Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – March 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.

3 properties from Richmond, 2 from West Vancouver, NorthVancouver and Vancouver West and 1 from Burnaby


#10 ) Address:6260 SEMLIN CT, Terra Nova, Richmond

August 05, 2007 V662471 $1,180,000 $0 0%
August 24, 2007 V662471 $1,150,000 $-30,000 -3%
December 21, 2007 V662471 removed after 138 days
December 29, 2007 V681738 $1,150,000 $-30,000 -3%
February 11, 2008 V681738 removed after 44 days
October 01, 2010 V852818 $1,329,000 $0 0%
October 12, 2010 V852818 removed after 11 days
July 27, 2011 V901928 $1,688,000 $0 0%
November 30, 2011 V901928 removed after 126 days
December 15, 2011 V922410 $1,588,000 $-100,000 -6%
March 09, 2012 V922410 removed after 85 days
March 28, 2012 V939639 $1,533,000 $-155,000 -9%
April 17, 2012 V939639 $1,498,000 $-190,000 -11%
June 19, 2012 V939639 removed after 83 days
June 21, 2012 V957748 $1,438,000 $-250,000 -15%
August 21, 2012 V957748 $1,398,000 $-290,000 -17%
October 01, 2012 V957748 removed after 102 days
October 04, 2012 V974979 $1,377,000 $-311,000 -18%
November 09, 2012 V974979 removed after 36 days
January 06, 2013 V983852 $1,398,000 $-290,000 -17%
February 28, 2013 V983852 $1,270,000 $-418,000 -25%

v983852_11

Current Days on Market: 589 (1.61years)
Current ‘Official’ Days on Market: 60
2012 Assessment: $1,438,000
2011 Assessment: $1,631,000
Desperation Score: 28.8

Listed for over a year and a half but still tried to get cute with a recent price increase.  I imagine that they purchased this home in October of 2010 for at least $1.3 million based on the listing history so welcome to 6 figure loss land once all transaction costs are factored in.  Assessment took a 12% beating this past year.  “Very well kept as new” – wonder if this was even lived and obviously empty now

Quality home by Penta Homes with 9′ ceilings, 5 bedrooms, 4 baths, hardwood floor, maple cabinets, high end stainless steel appliances, granite countertops, inground sprinkler system. Quiet cul-de-sac location. Very well kept as new. Price under 2013 assessment.


#9 ) Address:# LOT A INDIAN RIVER DR, Indian River, North Vancouver

October 07, 2011 V914296 $529,000 $0 0%
March 31, 2012 V914296 removed after 176 days
April 20, 2012 V944462 $449,900 $-79,100 -15%
November 01, 2012 V944462 removed after 195 days
February 28, 2013 V992876 $389,900 $-139,100 -26%

v992876_11

Current Days on Market: 517 (1.42years)
Current ‘Official’ Days on Market: 7
2012 Assessment: No Assessment
Desperation Score: 8.1

They have a picture of the water and the wharf but you are actually 1000 feet away and “peak-a-boo view” = stand on the roof of your new home and you can catch the glare off of the water

.43 acre (19,180sq/ft) lot perfect for a luxury estate! Located in a beautiful & serene neighbourhood about 1000′ from the government wharf at the end of Indian River road. 10 minute drive from Parkgate shopping& Rec centre. 139′ frontage on Indian River road, moderately sloped, great for building & possibility of peak-a-boo views. Check out the potential.


