Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Suburbs – February 4, 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.


#10 ) Address:# 104 2511 KING GEORGE HY, King George Corridor, White Rock

February 15, 2009 F2902831 $254,900 $0 0%
May 06, 2009 F2902831 removed after 80 days
February 03, 2013 F1302347 $165,000 $-89,900 -35%

f1302347_1

Current Days on Market: 3 (0.01years)
Current ‘Official’ Days on Market: 3
2012 Assessment: $183,600
Desperation Score: 4.5

“and keeping your equity” – kind of like how this person did between 2009 and 2013… oh wait.

Enjoy all the amenities in a Senior Resort living community, while owning your home and keeping your equity. This open concept suite is complimented with granite counters and kitchen floors, stainless steel appliances, 24 hr emergency call system in place, as well as laminate wood floors for easy mobility and a specially equipped bathroom. Mandatory membership in Club Pacifica gives you full use of all resort facilities. Stop out onto your patio from either the bedroom or living room to see the North Shore Mountains. Just steps from Pacifica Club shopping and transit, swim, play billiards, exercise, go the library, cultivate your own garden plot and much more.


#9 ) Address:22183 CLIFF AV, West Central, Maple Ridge

August 22, 2010 V846978 $700,000 $0 0%
December 02, 2010 V846978 $600,000 $-100,000 -14%
February 22, 2011 V846978 $429,000 $-271,000 -39%
March 03, 2012 V846978 $399,900 $-300,100 -43%
July 06, 2012 V846978 removed after 684 days
July 13, 2012 V961729 $429,000 $-271,000 -39%
December 29, 2012 V961729 removed after 169 days
February 03, 2013 V988340 $429,000 $-271,000 -39%

v988340_1

Current Days on Market: 899 (2.46years)
Current ‘Official’ Days on Market: 3
2012 Assessment: $383,000
Desperation Score: 11.2

This home has been listed for almost 2.5 years yet is still priced higher than it was last March!  

C-3 zoned property. Presently rented. Build office, 4-plex or combination of both. Possible river views from upper floors.


#8 ) Address:# 83 14600 MORRIS VALLEY RD, Lake Erock, Mission

September 22, 2009 F2921449 $72,900 $0 0%
October 01, 2010 F2921449 removed after 374 days
May 03, 2012 F1211369 $52,900 $-20,000 -27%
October 19, 2012 F1211369 $49,900 $-23,000 -32%
January 01, 2013 F1211369 removed after 243 days
February 03, 2013 F1302514 $44,500 $-28,400 -39%

f1302514_1

Current Days on Market: 279 (0.76years)
Current ‘Official’ Days on Market: 3
2012 Assessment: $68,400
Desperation Score: 12.3

Listed over 35% BELOW assessment

“Tapadera Estates”. On the shores of the Harrison River. Gated RV park with fabulous Clubhouse, indoor pool, hottub, boat launch. Best price & location. Next to Sandpiper Golf Club, Ski Hemlock.


#7 ) Address:34309 WHITE AV, Hatzic, Mission

August 25, 2007 F2722028 $1,600,000 $0 0%
July 10, 2008 F2722028 removed after 320 days
September 23, 2008 F2827538 $1,600,000 $0 0%
October 30, 2008 F2827538 $1,500,000 $-100,000 -6%
November 29, 2008 F2827538 removed after 67 days
February 25, 2010 F1005179 $1,450,000 $-150,000 -9%
April 13, 2010 F1005179 removed after 47 days
June 13, 2010 F1016181 $2,000,000 $0 0%
November 04, 2010 F1016181 $1,100,000 $-900,000 -45%
November 27, 2010 F1016181 $1,600,000 $-400,000 -20%
July 03, 2011 F1016181 removed after 385 days
July 13, 2011 F1117678 $1,200,000 $-800,000 -40%
July 12, 2012 F1117678 removed after 365 days
July 19, 2012 F1218766 $1,200,000 $-800,000 -40%
January 18, 2013 F1218766 removed after 183 days
January 30, 2013 F1302110 $1,200,000 $-800,000 -40%

No Picture

Current Days on Market: 1077 (2.95years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $725,400
Desperation Score: 8.4

Purchased June 2012 for $735,800 – the sell price and date doesn’t really make sense when you look at the listing history so not sure what happened there.  Perhaps the house was sold but the 19 acres of land was split off from it?

