Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop Suburbs – February 18, 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.

NOTE: The lots on Lillooet lake (see #5) all took 38 to 42% but rather than fill up most of the top 10 with them I just kept the one


#10 ) Address:32819 10TH AV, Mission BC, Mission

July 01, 2007 F2716977 $339,900 $0 0%
July 10, 2007 F2716977 $334,900 $-5,000 -1%
July 21, 2007 F2716977 $329,900 $-10,000 -3%
August 28, 2007 F2716977 removed after 58 days
October 30, 2011 F1126733 $294,999 $-44,901 -13%
January 17, 2012 F1126733 $284,999 $-54,901 -16%
May 01, 2012 F1126733 removed after 184 days
August 02, 2012 F1219814 $269,000 $-70,900 -21%
August 11, 2012 F1219814 $249,900 $-90,000 -26%
August 29, 2012 F1219814 $239,000 $-100,900 -30%
February 13, 2013 F1219814 removed after 195 days
February 16, 2013 F1303590 $219,000 $-120,900 -36%

f1303590_11

Current Days on Market: 479 (1.31years)
Current ‘Official’ Days on Market: 4
2012 Assessment: Unknown
2011 Assessment: Unknown
Desperation Score: 20.7

Central access to all amenities!!! Old timer house waiting for your special touch. Rancher with basement, back lane access bonus!! Set above street level to take advantage of the views!!


#9 ) Address:# 201 1341 FOSTER ST, White Rock, White Rock

July 28, 2011 F1119160 $265,000 $0 0%
September 02, 2011 F1119160 $249,900 $-15,100 -6%
December 31, 2011 F1119160 removed after 156 days
February 04, 2012 F1202946 $249,000 $-16,000 -6%
June 30, 2012 F1202946 removed after 147 days
July 21, 2012 F1218949 $220,000 $-45,000 -17%
December 28, 2012 F1218949 $189,000 $-76,000 -29%
February 13, 2013 F1218949 removed after 207 days
February 16, 2013 F1303613 $169,900 $-95,100 -36%

No Picture

Current Days on Market: 573 (1.57years)
Current ‘Official’ Days on Market: 4
2012 Assessment: Unknown
2011 Assessment: $201,200
Desperation Score: 21.8

Cypress Manor – Bright & spacious updated 2 bedroom, 2nd floor corner suite with loads of windows and a touch of Ocean view as a bonus. Insuite laundry, rec room and workshop. Other is an enclosed solarium/balcony. Great Uptown location, close to shopping, transit, beach & medical. Move in condition + quick possession possible. 1 cat allowed. Age 19+, locker #201, parking #8. No rentals allowed, secured underground parking.


#8 ) 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%
February 15, 2013 F1302659 $374,700 $-225,000 -38%

f1302659_11

Current Days on Market: 14 (0.04years)
Current ‘Official’ Days on Market: 14
2012 Assessment: Unknown
2011 Assessment: Unknown
Desperation Score: 17.3

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


#7 ) Address:20457 LORNE AV, Southwest Maple Ridge, Maple Ridge

June 09, 2007 V652400 $309,900 $0 0%
July 04, 2007 V652400 removed after 25 days
July 08, 2007 V657792 $359,900 $0 0%
December 01, 2007 V657792 removed after 146 days
May 17, 2008 V709816 $339,000 $-20,900 -6%
July 21, 2008 V709816 removed after 65 days
October 29, 2011 V917749 $409,800 $0 0%
December 31, 2011 V917749 $389,800 $-20,000 -5%
May 01, 2012 V917749 removed after 185 days
June 30, 2012 V959603 $319,500 $-90,300 -22%
August 08, 2012 V959603 $299,000 $-110,800 -27%
September 21, 2012 V959603 $279,000 $-130,800 -32%
November 08, 2012 V959603 removed after 131 days
February 13, 2013 V989916 $253,900 $-155,900 -38%

v989916_11

Current Days on Market: 480 (1.32years)
Current ‘Official’ Days on Market: 7
2012 Assessment: Unknown
2011 Assessment: Unknown
Desperation Score: 21.8

This beautifully renovated rancher is move in ready! Nicely updated throughout to make this cozy home a must see! Corner lot with a covered front porch and a great entertainment sized deck out back for bbqs in the private yard. Exposed wood beam accents and cherry wood windows add interest and warmth to this home. Great package for a great price. Commuters can walk to the West Coast Express. Call Anil today to view! 


