Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Suburbs – February 11, 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 15290 THRIFT AV, White Rock, White Rock

January 28, 2010 F1002414 $299,900 $0 0%
March 25, 2010 F1002414 $279,000 $-20,900 -7%
April 21, 2010 F1002414 $264,900 $-35,000 -12%
May 29, 2010 F1002414 $259,000 $-40,900 -14%
June 18, 2010 F1002414 $249,000 $-50,900 -17%
June 23, 2010 F1002414 $239,000 $-60,900 -20%
July 02, 2010 F1002414 removed after 155 days
July 03, 2010 F1018587 $239,000 $-60,900 -20%
August 25, 2010 F1018587 $228,800 $-71,100 -24%
September 27, 2010 F1018587 $214,900 $-85,000 -28%
January 18, 2011 F1018587 removed after 199 days
November 25, 2012 F1227917 $210,000 $-89,900 -30%
January 29, 2013 F1227917 removed after 65 days
February 08, 2013 F1302946 $199,900 $-100,000 -33%

f1302946_11

Current Days on Market: 79 (0.22years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $166,700
2011 Assessment: $219,900
Desperation Score: 8.0

“remodelled”, “appalicnes” and a 25% drop in assessment.  This one has a long way to go in both spelling and price

Extremely quiet private completely remodelled 2 bdrm unit. New kitchen including cabinets, countertops, backsplash and appalicnes. All new bamboo flooring throughout. Bathroom has been replaced, new fixtures throughout including paint. Large bdrms, great layout, steps to all amenities and transit. Not a thing to do but move in.


#9 ) Address:5108 CEDARWOOD CT, Sumas Mountain, Abbotsford

August 17, 2011 F1120772 $599,700 $0 0%
September 09, 2011 F1120772 removed after 23 days
September 11, 2011 F1122790 $549,700 $-50,000 -8%
October 19, 2011 F1122790 $499,700 $-100,000 -17%
January 01, 2012 F1122790 removed after 112 days
February 06, 2013 F1302659 $399,700 $-200,000 -33%

f1302659_11

Current Days on Market: 6 (0.02years)
Current ‘Official’ Days on Market: 6
2012 Assessment: No Assessment
Desperation Score: 10.0

View, view, view – ever wanted to see the San Juan Islands? Come check out this view & total peace and quiet. Artisan well is in place, ready for your Geo-thermal house plans. Property backs on to Forestry and Sumas Regional Park. Call for more details. * PREC – Personal Real Estate Corporation


#8 ) Address:6430 272ND ST, County Line/Glen Valley, Langley

May 25, 2012 F1213583 $3,380,000 $0 0%
July 28, 2012 F1213583 $2,950,000 $-430,000 -13%
October 31, 2012 F1213583 removed after 159 days
November 12, 2012 F1227348 $2,499,000 $-881,000 -26%
February 06, 2013 F1227348 $2,250,000 $-1,130,000 -33%

f1227348_11

Current Days on Market: 263 (0.72years)
Current ‘Official’ Days on Market: 92
2012 Assessment: Farm Land
Desperation Score: 22.4

“LANGLEY” This is an absolutely gorgeous 77 acres for your country estate or a great property to own and farm. Features include: One newer 6 year old 1300 sq. ft. rancher with large living room, dining room, kitchen with island, 2 bathrooms 2 bedrooms lots of windows and a full wraparound sundeck and one older 1600 sq. ft. 3 bedroom rancher. One to live in and one to rent out, approximately 35 acres suitable for farming, approximately 40 acres of forest, trails, etc. offering great privacy, large workshop / garage and a 6 bay storage building and other outbuildings. All this with a view of the North shore mountains and Mount Baker, only minutes from the 264th St. freeway exit. Must be seen. Bring us your offers.