WOW! 19+ acres located only minutes from downtown. Develop into small acreages or build your estate. This property has it all with Interesting Topography, Fields, Brook and a Knock Your Socks off View of the surrounding mountains, is well drained and has southern exposure. This area has many large estate type homes and acreages. There are fewer and fewer large parcels like this available. Small panabode cabin to be removed. Call to view today.


#6 ) Address:# 60 2002 ST JOHNS ST, Port Moody Centre, Port Moody

September 19, 2008 V734424 $184,900 $0 0%
February 05, 2009 V734424 removed after 139 days
August 13, 2009 V781565 $162,900 $-22,000 -12%
October 08, 2009 V781565 $157,800 $-27,100 -15%
December 06, 2009 V781565 removed after 115 days
December 09, 2009 V800349 $149,900 $-35,000 -19%
March 31, 2010 V800349 removed after 112 days
January 16, 2013 V985110 $113,900 $-71,000 -38%
January 29, 2013 V985110 $109,900 $-75,000 -41%

v985110_11

Current Days on Market: 21 (0.06years)
Current ‘Official’ Days on Market: 21
2012 Assessment: $128,300
Desperation Score: 10.1

“Say goodbye to your car!” and your savings and dreams of retiring before 80

Total reno 3 years ago with maple kitchen cabinets, rich black granite counter tops & phone desk. Gorgeous slate floor in kitchen, foyer & hall. Solid hardwood under carpet. Newer paint, light fixtures. Updated bathroom fixtures, doors & handles. Located close to schools, transit & future LRT station within walking distance. Say goodbye to your car! Easy access to SFU. Best buy in town-cheaper than rent.


#5 ) Address:35995 EAGLECREST PL, Abbotsford East, Abbotsford

July 11, 2009 F2915400 $450,000 $0 0%
January 17, 2010 F2915400 removed after 190 days
January 19, 2010 F1001392 $450,000 $0 0%
July 18, 2010 F1001392 removed after 180 days
September 27, 2010 F1024539 $425,000 $-25,000 -6%
September 01, 2011 F1024539 removed after 339 days
September 03, 2011 F1122147 $380,000 $-70,000 -16%
October 07, 2011 F1122147 $370,000 $-80,000 -18%
October 27, 2011 F1122147 $365,000 $-85,000 -19%
November 18, 2011 F1122147 $360,000 $-90,000 -20%
December 08, 2011 F1122147 removed after 96 days
February 03, 2013 F1302591 $265,000 $-185,000 -41%

No Picture

Current Days on Market: 3 (0.01years)
Current ‘Official’ Days on Market: 3
2012 Assessment: $347,000
Desperation Score: 10.6

“uild exactly what you have always wanted!”.  Over 20% BELOW assessment

Builders & Investors Alert! Mountain Village 1.75 acre building site with Mt Baker and Valley view. Build your dream home here (yes there is plenty of room for a shop) just a few minutes to the Whatcom Road Exit. We have plans available or uild exactly what you have always wanted! * PREC – Personal Real Estate Corporation


