Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Suburbs – January 28, 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.

This one is a day late – will also be doing the regularly scheduled Metro Vancouver detached later today.


#10 ) Address:24410 26TH AV, Otter District, Langley

October 06, 2006 F2619827 $6,500,000 $0 0%
February 25, 2007 F2619827 removed after 142 days
March 22, 2007 F2706784 $6,250,000 $-250,000 -4%
October 02, 2007 F2706784 removed after 194 days
October 19, 2007 F2726971 $5,500,000 $-1,000,000 -15%
December 03, 2007 F2726971 removed after 45 days
January 03, 2008 F2800057 $5,500,000 $-1,000,000 -15%
March 01, 2009 F2800057 removed after 423 days
May 05, 2009 F2908424 $4,790,000 $-1,710,000 -26%
June 02, 2009 F2908424 $3,900,000 $-2,600,000 -40%
January 03, 2010 F2908424 removed after 243 days
February 03, 2010 F1002782 $3,840,000 $-2,660,000 -41%
February 27, 2010 F1002782 $3,780,000 $-2,720,000 -42%
April 10, 2010 F1002782 $3,498,000 $-3,002,000 -46%
January 02, 2011 F1002782 removed after 333 days
June 29, 2012 F1216842 $4,500,000 $-2,000,000 -31%
January 01, 2013 F1216842 removed after 186 days
January 27, 2013 F1301962 $4,488,000 $-2,012,000 -31%

f1301962_1

Current Days on Market: 215 (0.59years)
Current ‘Official’ Days on Market: 3
2012 Assessment: $2,057,000
Desperation Score: 7.3

Proudly presenting this one of kind classic mansion with ultimate privacy. This luxurious and elegant home features 8700 sqft on beautiful 20 acres. Custom built by renown Aspen Company, this home boasts gorgeous French Provincial Kitch, 12 ft ceilings and a plethora of antique light fixtures and fixtures collected by the original owners from around the world and matched w/ the “State of Art” mechanical, electronic & electrical system. The best finished walk out “basement” leads to the large patio, salt water pool, cabana w/ kitch, sauna, tennis court. This resort like home is perfect for entertaining, summer pool parties. Property has lake, workshop and 4 car garage. Absolutely a must see for your buyers who looks for the best. * PREC – Personal Real Estate Corporation


#9 ) Address:# 157 4050 WHISTLER WY, Whistler, Whistler/Pemberton

April 27, 2012 V945985 $139,900 $0 0%
May 25, 2012 V945985 $129,900 $-10,000 -7%
June 29, 2012 V945985 $125,900 $-14,000 -10%
July 19, 2012 V945985 $121,900 $-18,000 -13%
September 05, 2012 V945985 $118,900 $-21,000 -15%
October 27, 2012 V945985 $112,900 $-27,000 -19%
December 05, 2012 V945985 $99,900 $-40,000 -29%
January 04, 2013 V945985 $96,900 $-43,000 -31%
January 23, 2013 V945985 $94,900 $-45,000 -32%

v945985_1

Current Days on Market: 278 (0.76years)
Current ‘Official’ Days on Market: 278
2012 Assessment: $110,700
Desperation Score: 40.7

Affordable vacation property Alert!! This unit is located in the Hilton Hotel, with Phase 1 you have unlimited usage of this slope side studio, located on ground level. The Hilton included amenities such as Award restaurant, popular apres spa, outdoor heated pool, this unit will be steps to Whistler/Blackcomb as well as award winning Restaurants and bars!! This truly is a vacation rental that offers luxury in a affordable price bracket.


#8 ) Address:# 1208 10777 UNIVERSITY DR, Whalley, North Surrey

April 09, 2010 F1009327 $272,000 $0 0%
May 15, 2010 F1009327 removed after 36 days
May 20, 2010 F1014406 $299,000 $0 0%
September 19, 2010 F1014406 removed after 122 days
October 14, 2010 F1025741 $299,000 $0 0%
April 11, 2011 F1025741 removed after 179 days
June 16, 2011 F1115492 $250,000 $-49,000 -16%
October 11, 2011 F1115492 removed after 117 days
October 16, 2011 F1125711 $250,000 $-49,000 -16%
February 11, 2012 F1125711 removed after 118 days
February 16, 2012 F1203902 $250,000 $-49,000 -16%
February 28, 2012 F1203902 $239,900 $-59,100 -20%
August 12, 2012 F1203902 removed after 178 days
September 22, 2012 F1223667 $214,900 $-84,100 -28%
January 20, 2013 F1223667 removed after 120 days
January 25, 2013 F1301664 $199,900 $-99,100 -33%

f1301664_1

Current Days on Market: 1027 (2.81years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $218,300
2011 Assessment: $223,000
Desperation Score: 15.4

1-bedroom condo features hardwood floors, 8ft ceilings, porcelain tiles in the bathroom and laundry. Quartz kitchen countertops. Amenities include gym, media lounge & kitchen. Located near skytrain station.


#7 ) Address:2393 CLARKE DR, Central Abbotsford, Abbotsford

July 25, 2007 F2719191 $540,000 $0 0%
August 14, 2007 F2719191 $520,000 $-20,000 -4%
September 01, 2007 F2719191 $499,900 $-40,100 -7%
November 27, 2007 F2719191 removed after 125 days
October 10, 2011 F1125179 $599,000 $0 0%
November 10, 2011 F1125179 $579,000 $-20,000 -3%
June 30, 2012 F1125179 removed after 264 days
July 08, 2012 F1217664 $578,888 $-20,112 -3%
August 08, 2012 F1217664 removed after 31 days
October 16, 2012 F1225274 $479,000 $-120,000 -20%
November 24, 2012 F1225274 $439,000 $-160,000 -27%
January 25, 2013 F1225274 $399,900 $-199,100 -33%

f1225274_1

Current Days on Market: 478 (1.31years)
Current ‘Official’ Days on Market: 106
2012 Assessment: $415,000
2011 Assessment: $407,000
Desperation Score: 25.6

Excellent Investment!!! Buy this property and pay no HST and get a home on 2 legal lots with separate titles! Sitting on this corner of Clarke & McDougall, this home is close to all amenities and a great location for new development. Purchase this property and either keep the house and build a new house next door or use this opportunity to build two new houses. Two lots for under $480,000 – you can’t beat that!! Whether it means renovating the current house and building a new one on the other lot included or whether is means building two new houses one on each title – we have all the tools and experience to get this property working for you.


#6 ) Address:# 74 17712 60TH AV, Cloverdale BC, Cloverdale

December 04, 2008 F2833037 $119,900 $0 0%
January 15, 2009 F2833037 $129,900 $0 0%
January 22, 2009 F2833037 removed after 49 days
January 23, 2009 F2901227 $119,000 $-10,900 -8%
February 17, 2009 F2901227 removed after 25 days
June 19, 2010 F1017462 $129,900 $0 0%
December 01, 2010 F1017462 removed after 165 days
May 17, 2011 F1112771 $129,900 $0 0%
June 25, 2011 F1112771 $119,999 $-9,901 -8%
February 01, 2012 F1112771 removed after 260 days
February 22, 2012 F1204508 $105,900 $-24,000 -18%
October 03, 2012 F1204508 removed after 224 days
December 10, 2012 F1228559 $89,000 $-40,900 -31%
January 05, 2013 F1228559 $85,900 $-44,000 -34%
January 25, 2013 F1228559 $79,990 $-49,910 -38%

f1228559_1

Current Days on Market: 956 (2.62years)
Current ‘Official’ Days on Market: 51
2012 Assessment: $89,100
2011 Assessment: $91,300
Desperation Score: 21.4