#7 ) Address:2087 LONSDALE CR, Abbotsford West, Abbotsford

January 04, 2008 F2800088 $477,900 $0 0%
January 15, 2008 F2800088 removed after 11 days
February 11, 2010 F1003780 $489,000 $0 0%
May 21, 2010 F1003780 $469,000 $-20,000 -4%
August 05, 2010 F1003780 removed after 175 days
August 13, 2010 F1021441 $469,000 $-20,000 -4%
March 10, 2011 F1021441 removed after 209 days
October 23, 2012 F1225834 $389,000 $-100,000 -20%
January 16, 2013 F1225834 removed after 85 days
February 09, 2013 F1303081 $324,900 $-164,100 -34%

f1303081_11

Current Days on Market: 112 (0.31years)
Current ‘Official’ Days on Market: 3
2012 Assessment: $371,000
Desperation Score: 7.8

This 2500 sq ft home features 5 bedrooms and 3 bathrooms. Centrally located this home is close to the hospital, schools, recreation, shopping, easy freeway access & transit. Nice family oriented neighborhood. Call to view today!


#6 ) Address:13194 SEXW’AMIN ST, Pender Harbour, Sunshine Coast

March 09, 2012 V886546 $99,000 $0 0%
March 20, 2012 V886546 $89,000 $-10,000 -10%
August 02, 2012 V886546 removed after 146 days
September 15, 2012 V971459 $74,900 $-24,100 -24%
February 08, 2013 V971459 $64,000 $-35,000 -35%

v971459_11

Current Days on Market: 340 (0.93years)
Current ‘Official’ Days on Market: 150
2012 Assessment: $236,700
2011 Assessment: $237,900
Desperation Score: 21.6

About 75% BELOW assessment for this lease hold property.  “This home is completely intimate with the waterfront” – weird choice of words

Fabulous “walk-out” waterfront on the Sunshine Coast! This lease property features over 230′ of low bank waterfront overlooking spectacular Garden Bay, right on the waterfront, in the heart of the action. Laze away the days on your sundeck overlooking the ever-changing marine scenery from this 2 bedroom home with newly-installed hardwood floors, terrific open floor plan boasting vaulted ceilings with exposed beams, cozy wood-burning fireplace for those romantic evenings, PLUS an unfinished walk-out lower level (perfect for storing the fishing ear). This home is completely intimate with the waterfront and would be the perfect place for weekend/summer/retirement memories. Lease in place to 2032 at $8,100/year.


#5 ) Address:4136 BELANGER DR, Abbotsford East, Abbotsford

July 29, 2010 F1020438 $729,000 $0 0%
September 22, 2010 F1020438 $699,900 $-29,100 -4%
November 06, 2010 F1020438 $674,900 $-54,100 -7%
December 28, 2010 F1020438 removed after 152 days
January 29, 2011 F1102265 $639,900 $-89,100 -12%
February 24, 2011 F1102265 removed after 26 days
March 29, 2011 F1108093 $609,900 $-119,100 -16%
June 16, 2011 F1108093 removed after 79 days
February 03, 2012 F1202802 $535,000 $-194,000 -27%
July 28, 2012 F1202802 removed after 176 days
August 01, 2012 F1219768 $495,900 $-233,100 -32%
October 10, 2012 F1219768 $469,900 $-259,100 -36%
February 09, 2013 F1219768 $459,900 $-269,100 -37%

f1219768_11

Current Days on Market: 375 (1.03years)
Current ‘Official’ Days on Market: 195
2012 Assessment: $465,000
Desperation Score: 14.5

If PRIVACY and LOCATION is top of your list, make an appointment to view this one owner, custom built 4 bedroom, 3 bath home. Featuring an open, bright, spacious floor plan with vaulted ceilings, infloor radiant heat, tons of storage, including a 14×8 heated area in the garage and pull down access to the attic. Situated on a cul-de-sac, this 9200 sqft property features a greenhouse, hottub and gas bbq hookups, and is fully fenced with a gate out to the surrounding hiking trails of Straiton Park. Established East Abbotsford neighborhood within walking distance to all levels of public and private schools as well as historic Clayburn Village.


#4 ) Address:25812 DEWDNEY TRUNK RD, Websters Corner, Maple Ridge

April 08, 2009 V760288 $888,000 $0 0%
November 16, 2009 V760288 removed after 222 days
November 19, 2009 V798144 $698,000 $-190,000 -21%
July 15, 2010 V798144 $635,000 $-253,000 -28%
January 01, 2011 V798144 removed after 408 days
July 16, 2011 V900116 $603,000 $-285,000 -32%
September 24, 2011 V900116 $578,000 $-310,000 -35%
December 24, 2011 V900116 $550,000 $-338,000 -38%
June 20, 2012 V900116 removed after 340 days
February 06, 2013 V989023 $525,000 $-363,000 -41%

No Picture

Current Days on Market: 6 (0.02years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $595,000
Desperation Score: 10.1

This is an old house with 4.5 acres. The house is selling as in condition. City water, gas furnish on a septic tank, no sewer connection. Asking below assessment value ( assessment value $595,000). This is a good holding property. Schoolis only one block away. Call for more info.