#4 ) Address:274 RUPERT ST, Hope Center, Hope and Region

March 09, 2012 H1104578 $469,000 $0 0%
April 09, 2012 H1104578 $489,000 $0 0%
May 17, 2012 H1104578 removed after 69 days
May 19, 2012 H1202138 $439,000 $-50,000 -10%
June 09, 2012 H1202138 $419,000 $-70,000 -14%
June 26, 2012 H1202138 $409,000 $-80,000 -16%
July 14, 2012 H1202138 $399,000 $-90,000 -18%
July 24, 2012 H1202138 $379,000 $-110,000 -22%
August 17, 2012 H1202138 removed after 90 days
October 12, 2012 H1204081 $319,900 $-169,100 -35%
October 23, 2012 H1204081 $309,900 $-179,100 -37%
November 01, 2012 H1204081 $299,900 $-189,100 -39%
December 06, 2012 H1204081 $289,900 $-199,100 -41%
January 16, 2013 H1204081 $279,900 $-209,100 -43%
January 30, 2013 H1204081 $269,900 $-219,100 -45%
January 31, 2013 H1204081 $279,900 $-209,100 -43%

h1204081_11

Current Days on Market: 334 (0.92years)
Current ‘Official’ Days on Market: 117
2012 Assessment: $444,000
2011 Assessment: $455,000
Desperation Score: 52.8

They brilliantly decided to drop the price by $10K and then raise it by $10K the next day.  Interesting move but the place is still listed almost 40% BELOW assessment

Great location in Hope, set on treed lot with waterfront views of Fraser. A fisherman’s dream home. Conveniently located close to boat launch. This is a unique home with over 3000 sq.ft., 5 bedrooms, rec room and games room. Lots of windows to take in the scenic views. Brand new roof. Interior could use some updating but has great potential. Needs some updating, but lots of potential. Central to shopping. * PREC – Personal Real Estate Corporation


#3 ) Address:# 73 17712 60TH AV, Cloverdale BC, Cloverdale

October 11, 2007 F2726092 $164,900 $0 0%
January 10, 2008 F2726092 removed after 91 days
February 08, 2008 F2803215 $149,900 $-15,000 -9%
May 06, 2008 F2803215 removed after 88 days
July 22, 2008 F2821960 $134,900 $-30,000 -18%
January 19, 2009 F2821960 removed after 181 days
September 14, 2010 F1023489 $85,000 $-79,900 -48%
December 23, 2010 F1023489 $85,800 $-79,100 -48%
January 07, 2011 F1023489 $87,500 $-77,400 -47%
January 14, 2011 F1023489 removed after 122 days
January 14, 2012 F1201026 $98,800 $-66,100 -40%
July 11, 2012 F1201026 removed after 179 days
February 03, 2013 F1302368 $87,800 $-77,100 -47%

No Picture

Current Days on Market: 3 (0.01years)
Current ‘Official’ Days on Market: 3
2012 Assessment: $89,100
Desperation Score: 6.5

“The monly payments on this unit are most likely lower than then renting”.  “Neutral Paint!!!”

Great 2 level, end/upper unit, 1 bedroom in Clover Park Gardens just steps from downtown Cloverdale. This unit is great for investors or first time buyers. The monly payments on this unit are most likely lower than then renting. Rentals allowed & pets with restrictions. Clean with newer carpets neutral paint. This unit has great tenants and they would like to stay. Easy to show.


#2 ) Address:12659 256TH ST, Websters Corner, Maple Ridge

October 11, 2007 V672975 $1,550,000 $0 0%
December 11, 2007 V672975 $1,500,000 $-50,000 -3%
December 31, 2007 V672975 removed after 81 days
February 04, 2008 V686879 $1,250,000 $-300,000 -19%
February 21, 2008 V686879 $1,150,000 $-400,000 -26%
August 30, 2009 V686879 removed after 573 days
December 06, 2009 V800307 $1,150,000 $-400,000 -26%
January 06, 2010 V800307 $999,000 $-551,000 -36%
May 01, 2010 V800307 removed after 146 days
October 27, 2010 V856332 $988,000 $-562,000 -36%
January 07, 2011 V856332 $888,000 $-662,000 -43%
May 31, 2011 V856332 removed after 216 days
June 09, 2011 V893204 $880,000 $-670,000 -43%
September 07, 2011 V893204 removed after 90 days
February 09, 2012 V930267 $880,000 $-670,000 -43%
May 02, 2012 V930267 $829,000 $-721,000 -47%
August 31, 2012 V930267 removed after 204 days
September 13, 2012 V970787 $829,000 $-721,000 -47%
January 29, 2013 V970787 $799,000 $-751,000 -48%

