Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Metro Vancouver Detached – January 29, 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 from Richmond and West Vancouver with the other 2 coming from Vancouver West and Burnaby

4 of the 6 homes that I have assessment info for both 2011 and 2012 on have dropped in their assessment


#10 ) Address:3711 W 11TH AV, Point Grey, Vancouver West

October 06, 2006 V609351 $1,374,800 $0 0%
October 23, 2006 V609351 $1,298,000 $-76,800 -6%
November 18, 2006 V609351 $1,272,800 $-102,000 -7%
December 11, 2006 V609351 removed after 66 days
January 22, 2010 V805337 $1,575,000 $0 0%
March 05, 2010 V805337 removed after 42 days
May 20, 2011 V889482 $2,188,800 $0 0%
November 18, 2011 V889482 removed after 182 days
November 23, 2011 V920472 $2,088,000 $-100,800 -5%
February 22, 2012 V920472 removed after 91 days
March 01, 2012 V934534 $2,128,000 $-60,800 -3%
March 28, 2012 V934534 $1,998,000 $-190,800 -9%
April 16, 2012 V934534 removed after 46 days
April 26, 2012 V945691 $1,888,000 $-300,800 -14%
June 11, 2012 V945691 removed after 46 days
June 15, 2012 V956705 $1,798,000 $-390,800 -18%
September 08, 2012 V956705 $1,668,000 $-520,800 -24%
November 01, 2012 V956705 removed after 139 days
January 23, 2013 V986350 $1,580,000 $-608,800 -28%

v986350_11

Current Days on Market: 622 (1.70years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $1,618,000
2011 Assessment: $1,763,000
Desperation Score: 23.3

This point grey home has been listed for almost 2 years and is completely empty.  Recently the assessment dropped by $150K and 8%.  It wasn’t that long ago that tear downs on similar lots were selling for more than this 12 year old, like new home.

Well maintained, like new 12 years old 4 bedrooms home in most sought after Point Grey Area. Designed by Formwerks with Classic outlook with 2200 SF of contemporary living. Impressive formal living & dining room are great place for entertaining. Kitchen with open concept. Main floor features 10′ ceiling, gleaming Brazilian cherry wood throughout and gas fireplaces in living & family room. Upper floor has 4 bedrooms or 3+den. N facing bedrooms have mountain view. Downstairs offers a nanny room & 3 piece bath. All appliances, hood fan and carpets were replaced in 2010. Double garage, security system, fully fenced front & back yards. Lord Byng High School & QE Elementary School Catchment. Priced below 2013 assessment


#9 ) Address:7620 NO 2 RD, Granville, Richmond

November 17, 2011 V920043 $1,250,000 $0 0%
February 16, 2012 V920043 $1,125,000 $-125,000 -10%
May 01, 2012 V920043 removed after 166 days
June 04, 2012 V954237 $1,049,000 $-201,000 -16%
July 10, 2012 V954237 $998,000 $-252,000 -20%
September 18, 2012 V954237 removed after 106 days
September 21, 2012 V972635 $958,000 $-292,000 -23%
January 23, 2013 V972635 $899,000 $-351,000 -28%

v972635_11

Current Days on Market: 441 (1.21years)
Current ‘Official’ Days on Market: 132
2012 Assessment: $961,100
2011 Assessment: $990,100
Desperation Score: 23.9

“This Grand Old Home is a Richmond Landmark!” “Note: not a designated “Heritage Home”.”… 

Tremendous Opportunity and a Great Buy! Magnificent home located on a 76 x 120′, 9120 sq ft lot designated Multi Family? Develop now or Own a piece of Richmond’s History while Investing in the Future.This Grand Old Home is a Richmond Landmark! Its a visual delight with peaked dormers and gables, Interior is also very appealing and mechanically sound with plumbing, wiring, heating updated. Most windows are original, original wood floors, 3. bedrooms up, very spacious main floor with updated bright kitchen and large Den. Could be a suite down. Oozes charm! A great place to live, rent out or tum into townhouses. Note: not a designated “Heritage Home”.