#3 ) Address:32848 BEVAN AV, Central Abbotsford, Abbotsford

March 06, 2008 F2805649 $900,000 $0 0%
March 14, 2008 F2805649 $675,000 $-225,000 -25%
March 20, 2008 F2805649 $610,000 $-290,000 -32%
June 11, 2008 F2805649 $500,000 $-400,000 -44%
July 01, 2008 F2805649 removed after 117 days
June 08, 2011 F1114822 $588,000 $-312,000 -35%
January 01, 2012 F1114822 removed after 207 days
February 06, 2013 F1302754 $499,999 $-400,001 -44%

No Picture

Current Days on Market: 6 (0.02years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $358,000
Desperation Score: 4.5

Investors Alert! 13939 (100×139) sqft lot. Prime Abbotsford area!! Good condition 2800 Sf house with 6 bedrooms, 4 bathrms, 2 bsmt suites. Future 2 lot subdivision or land assembly for Multi-family and multi-storey residence potential. Close to Mill Lake park, new hospital, malls. All levels of schools etc. This house can give $2400+/month. Hurry up! For more info or exclusive showing call.

 


#2 ) Address:11881 250TH ST, Websters Corner, Maple Ridge

April 04, 2008 V698630 $749,900 $0 0%
April 30, 2008 V698630 $729,900 $-20,000 -3%
June 27, 2008 V698630 $689,900 $-60,000 -8%
August 01, 2008 V698630 $669,900 $-80,000 -11%
October 01, 2008 V698630 removed after 180 days
October 25, 2008 V741004 $650,000 $-99,900 -13%
November 04, 2008 V741004 removed after 10 days
November 20, 2008 V744095 $644,500 $-105,400 -14%
April 10, 2009 V744095 removed after 141 days
January 17, 2013 V985472 $342,900 $-407,000 -54%
February 08, 2013 V985472 $329,900 $-420,000 -56%

No Picture

Current Days on Market: 26 (0.07years)
Current ‘Official’ Days on Market: 26
2012 Assessment: $638,000
Desperation Score: 10.3

What a mess… listed at about 1/2 assessment but realistically needs to be demolished

You will need cash for this one! Banks will not provide financing. A former Grow-op with equipment & plant pots still in place. House has to be remedied and repaired. A fire has caused major damage to house, roof, trusses etc. There is alot of work to be done to bring this property into decent condition. NO SHOWING OF INTERIOR OF HOUSE ALLOWED. Only offers “Subject to Inspection” will be accepted!


#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%
February 07, 2013 F1214691 $111,000 $-188,900 -63%

f1214691_11

Current Days on Market: 339 (0.93years)
Current ‘Official’ Days on Market: 251
2012 Assessment: No Assessment
Desperation Score: 88.4

wet at the bottom, then rises steeply up” wins again!  The 88.4 desperation score is, I believe, a record.  16 price cuts totaling 63% in less than a year not to mention 4 already in 2013 will do that

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

 

24 responses to “The Weekly Drop Suburbs – February 11, 2013

  1. Many Franks February 11, 2013 at 11:31 pm

    Observer, I wonder if “intimate with the waterfront” is a lower-commitment variant of “married to the sea.”

  2. Tsurly February 12, 2013 at 12:17 am

    I must admit to being strangely fascinated by the frequent appearance of that wet/hillside lot. Really, who would buy that plot of land at any price? Maybe the realtor needs to get creative. Instead of “land value only”, they should try “firewood value only”. I hear you can get $150 a cord nowadays.

  3. Boom February 12, 2013 at 9:12 am

    Awesome! Have to figure at some point #1 must realize its time to hire a better agent. Down 2/3 in under a year. Can’t wait to see what the final drop on it is.

