Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Attached – March 6, 2013

Here are the 10 attached 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.

5 listings from Vancouver West and 1 from Burnaby, Richmond, West Vancouver, East Vancouver and North Vancouver


#10 ) Address:# 414 1529 W 6TH AV, False Creek, Vancouver West

January 22, 2012 V927157 $1,168,000 $0 0%
April 19, 2012 V927157 $1,020,000 $-148,000 -13%
June 30, 2012 V927157 removed after 160 days
August 22, 2012 V967308 $999,000 $-169,000 -14%
January 12, 2013 V967308 $949,000 $-219,000 -19%
February 16, 2013 V967308 removed after 178 days
March 03, 2013 V993679 $899,000 $-269,000 -23%

v993679_11

Current Days on Market: 411 (1.13years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $647,000
2011 Assessment: $636,000
Desperation Score: 20.3

This still horribly overpriced condo will be back on the list in future weeks

In the South Granville premier Vancouver art & shopping district, the Wsix loft building is an architectural landmark. Over $100,000 in renovations has resulted in an unparallelled home structurally & visually. Comfortable & stylish. Every details has been well thought out & executed with the best quality & craftsmanship. From the modern & elegant light filled interior SE corner suite one steps out to over 750 SF of terrace space featuring a wirl pool, sauna & grill. A most private oasis of peace with magnificent Northshore mountains & city views. Steps from Downtown, Granville Island seawall, renowned restaurants, bicycle & transportation routes. A pleasure to show by appointment.


#9 ) Address:# 211 8300 BENNETT RD, Brighouse South, Richmond

February 22, 2012 V932787 $399,000 $0 0%
March 28, 2012 V932787 $389,000 $-10,000 -3%
April 18, 2012 V932787 $379,000 $-20,000 -5%
May 16, 2012 V932787 $359,000 $-40,000 -10%
July 26, 2012 V932787 removed after 155 days
July 28, 2012 V964155 $349,000 $-50,000 -13%
November 01, 2012 V964155 removed after 96 days
February 28, 2013 V992903 $299,900 $-99,100 -25%

v992903_11

Current Days on Market: 380 (1.04years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $348,000
2011 Assessment: $357,000
Desperation Score: 17.8

“Some exterior work planned for the future” – special assessment time

Spacious 2 bdrm 2 bath floor plan, very well maintained and nicely updated with laminate floors, crown moulding and newer appliances. Big kitchen with eating area. Bright east facing exposure into quiet courtyard. Large separate storage/laundry room in suite. Conveniently located in the central core, easy walk to shopping and Canada Line. Some exterior work planned for the future-call listing salesperson for more information.


#8 ) Address:# 1102 1468 W 14TH AV, Fairview, Vancouver West

October 06, 2006 V612777 $1,068,000 $0 0%
December 15, 2006 V612777 removed after 70 days
December 22, 2006 V624113 $1,068,000 $0 0%
February 25, 2007 V624113 removed after 65 days
September 01, 2011 V907665 $1,380,000 $0 0%
November 09, 2011 V907665 $1,288,000 $-92,000 -7%
March 31, 2012 V907665 removed after 212 days
April 04, 2012 V941241 $1,259,000 $-121,000 -9%
November 01, 2012 V941241 removed after 211 days
March 01, 2013 V993306 $1,028,000 $-352,000 -26%

v993306_11

Current Days on Market: 554 (1.52years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $1,031,000
2011 Assessment: $1,139,000
Desperation Score: 10.4

“Barely lived in Unit” took a 10% cut in assessment price and is now listed below 2006 prices after having been listed for a year and a half

GORGEOUS CORNER unit: Enjoy beautiful views from this two Bedroom + Two baths & den situated on a HIGHER floor in the boutique concrete condo by POLYGON. Unit featLarge open kitch. perfect for those that like to entertain. Upscale cabinetry, Bosch appl. & granite countertops. Generous oversized Master bedroom can fit king sized bed and walk in closet. Beautiful hardwood flooring throughout. Blocks always from prestigious Shaughnessy and 1/2 block always from all the best shopping South Granville has to offer: Meinhardt fine foods, fine dining, chapters Etc. Well Maintained, Barely lived in Unit. TWO PARKING INCL!!