v970787_11

Current Days on Market: 1945 (5.33years)
Current ‘Official’ Days on Market: 146
2012 Assessment: $775,000
Desperation Score: 15.0

This property has been listed for over 5 years straight!

ATTENTION ACREAGE SEEKERS, INVESTORS ~ private 10 acre property with excellent cash flow & future potential on city water, mere minutes to center of town, Kanaka Creek Industrial Park, schools and all other amenities.Back of property borders on gazetted 252nd St for possible future 2nd road frontage. This property offers a large 2780sf 4 bed/3 full bath home with plenty of room for the extended family, 5 stall horse barn (currently used for storage), chicken coup & shed. Also nicely renovated 900sf 2 bed mobile home [non-conforming] perfect for in-laws or ranch hands. Superb monthly revenue.


#1 ) Address:# 105 518 13TH ST, Uptown, New Westminster

March 19, 2007 V635900 $192,000 $0 0%
April 02, 2007 V635900 removed after 14 days
January 14, 2010 V803564 $325,000 $0 0%
July 31, 2010 V803564 removed after 198 days
August 09, 2012 V965690 $129,900 $-195,100 -60%
November 30, 2012 V965690 removed after 113 days
January 30, 2013 V987846 $79,000 $-246,000 -76%

v987846_11

Current Days on Market: 181 (0.50years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $116,400
Desperation Score: 7.5

Ouch… Court ordered sale down 76% from 2010 list price… “Building requires complete envelope replacement” “This unit assessment 55k to 60k approximately” “Financing will be challenging for most buyers!! Unit is sold on a “As is Where is” basis only. Priced accordingly re: upcoming assessment.” etc etc.  This place is listed over 30% BELOW assessment yet there is little chance it will sell.  It will probably need to be a cash deal + cash for the special assessment.  I’m looking into my crystal ball and predicting a $20K sale price.

Court Ordered Sale – Spacious 2 bedroom, 1 1/2 bath, ground level condo, boasting 836 sqft. Partially updated, located in the back of the complex, extremely private and quiet. Building requires complete envelope replacement approx estimate last year was 2.4 million. This unit assessment 55k to 60k approximately. This cost will be paid by the BUYER. No rentals allowed in building. Financing will be challenging for most buyers!! Unit is sold on a “As is Where is” basis only. Priced accordingly re: upcoming assessment.

Advertisements

9 responses to “The Weekly Drop Suburbs – February 4, 2013

  1. Nelson February 5, 2013 at 4:17 pm

    January numbers didn’t look good,inventory up and sales down from January 2011.

  2. Nelson February 5, 2013 at 7:00 pm

    People who plan on selling that is who cares. And the taxpayers that are on the hook for the bank losses…

    • el greco February 5, 2013 at 11:35 pm

      People who want to sell will have to lower their price,in return they can buy their replacement home at a reduced price as well.Speculators are the ones that will get burned and I have no sympathy for them.
      I own a condo in Burnaby I bought ten years ago,even if the price drops another $50000 I will be able to sell my place and buy a house at $100000 to $150000 reduced price.(as SFH increased the most in the past few years and are having the bigger declines now)

  3. Someguy February 6, 2013 at 9:01 am

    Beware #2, the chickens will kill you in a chicken coup.

  4. MaxPower February 7, 2013 at 10:10 am

    re: #7
    “Interesting Topography, Fields, Brook and a Knock Your Socks off View…”

    Interesting Capitalization Too.

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: