Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Metro Vancouver Detached – February 5, 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, 3 from Vancouver West, 2 from West Vancouver and 1 from Vancouver East


#10 ) Address:985 DUCHESS AV, Ambleside, West Vancouver

July 11, 2012 V961238 $1,900,000 $0 0%
September 24, 2012 V961238 removed after 75 days
September 26, 2012 V973524 $1,749,000 $-151,000 -8%
November 08, 2012 V973524 removed after 43 days
January 30, 2013 V987836 $1,499,000 $-401,000 -21%

v987836_11

Current Days on Market: 211 (0.58years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $1,983,100
Desperation Score: 10.6

Ambleside at 25% BELOW assessment

Rare West Coast Mid Century Modern Architecture:added to the WV heritage registry, creating the potential for an additional SF residence.Open plan, massive fireplace, floor to ceiling glass walls in a calm tranquil park-like setting.


#9 ) Address:5895 PRINCE ALBERT ST, Fraser, Vancouver East

March 02, 2012 V934593 $1,688,000 $0 0%
March 06, 2012 V934593 $1,580,000 $-108,000 -6%
May 08, 2012 V934593 $1,499,000 $-189,000 -11%
May 14, 2012 V934593 removed after 73 days
May 16, 2012 V950392 $1,498,000 $-190,000 -11%
July 10, 2012 V950392 $1,438,000 $-250,000 -15%
October 16, 2012 V950392 removed after 153 days
February 03, 2013 V988801 $1,330,800 $-357,200 -21%

No Picture

Current Days on Market: 342 (0.94years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $1,205,000
2011 Assessment: $1,187,000
Desperation Score: 20.6

Must see this gorgeous 3 level beauty located on a huge prime corner lot overlooking Memorial South Park!!! This lovely 8 year beauty features 10 bedrooms w a gleaming granite entry foyer, granite counter tops & maple finishings throughoutthe home & granite gas fireplace. Upstairs level has 4 bedrooms & 2 bathrooms, skylights & bay windows, double mouldings & custom sponge painted ceiling. Main floor has 2 finished 2 bedroom units & the bright basement has another 2 bedroom unit. Property contains unauthorized suite. The exterior boasts a full length sundeck in the private backyard w triple garage & the front yard is fully fenced. Enjoy the serene neighbourhood across from the park just minutes to shopping , bus and schools!


#8 ) Address:6380 UDY RD, Granville, Richmond

November 11, 2011 V919342 $2,180,000 $0 0%
April 20, 2012 V919342 removed after 161 days
July 13, 2012 V961653 $1,980,000 $-200,000 -9%
September 28, 2012 V961653 $1,880,000 $-300,000 -14%
January 01, 2013 V961653 removed after 172 days
February 03, 2013 V988677 $1,690,000 $-490,000 -22%

v988677_11

Current Days on Market: 454 (1.24years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $1,647,000
2011 Assessment: $1,718,000
Desperation Score: 13.9

Quality custom built one of its kind well-designed open floor plan home in most desirable Granville neighbourhood. Close to public library, aqua pool, recreation centre & shopping. High ceiling, step up living room, separate formal dining room. Japanese tea room, entertainment size media room with wet bar open concept kitchen with granite top central island, guest bedroom with full ensuite, bright & comfortable DEN. Upstair features mega size master bedroom with 5pcs ensuite, good size walk-in closet, two extra good size bedroom. Full ensuite & shared deck, expensive window covering and drapes, central A/C, radiant hot water floor heat, quality mixed flooring with carpet, marble tile, oak hardwood, double garage with carpet, marble tile, oak hardwood, double garage with covered sunroom. Auto gated circular driveway in front give it a grand look classic house.


#7 ) Address:4188 CROWN CR, Point Grey, Vancouver West

October 05, 2011 V913989 $5,200,000 $0 0%
October 14, 2011 V913989 removed after 9 days
September 08, 2012 V969875 $4,688,000 $-512,000 -10%
November 03, 2012 V969875 $4,200,000 $-1,000,000 -19%
December 09, 2012 V969875 removed after 92 days
January 16, 2013 V985126 $4,200,000 $-1,000,000 -19%
February 01, 2013 V985126 $3,998,000 $-1,202,000 -23%

v985126_11

Current Days on Market: 152 (0.42years)
Current ‘Official’ Days on Market: 22
2012 Assessment: $3,600,000
2011 Assessment: $4,038,000
Desperation Score: 23.0

A $438,000 drop in assessment in 1 year…

A rare opportunity to acquire this most desirable home & property in West Point Grey. An exceptionally large (over 11,000 sq. ft.) SW facing property and 5000 sq. ft. Traditional style home. Some water & City views on the prettiest tree lined street. Peaceful location but minutes to downtown,UBC,West Point Grey Academy,St. Georges,Lord Byng & Queen Mary Elementary schools. Gourmet kitchen with Carrara marble & Teak counters, Aga stove & beautiful hand crafted custom cabinets. Spacious bright kitchen and family room with French Doors open to PRIVATE backyard.Wine cellar,gorgeous custom oak panelling in main floor den & irrigation in front.Truly an elegant & timeless family home for a discerning buyer.


#6 ) Address:7969 LABURNUM ST, S.W. Marine, Vancouver West

March 20, 2008 V695777 $1,898,000 $0 0%
April 03, 2008 V695777 removed after 14 days
April 28, 2011 V884488 $3,498,000 $0 0%
June 06, 2011 V884488 removed after 39 days
October 25, 2012 V977867 $2,698,000 $-800,000 -23%
December 04, 2012 V977867 removed after 40 days
January 30, 2013 V987618 $2,650,000 $-848,000 -24%

v987618_11

Current Days on Market: 105 (0.29years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $2,695,000
2011 Assessment: $2,658,000
Desperation Score: 7.9

“an entertaining area that will remind you of California living” except instead of white sand beaches and perfect weather year round you get the Fraser River and rain

If you havent’ been to this ‘hood, you are missing out on the West Side’s best kept secret! Huge lot (75′ x 134′), amazing home, enormous value/square foot. Enter this charming Tudor thru a canopy of Magnolia trees. The main flr of this modern home features a lovely LR w/ built-ins, FP, leaded windows, leads to the DR & onto a sun-filled eating area & kitchen. This flr also includes a Fam rm, office/den & full bath. All rooms facing SW look out onto the established garden, sparkling pool & an entertaining area that will remind you of California living. Upstairs:3 large BRs & 2 renovated baths, steam shower, heated floors. Downstairs has 1,700’ of finished space to play with. Priced under assessed value! OPEN SUNDAY 2-4PM


#5 ) Address:1093 W 49TH AV, South Granville, Vancouver West

January 08, 2012 V924140 $3,650,000 $0 0%
February 28, 2012 V924140 $3,498,000 $-152,000 -4%
May 08, 2012 V924140 removed after 121 days
May 10, 2012 V949147 $3,388,000 $-262,000 -7%
July 31, 2012 V949147 $3,188,000 $-462,000 -13%
October 01, 2012 V949147 removed after 144 days
October 04, 2012 V974976 $2,999,000 $-651,000 -18%
January 07, 2013 V974976 removed after 95 days
January 11, 2013 V984480 $2,988,000 $-662,000 -18%
February 03, 2013 V984480 $2,750,000 $-900,000 -25%

v984480_11

Current Days on Market: 396 (1.08years)
Current ‘Official’ Days on Market: 27
2012 Assessment: $3,042,000
2011 Assessment: $3,017,000
Desperation Score: 28.5

“SELLER WANTS IT SOLD! BEST BUY ON WESTSIDE!” 

AMAZING HUGE SOUTH GRANVILLE FAMILY HOME! This fabulous home offers 7 bedrooms and 6 bathrooms with superb finishing. The main offers 10′ ceilings open plan w/ big LR/ DR, office, 2 pc BR & gourmet KIT with high end cabs and counters, Sub Zero fridge and Wolfe stove plus WOK kitchen with sep ent, the KIT leads to a LR FAMRM with F/P. Up is 4 BDRMS, 3 en suites. The MDBR is huge with 2 F/P and TV, W/IN closet and a lavish BATH W/ steam shower, Jacuzzi and gorgeous vanities. Down LRGE theatre room, 4 pc BR, gym and BDRM plus self-contained 2 BDRM nanny suite with sep ent. Best of everything; HRV, radiant heat and more. Huge 63′ lot, nice yard and 4 car garage plus side parking. MOVE IN NOW! Open House: Sat & Sun 1-3pm (Feb 2&3) SELLER WANTS IT SOLD! BEST BUY ON WESTSIDE!