#6 ) Address:# 74 17712 60TH AV, Cloverdale BC, Cloverdale

December 04, 2008 F2833037 $119,900 $0 0%
January 15, 2009 F2833037 $129,900 $0 0%
January 22, 2009 F2833037 removed after 49 days
January 23, 2009 F2901227 $119,000 $-10,900 -8%
February 17, 2009 F2901227 removed after 25 days
June 19, 2010 F1017462 $129,900 $0 0%
December 01, 2010 F1017462 removed after 165 days
May 17, 2011 F1112771 $129,900 $0 0%
June 25, 2011 F1112771 $119,999 $-9,901 -8%
February 01, 2012 F1112771 removed after 260 days
February 22, 2012 F1204508 $105,900 $-24,000 -18%
October 03, 2012 F1204508 removed after 224 days
December 10, 2012 F1228559 $89,000 $-40,900 -31%
January 05, 2013 F1228559 $85,900 $-44,000 -34%
January 25, 2013 F1228559 $79,990 $-49,910 -38%
February 15, 2013 F1228559 $77,000 $-52,900 -41%

f1228559_11

Current Days on Market: 977 (2.68years)
Current ‘Official’ Days on Market: 72
2012 Assessment: Unknown
2011 Assessment: Unknown
Desperation Score: 24.3

CALIFORNIA-STYLE 2 LEVEL TOWNHOME! On the 2nd and 3rd levels of the building. Up the stairs to your hallway, then enter your foyer. Up a few stairs to the huge living and dining room area with sliding glass doors that lead to the sundeck. Your viewpoint is the spacious complex grassed yard area. The kitchen has been updated, very comfy. Up some more stairs to the full bathroom, storage area, and large master bedroom. Strata fees 280ish, no rental restrictions, pets allowed. Close to bus routes, shopping, freeway, and various recreational opportunities. Nice condition unit. * PREC – Personal Real Estate Corporation


#5 ) Address:LOT 8 G LILLOOET LAKE RD, Pemberton, Whistler/Pemberton

May 23, 2012 V951688 $189,500 $0 0%
February 15, 2013 V951688 $110,000 $-79,500 -42%

v951688_11

Current Days on Market: 273 (0.75years)
Current ‘Official’ Days on Market: 273
2012 Assessment: Unknown
2011 Assessment: Unknown
Desperation Score: 22.0

Heather Jean Properties is a unique community situated on Lillooet Lake with fishing, boating, and kayaking to enjoy. This property includes state of the art water systems with one potable and one non potable for garden use. There are only 18 properties in total at this project with full time maintenance staff for the water systems and grounds up keep. Please contact today for your information package.


#4 ) Address:7861 MANSON ST, Hatzic, Mission

March 02, 2011 F1105376 $50,000 $0 0%
March 30, 2011 F1105376 $89,900 $0 0%
July 23, 2011 F1105376 $84,900 $-5,000 -6%
August 26, 2011 F1105376 $79,900 $-10,000 -11%
October 01, 2011 F1105376 removed after 213 days
October 06, 2011 F1124831 $79,900 $-10,000 -11%
July 20, 2012 F1124831 $69,900 $-20,000 -22%
October 04, 2012 F1124831 removed after 364 days
February 16, 2013 F1303639 $50,000 $-39,900 -44%

No Picture

Current Days on Market: 721 (1.98years)
Current ‘Official’ Days on Market: 4
2012 Assessment: Unknown
2011 Assessment: Unknown
Desperation Score: 16.1

View lot East side of Mission.


#3 ) Address:15232 24TH AV, King George Corridor, White Rock

October 07, 2009 F2922922 $1,495,888 $0 0%
November 17, 2009 F2922922 removed after 41 days
November 28, 2009 F2926832 $1,420,888 $-75,000 -5%
February 27, 2010 F2926832 removed after 91 days
September 18, 2011 F1123407 $950,000 $-545,888 -36%
December 24, 2011 F1123407 $878,888 $-617,000 -41%
March 31, 2012 F1123407 removed after 195 days
October 04, 2012 F1224513 $699,000 $-796,888 -53%
November 28, 2012 F1224513 removed after 55 days
February 12, 2013 F1303317 $800,000 $-695,888 -47%

No Picture

Current Days on Market: 139 (0.38years)
Current ‘Official’ Days on Market: 8
2012 Assessment: Unknown
2011 Assessment: $449,300
Desperation Score: 12.3

Please drive by, Property with lot of potential. All sizes and ages are approx, buyer to verify if important to buyer. Investor Alert! Lots of development going on in area great holding property. Great location easy access to Highway 99, shopping, transit & movie theatre. Only minutes away from Border.


#2 ) Address:# 402 15164 PROSPECT AV, White Rock, White Rock

June 21, 2008 F2818600 $1,590,000 $0 0%
December 20, 2008 F2818600 removed after 182 days
February 27, 2009 F2903896 $1,275,000 $-315,000 -20%
August 18, 2009 F2903896 $1,175,000 $-415,000 -26%
January 03, 2010 F2903896 removed after 310 days
January 08, 2010 F1000373 $1,175,000 $-415,000 -26%
May 30, 2010 F1000373 removed after 142 days
April 14, 2011 F1109675 $1,249,000 $-341,000 -21%
June 03, 2011 F1109675 $1,179,000 $-411,000 -26%
September 29, 2011 F1109675 removed after 168 days
October 01, 2011 F1124483 $1,129,000 $-461,000 -29%
March 31, 2012 F1124483 removed after 182 days
August 21, 2012 F1221152 $927,900 $-662,100 -42%
September 21, 2012 F1221152 $911,900 $-678,100 -43%
October 24, 2012 F1221152 $889,900 $-700,100 -44%
November 15, 2012 F1221152 removed after 86 days
November 22, 2012 F1227769 $879,900 $-710,100 -45%
December 13, 2012 F1227769 $867,900 $-722,100 -45%
January 18, 2013 F1227769 $842,900 $-747,100 -47%
February 15, 2013 F1227769 $832,900 $-757,100 -48%

f1227769_11

Current Days on Market: 678 (1.86years)
Current ‘Official’ Days on Market: 90
2012 Assessment: Unknown
2011 Assessment: $1,052,000
Desperation Score: 27.5

Waterford Penthouse! An opportunity to enjoy south facing ocean view from this one of a kind 2000 + sqft, 3 bedroom/3 bath + den unit in concrete & steel framed condo. Bright & spacious open design featuring hardwood floors, kitchen custom stained cabinets, center work island, stainless steel appliances, granite counters, 2 fireplaces, 3 balconies affords views of Mt.Baker and ocean. Economical heating + A/C with individual heat pump, 2 parking + locker. Conveniently located, close to shops and transit. A perfect place to call home.


#1 ) Address:13960 232ND ST, Silver Valley, Maple Ridge

April 20, 2008 V702319 $1,200,000 $0 0%
August 19, 2008 V702319 removed after 121 days
June 17, 2009 V772009 $1,380,000 $0 0%
December 31, 2009 V772009 removed after 197 days
April 22, 2010 V824041 $1,000,000 $-380,000 -28%
July 14, 2010 V824041 $820,000 $-560,000 -41%
November 01, 2010 V824041 removed after 193 days
October 09, 2011 V914983 $820,000 $-560,000 -41%
November 05, 2011 V914983 $780,000 $-600,000 -43%
December 09, 2011 V914983 removed after 61 days
January 25, 2012 V927325 $760,000 $-620,000 -45%
February 17, 2012 V927325 $722,000 $-658,000 -48%
February 18, 2012 V927325 $760,000 $-620,000 -45%
February 22, 2012 V927325 $722,800 $-657,200 -48%
July 18, 2012 V927325 removed after 175 days
August 10, 2012 V965904 $709,000 $-671,000 -49%
October 02, 2012 V965904 $689,000 $-691,000 -50%
January 23, 2013 V965904 removed after 166 days
February 15, 2013 V990443 $649,900 $-730,100 -53%

v990443_11

Current Days on Market: 500 (1.37years)
Current ‘Official’ Days on Market: 5
2012 Assessment: Unknown
2011 Assessment: Unknown
Desperation Score: 24.8

Beautifully renovated and updated 3600 sq ft home on a private 5.62 acres! New flooring through the house, as well as a 2 bed plus den accomodation downstairs with separate kitchen access. Perfect for the in-laws! Fully fenced yard with a quiet private setting off your 400 sq ft deck! This property also includes a double garage with lots of additional parking. Close to Golden Ears Park, schools and only 10 minutes to downtown Maple Ridge. Call now for your private viewing!

 

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16 responses to “The Weekly Drop Suburbs – February 18, 2013

  1. Diane I February 19, 2013 at 5:30 pm

    #1 wanted 1.2 million in 2007? Even for when the market was full-steam ahead, that seems extreme.

  2. Ken1 February 19, 2013 at 5:39 pm

    For #9, I see a 2012 assessment of 196,300, so definitely priced below assessment at 169,900. However, apt #106, same building sold Oct 29/2012 at 172,000 with an assessment of 187,300.

  3. Spiltbongwater February 19, 2013 at 6:28 pm

    I like the photo of the fence in #1. It actually looks like it is in disrepair. That photo alone should help genterate some interest in the place.

  4. AG Sage February 19, 2013 at 7:06 pm

    Amazing to watch these sellers ride the market down down down because they aren’t aggressive enough to drop the price often and deeply enough to get ahead of the market.

  5. CJ February 19, 2013 at 10:00 pm

    I miss your commentary. I usually scroll through and read the red comments first!!!

  6. Natalie February 19, 2013 at 11:59 pm

    I hope you don’t mind me adding extra details. #10 is a previous grow op. Title shows owner as “Director of Civil Forfeiture” so looks like proceeds of crime have taken this one. Title states many judgements and pending litigation. Sold in 2007 for $325k current assessment is $328k. Very sad what happens when people use homes to grow pot.

  7. groundhog February 20, 2013 at 12:12 am

    Attached in South Surrey are getting pretty beat up, loads of new supply coming online soon.

  8. Real Estate Tsunami February 20, 2013 at 10:57 am

    An observer,
    11520 Lapwing CR, V987465, in Westwind, Richmond.
    This property has been sitting empty for about 2 years now.
    A new, aggressive realtor has now slashed the price again by 100k to 1,480,000.
    I think it was originally at around 1.9 million.
    I think this will be a bloodbath.

  9. JR February 20, 2013 at 11:07 am

    I think the FV market is a bit difficult to gauge and is subject to spin. Scott Olsen who is head of FVREB stated that sellers aren’t budging and that something has to break the stymie. On the surface that is true, there are many stubborn buyers who are refusing to budge, mainly because it will result in a substantial loss. But don’t fool yourself, sellers that sell are budging at considerable loss. Condo owners are taking $50k+ hits, and this isn’t on a 1 million downtown condo, this is something purchased for around $250k, for many wiping out their down payments on something larger. I find their stats suspicious, and my best guess here is that they are being influenced by incredibly low volumes coupled with large boomer estates skewing the numbers. Everyone out here knows things aren’t pretty.

    Langley and Maple Ridge have enormous surpluses of inventory, much of which is not on MLS yet. The below listing came online just a few months ago at $500, price has already dropped over $30k. Based on what I know about that area this “house” will sell around $400k. If they are not aggressive it will be lower.

    http://www.mindymcpherson.com/Properties.php/Details/1123/10340-240th-st-maple-ridge-bc#viewdetail

    • an observer February 20, 2013 at 11:15 am

      The MOI for homes in south surrey is astronomical. Most of the listed properties (which have already dropped in asking prices) could drop their prices today by 30% and still not get any offers

      • Real Estate Tsunami February 20, 2013 at 11:22 am

        South Surrey/White Rock!
        Was that not a hotbed of activity just over a year ago?
        All the Asian investors buying units by the dozens.
        Remember the Yellow Helicopter Tours.
        What happened?

    • groundhog February 20, 2013 at 12:02 pm

      I know a person in Langley that bought a townhouse in 2008 and is now severely regretting it. They’re hemming and hawing over listing it for sale now. They want out, but they’ve seen comparable townhouses in their complex sell at large losses, know they can’t get what they paid for it, and are feeling like even if they do list it it’s not going to sell anyways. They feel trapped in it. Still have some hope the market will improve, but that hopes fading and I think they understand the risks.

      • JR February 20, 2013 at 12:09 pm

        What is crazy is basically anyone who has bought attached between 2007-8 is in the FV area or White Rock is in the exact same situation. Stuck or sell at a massive loss. That does not bode well for home sales.

        People are saying this isn’t going to be a US style crash. I won’t, it will be BC style. The government is broke, interest rates are as low as they can go, there are no more policy bullets. I’m not sure what can be done to soften the landing. Buckle up!

  10. Natalie February 20, 2013 at 12:17 pm

    Looking at January’s stats compared to same month last year, Mission and Langley have less single family detatched homes on the market, but more sales. Its only one month, but it will be interesting to watch the Spring market roll out.

  11. MaxPower February 23, 2013 at 5:26 pm

    re: # 3
    I like how the agent just copied and pasted a series of stock phrases together to make this listing. Way to earn that commission, bro!

  12. Jesse May 3, 2013 at 4:09 pm

    I was just looking for #1 and its not listed anymore, do you know if it sold or is de-listed again?

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