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

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

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!

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

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!!!

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

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.

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

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.

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

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

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

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.

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

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.

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

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.

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

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.

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

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!