#8 ) Address:1029 DEVONSHIRE CR, Shaughnessy, Vancouver West

April 22, 2011 V883963 $1,998,000 $0 0%
May 14, 2011 V883963 $2,580,000 $0 0%
July 11, 2011 V883963 removed after 80 days
February 17, 2012 V931906 $3,288,000 $0 0%
July 03, 2012 V931906 removed after 137 days
July 08, 2012 V960829 $2,988,000 $-300,000 -9%
September 01, 2012 V960829 $2,760,000 $-528,000 -16%
October 17, 2012 V960829 $2,560,000 $-728,000 -22%
November 17, 2012 V960829 $2,380,000 $-908,000 -28%
March 01, 2013 V960829 removed after 236 days
March 03, 2013 V993699 $2,420,000 $-868,000 -26%

v993699_11

Current Days on Market: 384 (1.05years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $2,426,900
2011 Assessment: $2,401,000
2011 Last Sale: $2,499,888 on 25/Jun/2011
Total Loss IF sold for list price: 126,358 transaction costs and 79,888 loss on sale = LOSS of 206,246
Desperation Score: 26.3

This makes me very happy.  It is people like this that ruined this city and now it is payback time.  They buy this home in 2011 for $2.5 million – wait, $2,499,888 to be exact (even though it was listed for $500K less just a couple of months earlier you dummy!).  They relist 6 months later for almost $800K more.  Fast forward to 2013 and even after their latest PRICE INCREASE they would lose over $200K if they received asking and realistically they are probably going to lose $400K+.  “It also a rare available good investment opportunity.”

Shaughnessy area, RS-5 lot. South exposure! Solid 3 level, 3 bedroom & den home, 2.5 bathrooms, upstairs has 3 bedrooms (master bedroom with ensuite): roof needs to be replaced. 2 car garage, this house is in livable condition or you can build your dream home in this prime location. It also a rare available good investment opportunity.


#7 ) Address:1538 E KEITH RD, Lynnmour, North Vancouver

March 16, 2011 V874829 $899,000 $0 0%
April 28, 2011 V874829 $825,000 $-74,000 -8%
September 08, 2011 V874829 removed after 176 days
July 15, 2012 V962083 $739,000 $-160,000 -18%
August 01, 2012 V962083 $709,000 $-190,000 -21%
March 05, 2013 V962083 $657,000 $-242,000 -27%

v962083_11

Current Days on Market: 235 (0.64years)
Current ‘Official’ Days on Market: 235
2012 Assessment: $784,100
Desperation Score: 14.6

“PRICED TO SELL!! BELOW ASSESSMENT VALUE!! SELLER NEEDS THIS TO MOVE!!”.  “EXCEPTIONAL INVESTMENT OPPORTUNITY!!”

PRICED TO SELL!! BELOW ASSESSMENT VALUE!! SELLER NEEDS THIS TO MOVE!! This 2 storey 3 bedroom home on a beautiful 9,037 sq ft lot is located in the up & coming Lynnmour neighbourhood. The entire area lays in the path of future development that has already started with POLYGON’S ‘Wedgewood’ Townhomes just 1 block away. This site is currently designated for townhomes in the OCP from the district of N. Van. Only minutes from the Trans Canada Hwy & Second Narrows Bridge/Lynnmour Elem/Capilano College/Seylynn & Bridgeman Parks/shopping/recreation & only a short commute to the downtown core; making this an EXCEPTIONAL INVESTMENT OPPORTUNITY!!


#6 ) Address:769 W 61ST AV, Marpole, Vancouver West

October 06, 2006 V613046 $1,398,800 $0 0%
April 16, 2007 V613046 removed after 192 days
May 11, 2007 V646439 $1,398,800 $0 0%
July 12, 2007 V646439 removed after 62 days
September 29, 2007 V670948 $1,350,000 $-48,800 -3%
February 01, 2008 V670948 removed after 125 days
June 29, 2012 V959332 $2,480,000 $0 0%
September 18, 2012 V959332 $2,380,000 $-100,000 -4%
October 02, 2012 V959332 removed after 95 days
October 18, 2012 V977024 $2,090,000 $-390,000 -16%
November 01, 2012 V977024 $1,890,000 $-590,000 -24%
January 02, 2013 V977024 removed after 76 days
January 23, 2013 V986580 $1,980,000 $-500,000 -20%
February 25, 2013 V986580 removed after 33 days
March 01, 2013 V993160 $1,798,000 $-682,000 -28%

v993160_11

Current Days on Market: 251 (0.69years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $1,742,000
2011 Assessment: $1,770,000
Desperation Score: 25.3

Hey realtor, how do we tell people that the flooring is falling apart and the paint is peeling off the wall?  How about “A personal choice of paint and flooring will make this home cozy and new!”. 