CALIFORNIA-STYLE 2 LEVEL TOWNHOME! On the 2nd and 3rd levels of the building. Up the stairs to your hallway, then enter your foyer. Up a few stairs to the huge living and dining room area with sliding glass doors that lead to the sundeck. Your viewpoint is the spacious complex grassed yard area. The kitchen has been updated, very comfy. Up some more stairs to the full bathroom, storage area, and large master bedroom. Strata fees 280ish, no rental restrictions, pets allowed. Close to bus routes, shopping, freeway, and various recreational opportunities. Nice condition unit. * PREC – Personal Real Estate Corporation


#5 ) Address:22777 48TH AV, Salmon River, Langley

March 07, 2009 F2904554 $2,490,000 $0 0%
August 01, 2009 F2904554 removed after 147 days
January 08, 2011 F1100405 $1,289,000 $-1,201,000 -48%
October 01, 2011 F1100405 removed after 266 days
February 08, 2012 F1203167 $1,549,000 $-941,000 -38%
August 02, 2012 F1203167 removed after 176 days
January 23, 2013 F1301433 $1,388,800 $-1,101,200 -44%

f1301433_1

Current Days on Market: 753 (2.06years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $1,006,000
Desperation Score: 6.6

Terrific level 10 acres – great holding property for the future. Directly across the street from commercial ventures, churches, schools and just down the road from residential development. Not currently out of the ALR but a great opportunity to buy now and wait. Solid 2272 sqft 4 bedroom home with Mountain view. 200 Amp service. Walk to all amenities that Murrayville has to offer. Call today! * PREC – Personal Real Estate Corporation


#4 ) Address:30286 SILVERDALE AV, Mission-West, Mission

June 24, 2009 F2913807 $999,950 $0 0%
July 30, 2009 F2913807 $900,000 $-99,950 -10%
August 15, 2009 F2913807 $799,900 $-200,050 -20%
October 01, 2009 F2913807 $729,900 $-270,050 -27%
October 27, 2009 F2913807 $719,900 $-280,050 -28%
November 07, 2009 F2913807 $699,900 $-300,050 -30%
January 12, 2010 F2913807 $679,900 $-320,050 -32%
March 24, 2011 F2913807 removed after 638 days
November 08, 2011 F1127286 $679,900 $-320,050 -32%
January 04, 2012 F1127286 $619,900 $-380,050 -38%
August 21, 2012 F1127286 $589,900 $-410,050 -41%
January 01, 2013 F1127286 removed after 420 days
January 26, 2013 F1301876 $549,900 $-450,050 -45%

f1301876_1

Current Days on Market: 449 (1.23years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $690,000
Desperation Score: 14.6

Over 10 acres with 2 large barns and a house with good bones! Wonderful upgrades have been done to the appearance of this acreage! Including an approved with City of Mission fill contract! The house look good upstairs but the basement has been gutted – wasn’t a grow! The barns are big and solid! One has a oodles of power as it going to be a commercial fish smoker at one point.. Part of the property is in the flood plain…. Great spot to build a dream home and/or dream horse arena or???? $120,000 UNDER ASSESSMENT!! Get out and have a look!


#3 ) Address:12404 248TH ST, Websters Corner, Maple Ridge

July 22, 2009 V777951 $1,099,000 $0 0%
January 03, 2010 V777951 removed after 165 days
July 02, 2010 V839973 $775,000 $-324,000 -29%
June 07, 2011 V839973 $699,000 $-400,000 -36%
October 31, 2011 V839973 removed after 486 days
January 26, 2012 V927858 $699,000 $-400,000 -36%
April 24, 2012 V927858 removed after 89 days
May 11, 2012 V949378 $699,000 $-400,000 -36%
November 08, 2012 V949378 removed after 181 days
January 25, 2013 V986781 $599,800 $-499,200 -45%

v986781_1

Current Days on Market: 1288 (3.53years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $661,400
Desperation Score: 9.1

Level 5.935 acre building site on city water located close to Maple Ridge Town Center. Build your dream home in this country setting with 2 road accesses, from 248th or 250th walking distance to elementary & high school. Land value only, tons of potential here. Home sold ‘AS IS’.


