Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Metro Vancouver Attached – January 30, 2013

Here are the 10 attached 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.

6 listings from Vancouver West, 2 from Richmond and one from Burnaby and Vancouver East


#10 ) Address:# 8 1081 W 8TH AV, Fairview, Vancouver West

July 02, 2010 V840030 $350,000 $0 0%
July 13, 2010 V840030 removed after 11 days
October 23, 2010 V855723 $549,000 $0 0%
November 09, 2010 V855723 removed after 17 days
January 27, 2013 V987588 $425,000 $-124,000 -23%

v987588_11

Current Days on Market: 4 (0.01years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $493,000
2011 Assessment: $486,300

Sold in November 2010 for $455,000 leaving owner with a $60K loss (after all fees) if they get asking price.

Desperation Score: 4.5

Enjoy the lifestyle!! Enter through a peaceful inner courtyard to this Spacious 1 Bedroom plus Den townhouse in Tyndale Court. With many updates already completed it won’t take much to have your dream home here! Reverse floor plan takes advantage of the views as the 2nd floor offers a large living room with balcony and an open den which could be used as a 2nd bedroom. Enjoy the beautiful mountain, city and water views from your roof top deck as well! Centrally located and close to all amenities. Outside is being updated and is being paid for by the Seller! Rentals and pets allowed. Great opportunity here!


#9 ) Address:# 202 255 E 14TH AV, Mount Pleasant, Vancouver East

July 02, 2008 V719836 $389,000 $0 0%
September 24, 2008 V719836 removed after 84 days
March 12, 2012 V936743 $349,000 $-40,000 -10%
April 19, 2012 V936743 $335,000 $-54,000 -14%
April 26, 2012 V936743 removed after 45 days
September 19, 2012 V972089 $325,000 $-64,000 -16%
January 30, 2013 V972089 $299,000 $-90,000 -23%

v972089_11

Current Days on Market: 325 (0.89years)
Current ‘Official’ Days on Market: 134
2012 Assessment: $343,200
2011 Assessment: $373,300
Desperation Score: 17.3

“Currently rented to long term tenant who will likely move. Newer roof and lobby”.  Imagine – you lose money every month subsidizing someone else’s rent, you pay for a new roof and lobby through most likely special assessments and your equity falls like a rock.  “Sorry no pets & no rentals.” – ummmm, didn’t you just say there was a rental?

2 BR in SOMA. Nice layout & floorplan, open kitchen w island & wood fireplace. NE corner w lots of windows. Currently rented to long term tenant who will likely move. Newer roof and lobby. Located in Mount Pleasant’s most desirable neighbourhood, less than one block to Main St. Close to shopping, parks, schools, community centre and transit downtown. If LOCATION is important to you this home has it all! Sorry no pets & no rentals.


#8 ) Address:# 229 8860 NO 1 RD, Boyd Park, Richmond

April 13, 2011 V881579 $239,000 $0 0%
May 27, 2011 V881579 removed after 44 days
July 06, 2011 V897892 $238,000 $-1,000 0%
October 12, 2011 V897892 $229,000 $-10,000 -4%
February 01, 2012 V897892 removed after 210 days
February 03, 2012 V929349 $225,000 $-14,000 -6%
May 24, 2012 V929349 $218,000 $-21,000 -9%
October 01, 2012 V929349 removed after 241 days
October 04, 2012 V974866 $198,000 $-41,000 -17%
January 26, 2013 V974866 $183,000 $-56,000 -23%

v974866_11

Current Days on Market: 659 (1.81years)
Current ‘Official’ Days on Market: 119
2012 Assessment: $182,800
2011 Assessment: $223,500
Desperation Score: 19.8

This condo has been listed for close to 2 years and just had its assessment dropped by close to 20% in 1 year!

Apple Greene” 2 bedroom 2 bathroom apartment. Freshly painted and new carpet throughout. Over 1030 sq ft including the open balcony. in suite storage plus a locker space. Undercover parking. Great complex with indoor and outdoor swimming pools. Seafair shopping center across the road and transit at the door. Excellent value!


#7 ) Address:1805 CREELMAN AV, Kitsilano, Vancouver West

February 24, 2012 V933287 $1,249,000 $0 0%
March 06, 2012 V933287 $1,199,000 $-50,000 -4%
March 30, 2012 V933287 $1,179,000 $-70,000 -6%
May 01, 2012 V933287 removed after 67 days
May 04, 2012 V947539 $1,099,000 $-150,000 -12%
June 30, 2012 V947539 removed after 57 days
January 30, 2013 V987684 $949,000 $-300,000 -24%

v987684_11

Current Days on Market: 1 (0.00years)
Current ‘Official’ Days on Market: 1
2012 Assessment: $1,140,000
2011 Assessment: $1,161,000
Desperation Score: 14.6

Tenanted at $3200/month – in most other cities in the world during normal periods of growth a place that rents for $3,200/month is worth about $500K (150x rent)

Fabulous Kits Point 1/2 duplex, upper unit. City & park view, 2 bedroom plus den, 2 bath. Beautiful condition. Everything you want in a home: near beaches, marina, museum, parks & transit. Priced over $200,000 below assessment was tenanted at $3,200 per month.


#6 ) Address:# 3402 1011 W CORDOVA ST, Coal Harbour, Vancouver West

July 14, 2010 V840573 $3,188,000 $0 0%
December 02, 2010 V840573 removed after 141 days
January 26, 2013 V987280 $2,390,000 $-798,000 -25%

v987280_11

Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $2,366,000
2011 Assessment: $2,383,000
Desperation Score: 4.5

25% and an $800K drop since the last time this was listed 2 and a half years ago

This unit offers 2 spacious bedrooms with stunning views, high ceiling, hardwood flooring and electric window covering. Extensive use of marble throughout entire master bathroom. This building is finished with air conditioning with excellent amenities with pool, exercise room, spa and concierge. Definitely a 5 star residence on top of the 5 star Fairmont Hotel!


#5 ) Address:# 3401 1189 MELVILLE ST, Coal Harbour, Vancouver West

June 16, 2007 V653645 $2,295,000 $0 0%
October 01, 2007 V653645 removed after 107 days
October 07, 2009 V791444 $1,788,000 $-507,000 -22%
October 30, 2009 V791444 $1,718,000 $-577,000 -25%
January 29, 2010 V791444 removed after 114 days
January 14, 2012 V925274 $2,188,000 $-107,000 -5%
March 08, 2012 V925274 removed after 54 days
March 12, 2012 V936640 $2,099,000 $-196,000 -9%
May 14, 2012 V936640 removed after 63 days
September 14, 2012 V971181 $2,088,000 $-207,000 -9%
October 17, 2012 V971181 $1,998,000 $-297,000 -13%
November 24, 2012 V971181 $1,850,000 $-445,000 -19%
January 29, 2013 V971181 $1,698,000 $-597,000 -26%

v971181_11

Current Days on Market: 383 (1.05years)
Current ‘Official’ Days on Market: 139
2012 Assessment: $1,633,000
2011 Assessment: $1,676,000

Sold in March 2010 for $1,650,000 leaving owner with a $40K loss (after all fees) if they get asking price.  This does not include the “2012 EXTENSIVE COMPLETE UPDATED RENOVATION” so realistically they have probably lost a couple of hundred thousand if they sell for asking.

Desperation Score: 27.2

AMAZING LUXURY HOME!!! for a young family. OCEAN & MOUNTAIN VIEW!!! in every room. 24 hour concierge to assist your needs. pool, sauna, jacuzzi, gym, large storage space, 2 parking. VERY GOOD LOCATION!!! Shoppers,Starbucks, Urban fare, 7/11, Waves. medical clinic, Coal Harbour Community Center, parks. day care just downstairs. New …. 2012 EXTENSIVE COMPLETE UPDATED RENOVATION!!! MODERN!!! and Contemporary European Design.Brand NEW!!! Miele and Fisher & Paykel stainless steel kitchen appliance package. Air condition, alarm, large patio. full bathroom in every room. Jacuzzi, shower, his and her double sink for master room. Powder room, pantry, laundry, 2 entrances for unit, alarm. NEW CONDITION!!!


#4 ) Address:# 108 3709 PENDER ST, Willingdon Heights, Burnaby

March 16, 2012 V937566 $277,900 $0 0%
May 22, 2012 V937566 removed after 67 days
May 26, 2012 V952465 $273,400 $-4,500 -2%
October 01, 2012 V952465 removed after 128 days
October 03, 2012 V974709 $247,800 $-30,100 -11%
November 09, 2012 V974709 $237,900 $-40,000 -14%
December 15, 2012 V974709 $222,900 $-55,000 -20%
January 30, 2013 V974709 $199,900 $-78,000 -28%

v974709_11

Current Days on Market: 321 (0.88years)
Current ‘Official’ Days on Market: 120
2012 Assessment: $295,000
2011 Assessment: $254,000
Desperation Score: 29.3

This unit is listed for over 30% BELOW assessment.  “Court Ordered Sale”

Court Ordered Sale. Spacious one bedroom suite with nice floor plan. Fireplace in the living room. Fenced South-facing patio. End unit, parking stall and locker. Close to transportation. Great opportunity. A must view this one.All measurements are approximate and to be verified by buyers. Call for appointment now.


#3 ) Address:# 502 1180 HOMER ST, Yaletown, Vancouver West

September 22, 2007 V669816 $1,450,000 $0 0%
January 23, 2008 V669816 $1,390,000 $-60,000 -4%
April 01, 2008 V669816 removed after 192 days
March 02, 2009 V752034 $1,199,900 $-250,100 -17%
July 01, 2009 V752034 $1,149,900 $-300,100 -21%
January 03, 2010 V752034 removed after 307 days
February 20, 2010 V810704 $1,150,000 $-300,000 -21%
March 04, 2010 V810704 removed after 12 days
June 22, 2012 V957982 $1,099,000 $-351,000 -24%
October 31, 2012 V957982 removed after 131 days
January 12, 2013 V984643 $1,050,000 $-400,000 -28%
January 29, 2013 V984643 $998,000 $-452,000 -31%

V984643_1

Current Days on Market: 223 (0.61years)
Current ‘Official’ Days on Market: 19
2012 Assessment: $934,000

Sold in August 2010 for $986,000 leaving owner with a $44K loss (after all fees) if they get asking price

Sold in July 2004 for $759,900 leaving that owner with a $174K profit (after all fees) when sold to current owners

Desperation Score: 14.0

This two bedroom and den apartment has an exceptional combination of the best in modern conveniences, set in the warmth and character of an exclusive Heritage Building (McMaster Building.) Additional features that make this show piece home comfortable are: spacious open floor plan, 10′ ceilings, reclaimed fir floors, fabulous kitchen with Bosch appliances, gas cook top, gas fireplace, a large master bedroom with sumptuous ensuite both including a steam shower. Walk to shops and restaurants from this sought after location. Included are two sided by side parking stalls. Special! Open House: Saturday February 2nd and Sunday February 3rd, both from 2-4pm.


#2 ) Address:# 209 1477 FOUNTAIN WY, False Creek, Vancouver West

May 17, 2008 V708512 $259,000 $0 0%
July 15, 2008 V708512 removed after 59 days
September 26, 2008 V735871 $259,000 $0 0%
December 12, 2008 V735871 $239,000 $-20,000 -8%
January 31, 2009 V735871 removed after 127 days
February 05, 2009 V751398 $234,900 $-24,100 -9%
March 17, 2009 V751398 $229,900 $-29,100 -11%
May 28, 2009 V751398 removed after 112 days
October 12, 2012 V976127 $289,900 $0 0%
November 29, 2012 V976127 $269,000 $-20,900 -7%
January 01, 2013 V976127 removed after 81 days
January 30, 2013 V987634 $170,000 $-119,900 -41%

v987634_11

Current Days on Market: 111 (0.30years)
Current ‘Official’ Days on Market: 1
2012 Assessment: $268,000
2011 Assessment: $271,000
Desperation Score: 14.3

And this is what happens to lease hold properties…  Asking under $250/sqft and close to 40% BELOW assessment

Literally steps to Granville Island, the Seawall and transportation. This apartment is an open space with a large den area, which could be used as a 2nd bedroom. Newer carpets, New washing machine and Bathroom has a new vanity with granite counter top. The owner has been here for over 20 years. One underground parking stall. The City of Vancouver lease is not prepaid. Please provide 24 hours notice if possible. Showings from 12:00 – 8:00pm only.


#1 ) Address:# 1616 5911 MINORU BV, Brighouse, Richmond

May 21, 2012 V951375 $118,000 $0 0%
January 01, 2013 V951375 removed after 225 days
January 25, 2013 V986859 $65,000 $-53,000 -45%

v986859_11

Current Days on Market: 255 (0.70years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $83,800
2011 Assessment: $75,400
Desperation Score: 7.1

We’ve seen lots of units from 5911 Minoru make the weekly drops, here is a new one to add to the list.  At least they have woken up dropping the price by 45% in one shot

Airport Hilton Hotel, fully management and operated, a great investment in downtown Richmond. Easy access everything. Good return. Upper unit. The owner has benefit to use the Hotel’s facilities and enjoy the discount of hotel room and restaurant.

8 responses to “The Weekly Drop Metro Vancouver Attached – January 30, 2013

  1. gokou3 January 30, 2013 at 11:57 pm

    Re #10, looks like there was a sale in Nov 2010 for $455k:
    http://www.mmcondo.com/RecentSales.php/Details/19

    A quick $50k loss for the current owner in ~2 years. He must have thought he was smart when he negotiated down by $90k on his purchase.

  2. Landbaron January 31, 2013 at 1:04 am

    #4
    Court ordered sale, ground floor on way E. Pender, power lines in the background…

    But it’s a “Great opportunity” to buy this former grow op and/or brothel, don’t miss your chance!

  3. A. H. January 31, 2013 at 10:23 am

    #10 – How many times has this been flipped in two years? Also, it has to be discouraging for a seller to find that the broker who listed the property back in 2010 when it was $350,000 still has it on his website and it shows first in the google search.

    #9 – A picture speaks a thousand words and the listing pics here speak volumes…LOL. If I were the seller, I would have the agent remove those pics or a least the balcony shot. Yikes.

    #8 – Search shows at least 5 units for sale in this building. What is happening here?

    #6 – Agent Nicolas Blachette website shows 13 condos for sale in this building including this one.

    #5 – At least eight condos for sale at this address.

    #2 – I think it will be tough to sell not only because of the ‘lease hold’ but because the unit is very out-dated especially the kitchen and its appliances. Tough to compete with all the granite tops and stainless steel out there in the market today.

    #1 – When I see these type of units (think Whistler here, too) two words come to mind – bed bugs.

  4. bullwhip29 January 31, 2013 at 11:21 am

    #1) It would be interesting to know how much cash flow these units actually generate (if any) and precisely what facilities the owner is allowed to use for free. Gym, pool, tennis courts, meeting rooms, parking….? Yes, not the only unit for sale here, so maybe this isn’t at all what it seems. Check out this beauty right in the heart of “effluent” Richmond: http://www.ecorealtyinc.ca/listing?id=257790795 where seller is “motivated” (and clearly tired of the smell in Rmd) yet return on investment is “great”. Couldn’t make this stuff up if I tried…

    #2) Lots of question marks here.

    #3) Clear and deliberate attempt to “manage” the situation by pricing just below $1M threshold while still hoping to make a small profit (yes, this is before fees, but that’s how people tend to rationalize things)

    #4) Does “end unit” mean it faces Boundary with a view of E. Hastings?

    #5) Why the need for “EXTENSIVE COMPLETE UPDATED RENOVATION” when bldg is only a few years old? Throwing more good money after bad just makes the situation worse.

    #6) Yes, the view is lovely. That asking price and $1189/mo for maintenance, not so much. I think many that bought here just before the Olympics will get their a$$es handed to them.

    #7) Rent is typical for Vanc, esp in Kits. Between 2 and 4 ppl live in this unit. If the whole duplex was for sale, someone would likely take a shot at this based on location alone.

    #8) Covered this one is prev posts. How much work will these aging bldgs require?

    #9) No (more) rentals = no chance of selling at this pie in the sky valuation

    #10) I love how it says, “Outside is being updated…”. These people also need to work on their photography skills. The pics are so bad you’d almost think this was a deliberate attempt on their part to pass this property off as distressed, AS IS etc in an effort to make us believe it is a genuine bargain (as compared to all the other fluffed up, photoshopped and carefully staged properties populating much of the database of listings).

  5. MaxPower February 2, 2013 at 7:12 pm

    re: #9

    SOMA? Did a bunch of realtors watch “Baby Mama” and decide they need to come up with “cool” names for dump neighbourhoods? The hipsters that would actually use SOMA (or SoMa – I googled it) spend too much money on bicycles with no gears, fedoras, glasses with no lenses, and canes to be able to afford a house.

  6. Devore February 4, 2013 at 10:18 pm

    #9 the rental was probably grandfathered in when rules changed.

    But wtf is SOMA?

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