Friendly and family Marpole neighbourhood, this South facing, grand home with spacious interior, almost 3500 sqft, 3 levels sits on a large 44 X 122 lot. 4 bedrooms up, 1 bdrmon main and 2 bdrm suite for mortgage helper/nanny’s quarter below. 20 years young situated on a quiet and beautiful street, convenient location to Churchill Secondary, Laurier Elementary, shopping, rec centre, transit and more. 3 car garage and a private fenced yard. A personal choice of paint and flooring will make this home cozy and new! A must see!!!


#5 ) Address:7620 NO 2 RD, Granville, Richmond

November 17, 2011 V920043 $1,250,000 $0 0%
February 16, 2012 V920043 $1,125,000 $-125,000 -10%
May 01, 2012 V920043 removed after 166 days
June 04, 2012 V954237 $1,049,000 $-201,000 -16%
July 10, 2012 V954237 $998,000 $-252,000 -20%
September 18, 2012 V954237 removed after 106 days
September 21, 2012 V972635 $958,000 $-292,000 -23%
January 23, 2013 V972635 $899,000 $-351,000 -28%
February 26, 2013 V972635 removed after 158 days
March 01, 2013 V993145 $899,000 $-351,000 -28%

v993145_11

Current Days on Market: 476 (1.30years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $961,100
2011 Assessment: $990,100
Desperation Score: 26.6

Tremendous Opportunity and a Great Buy! Magnificent home located on Huge76 x 120′, 9120 sq ft lot designated MultiFamily (townhouses). Own a piece of Richmond’s History while Investing in its Future or develop now. Lots of life left in this Grand Old Home – its a Richmond Landmark! A visual delight with peaked dormers and gables, Interior is also very appealing and mechanically sound with plumbing, wiring, heating updated. Most windows are original, original wood floors, 3 bedrooms up, very spacious main floor with updated bright kitchen and large Den. Could be a suite down. Oozes charm! A great place to live, rent out or turn into townhouses. Note: not a designated “Heritage Home” .


#4 ) Address:7034 MALIBU DR, Westridge, Burnaby

September 19, 2008 V734457 $759,000 $0 0%
September 24, 2008 V734457 $734,900 $-24,100 -3%
October 31, 2008 V734457 $718,000 $-41,000 -5%
December 16, 2008 V734457 $689,999 $-69,001 -9%
January 16, 2009 V734457 removed after 119 days
January 29, 2009 V750329 $649,000 $-110,000 -14%
April 08, 2009 V750329 $619,000 $-140,000 -18%
May 06, 2009 V750329 removed after 97 days
February 24, 2010 V811264 $649,000 $-110,000 -14%
February 25, 2010 V811264 removed after 1 days
July 23, 2011 V901463 $1,178,000 $0 0%
October 19, 2011 V901463 removed after 88 days
March 03, 2012 V934942 $1,388,000 $0 0%
May 01, 2012 V934942 $1,298,000 $-90,000 -6%
June 02, 2012 V934942 removed after 91 days
June 16, 2012 V957024 $1,210,000 $-178,000 -13%
June 29, 2012 V957024 $1,197,000 $-191,000 -14%
October 01, 2012 V957024 removed after 107 days
March 02, 2013 V993363 $985,000 $-403,000 -29%

v993363_11

Current Days on Market: 593 (1.62years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $945,000
Desperation Score: 16.7

” take $10,000,000 spectacular water & mountain views FOR FREE.”.  Forget million dollar views, This is Vancouver so let’s call it a TEN MILLION DOLLAR VIEW and let’s ask for $1.4 MILLION and then tell people it is FREE!!!!  .  By the way, the view is so awesome that we won’t take a picture of it or include it on the virtual tour which by the way isn’t even the right link but at least google isn’t incompetent.  This place has been listed for 1.6 years and looking at the pictures it will probably be listed for another 1.6 years – The $649K price in 2010 seems like way too much.

Buy this tastefully renovated 6 bedroom + 2 bathroom + 2 kitchen house and take $10,000,000 spectacular water & mountain views FOR FREE. Hardwood flooring throughout main floor with tile flooring in designer Kitchen featuring MIELE Appliances, dark wood Cabinets, Built-in Oven, Entertain guests and enjoy views of Burrard Inlet/North Shore Mountains. Living room upstairs w/Fireplace, 3 Bedrooms, renovated Bathroom. Downstairs offers Kitchen, Dining/Family Room, 3 Bedrooms, Bathroom. Separate entry. Good tenants would like to stay. The sellers would like to rent back for 6 month. Relax on deck, play out in backyard or barbeque. Walk to Schools, SFU, Tennis courts, Water, Parks.


#3 ) Address:10920 MORTFIELD RD, South Arm, Richmond

May 19, 2011 V889052 $1,186,000 $0 0%
July 05, 2011 V889052 $1,148,000 $-38,000 -3%
August 12, 2011 V889052 removed after 85 days
October 05, 2012 V975246 $999,800 $-186,200 -16%
January 01, 2013 V975246 removed after 88 days
January 25, 2013 V986860 $998,000 $-188,000 -16%
February 28, 2013 V986860 $838,000 $-348,000 -29%

v986860_11

Current Days on Market: 153 (0.42years)
Current ‘Official’ Days on Market: 41
2012 Assessment: $971,000
2011 Assessment: $954,800
Desperation Score: 19.4

You will just fall in love with this home once you step in. Solidly built and nicely updated in a park-like setting of this9162 sq ft lot. 6 Bedrooms, 3 baths, 2732 sq ft interior. Kitchen, bathrooms, private solarium are all updated Yet very convenient location. Both the elementary and secondary school in this area are French Immersions. Southfacing yard provides an exclusive private place for kids and family. The ground floor has a two bedroom suite as amortgage helper. Many fruit trees. A very nice property for the first time buyer or holding to build investment.


#2 ) Address:6438 MARINE DR, Horseshoe Bay, West Vancouver

January 28, 2011 V865636 $875,000 $0 0%
August 01, 2011 V865636 removed after 185 days
January 13, 2012 V925054 $675,000 $-200,000 -23%
January 20, 2012 V925054 $785,000 $-90,000 -10%
February 24, 2012 V925054 $715,000 $-160,000 -18%
March 05, 2012 V925054 removed after 52 days
January 27, 2013 V987584 $599,000 $-276,000 -32%
February 28, 2013 V987584 $575,000 $-300,000 -34%

No Picture

Current Days on Market: 39 (0.11years)
Current ‘Official’ Days on Market: 39
2012 Assessment: $680,100
Desperation Score: 17.9

Court Ordered sale.

Court Ordered sale. This is a fantastic & incredibly rare opportunity to get into the West Vancouver Real Estate market and be a part of this world class community. Charming 1,100 sqft. 2 bedroom cottage nestled privately into a wonderfullyquiet & scenic south/east facing property over 9,000 sqft. totally flat. Enjoy as is with some easy updates or build new. 2 minutes to the heart of Horseshoe Bay & fabulous locally owned shops, restaurants & cafes along the gorgeous waterfront village & promenade. Short stroll to popular Gleneagles Elementary, Gleneagles Golf Course & state of the art rec centre. Road trips ? Quick & easy access to BC Ferry terminal or HWY 1, w/short drive to Whistler or commute to City. Great value.


#1 ) Address:5968 MARINE DR, Eagleridge, West Vancouver

October 26, 2011 V917255 $9,800,000 $0 0%
November 15, 2011 V917255 $8,900,000 $-900,000 -9%
February 01, 2012 V917255 $8,550,000 $-1,250,000 -13%
March 31, 2012 V917255 removed after 157 days
April 05, 2012 V941399 $7,900,000 $-1,900,000 -19%
July 09, 2012 V941399 removed after 95 days
July 13, 2012 V961757 $7,200,000 $-2,600,000 -27%
August 22, 2012 V961757 $6,900,000 $-2,900,000 -30%
January 10, 2013 V961757 removed after 181 days
January 17, 2013 V985358 $6,900,000 $-2,900,000 -30%
February 20, 2013 V985358 removed after 34 days
February 28, 2013 V992869 $5,980,000 $-3,820,000 -39%

v992869_11

Current Days on Market: 498 (1.36years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $4,686,000
Desperation Score: 24.4

$4 million hair cut on this asking price yet still $1.3 million over assessment

Magnificent Waterfront Luxury Home with spectacular Ocean and Island views and private oceanside terraces…Exceptional quality and design with many luxury appointments including gourmet kitchen, large Master Suite, three additionalbedroom suites, media room, wine room, elevator and covered outdoor heated sitting area with fireplace and hot tub…

 

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31 responses to “Weekly Drop Metro Vancouver Detached – March 5, 2013

  1. ANONYMOUS 101 March 6, 2013 at 10:28 am

    Even after price drops, these property values are still too expensive!!!!!!!!!!!!!!!!!!!

  2. djindustry March 6, 2013 at 10:36 am

    #8 I totally agree with you that these people have destroyed the city. One can only hope that as their profits dwindle they will all bail, and move off to destroy some other city far far away, and Vancouver can return to some degree of sanity (hopefully by summer, since I am returning to Van after living abroad for 12 years!)
    keep up the great work and comments

    • CJM March 6, 2013 at 12:35 pm

      Myself also planning on moving back next 2-3 years. Left in 1998. Had a condo for a couple of years and sold it at a small loss. Kept watching prices going up with no logical reasons. It felt like Nortel stock in their heyday.
      Where is Nortel at now?

  3. HowLowCanYouGo March 6, 2013 at 12:48 pm

    Anyone have any idea how much the average court ordered sale is going for in comparison to list price? Is it like a few different states a couple years ago where you could pick up properties dirt cheap (sister got a 3 bdrm in Michigan for less than she paid for her car), or are they typically selling close to list?

    • J levine March 6, 2013 at 4:44 pm

      court ordered sale, are a hole different ball game. you have to go to court with your bid having being already being accepted by the lender who’s owed money. But here’s the but , anyone else can walk up to the judges desk with a higher bid, and worst of all they actually know what you bid if you are the first bidder. Plus you have to line up finance otherwise you are well and truly screwed as if your bid wins, you have to come up with the money or default, which also means the loss of your 5% deposit. I know I got a court ordered sale. So nothing like USA

    • Ford Prefect March 6, 2013 at 6:43 pm

      HowLowCanYouGo: There is a great free site of foreclosed properties covering much of Vancouver Island, outside Victoria. It is put out by a realtor and even shows reductions (in RED!!) in price of MLS listed properties that are in foreclosure. It does not show assessed values. However some of them are listed at up to 30% below assessed value (if you take the time and trouble to look up assessed values).

      Unfortunately I do not know of any similar sites in Vancouver but perhaps some realtor will put one up. I understand this one is up because the realtor realizes low-ball offers on a foreclosed property is better than no-ball offers.

  4. FrustratedinV March 6, 2013 at 2:16 pm

    New to your sight. Love this. I am sick of being told by realtors that I am missing out because prices will go up forever. It is good to see that there are some sane people still in Vancouver.

  5. Lee March 6, 2013 at 2:21 pm

    #10 ‘Priced under 2013 assessment’ I wouldn’t be so sure ; ).

  6. Advoc8 March 6, 2013 at 4:32 pm

    Here’s a zinger. That $38 million property, the most expensive in Canada, has now dropped by $10 million. Still plenty of eights in the price.

    3810 Marine Drive, West Vancouver

    http://www.ecorealtyinc.ca/listing?id=260033663

    • an observer March 6, 2013 at 4:43 pm

      That property has been listed for 4 years – they could cut the price by another $20 million and it still wouldn’t sell.

      • J levine March 6, 2013 at 4:48 pm

        Also as an added bonus for your money you get a railway line with ASCENDING freight trains 4 times a day 70 feet from your front door, and a regular flow of traffic including BC transit buses within 30 feet of your door. Wow!! So that’s worth more than a mansion in say London or Paris. Gotta laugh or gotta cry for some sanity.

      • gokou3 March 8, 2013 at 1:00 am

        J Levine:

        As Rennie says, “Transportation, Transportation, Transportation!”

  7. Real Estate Tsunami March 6, 2013 at 5:13 pm

    # 10 is indicative of the market for “Ditchmond Specials”.
    They were very popular a few years ago, but now there’s no more demand.
    Times and tastes are changing.

  8. Loon March 6, 2013 at 5:54 pm

    You should include the number of capitalized words and exclamation marks in your desperation formula.

    THANKS AGAIN OBSERVER !!!!!!!!

    • Spiltbongwater March 6, 2013 at 9:51 pm

      True, CAPS LOCK on a listing description should have some weighting on desperation score.

      • MaxPower March 7, 2013 at 6:17 pm

        I dropped this in on the previous post, but I will add it here, just in case it is missed…Freakonomics talks about the correlation between ! and lower prices. Try this link for a blurb on it:

        www7.esc.edu/vvernon/Freakonomics.doc

  9. Skook March 6, 2013 at 6:23 pm

    Oh, so very, very snarky, observer – you must have taken your vitamins. Fun read!

  10. Alexcanuck March 6, 2013 at 10:19 pm

    #9
    “possibility of peak-a-boo views”

    Does that mean that you are depending on the possibility of the owner between you and the water clear-cutting their lot to get the view?

    (Out-snarking Observer! I’m gonna get myself banned here.)

  11. Surrey Girl March 7, 2013 at 6:09 am

    #8 I totally agree! Every house I have looked at recently was someone’s investment property and it sits empty. In South Surrey they still want $200,000 – $500,000 more than what they paid two years ago and no one can figure out why these house are not selling. I rant….

  12. Natalie March 7, 2013 at 8:29 am

    If anyone wants a great source for real estate law, here is one I really like. He includes some good info on buying a foreclosure. http://bcrealestatelaw.com/

    • HowLowCanYouGo March 7, 2013 at 11:21 am

      Guess I should’ve scrolled down before, rather than after, asking my last question up there:) Thanks Natalie.

      • Ford Prefect March 7, 2013 at 12:22 pm

        My recommendation would be: attend. You would not believe the number of unexpected questions that can arise at any sort of court hearing, including master’s chambers.

      • Natalie March 7, 2013 at 2:48 pm

        Agree with Ford Perfect. Court ordered sales can be unpredictable. Always best to be there in person.

  13. punnoval March 7, 2013 at 11:23 pm

    #9: Isn’t that where they found the bodies of two drug payment delinquent strippers about 10 years ago? Just for interest value, the property should be worth at least 1 million/

  14. punnoval March 7, 2013 at 11:56 pm

    #4: How close was this thing to the famous Kinder-Morgan spill? Maybe oil is still oozing up in the basement? Talk to Mr. Mikey (a fine acquaintance) about this one.

    • an observer March 8, 2013 at 12:17 am

      Maybe they are including the price of a hundred thousand barrels of oil in the pricing?

    • Exurban March 11, 2013 at 1:11 am

      The actual backhoe rupture of the pipeline was at Inlet and Ridge, about 5 blocks from the Malibu house. The whole neighborhood including Malibu Drive was evacuated, but I’m pretty sure only 11 houses, all on Inlet, were sprayed with oil. Some oil flowed downhill and reached the water, but that was pretty rapidly cleaned up. Very unlikely that there are any actual oil issues with the property.

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