#2 ) Address:8624 GAGLARDI ST, Mission-West, Mission

April 28, 2007 F2710291 $495,900 $0 0%
June 01, 2007 F2710291 removed after 34 days
August 27, 2008 F2825034 $439,900 $-56,000 -11%
October 17, 2008 F2825034 $419,900 $-76,000 -15%
November 27, 2008 F2825034 $399,900 $-96,000 -19%
January 20, 2009 F2825034 $374,900 $-121,000 -24%
February 16, 2009 F2825034 removed after 173 days
May 05, 2009 F2908302 $374,900 $-121,000 -24%
May 27, 2009 F2908302 $364,900 $-131,000 -26%
June 17, 2009 F2908302 removed after 43 days
February 25, 2012 F1204863 $389,000 $-106,900 -22%
April 04, 2012 F1204863 $369,000 $-126,900 -26%
April 26, 2012 F1204863 $349,500 $-146,400 -30%
August 23, 2012 F1204863 removed after 180 days
October 23, 2012 F1225865 $299,000 $-196,900 -40%
November 20, 2012 F1225865 $288,800 $-207,100 -42%
December 18, 2012 F1225865 $272,000 $-223,900 -45%
January 18, 2013 F1225865 removed after 87 days
January 26, 2013 F1301829 $259,900 $-236,000 -48%

f1301829_1

Current Days on Market: 340 (0.93years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $391,700
2011 Assessment: $345,700
Desperation Score: 28.6

ACREAGE!!! Take advantage of this rare opportunity! A livable Country style home on just over 1 acre in the Silverdale area. The acreage is cleared and has a gentle slope to the front of the property. The well and Septic has been upgraded (buyer to verify). Great property to build your new dream house on or just put your finishing touches on the existing home. Minutes walk to Silverdale Elementary and a 1 minute drive to the Lougheed Hwy.


#1 ) Address:# LT.3 SWARD RD, Mission BC, Mission

July 17, 2009 F2908175 $299,000 $0 0%
October 31, 2009 F2908175 $269,000 $-30,000 -10%
September 01, 2010 F2908175 removed after 411 days
March 10, 2012 F1206134 $299,900 $0 0%
April 28, 2012 F1206134 $250,000 $-49,900 -17%
June 04, 2012 F1206134 removed after 86 days
June 06, 2012 F1214691 $249,000 $-50,900 -17%
June 21, 2012 F1214691 $234,000 $-65,900 -22%
July 07, 2012 F1214691 $226,500 $-73,400 -24%
July 26, 2012 F1214691 $214,900 $-85,000 -28%
August 11, 2012 F1214691 $201,900 $-98,000 -33%
August 28, 2012 F1214691 $189,900 $-110,000 -37%
September 22, 2012 F1214691 $185,900 $-114,000 -38%
October 16, 2012 F1214691 $179,900 $-120,000 -40%
November 03, 2012 F1214691 $169,900 $-130,000 -43%
November 15, 2012 F1214691 $154,900 $-145,000 -48%
December 04, 2012 F1214691 $146,000 $-153,900 -51%
January 01, 2013 F1214691 $137,000 $-162,900 -54%
January 09, 2013 F1214691 $132,000 $-167,900 -56%
January 23, 2013 F1214691 $121,000 $-178,900 -60%

f1214691_1

Current Days on Market: 326 (0.89years)
Current ‘Official’ Days on Market: 238
2012 Assessment: No Assessment
Desperation Score: 81.9

8.17 ACRES at the north end of Hatzic Lake. Access off the end of a dead-end street. Neighborhood has a park and boat launch. Not subdividable. No driveway, property begins at the end of the street. It is wet at the bottom, then rises steeply up the mountain. * PREC – Personal Real Estate Corporation

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15 responses to “The Weekly Drop Suburbs – January 28, 2013

  1. bailinginbc January 29, 2013 at 3:07 pm

    Thanks an observer. Do you think that you could pull up the history on MLS# V983822? It just sold in Squamish. Its been listed for a couple of years after a major reno and must have dropped $300k. I can’t recall what it started at and would love to see the details

  2. JR January 29, 2013 at 3:29 pm

    I drive by #4 quite often, funny it’s listed here. This place is a total dump and right off of Lougheed and the train tracks. Maybe a year ago they cleaned it up, got rid of the junker cars and refrigerators. The house doesn’t look habitable from the road.

  3. Real Estate Tsunami January 29, 2013 at 3:43 pm

    Thanks again for your hard work.
    Don’t worry if you’re a day or two late. This is a labour of love, no need to rush.

  4. CJM January 29, 2013 at 4:17 pm

    How do you calculate your desperation score again?
    CJM

    • an observer January 29, 2013 at 8:04 pm

      New MLS Number = 3 points
      Price Change = Square Root of % change x 2 (4% drop = 4 points, 9% drop = 6 points etc) with a minimum of 3

      The multiplier is based on how long ago it happened:

      Less than 30 days = 1.5x
      60 days = 1.2x
      180 days = 1.0x
      600 days = 0.3x

      This is graduated evenly between each milestone so 120 days would be 1.1x and 40 days would be 1.4x

      So, a 20% price change 2 weeks ago would be sqrt(20)x2 = 9 multiplied by 1.5x multipler = 13.5 points

  5. Alexcanuck January 29, 2013 at 4:25 pm

    Desperation score.: https://vancouverpricedrop.wordpress.com/2012/08/02/desperation-meter-august-2-2012/
    Assuming that the methodology hasn’t been tweaked?

  6. punnoval January 29, 2013 at 6:57 pm

    No. 1 must be a tax sale – so I suppose the seller could go down to 25K before losing any money. Ditto for the 2500 Lehman Rd. in Roberts Creek (seen a few weeks back) Looked at that place about a week ago – the only thing it’s probably good for is a set for a Tarkovsky movie (say Stalker.) Lots of lovable decay.

    • MaxPower February 2, 2013 at 6:40 pm

      I hope this one never sells. “It is wet at the bottom, then rises steeply up the mountain.”

      That’s comedy gold.

  7. Vulture Fun January 29, 2013 at 8:36 pm

    No snark. Where’s the red font snark? I like my postings with a dollop of schadenfreude and a soupcon of snark. BTW, I love the work you’ve put into quantifying desperation.

    • MaxPower February 2, 2013 at 6:56 pm

      In an effort to provide snark I give you this excerpt from #10:

      Custom built by renown Aspen Company, this home boasts gorgeous French Provincial Kitch, 12 ft ceilings and a plethora of antique light fixtures and fixtures collected by the original owners from around the world and matched w/ the “State of Art” mechanical, electronic & electrical system. The best finished walk out “basement” leads to the large patio, salt water pool, cabana w/ kitch, sauna, tennis court.

      Christ on sale, where to start. “Kitch” (twice!) instead of kitchen. “Renown” rather than renowned – was this an abbreviation or a grammatical error? AND they used both “and” and “&” in the same sentence (Get it? I started the sentence with “and” just to get your attention). That’s just sloppy cut and paste. I am also led to believe that there may be more than one finished walk out basement, as the best one leads to a large patio. While I’m on the subject – I just noticed that I’m picking apart their use of superlatives rather than the quotes around basement. Is it a basement or not? Finally, it’s just a disaster of redundancy here “plethora of antique light fixtures and fixtures collected by the original owners from around the world and matched w/ the “State of Art” mechanical, electronic & electrical system.”

      Oh ya, “State of Art.” Pathetic.

      It’s amazing how terrible some of these agents are with some of these top end listings.

  8. se January 29, 2013 at 10:34 pm

    Thanks Observer!! You’re awesome.

  9. Ray January 30, 2013 at 1:11 am

    haha so popular, people notice when the red snark is missing or if you move the picture below the pricing!! 🙂

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