#8 ) Address:10751 ROSECROFT CR, South Arm, Richmond

April 14, 2011 V881913 $2,200,000 $0 0%
April 30, 2011 V881913 $1,980,000 $-220,000 -10%
May 25, 2011 V881913 $1,898,000 $-302,000 -14%
June 20, 2011 V881913 removed after 67 days
July 08, 2011 V898603 $1,816,000 $-384,000 -17%
January 01, 2012 V898603 removed after 177 days
July 15, 2012 V962117 $1,789,000 $-411,000 -19%
January 23, 2013 V962117 $1,580,000 $-620,000 -28%

v962117_11

Current Days on Market: 200 (0.55years)
Current ‘Official’ Days on Market: 200
2012 Assessment: $1,175,000
2011 Assessment: $1,197,000
Desperation Score: 14.2

Initially listed at about double assessment value now has dropped to around 40% above assessment…

Tired of typical monster house layout? This one is right for you. Located in desirable South Arm area. Custom-built luxury home built with Vancouver West spec & craftsmanship. Boasts over 3200 sf of practical living space consists of 6 bedrooms & 5.5 baths. Spice & gourmet kitchens equipped with high-end appliances. Open concept kitchen/family room provides perfect space for entertaining. Extensive use of crown mouldings & nice features like HRV, A/C, radiant floor heating, security system, video surveillance, stereo surround system, steam bath with rain shower, in-ground sprinkler..etc. Within walking distance to public transit, shopping, McRoberts High/William Bridge Elementary & community center. New Home Warranty in place.


#7 ) Address:369 MOYNE DR, British Properties, West Vancouver

March 27, 2008 V696732 $1,130,000 $0 0%
May 30, 2008 V696732 removed after 64 days
September 16, 2011 V910357 $4,188,000 $0 0%
November 01, 2011 V910357 $3,988,000 $-200,000 -5%
January 13, 2012 V910357 removed after 119 days
February 01, 2012 V928600 $3,998,000 $-190,000 -5%
March 27, 2012 V928600 $3,688,000 $-500,000 -12%
May 19, 2012 V928600 $3,498,000 $-690,000 -16%
June 30, 2012 V928600 removed after 150 days
July 05, 2012 V960032 $3,199,000 $-989,000 -24%
December 01, 2012 V960032 removed after 149 days
January 23, 2013 V986536 $2,998,000 $-1,190,000 -28%

v986536_11

Current Days on Market: 503 (1.38years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $2,624,000
2011 Assessment: $2,593,000
Desperation Score: 21.5

Down over a million dollars and still overpriced.  Another listing where the realtor is too lazy to spell entire words: “custom res sit on” “Lower BP’S” “w/” “lg bedrooms” “plyrm” “incl” “w/” “S/A, lg W/I” “Mn level” “feat rich H/W flrs” “lg” “kit, brkfst bar” “adj FR w/” “drs” “priv gardens” “rm, lg rec rm w/” “S/S system” “roaring F/P’s”.  You should be embarrassed  or wait  U shld b embd

A spectacular custom res sit on a level estate in Lower BP’S with over 6700 sqft on 3 levels. Beautifully appointed w/4 lg bedrooms & an amazing plyrm up incl a sensational master suite w/high ceilings, separate S/A, lg W/I closet & spa-like ensuite. Mn level feat rich H/W flrs, lg picture windows, elegant foyer, Chef’s island kit, brkfst bar, dry pantry & custom cabinets, adj FR w/built-in media centre – all opening out through French & Eclipse drs to patio w/outdoor BBQ & sunfilled priv gardens. Down has fabulous media/theatre rm, lg rec rm w/wet bar, games area & guest bdrm. Soaring ceilings, S/S system, skylights, 3 roaring F/P’s, level motorcourt & 2-car garage. Child’s paradise! Simply stunning! Irreplaceable value!


#6 ) Address:6811 DUNSANY PL, Woodwards, Richmond

February 13, 2010 V809527 $869,000 $0 0%
March 20, 2010 V809527 $849,000 $-20,000 -2%
March 30, 2010 V809527 removed after 45 days
November 02, 2011 V917945 $1,298,000 $0 0%
February 01, 2012 V917945 removed after 91 days
September 15, 2012 V971508 $949,000 $-349,000 -27%
January 01, 2013 V971508 removed after 108 days
January 23, 2013 V986419 $928,800 $-369,200 -28%

v986419_11

Current Days on Market: 138 (0.38years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $1,130,600
2011 Assessment: $1,147,000
Desperation Score: 9.3

Almost 20% below assessment but it’s “Rarely available”.  Rarely available is one of the silliest things to put in a description unless it really is unique.  Waterfront villa with helicopter launch pad – now that is rarely available. Old rancher in Richmond, not so much.

Rarely available 1,840 sq’ 3-bedroom 2-full baths executive rancher in a very pretty quiet tree-lined neighborhood (between Lucas & Francis & just west of Gilbert). New roof, maple hardwood flooring, kitchen, windows, crown-molding, baseboard, stainless steel kitchen appliances, interior paint & hot water tank all within last few years & brand new 2011 hi-efficiency furnace (2011). 7,610 sq’ lot with 48.14′ frontage. Large wood deck in private huge south backyard. Spacious family room. 2 gas fireplaces. Double garage. Hold now or build a 3,533 sq.ft. house later.


