensuite. HAM selling??.

    • an observer January 22, 2013 at 8:24 am

      No sales – it has literally been listed for over 5 years with almost no gaps between the listing being pulled and relisted with a new number.

      Owners (or perhaps builders) were hoping for a $2 million profit and now due to their greed are surely going to be losing money not even including all the financing / opportunity cost

      • ernie January 22, 2013 at 11:38 pm

        It has been on the market for 5 years (since 2007-Dec).
        Per the realtor’s fact sheet, the house is 9 years old (built around 2004 may be?). Between 2004-2007, it could be owned by the original owner/developer who then sold it to the current HAM flipper.

        The house is sparsely and poorly furnished. That says a lot!

    • POMO January 22, 2013 at 10:15 am

      Anmore and Port Moody are very over priced, i’ve been house hunting in that area (not for the 1mil plus homes) and offering 80% of asking price and been literaly laughed out the door.

      • an observer January 22, 2013 at 11:06 am

        The homes in Anmore are pretty spectacular and building on a mountain is more costly. Yes, they are expensive but I think a lot of developers and higher end flippers are getting clobbered there

  2. Real Estate Tsunami January 22, 2013 at 10:23 am

    Wow, some really big downward price changes.
    Looks like sellers are finally accepting RE reality.
    Great post.

  3. Spiltbongwater January 22, 2013 at 10:25 am

    The Anmore house is pretty cool. I always wanted a bathtub with chairs around it so I could entertain my friends while I bathe.

  4. Real Estate Tsunami January 22, 2013 at 10:28 am

    #1.
    Only offers “Subject to inspection” will be accepted!
    I understand that the seller wants to cover his ass, but it’s refreshing to see that the times of multiple offers with no inspection clause are now well behind us.

  5. gokou3 January 22, 2013 at 10:55 am

    #8 is close to the level of “buyer-renter parity” — if there’s no special assessments. Mortgage payment assuming 100% financing (which of course no longer exists, but for simplicity sake) at 3%/25yr is $1500 + Strata $400 + Tax $250 = $2150 (and there’s some equity recovery from the mortgage payment).

    Rent should be at least $2k a month for this 3BR, 1400SF unit. Btw, it looks like the current seller bought at Aug 2008 for ~$520K? A complete wipe-out a few times over even if he put in 20% down.

    Will see more and more of these b-r parity listings.

    • an observer January 22, 2013 at 11:09 am

      The big assumption is that there isn’t a special assessment coming up and/or the unit itself has been trashed. Even ignoring that and dropping the price by 40% still favors renting – kind of scary when you think about what this means to our condo market when price appreciation is no longer a reality

    • Alexcanuck January 22, 2013 at 12:03 pm

      Craigslist shows some 3 bedroom townhouses of equal or greater footage for $1500-$1600, with incentive of $800 off the third month. Plus a detached house that looks fine for $1895.
      $2K per month for #8 is optimistic.

  6. RFM January 22, 2013 at 12:40 pm

    Will the Transition from HST to GST Distort the Timing of Real Estate Closings this Spring?

    Please see my new posting: http://vancouverpeak.com/Thread-Will-the-Transition-from-HST-to-GST-Distort-the-Timing-of-Real-Estate-Closings

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