    • an observer February 12, 2013 at 10:12 am

      Not sure if a better agent will help this one. Just look at the subset of people that would want this property at any price along with people that could afford to buy, clear and build and you have a group with very close to 0 people in it.

  4. Ford Prefect February 12, 2013 at 9:48 am

    As a very long time admirer of your blog I have, of course, watched the movement of house asking prices. What has struck me lately is quite paradoxical. As the price of, for example #5, drops from $729k to $460k I find myself thinking that $460k is an outrageous price for that house but $729k is so high that I can not even relate to it. Strange.

    • an observer February 12, 2013 at 10:17 am

      It is hard to understand what some of these people were thinking with their asking prices. I don’t think it’s terribly unique though.

      Just talking to homeowner friends (who don’t know about this blog) and they talk about their homes I realize that 1) most people have no clue that the crash, or at a minimum a long term slide, has begun or have any understanding how bad sales have been for the past year and 2) the ones who talk about selling their home (invariably to move up the property ladder) quote prices that I know are completely out to lunch.

  5. Real Estate Tsunami February 12, 2013 at 10:34 am

    Wow, check this one out.
    http://www.shuchatgroup.com/blog.mobi

  6. Vulture Fun February 12, 2013 at 1:37 pm

    I guess recency bias works both ways. We can get used to million dollar crack shacks as “normal” but now I look at 60% off ask and think, Yeah, that’s just about right. I wish I could force everyone in the Lower Mainland to look at your site. A guy at work just bought a house. Really? REALLY!!!?! He said it was a buyer’s market so might as well go out there and buy. Sigh. Along with the Plunge-o-meter, this site is great medication for clinically depressed bears.

  7. Ray February 12, 2013 at 5:48 pm

    I think I saw #5’s photo on one of those photoshop parody websites where the driveway is so steep you can’t ever get to the house.

    #4 is interesting, “The house is selling as in condition.” And it is furnished with gas.

  8. Spiltbongwater February 12, 2013 at 5:51 pm

    “Only offers “Subject to Inspection” will be accepted!” Do you think this is a typo, and should say No offers “Subject to inspection” will be accepted? If I was offering on a burned out house former grow op, don’t think I would waste any money getting it inspected, but that is just me. I really would not care if the furnace is in good condition, or how well the washer dryer works with this place.

    • overthepond February 12, 2013 at 9:57 pm

      Perhaps they had a potential good dollar value sale fall through after the potential buyer used an ‘inspection’ as an out. That said – one would have assumed they’d include ‘no financing clauses’ as well…

    • Natalie February 19, 2013 at 12:14 pm

      Could be that the seller, in this case the Bank, wants to be sure the buyer is completely aware of what they are buying. Not sure, as foreclosure sales are usually “as is where is, no guarantees or warranties”. Either way, the manadate is from the seller, Realtor has to comply and demand the subject. Buyer can have the subject as part of the offer, but I imagine can still waive his right to inspection.

  9. MaxPower February 12, 2013 at 6:03 pm

    All is right with the world again this week. #1 is #1 again. I honestly can’t imagine a world where this property sells…which is great for the snark levels on this website

  10. Angloman February 13, 2013 at 10:12 am

    The “fence to nowhere”
    Then the “fence to nowhere strikes back”
    Then “return of the fence to nowhere”
    And sometime coming as an MLS listing near you between 2015-2017:

    “Fence to nowhere………a new hope”!!!!!!!!!!!!

  11. Young February 13, 2013 at 4:46 pm

    Take a look at the listing history for MLS# V990606. PID: 007-048-327
    4.5 in Sept 09 to 1.99 today. It should make your list.

    • an observer February 13, 2013 at 10:41 pm

      I’m not showing anything for that MLS#. I do filter out some properties if I am fairly certain that the price change has other circumstances. A common one is a listing being setup as a custom home on the lot for say $2.5 million and then later just being a lot sale for $1 million. Same address and it shows a 60% drop but I filter it out because it is a material change in the offering

  12. jaskun February 13, 2013 at 6:20 pm

    Is number 5’s driveway even legal??? Is that a real photo?

  13. Natalie February 19, 2013 at 11:48 am

    I love this blog! 🙂

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