#5 ) Address:6438 MARINE DR, Horseshoe Bay, West Vancouver

January 28, 2011 V865636 $875,000 $0 0%
August 01, 2011 V865636 removed after 185 days
January 13, 2012 V925054 $675,000 $-200,000 -23%
January 20, 2012 V925054 $785,000 $-90,000 -10%
February 24, 2012 V925054 $715,000 $-160,000 -18%
March 05, 2012 V925054 removed after 52 days
January 27, 2013 V987584 $599,000 $-276,000 -32%

No Picture

Current Days on Market: 4 (0.01years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $680,100
Desperation Score: 12.9

“Court Ordered sale.” and again with the rare opportunity… 

Court Ordered sale. This is a fantastic & incredibly rare opportunity to get into the West Vancouver Real Estate market and be a part of this world class community. Charming 1,100 sqft. 2 bedroom cottage nestled privately into a wonderfullyquiet & scenic south/east facing property over 9,000 sqft. totally flat. Enjoy as is with some easy updates or build new. 2 minutes to the heart of Horseshoe Bay & fabulous locally owned shops, restaurants & cafes along the gorgeous waterfront village & promenade. Short stroll to popular Gleneagles Elementary, Gleneagles Golf Course & state of the art rec centre. Road trips ? Quick & easy access to BC Ferry terminal or HWY 1, w/short drive to Whistler or commute to City. Great value.


#4 ) Address:6080 MARINE DR, Big Bend, Burnaby

December 06, 2007 V671697 $498,000 $0 0%
January 01, 2008 V671697 removed after 26 days
November 06, 2009 V796326 $1,260,000 $0 0%
January 19, 2010 V796326 $1,190,000 $-70,000 -6%
May 01, 2010 V796326 removed after 176 days
September 26, 2010 V851901 $1,299,000 $0 0%
January 01, 2011 V851901 removed after 97 days
January 20, 2011 V864163 $1,299,000 $0 0%
March 04, 2011 V864163 $1,250,000 $-49,000 -4%
April 01, 2011 V864163 removed after 71 days
April 07, 2011 V880269 $1,249,000 $-50,000 -4%
July 03, 2011 V880269 removed after 87 days
July 08, 2011 V898456 $999,000 $-300,000 -23%
July 27, 2011 V898456 $1,160,000 $-139,000 -11%
August 04, 2011 V898456 removed after 27 days
October 12, 2012 V976180 $1,749,000 $0 0%
October 16, 2012 V976180 $1,849,000 $0 0%
October 26, 2012 V976180 $1,649,000 $-200,000 -11%
October 30, 2012 V976180 $1,428,000 $-421,000 -23%
November 03, 2012 V976180 $1,350,000 $-499,000 -27%
January 25, 2013 V976180 $1,250,000 $-599,000 -32%

v976180_11

Current Days on Market: 111 (0.30years)
Current ‘Official’ Days on Market: 111
2012 Assessment: $1,081,000
2011 Assessment: $1,045,000
Desperation Score: 38.3

$600K and 32% in drops in 3 months and still overpriced.  This place was available a year and a half ago for under a million and didn’t sell.

ABSOLUTELY GORGEOUS HOME BUILT BY EUROPEAN BUILDER on beautiful deep lot of 50’x207′ & in desirable Burnaby South location. Over 4,018 SqFt of living area & designed to its highest standard. BEST in QUALITY, WORKMANSHIP, full attention to details & supreme finishing. Grand foyer w/high ceilings, extensive use of granite & H/W floors throughout. 9 generous sized bedrooms & 7 bths, entertaining sized open LVGRM & large gourmet KIT w/high-end cabinets & appliances, large isl w/granite countertop. 1 & 3-bdrm walk-out suites as mortgage helper. Beautiful landscaping & PARK-LIKE GARDEN! Close to well know school: Burnaby South, Greenwood Elem & some private schools, golf club, shopping & transit. Easy to SFU, UBC, Douglas! A VERY SPECIAL HOME HAS ALL!


#3 ) Address:3496 MARINE DR, West Bay, West Vancouver

September 24, 2008 V735364 $6,998,000 $0 0%
November 14, 2008 V735364 $5,999,000 $-999,000 -14%
February 28, 2009 V735364 $5,200,000 $-1,798,000 -26%
May 15, 2009 V735364 $4,998,000 $-2,000,000 -29%
August 05, 2009 V735364 $4,498,000 $-2,500,000 -36%
October 01, 2009 V735364 removed after 372 days
October 08, 2009 V791704 $4,498,000 $-2,500,000 -36%
October 14, 2009 V791704 $4,298,000 $-2,700,000 -39%
February 23, 2010 V791704 $3,998,000 $-3,000,000 -43%
March 01, 2010 V791704 removed after 144 days
March 06, 2010 V813078 $3,998,000 $-3,000,000 -43%
April 17, 2010 V813078 $3,750,000 $-3,248,000 -46%
May 30, 2010 V813078 removed after 85 days
September 16, 2010 V850370 $3,995,000 $-3,003,000 -43%
November 29, 2010 V850370 removed after 74 days
January 27, 2011 V865455 $3,995,000 $-3,003,000 -43%
May 25, 2011 V865455 removed after 118 days
April 02, 2012 V940680 $4,988,000 $-2,010,000 -29%
August 22, 2012 V940680 removed after 142 days
September 06, 2012 V969222 $4,688,000 $-2,310,000 -33%
December 17, 2012 V969222 removed after 102 days
January 25, 2013 V986910 $4,488,000 $-2,510,000 -36%

v986910_11

Current Days on Market: 304 (0.83years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $3,836,000
Desperation Score: 10.1

I’ll let this place get away with the term “rare” but still listed $2.5 million below the original 2008 listing price yet half a million over assessment

Spectacular home on one of West Van’s most prestigious streets: South Oxley. Famed architect Brian Hemmingway presided over a substantial renovation of this sleek 4 Bdrm/3 Bath 3,200 sq ft in the early 2000s. Design takes full advantage of rare mind-blowing views of downtown & the Lions Gate Bridge that are exceedingly rare in West Van! The residence itself feels like a luxurious penthouse w/soaring vaulted ceilings. Tranquil Asian inspired landscaping includes waterfalls, ponds & lush vegetation. Private & gated 10,000 sq ft terraced property w/ gorgeous ocean-view patios leading to a sandy beach. Detached guest cottage, zinc roof, double garage and a gourmet chef’s kitchen! A Faultless combination of location, view and price!


#2 ) Address:7245 ARBUTUS PL, Whytecliff, West Vancouver

September 15, 2007 V668506 $5,500,000 $0 0%
December 19, 2007 V668506 removed after 95 days
February 16, 2008 V689276 $4,950,000 $-550,000 -10%
April 20, 2008 V689276 $4,550,000 $-950,000 -17%
June 25, 2008 V689276 $3,995,000 $-1,505,000 -27%
September 13, 2008 V689276 $3,750,000 $-1,750,000 -32%
September 24, 2008 V689276 $3,490,000 $-2,010,000 -37%
January 22, 2009 V689276 removed after 341 days
January 24, 2009 V749726 $3,490,000 $-2,010,000 -37%
March 10, 2009 V749726 $2,995,000 $-2,505,000 -46%
July 01, 2009 V749726 removed after 158 days
July 09, 2009 V775861 $2,998,000 $-2,502,000 -45%
August 12, 2009 V775861 removed after 34 days
June 07, 2012 V954937 $3,688,000 $-1,812,000 -33%
July 05, 2012 V954937 $3,298,000 $-2,202,000 -40%
September 21, 2012 V954937 removed after 106 days
September 26, 2012 V973360 $3,298,000 $-2,202,000 -40%
November 21, 2012 V973360 removed after 56 days
November 24, 2012 V981080 $3,298,000 $-2,202,000 -40%
January 23, 2013 V981080 removed after 60 days
January 26, 2013 V987270 $3,298,000 $-2,202,000 -40%

v987270_11

Current Days on Market: 238 (0.65years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $2,716,000
Desperation Score: 20.2

Another West Vancouver property down by over $2 million since 2007.  Still listed half a million over assessment

Location, exposure and exquisite attention to detail combine to make this truly unique home a treasured experience. This magnificent 2 level gated Water Front estate offers a 1/3 acre of total privacy & approx 180′ of natural beachfront. All of the principle rooms employ massive waterside windows which spill out onto delicious seaside verandas overlooking the waters edge. There are four generous sized bedrooms & 3 bathrooms. Downstairs has a fabulous rec room opening out to an Oceanside Terrace, guest bedrooms & a private office. Walking distance to Whytecliff Park, Gleneagles Golf Course & a short drive to Thunderbird Marina. There is an intrinsic value here which cannot be surpassed for Water Front Living.


#1 ) Address:11400 NO 2 RD, Gilmore, Richmond

September 04, 2011 V908283 $12,800,000 $0 0%
January 11, 2012 V908283 $8,500,000 $-4,300,000 -34%
November 01, 2012 V908283 removed after 424 days
January 27, 2013 V987489 $6,000,000 $-6,800,000 -53%

v987489_11

Current Days on Market: 515 (1.41years)
Current ‘Official’ Days on Market: 4
2012 Assessment: Assessment: Farm Land
Desperation Score: 13.5

Technically farm land but it is in the metro vancouver area so I included it.  Almost $7 million and over 50% in price drops

PRICED TO SELL! Rare opportunity in Steveston. 26.6 acres of AG1, prime location, development encroaching on all sides, prime location. South of Steveston Hwy with 594 feet frontage. Excellent holding property. Ideal to build your dream farm house and have a business or hobby.

Advertisements

14 responses to “The Weekly Drop Metro Vancouver Detached – January 29, 2013

  1. M- January 30, 2013 at 12:06 pm

    #9: “Oozes charm!” …yuck! I don’t want a house that oozes anything!

  2. A. H. January 30, 2013 at 1:15 pm

    #7 (369 Moyne Dr). Was listed with Jason Sopovich and appears to have been sold. Interesting that he had the age at 2 years, though. No abbreviations used on his own website description. Does a nice job actually on presentation for all his listings. Lots a good pics and usually floor plans included.

    • an observer January 30, 2013 at 2:18 pm

      I agree that his website is great and I’ve had it bookmarked for a long time but his listing description is horrible. I’d rather see something like “Nice Happy Home. Please buy now. Rare!” than have to decipher all the garbage in his description!

      • davers January 30, 2013 at 4:41 pm

        He has the exact same description on his website without all the abreviations, does MLS limit the amount of characters in the description? That would probably explain it, but it would make more sense to just take some stuff out rather than make it look like a code from WW2.

    • davers January 30, 2013 at 4:35 pm

      Interesting that it sold, any idea what it sold for?

  3. Ford Prefect January 30, 2013 at 3:33 pm

    The most striking direct evidence that I have seen of real estate collapse in Courtenay area is “The Texada” at Harwood Beach Estates. Walk on beach, fully landscaped lots in 26 acre gated community, lots alone selling last year for around $600k. The Texada, brand new, is beyond a McMansion, probably a Mansion is better description – no expense spared in construction. Assessed at $875k but I believe that may be before completion. Similar units for sale in same gated community listed for $1.3m – 1.6m. The Texada is for rent for, wait for it, $2000/month on CraigsList. Probably somewhere around a 2.4% gross return or less. The owner (builder?/developer?) is toast.

  4. Real Estate Tsunami January 30, 2013 at 4:51 pm

    # 1. Priced to sell? What is on the market for?

  5. Real Estate Tsunami January 30, 2013 at 5:06 pm

    I’m keeping an eye on the Westwind area in Richmond.
    There’s a beautiful, brand new house that was listed originally for $ 2,698,000.
    it was delisted about 2 weeks ago and is now back on the market for $ 2,338,000, HST incl.
    Which amount to a price drop of about $ 610,000 or almost 25%.
    11400 Plover Dr., V987070.

    • an observer January 30, 2013 at 6:45 pm

      They paid $885K for the lot and although the home looks very nice I highly doubt they paid $1 million to build it – most likely they are into it for around $1.75 million + carrying / opportunity costs

  6. A. H. January 30, 2013 at 6:55 pm

    #7 (369 Moyne Dr). I googled the original listing number (V696732) and now understand why J. Sopowich had the property as only 2 years old. The original house on the lot, a 1,700 sq ft rancher was torn down – or they did managed one heck of a reno. Back in 2008, it was listed with Re/Max agent Penny Mitchell. So, did the present owners pay over a million dollars just for the lot? Ouch. However, they still must have made some money on the sale – you think?

    • Ray January 31, 2013 at 2:11 pm

      #7 is already offline the MLS system. Your website is getting too popular. Agents and owners alike will be checking here to make sure they aren’t the laughing stock of the Vancouver Real Estate market. Well done.

  7. Jonnie January 30, 2013 at 10:16 pm

    Well done , yet again. #2 looks high end outside and cheap build with wood cladding on outside. Maybe yet another West Vancouver pull down wooden shack, dressed up to kill !! Does anybody outside North America understand these houses are built to last for only 50 – 75 years

    • Real Estate Tsunami January 31, 2013 at 8:54 am

      30 to 50 years is more like it.

    • an observer January 31, 2013 at 9:37 am

      Yeah, I doubt many of the homes built in the last 3 years will be livable 30 years from now without major repairs. Lots of exceptions of course but so many are being built as cheaply and quickly as possible with a lack of standards and low quality tradespeople

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: