Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Metro Vancouver Detached – January 22, 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.

5 properties are from WestVancouver, 4 from Vancouver West and 1 from North Vancouver


#10 ) Address:8417 CITRUS WD, Howe Sound, West Vancouver

V985289_1

November 17, 2010 V858494 $4,200,000 $0 0%
July 01, 2011 V858494 removed after 226 days
January 16, 2013 V985289 $2,998,000 $-1,202,000 -29%

Current Days on Market: 7 (0.02 years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $1,690,000

This home seems so horribly overpriced that I don’t even know what to say.  Pretty sure we’ll be seeing this one much higher in the list some time soon

Stunning contemp res at the end of a C-D-S on a spectacular ocean view ppty! Dramatic open flrpln on 3 levels, floor-to-ceiling windows, lg sunfilled terrace w/hot tub. Custom gourmet island kit, top appl, brkfst bar, adj E/A, FR w/media centre, white designer walls for art lovers, soaring ceilings, fabulous master w/lg W/I closet, gorgeous spa-like ensuite w/atrium-style shower & jetted soaker tub, LR w/signature 2-sided F/P, lg dining area & elegant foyer w/overhead skylight. 4 guest bedrooms, fabulous rec rm, lg priv office & gated entry. Exquisitely landscaped w/sparkling waterfalls & shimmering ponds. Tranquil priv setting. Mins to local amenities, Whytecliff Pk, Thunderbird Marina & Caulfeild Village. Simply magnificent!


#9 ) Address:56 W KING EDWARD AV, Cambie, Vancouver West

V985199_1

December 12, 2011 V922168 $2,790,000 $0 0%
February 17, 2012 V922168 $2,698,000 $-92,000 -3%
April 09, 2012 V922168 removed after 119 days
April 16, 2012 V943496 $2,599,000 $-191,000 -7%
June 06, 2012 V943496 $2,399,000 $-391,000 -14%
July 17, 2012 V943496 removed after 92 days
July 20, 2012 V962919 $2,298,000 $-492,000 -18%
November 01, 2012 V962919 removed after 104 days
January 16, 2013 V985199 $1,980,000 $-810,000 -29%

Current Days on Market: 408 (1.12 years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $2,243,000

This BRAND NEW HOME has been listed since it was first built and over a year, $800K and 29% later it still hasn’t sold.  Now listed 10% BELOW assessment

Luxurious top quality BRAND NEW HOME located in the desirable Main/Cambie corridor. Steps away from the award winning Hillcrest community centre, Queen Elizabeth Park & the city’s best restaurants. Stunning 3 level home on a large 50×150 lot over 4636 SF with a separate legal 2 bedroom suite excellent for rental income & 4-car garage. Design: high ceilings, h/w floors, radiant heat, all 4 spacious bedrooms above with walk in closet & ensuites, beautiful mountain views, additional den/office on the main with formal dining & living room & large entertainment-style kitchen open to family rm. Sneak away to your dream home theatre below or additional 1 bedrooms inlaw/nanny suite. 2-5-10 warranty.Open House Sat 2-4pm,Sun 3-5pm! HST INCLUDED!!!


#8 ) Address:5968 MARINE DR, Eagleridge, West Vancouver

V985358_1

October 26, 2011 V917255 $9,800,000 $0 0%
November 15, 2011 V917255 $8,900,000 $-900,000 -9%
February 01, 2012 V917255 $8,550,000 $-1,250,000 -13%
March 31, 2012 V917255 removed after 157 days
April 05, 2012 V941399 $7,900,000 $-1,900,000 -19%
July 09, 2012 V941399 removed after 95 days
July 13, 2012 V961757 $7,200,000 $-2,600,000 -27%
August 22, 2012 V961757 $6,900,000 $-2,900,000 -30%
January 10, 2013 V961757 removed after 181 days
January 17, 2013 V985358 $6,900,000 $-2,900,000 -30%

Current Days on Market: 455 (1.25 years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $4,686,000

$3 million off the initial price and yet still over $2 million above assessment

The Essence of West Coast Waterfront. Enjoy pristine ocean views and stunning sunsets from this Prestigious waterfront home! Designed to capture the essence of West Coast living, this home is a work of art. Features include : 12-15 high ceilings on all 3 levels , high quality noble materials, gated entry, amazing kitchen with double subzero fridges, elevators, outdoor fireplace, unique wine cellar, hot tub under the stars! Easy walking access to 114 ft of your own shoreline with several secluded patios and idyllic bays to enjoy the marine life.


#7 ) Address:6269 ST GEORGES CR, Gleneagles, West Vancouver

V986024_1

June 19, 2011 V895353 $9,988,000 $0 0%
July 23, 2011 V895353 $8,988,000 $-1,000,000 -10%
January 13, 2012 V895353 removed after 208 days
January 19, 2012 V926227 $8,988,000 $-1,000,000 -10%
March 28, 2012 V926227 $7,988,000 $-2,000,000 -20%
June 25, 2012 V926227 removed after 158 days
July 05, 2012 V959998 $7,988,000 $-2,000,000 -20%
January 17, 2013 V959998 removed after 196 days
January 19, 2013 V986024 $6,998,000 $-2,990,000 -30%

Current Days on Market: 584 (1.60 years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $5,005,000

Another home with a $3 million price drop and still over $2 million above assessment

Extensively renovated throughout this magnificent residence with approx. 15,000 sq.ft. of spectacular indoor & outdoor lvg & incredible panoramic views of the Ocean, Mtns & Howe Sound, features concrete construction, 180 ft frontage & a spectacular view from all major rooms.Features include flr-to-ceiling windows,stunning grand foyer w/20 ft ceilings, 7 ft chandelier, elegant DR,formal grand LR,gourmet Kitch,fantastic Fam Rm,huge Master Bdrm with large dressing Rm & amazing 9ft Kohler negtive edge jetted tub,raised media Rm w/integrated lighting & sound system,incredible office/den,2 wine rooms,pool-side guest suite,huge indoor/outdoor pool area,wet & dry sauna,and much more.An amazing home for entertaining.


#6 ) Address:4485 DINMONT AV, Cambie, Vancouver West

V985376_1

June 12, 2011 V894081 $2,850,000 $0 0%
October 12, 2011 V894081 $2,788,000 $-62,000 -2%
November 21, 2011 V894081 removed after 162 days
January 05, 2012 V923390 $2,788,000 $-62,000 -2%
April 03, 2012 V923390 $2,670,000 $-180,000 -6%
April 27, 2012 V923390 removed after 113 days
April 30, 2012 V946634 $2,665,000 $-185,000 -6%
June 18, 2012 V946634 removed after 49 days
June 22, 2012 V957887 $2,298,000 $-552,000 -19%
October 01, 2012 V957887 removed after 101 days
October 07, 2012 V975588 $2,298,000 $-552,000 -19%
January 01, 2013 V975588 removed after 86 days
January 17, 2013 V985376 $1,988,000 $-862,000 -30%

Current Days on Market: 591 (1.62 years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $2,129,700
2011 Assessment: $2,291,800

JUST ABOUT ALL CAPS.  ASSESSMENT DOWN 7% IN ONE YEAR

UNBELIEVABLE PRICE IN WEST SIDE. NOTE LOT SIZE 11,630SF. LARGE CORNER LOT, VIEW OF MOUNTAINS. Located in DESIRABLE CAMBIE CORRIDOR. Beautiful street appeal. Steps away from FAMOUS QUEEN ELIZABETH PARK, HILLCREST PARK & NEW COMMUNITY CENTRE.CLOSE TO WELL KNOWN SCHOOL CATCHMENT; ERIC HAMBER SECONDARY, YORK HOUSE & ST GEORGES PRIVATE SCHOOLS, UBC, DOWNTOWN, SHOPPING, TRANSIT. Well kept solid home, over 2720sf offering spacious 3 bedrooms, 2 bths, entertaining sized living rm & lrg open sized kit, h/w flr thru-out. PARK-LIKE GARDEN, self-contained 1 bdrm suite in bsmnt as mortgage helper. EXCELLENT HOLDING PROPERTY FOR INVESTOR OR BUILDER. DON’T MISS. MUST SEE. PUBLIC OPEN HOUSE SUN 20/JAN/2012@2-4pm


#5 ) Address:2586 HOSKINS RD, Westlynn Terrace, North Vancouver

V986299_1

July 26, 2007 V660646 $709,000 $0 0%
July 31, 2007 V660646 removed after 5 days
February 25, 2012 V933613 $1,299,000 $0 0%
March 07, 2012 V933613 $1,099,000 $-200,000 -15%
March 31, 2012 V933613 $988,000 $-311,000 -24%
May 03, 2012 V933613 removed after 68 days
May 07, 2012 V948338 $959,000 $-340,000 -26%
July 27, 2012 V948338 removed after 81 days
January 20, 2013 V986299 $889,000 $-410,000 -32%

Current Days on Market: 333 (0.91 years)
Current ‘Official’ Days on Market: 3
2012 Assessment: $903,000

Abundance of space in Westlynn Terrace! Nicely renovated throughout, this 5 bdrm/den home has transformed into a natural oasis, w/3 large bedrooms on the main. Gorgeous flooring from tile to hardwood throughout, solid upgrades applied in all bathrooms, downstairs has enormous space w/2 bedrooms/den, 2nd kitchen for those who desire a secondary suite. Roomy workshop in backyard, upstairs patio for entertaining & bonus playroom & wetbar off main living area. All this on a 9000 plus SF lot backing onto greenbelt. Close to transportation, schools & Lynn Canyon park.


#4 ) Address:385 RABBIT LN, British Properties, West Vancouver

V967881_1

March 12, 2012 V936611 $3,800,000 $0 0%
March 21, 2012 V936611 $3,395,000 $-405,000 -11%
May 02, 2012 V936611 $3,100,000 $-700,000 -18%
August 06, 2012 V936611 removed after 147 days
August 15, 2012 V966332 $3,100,000 $-700,000 -18%
August 16, 2012 V966332 removed after 1 days
August 24, 2012 V967881 $2,988,000 $-812,000 -21%
October 12, 2012 V967881 $2,788,000 $-1,012,000 -27%
January 19, 2013 V967881 $2,588,000 $-1,212,000 -32%

Current Days on Market: 317 (0.87 years)
Current ‘Official’ Days on Market: 150
2012 Assessment: $2,047,000
2011 Assessment: $1,990,000

“ideallly”, “thequality”…  Just a stones throw away from #3 on the list

English country Estate ideallly located in the lower British Properties on a 1/2 acre fully level property – beautiful garden and grounds with complete privacy. This 5,200 sq. ft. Tudor designed home has been completely updated with all thequality you’d expect in a home of this caliber. Features: Grand Entry, Hardwood floors throughout, Country kitchen w/viking appliances. Huge main floor rec room/billiards room. All bedrooms with ensuite bathrooms. Resort like Master ensuite. Separate guest/nannies accommodation. Garage with a built-in sub-zero fridge…Truly a home of distinction within close proximity to Collingwood School.


#3 ) Address:285 RABBIT LN, British Properties, West Vancouver

V985957_1

November 07, 2009 V796679 $1,480,000 $0 0%
April 12, 2010 V796679 removed after 156 days
February 09, 2011 V867912 $2,280,000 $0 0%
May 04, 2011 V867912 removed after 84 days
May 06, 2011 V886428 $1,980,000 $-300,000 -13%
June 04, 2011 V886428 $1,680,000 $-600,000 -26%
July 11, 2011 V886428 removed after 66 days
September 14, 2011 V909797 $2,388,800 $0 0%
September 20, 2011 V909797 removed after 6 days
September 25, 2011 V912327 $1,880,000 $-508,800 -21%
January 01, 2012 V912327 removed after 98 days
January 05, 2012 V923307 $1,785,000 $-603,800 -25%
April 04, 2012 V923307 $1,680,000 $-708,800 -30%
May 16, 2012 V923307 removed after 132 days
May 26, 2012 V952624 $1,898,000 $-490,800 -21%
May 30, 2012 V952624 $1,638,000 $-750,800 -31%
July 05, 2012 V952624 $1,599,000 $-789,800 -33%
September 06, 2012 V952624 $1,688,000 $-700,800 -29%
September 17, 2012 V952624 removed after 114 days
January 19, 2013 V985957 $1,588,000 $-800,800 -34%

Current Days on Market: 714 (1.96 years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $1,539,400

They’ve been playing lots of games with the listing price – just random garbage.  They’re finally getting the picture that the place will sell for less than it did in 2009

PRESTIGIOUS BRITISH PROPERTIES – 52,751 SF LOT with 230 SF FRONTAGE. This 2,800 SF house featuring 5 bdrm, 3 baths. This current house is in good condition. Great opportunity to invest, hold now or build your dream house. This lot allows you to build your dream home of 28,000 SF. Tenanted for $2200 per month. 5 minutes drive to Park Royal Shopping Center. Close to Capilano River Regional Park & Golf course.


#2 ) Address:3390 THE CRESCENT, Shaughnessy, Vancouver West

V973696_1

January 30, 2010 V806985 $17,900,000 $0 0%
August 01, 2010 V806985 removed after 183 days
October 28, 2011 V917626 $31,900,000 $0 0%
September 25, 2012 V917626 removed after 333 days
September 27, 2012 V973696 $22,800,000 $-9,100,000 -29%
January 18, 2013 V973696 $19,900,000 $-12,000,000 -38%

Current Days on Market: 453 (1.24 years)
Current ‘Official’ Days on Market: 118
2012 Assessment: $16,076,000
2011 Assessment: $15,788,000

$12 million in price drops and still horribly overpriced.  This is Vancouver Real Estate epitomized in a single listing.  If memory serves me correctly, a commentor posted that this place sold for around $6 million about 8 years ago

Location! In the heart of the 1st Shaughnessy! Rare find 10,516 sf Mansion sets on over One acre in the city’s most exclusive enclave of ‘The Crescent’. The finest and the most prestigious area. Beautiful huge front yard like a private park. Totally rewired and new pipes. The main floor has a grand entry w/a sweeping staircase to second floor. Wok Kitchen, massive living room, & dining room all overlook the garden & pool area. The paneled den, family room & breakfast room open to the large deck which access the garden & pool. The master suite has three dressing rooms, a fireplace. A large recreation room in basement. 5 car garages, a greenhouse & a outdoor pool w/large cab and more.


#1 ) Address:1150 HARO ST, West End, Vancouver West

V973445_1

September 11, 2008 V732244 $3,380,000 $0 0%
December 16, 2008 V732244 removed after 96 days
September 16, 2009 V787170 $3,998,000 $0 0%
October 23, 2009 V787170 removed after 37 days
March 10, 2010 V803207 $3,588,888 $-409,112 -10%
May 10, 2010 V803207 removed after 61 days
September 26, 2012 V973445 $2,300,000 $-1,698,000 -42%
November 14, 2012 V973445 $2,250,000 $-1,748,000 -44%
January 19, 2013 V973445 $1,999,999 $-1,998,001 -50%

Current Days on Market: 119 (0.33 years)
Current ‘Official’ Days on Market: 119
2012 Assessment: $1,853,000
2011 Assessment: $1,657,000

Can’t understand the $4 million asking price back in 2009 but it seems like it was valid.  It’s actually kind of a cool place although still over priced even with a 50% discount although it does have its “original spendour”

Be part of Vancouver’s history with this 1892 Circa “Victorian” designed residence which was meticulously restored to original spendour and infused with all the modern conveniences demanded today. It offers prominent entertainment areas. Equisite wood panel private office, grand entrance foyer with stunning banister, accentuated ceilings with detailed crown & baseboard moulding, gourmet chefs kitchen, incredible custom millwork and top quality craftsmanship throughout. 3 spacious and elegant bedrooms above. Main living area opening to private southern courtyard patio with lush vegetation providing complete tranquility. This home offers ample storage, 2 car garage with lane access. Truly magnificent!

27 responses to “The Weekly Drop Metro Vancouver Detached – January 22, 2013

  1. mike January 23, 2013 at 1:01 am

    im curious when #2 will sell for?

    • Nelson January 23, 2013 at 5:02 am

      It will never sell

    • Good to be out January 23, 2013 at 4:21 pm

      Oh, how the mighty do fall! Agree totally that this property epitomizes Vancouver RE. A year ago the pumpers said price is not a factor with the “uber-rich RE investor class”. I’m starting to think maybe their hypothesis was wrong. Prestige aside, most rich people understand that you don’t get richer by investing in depreciating (read crashing) assets, especially houses.

  2. Village January 23, 2013 at 3:14 am

    Yes, 3390 The Crescent was purchased by the current owners for $6 million.

  3. Nelson January 23, 2013 at 9:08 am

    Are you able to calculate the month supply for each area? that would be telling…

  4. Nelson January 23, 2013 at 9:22 am

    #3) Why in the world would someone buy this place? What a total disconnect versus buying and renting in Vancouver. $2,200/month for a 1.5 million dollar home? Based on that, this home would have a cap rate of 0.9% (assuming $5K taxes and $2K maintenance). Your mortgage interest cost alone would be about $50K/year!! The rent doesn’t even cover the interest cost!!!

    • Nelson January 23, 2013 at 9:24 am

      Like comedian Russell Peters says” SOMEONE GOING TO GET HURT REAL BAD”

    • an observer January 23, 2013 at 9:38 am

      In their defence, you can’t really look at cap rates when dealing with a home that is being sold for lot value. It’s more like “here’s a building lot and as a bonus someone will give you $2200/month while you work out the new home plans”

  5. A. H. January 23, 2013 at 9:37 am

    #9 (56 W King Edward) presents almost the same exterior view as #10 (8443 13 Ave, East Burnaby) in your Jan 15th post. Same developer/builder? If so, I think that plan should be flushed. Maybe home buyers are finally started to wipe the mist from their eyes and asking themselves, “What am I actually getting for my money?”

  6. Expat January 23, 2013 at 9:56 am

    Have been following comments for a while and agree values in vaincouver are impossible to justify, but there is one issue when comparing values to the US. Property taxes are much higher here. My home is assessed in the 600k range and I pay approx $12k in taxes. My total cost to carry is about $4k/m. If my taxes were say $3k/yr and I assumed I was indifferent between paying taxes or paying interest that would support another 250k in debt. (using ball park figures). Then my 600k house could be worth 850k assuming people are just buying a payment. This isn’t a perfect calc as there are some tax considerations but those generally phase out when you talk about houses north of $1m. I know there are a few assumptions that people will not agree with but I hope it does give some insight as to why there are some structural differences between markets.

    • an observer January 23, 2013 at 10:13 am

      I don’t know if this is universally true – I’ve looked at many similarity priced homes to the one I own in the USA and their property taxes were many times higher. Also, your property tax seems extremely high. I pay roughly 0.4% of assessment in property taxes for my home and you are paying 2%! So about 5x the rate

      Most of the homes I have looked at have been in California where it seems prop tax is roughly 1% of assessed value so it could very well be a lower % in other states

      • Arthur January 23, 2013 at 1:11 pm

        I think states that don’t have income tax tend to have very high property tax. The government has to get the money from somewhere.

  7. rf January 23, 2013 at 10:26 am

    California has some sillly rules with property taxes. They basically don’t go up until the property is sold. If you paid $100k, your taxes are based on that. If you sell it for $2mil, the next owner will pay taxes based on $2mil.
    But if you ask Phil Mikkelson, the reason no one who makes money wants to live in California anymore it’s because the new tax rates make total federal/state taxes around 62-63% for high income earners. Makes 43.7% look pretty good…

    • an observer January 23, 2013 at 10:45 am

      That may have been true in the past but it is no longer the case – it’s based on current assessed value and I just double checked and the rate is 1.25%.

      Also, regarding the income taxes, for someone making $1 million in 2013, they will pay $327K in federal taxes and $91K in California state taxes so 42% overall and 45% marginal in the top bracket. Looked into this further, Obama was trying to raise taxes to where California’s top bracket would be 52% marginal but again, most of that increase is federal and applies to all states.

      • rf January 23, 2013 at 3:33 pm

        My bad. It’s not based on the original price. From wikipedia on Prop 13.
        “By Proposition 13, the annual real estate tax on a parcel of property is limited to 1% of its assessed value. This “assessed value,” may be increased only by a maximum of 2% per year, until and unless the property has a change of ownership.[6] At the time of the change in ownership the low assessed value may be reassessed to complete current market value which will produce a new base year value for the property, but future assessments are likewise restricted to the 2% annual maximum increase of the new base year value.

        If the property’s market value increases rapidly (values of many detached dwellings in California appreciated at annual rates averaging more than 10% in the decade ending with 2005) [7] or if inflation exceeds 2%,[8][9] the differential between the owner’s taxes and the taxes a new owner would have to pay can become quite large.”

        State taxes on those making over $1mil went to 13.3%. Federal in that bracket are going to 39.6. So about 53% before Social Security, unemployment and disability.
        And then he gets to pay state sales tax on what ever he spends after-tax.
        Of course it’s easy to mock someone making $50mil a year for griping….but…..if all he has to do is move to Texas or Florida and get to keep $10mil/year….I think it’s easier to mock the public in California. Do you want 5% of something or 100% of nothing? The public in California are choosing 100% of nothing, hence a lot of homes for those making over $1mil/year are landing on the market.

  8. Sheesh January 23, 2013 at 11:26 am

    #1 has been listed as a furnished rental on Craigslist for quite awhile (I first noticed it about two months ago): http://vancouver.en.craigslist.ca/van/apa/3504787447.html
    (if the link doesn’t work anymore, it’s probably because they’ve deleted and reposted to keep the ad fresh)
    They are asking nearly $10,000 / month,”plus a $395 move out cleaning fee.”
    But if you read the full ad, it looks like they started out at $14,950 / month.

    Another ridiculous listing from RentItFurnished.com.

  9. Good to be out January 23, 2013 at 4:35 pm

    Wouldn’t it be cool if the owners decided to delist and rent this house out while “riding out the correction”? I mean, I would love to buy this place with 0.001% down, its just that later I’d have a bit of trouble coming up with the $70,000 or so per month in mortgage payments. But as a typical Vancouver heavily discounted rental property split many ways between me and my extended family it might just work. That would be a real trip.

  10. Fugidaboutit January 23, 2013 at 6:27 pm

    Must say with no movement in prime for a while maybe these prices will wallow while the “owners” feel there is still lots of fools and easy money to be had….IMHO

  11. Shelley January 26, 2013 at 8:54 am

    Love your weekly blog and commentary. Read it every week and pass it along to others to spread the word.

  12. Rob February 2, 2013 at 12:16 pm

    I see #9 on King Ed has a Sold sticker on it

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