#4 ) Address:4528 STEVESTON HY, Steveston South, Richmond

August 12, 2011 V904639 $1,339,000 $0 0%
August 16, 2011 V904639 removed after 4 days
August 24, 2011 V906340 $1,339,000 $0 0%
December 26, 2011 V906340 removed after 124 days
January 13, 2013 V985023 $1,028,000 $-311,000 -23%
January 31, 2013 V985023 $998,000 $-341,000 -25%

v985023_11

Current Days on Market: 25 (0.07years)
Current ‘Official’ Days on Market: 25
2012 Assessment: $889,000
2011 Assessment: $902,000
Desperation Score: 12.0

Beautiful like NEW HOME in a great neighbourhood. This 5 bedroom, 5 bath home comes loaded with everything including stainless steel appliances, Maple Kitchen Cabinets with slow closing Drawers and doors, Granite and Marble counters throughout & Faux MARBLE floors w/Luxurious Carpet Accent. This plan offers 2 FULL bathrooms upstairs with 3 good sized bedrooms. A stone’s throw from all levels of schools including famed WESTWIND ELEMENTARY all sorts of shopping in HISTORIC STEVESTON VILLAGE, 2 minute walk to bus routes. Bonus: this home has a legal suite for good rental income or for extended family. Comes w/balance of 2-5-10 warranty for peace of mind. Built by Richmond’s Finest Infinity Living Inc. This Home is a must see!


#3 ) Address:6400 FRANCIS RD, Woodwards, Richmond

April 26, 2007 V643455 $638,000 $0 0%
May 09, 2007 V643455 $619,800 $-18,200 -3%
May 15, 2007 V643455 removed after 19 days
May 19, 2007 V648269 $599,000 $-39,000 -6%
June 05, 2007 V648269 removed after 17 days
January 06, 2012 V923710 $1,350,000 $0 0%
March 17, 2012 V923710 $1,298,000 $-52,000 -4%
April 25, 2012 V923710 removed after 110 days
October 05, 2012 V975104 $1,090,000 $-260,000 -19%
November 20, 2012 V975104 $1,075,000 $-275,000 -20%
January 03, 2013 V975104 $1,088,000 $-262,000 -19%
January 30, 2013 V975104 removed after 117 days
February 03, 2013 V988542 $999,000 $-351,000 -26%

v988542_11

Current Days on Market: 398 (1.09years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $922,700
2011 Assessment: $1,147,300
Desperation Score: 20.6

“Great feng-shui lively Koi fish pond too!” – somehow that didn’t stop a 20% DROP in assessment

HUGE 9,000 SF (60′ X 150′) LOT. Move-in now to this charming 3 bdrm + 2 bdrm Rancher style home and HOLD FOR POTENTIAL FUTURE DEVELOPMENT/LAND ASSMEBLY OR BUILD YOUR 3,950 SF DREAM HOME. Walk into this welcoming spacious open plan home with beaming natural sunlight throughout. Completely renovated and immaculately maintained. Sunny south facing fully fenced private backyard surrounded by tall lush mature trees. Great feng-shui lively Koi fish pond too! Blundell Elementary and Steveston-London Secondary catchment.


#2 ) Address:4431 STEVESTON HY, Steveston North, Richmond

March 03, 2011 V872813 $1,388,000 $0 0%
June 03, 2011 V872813 removed after 92 days
June 08, 2011 V892854 $1,388,000 $0 0%
July 11, 2011 V892854 removed after 33 days
September 09, 2011 V908744 $1,288,000 $-100,000 -7%
October 21, 2011 V908744 $1,188,000 $-200,000 -14%
November 29, 2011 V908744 $1,138,000 $-250,000 -18%
January 18, 2012 V908744 removed after 131 days
January 21, 2012 V926736 $1,138,000 $-250,000 -18%
April 17, 2012 V926736 removed after 87 days
April 20, 2012 V944391 $1,099,000 $-289,000 -21%
September 19, 2012 V944391 removed after 152 days
September 21, 2012 V972664 $998,000 $-390,000 -28%
January 31, 2013 V972664 removed after 132 days
February 03, 2013 V988524 $998,000 $-390,000 -28%

v988524_11

Current Days on Market: 707 (1.94years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $831,000
2011 Assessment: $844,000
Desperation Score: 18.7

This home has been listed for almost 2 years but they seem to have temporarily stalled at the $998K price point on this relist.  Not a whole lot in Richmond selling close to assessment so we’ll be seeing this property much higher in the list some time in the near future

Own a piece of Steveston history with this beautifully restored Heritage home in popular West Richmond Location. Much of the home is original like the fir floor throughout & the claw foot bathtub. While maintaining the unique charm & character of the home modem updates add to its livability like the warm and inviting kitchen with new stainless appliances. Huge family room down as well as a self contained nanny suite with separate kitchen & full bath. Spacious rooms filled with natural light add to the appeal of this home as well as limitless amount of storage throughout. Situated on a 75×150 lot with a generous sized private backyard for outdoor enjoyment. Call to book private showing.