#7 ) Address:# 215 1961 COLLINGWOOD ST, Kitsilano, Vancouver West

July 13, 2012 V961742 $2,688,000 $0 0%
August 31, 2012 V961742 removed after 49 days
September 06, 2012 V969402 $2,499,000 $-189,000 -7%
October 31, 2012 V969402 removed after 55 days
November 02, 2012 V978901 $2,295,000 $-393,000 -15%
December 15, 2012 V978901 $2,095,000 $-593,000 -22%
February 22, 2013 V978901 removed after 112 days
February 28, 2013 V992948 $1,999,900 $-688,100 -26%

v992948_11

Current Days on Market: 238 (0.65years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $2,449,000
2011 Assessment: $2,258,000
Desperation Score: 20.3

I previously has the assessment at $1.13 million for 2011 and $1.22 million for 2012 but I dug into this listing a little bit and discovered that it is 2 units combined, #215 and #216 and even though it is listed as a single unit, the assessment is for each unit individually so I have updated the assessment to include both units.  Mr. Realtor, maybe you should explain this?  “PRICE TO GO! REDUCED FROM $2,295,000!” actually reduced from $2.688 million but who’s counting!  That $1070 monthly maintenance is pretty nasty but the price at under $600/sqft and 20% BELOW assessment seems reasonable in today’s market

PRICE TO GO! REDUCED FROM $2,295,000! Designed by award-winning BBA Design this one-a kind City Home feat. sophisticated luxury finishes of custom oak cabinetry & millwork, Subzero & Miele appl, natural stone & premium fixtures. This 4 BR, den & spacious family rm feat. generous master w/ plenty of clothes strg & grand ensuite. 2 entrances to home allow for multiple uses like a live/work situation (separate entry, private patio & up to 3 office spaces) or for those living w/ in-laws or adult children. Private 316 sf on 2 front patios, 40′ x 12’10” entertaining deck off dining & kitch. & 39’9 x 13’8″ master terrace. Concrete, steel & brick construction add to the uniqueness of this Premier property.


#6 ) Address:# 108 1750 AUGUSTA AV, Simon Fraser Univ., Burnaby

April 10, 2008 V699974 $219,785 $0 0%
May 15, 2008 V699974 $221,785 $0 0%
May 28, 2008 V699974 $216,785 $-5,000 -2%
June 17, 2008 V699974 removed after 68 days
March 24, 2010 V816756 $268,888 $0 0%
April 14, 2010 V816756 $258,888 $-10,000 -4%
April 21, 2010 V816756 $228,888 $-40,000 -15%
June 16, 2010 V816756 removed after 84 days
February 28, 2013 V992704 $199,900 $-68,988 -26%

v992704_11

Current Days on Market: 8 (0.02years)
Current ‘Official’ Days on Market: 8
2012 Assessment: $185,800
2011 Assessment: $198,100
Desperation Score: 4.5

8’s no longer cool I guess?

This is a clean well kept 1 bdrm home on the 2nd level facing the East side of the building. With a spacious L shaped kitchen & a large master bedroom that fits a king size bed you will enjoy what this suite has to offer at this price. Features include nice size balcony with extra storage, excellent floor plan, plumbing for washer/dryer, new stainless appliances with smooth top stove, 1 parking, 1 storage. Building has updated piping, roof (gutters), elevators. Close to Burnaby Mountain golf course and park, new grocery store within minutes, bus line. Open house Sun, March 3rd, 2-4PM.