#1 ) Address:4611 WOODBURN RD, Cypress Park, West Vancouver

March 15, 2012 V937107 $3,388,000 $0 0%
April 11, 2012 V937107 $3,188,000 $-200,000 -6%
April 24, 2012 V937107 $2,888,000 $-500,000 -15%
May 01, 2012 V937107 $2,688,000 $-700,000 -21%
June 29, 2012 V937107 removed after 106 days
July 02, 2012 V959849 $2,398,000 $-990,000 -29%
August 10, 2012 V959849 $2,198,000 $-1,190,000 -35%
October 01, 2012 V959849 removed after 91 days
October 06, 2012 V975394 $1,999,999 $-1,388,001 -41%
January 31, 2013 V975394 $1,888,000 $-1,500,000 -44%

v975394_11

Current Days on Market: 329 (0.90years)
Current ‘Official’ Days on Market: 124
2012 Assessment: $2,481,000
2011 Assessment: $2,279,000
Desperation Score: 34.5

From $3.4 million down to $1.9 million in a span of 9 months…  now almost 20% BELOW assessment

Fabulous 1.35 Acre (58,806sqft) property boasting absolutely striking ocean views amidst total privacy. Enter through a private gated entry, down a long winding driveway to the home situated on a rocky bluff. Inside is a spacious 5700 sqft floor plan with vaulted ceilings, a fantastic kitchen, a master bedroom with a fabulous ensuite and his & her walk-in closets. Add to this an indoor pool. Outside, soak in the tremendous views and fabulous exposure on the huge sunlit patio. Located only a moment to Caulfield Village, near Rockridge High School and Caulfield Elementary.

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11 responses to “The Weekly Drop Metro Vancouver Detached – February 5, 2013

  1. Seeking knowledge... February 7, 2013 at 12:44 am

    The sad thing is that even if it drops another 30%, it’s still over priced. Come on, $700k for a home built on Fraser River silt deposit? People should notice the emperor has no clothes on.

    • Seeking knowledge... February 7, 2013 at 12:47 am

      By the way observer. Excellent work as always. Your site is highly addictive. You should put warning labels to your posts.

  2. Bo Xilai February 7, 2013 at 1:39 am

    I love the comment on #5

    “SELLER WANTS IT SOLD!…”

    Duh, why else would seller have his house listed on MLS?

    • Ray February 8, 2013 at 12:39 am

      To catch a greater fool? Most people don’t really want to sell, they want to cash in a lottery ticket. *Some* people need to sell, they will drop, then the fear will come and everyone will want out.

  3. Van guy February 7, 2013 at 9:35 am

    Observer,

    Do you have access to sale prices? It would be nice to see a post on sales with big discounts as they make the stats.

  4. RFM February 7, 2013 at 10:07 am

    The Vancouver Realtor Hunger Index for January 2013 was 80.

    Details and historical data at: http://vancouverpeak.com/Thread-Vancouver-Realtor-Hunger-Index

  5. TC February 7, 2013 at 12:30 pm

    Any chance you can do something like this but “under $1M”? There might not be as much on the market in this range, but when something drops $3.6M to $2.8M, I understand it’s a big % drop, but hardly relevant to my pocketbook. 🙂

  6. M- February 7, 2013 at 12:50 pm

    #8: “[…] one of its kind […]”

    Is realtor trying to say in broken english trying to say this house is “one of a kind,” or are they being honest and telling us that there are many like it, and this is one example of such a mass-produced house? I think the realtor’s being sneakily honest!

  7. What the what February 8, 2013 at 6:08 pm

    I’ve been following your blog for some time and it id Interesting to note that the time horizons on the price drops seem to be compressing. Many of your earlier posts featured price drops over s period of 3-4 years which could have easily just selected properties where the owners were ‘fishing’ for a high price. The latest few posts feature properties where equivalent price drops have occured in less than a year which indicates a more desperate market. Let’s see if the trend continues.

  8. Rob February 8, 2013 at 9:51 pm

    #9 click on the listing “Must see this gorgeous 3 level beauty” an architectural wonder.

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