#5 ) Address:# 3801 1495 RICHARDS ST, Yaletown, Vancouver West

April 29, 2009 V763591 $2,499,000 $0 0%
June 04, 2009 V763591 removed after 36 days
January 26, 2012 V927749 $4,980,000 $0 0%
March 06, 2012 V927749 $4,595,000 $-385,000 -8%
May 12, 2012 V927749 $4,198,000 $-782,000 -16%
May 28, 2012 V927749 removed after 123 days
June 06, 2012 V954794 $3,888,000 $-1,092,000 -22%
October 08, 2012 V954794 removed after 124 days
October 20, 2012 V977339 $3,888,000 $-1,092,000 -22%
October 26, 2012 V977339 $3,788,000 $-1,192,000 -24%
November 10, 2012 V977339 $3,998,000 $-982,000 -20%
February 28, 2013 V977339 $3,688,000 $-1,292,000 -26%

v977339_11

Current Days on Market: 407 (1.12years)
Current ‘Official’ Days on Market: 139
2012 Assessment: $2,601,000
2011 Assessment: $2,544,000
Desperation Score: 31.3

Sold for $2,099,000 in July 2009 and then relisted for almost $5 million two and a half years later… huh???  After 26% in price drops (including a recent $210K price increase) it is still about 40% OVER assessment and almost 80% OVER what they paid for it.

Home to the Beach Crescent Neighbourhood, located on the most westerly shores of Concord Pacific Place, a magical combination of city and ocean, surrounded by acres of lush landscaped parks and wide-open spaces. 38 floors of sheer contemporary beauty, A pinnacle landmark set right at the foot of George Wainborn Park. This spectacular penthouse boasts over 2500 sqft of luxury living with 270 degree views of Vancouver bliss. 3 bedrooms, 4 baths, accompanied by a chef inspired kitchen with top-of-the-line stainless steel appliances, and granite counter tops. Master suite equipped with a walk-in closet and spa like ensuite. First class amenities at Super Club include indoor hot tub and pool, gym, theatre room and much more.


#4 ) Address:# 407 1500 OSTLER CT, Indian River, North Vancouver

November 24, 2011 V920651 $799,000 $0 0%
December 14, 2011 V920651 removed after 20 days
March 22, 2012 V938533 $777,000 $-22,000 -3%
June 06, 2012 V938533 $750,000 $-49,000 -6%
June 07, 2012 V938533 removed after 77 days
June 11, 2012 V955740 $738,900 $-60,100 -8%
July 14, 2012 V955740 $708,900 $-90,100 -11%
September 01, 2012 V955740 $678,900 $-120,100 -15%
October 18, 2012 V955740 $663,900 $-135,100 -17%
December 06, 2012 V955740 $649,000 $-150,000 -19%
February 03, 2013 V955740 $622,900 $-176,100 -22%
March 01, 2013 V955740 $589,900 $-209,100 -26%

v955740_11

Current Days on Market: 470 (1.29years)
Current ‘Official’ Days on Market: 270
2012 Assessment: $620,500
Desperation Score: 36.6

B uilding envelope and painting assessment of $95,000 is approved & will be paid for by the Vendor.

Rare offering in North Vancouver. Incredible 3 bedroom & 3 bathroom, concrete luxury suite of approx. 2,610 sq/ft all on 1 level. Spacious & open floor plan. Lovely living/dining room space, perfect for entertaining.Bright open kitchen & informal eating area that steps out to an over-sized 360sq/ft patio terrace facing park like greenbelt. Exclusive 66 unit development in the heart of Indian River residential neighbourhood. Minutes to Deep Cove, Mt Seymour, Northlands golf course, Parkgate shopping centre & Dorothy Lynas French immersion elementary school. You will not find a nicer location or complex that is a house sized, high quality one level apartment. B uilding envelope and painting assessment of $95,000 is approved & will be paid for by the Vendor.


#3 ) Address:# 103 2288 BELLEVUE AV, Dundarave, West Vancouver

June 07, 2007 V646320 $1,775,000 $0 0%
June 13, 2007 V646320 removed after 6 days
November 18, 2009 V797808 $2,495,000 $0 0%
November 26, 2009 V797808 removed after 8 days
January 29, 2011 V865928 $2,280,000 $-215,000 -9%
March 19, 2011 V865928 $2,188,000 $-307,000 -12%
March 22, 2011 V865928 removed after 52 days
May 05, 2012 V947795 $2,280,000 $-215,000 -9%
May 07, 2012 V947795 $2,288,000 $-207,000 -8%
August 31, 2012 V947795 removed after 118 days
March 06, 2013 V993958 $1,790,000 $-705,000 -28%

v993958_11

Current Days on Market: 2 (0.01years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $1,613,000
Desperation Score: 9.3

The Edgewater- West Vancouver finest waterfront living. Design by famous NY architect Robert Stern. Located steps from the seawall. Fab townhome with its own side entrance and patio deck, 2 levels with 1730 sq. ft. of luxury living, 10 ft. ceiling, 2 firepl., large windows,open chef’s kitchen, French doors opening to your private patio with westerly ocean views, 2 large bedr. upstairs with 2 bathr, aircondit., full concierge staff. Private 2 car garage and stor.locker. Luxurious ammentities include great lap pool on the same level, gym and steam room. Ideal for a dog, or if you want your own entrance. Open House March 10,2:30-4 pm,or by appointment. Very well priced ! A pleasure to show.


#2 ) Address:# 512 3455 ASCOT PL, Collingwood, Vancouver East

February 23, 2011 V870937 $350,000 $0 0%
March 02, 2011 V870937 $260,000 $-90,000 -26%
January 01, 2012 V870937 removed after 312 days
October 15, 2012 V976737 $239,800 $-110,200 -31%
January 09, 2013 V976737 $235,800 $-114,200 -33%
March 05, 2013 V976737 $226,800 $-123,200 -35%

v976737_11

Current Days on Market: 144 (0.39years)
Current ‘Official’ Days on Market: 144
2012 Assessment: $198,800
2011 Assessment: $200,600
Desperation Score: 12.7

East facing, Well kept unit. Bright and clean 1 bdrm & 1 full bath. 2011 Newly changed flooring for living room, dining room & bedroom. Parking stall #131, storage locker #148. Shared laundry. Super convenient location. Steps to bus & Joyce sky-train station. Meas from strata plan, not including, 75 sf balcony. Wheelchair access. Great for investors!


#1 ) Address:# 2801 1455 HOWE ST, Yaletown, Vancouver West

December 23, 2006 V624261 $2,550,000 $0 0%
April 01, 2007 V624261 removed after 99 days
July 04, 2008 V720021 $3,580,000 $0 0%
August 13, 2008 V720021 $3,380,000 $-200,000 -6%
September 05, 2008 V720021 $3,230,000 $-350,000 -10%
October 21, 2008 V720021 $3,080,000 $-500,000 -14%
November 19, 2008 V720021 removed after 138 days
November 22, 2008 V744531 $2,750,000 $-830,000 -23%
January 07, 2009 V744531 $2,380,000 $-1,200,000 -34%
February 07, 2009 V744531 removed after 77 days
February 18, 2009 V753187 $2,280,000 $-1,300,000 -36%
March 25, 2009 V753187 $2,150,000 $-1,430,000 -40%
May 08, 2009 V753187 removed after 79 days
July 12, 2009 V776474 $2,380,000 $-1,200,000 -34%
October 16, 2009 V776474 $2,680,000 $-900,000 -25%
November 21, 2009 V776474 removed after 132 days
November 27, 2009 V799226 $2,550,000 $-1,030,000 -29%
January 27, 2010 V799226 $2,480,000 $-1,100,000 -31%
March 03, 2010 V799226 $2,388,000 $-1,192,000 -33%
March 26, 2010 V799226 removed after 119 days
April 01, 2010 V818938 $2,288,000 $-1,292,000 -36%
May 12, 2010 V818938 removed after 41 days
July 11, 2010 V841466 $1,998,000 $-1,582,000 -44%
February 17, 2011 V841466 removed after 221 days
July 21, 2012 V963211 $1,988,000 $-1,592,000 -44%
October 14, 2012 V963211 $1,888,800 $-1,691,200 -47%
October 15, 2012 V963211 removed after 86 days
October 17, 2012 V976933 $1,888,800 $-1,691,200 -47%
November 29, 2012 V976933 removed after 43 days
February 15, 2013 V990694 $1,889,800 $-1,690,200 -47%
March 02, 2013 V990694 $1,799,900 $-1,780,100 -50%

v990694_11

Current Days on Market: 230 (0.63years)
Current ‘Official’ Days on Market: 21
2012 Assessment: $1,951,000
2011 Assessment: $1,964,000
Desperation Score: 21.7

Purchased for $2,025,000 in July 2010 so current owner, if they sell for asking, will lose $325K…  “SUB PENTHOUSE” is down 50% from 2008 asking prices

SUB PENTHOUSE suite at Pomaria building built by Quest Landmark. Truly an exceptional piece of real estate with stunning North, East and South views. With over 2100 sqft of living space, this is the perfect open concept floor plan designed to capture the views. There are floor-to ceiling windows throughout, custom roller blinds, and single room temperature/volume control throughout the suite. The kitchen is impressive, and features Sub Zero and Miele appliances including a gas range and wired espresso machine. 2 balconies, 1 North and 1 south, perfect for entertaining. The master is a retreat with a phenomenal closet and spa like ensuite.

 

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8 responses to “Weekly Drop Metro Vancouver Attached – March 6, 2013

  1. RFM March 8, 2013 at 7:49 am

    #1 – The Ping Pong Pricing Protocol exemplified!

    http://vancouverpeak.com/Thread-PPPP

  2. ex-kitsie March 8, 2013 at 9:43 am

    I live close to #10 – what the listing doesn’t mention (but you can see the crane in the upper left corner) is the fact that a new hi-rise was just constructed behind this building – I’m guessing that both privacy and light have been compromised by the new building. The new construction used to have the usual large “buy now” signs – these have been replaced by “for lease”. I can’t image who in their right mind would lease an unfinished apartment, believing the developer’s promise of fall completion.

  3. TC March 8, 2013 at 12:30 pm

    Places like #5 confuse me. Isn’t this a crazy waste of everyone’s time? Listed eternally at sky-high prices, hoping for what? Does this ever work (even in a good market, 50% over assessment)?

  4. Seeking knowledge... March 8, 2013 at 2:12 pm

    I wonder if the spec investor is loosing any sleep?
    I am concerned about the rippling effect to the economy and inflation when this puppy bursts. Everyone maybe paying the price in one way or another.

  5. Ben March 8, 2013 at 4:19 pm

    MLS®: V987718 in New West …re-listed this year for 388,000 !!! Hell, why not – it didn’t sell for 340,000 last year so why not try at 388K. It’s comedy out there.

    • Spiltbongwater March 9, 2013 at 8:23 am

      Maybe they added a portable dishwasher to the unit, and figured that since everybody wants one now, raise the price 40K

  6. Skook March 8, 2013 at 6:52 pm

    Maint. fee for #1 is $1098/mth, The owner can keep it!

  7. Tony March 10, 2013 at 12:31 am

    Wow Maintenance fee for #1 is like a mortgage payment in itself, better off buying a house for that price they are asking as well. With that high maintenance the sell will have to sell it for 40% off their asking in order to get anyone crazy enough to buy it and shell out over 1 grand for maintenance that’s just crazy and way too much for a condo.

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