Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Suburbs – March 25, 2013

And we’re back!  Still playing around with the format after this break – will probably alternate between the standard 3 weekly drops one week and then desperation meter the next but we’ll see how it goes.

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 3 weeks AND have dropped the largest percentage overall from their original asking price.


#10 ) Address:# 205 B 2020 LONDON LN, Whistler, Whistler/Pemberton

March 09, 2012 V919666 $84,900 $0 0%
May 04, 2012 V919666 $69,900 $-15,000 -18%
September 13, 2012 V919666 $59,900 $-25,000 -29%
February 20, 2013 V919666 $57,900 $-27,000 -32%
March 23, 2013 V919666 $49,000 $-35,900 -42%

v919666_11

Current Days on Market: 383 (1.05years)
Current ‘Official’ Days on Market: 383
2012 Assessment: $62,825
2011 Assessment: $75,000
Desperation Score: 19.7

Currently listed almost 35% BELOW the 2011 assessment and the 2012 assessment came in at 16% BELOW the previous year

Talk about a contemporary design in a fantastic location! Evolution checks all the boxes when you’re seeking a modern suite which offers great owner usage. You have access to all the amenities you could want, from a movie theatre and games room to hot tubs and pool with a view. Whether you’re spending quality time with the family or entertaining friends, everyone’s sure to have a great time.


#9 ) Address:22183 CLIFF AV, West Central, Maple Ridge

August 22, 2010 V846978 $700,000 $0 0%
December 02, 2010 V846978 $600,000 $-100,000 -14%
February 22, 2011 V846978 $429,000 $-271,000 -39%
March 03, 2012 V846978 $399,900 $-300,100 -43%
July 06, 2012 V846978 removed after 684 days
July 13, 2012 V961729 $429,000 $-271,000 -39%
December 29, 2012 V961729 removed after 169 days
February 03, 2013 V988340 $429,000 $-271,000 -39%
March 06, 2013 V988340 $399,900 $-300,100 -43%

v988340_11

Current Days on Market: 948 (2.60years)
Current ‘Official’ Days on Market: 52
2012 Assessment: $383,000
Desperation Score: 15.6

Looks like they expected that the rezoning in 2010 made their property worth double assessment but they quickly dropped 43% without a sale.  Relisted in 2012 at a higher price and then pulled the listing half a year later.  Came back in 2013 at that same higher price before dropping slightly.  I don’t believe this one is remotely close to where it would sell for in case the 2.6 years on the market wasn’t a good enough hint.

C-3 zoned property. Presently rented. Build office, 4-plex or combination of both. Possible river views from upper floors.


#8 ) Address:29488 58TH AV, Bradner, Abbotsford

October 08, 2010 F1025353 $6,900,000 $0 0%
September 06, 2011 F1025353 removed after 333 days
September 10, 2011 F1122636 $5,800,000 $-1,100,000 -16%
January 31, 2012 F1122636 $4,500,000 $-2,400,000 -35%
March 31, 2012 F1122636 removed after 203 days
April 09, 2012 F1208670 $4,100,000 $-2,800,000 -41%
August 31, 2012 F1208670 removed after 144 days
September 12, 2012 F1222747 $4,100,000 $-2,800,000 -41%
March 13, 2013 F1222747 $3,888,000 $-3,012,000 -44%

f1222747_11

Current Days on Market: 901 (2.47years)
Current ‘Official’ Days on Market: 196
2012 Assessment: $3,754,000
Desperation Score: 28.4

This is one of the largest homes in Canada at 44 THOUSAND square feet… no that is not the lot size, that is finished square footage!  The price is down over $3 million in the 2.5 years it has been listed and at its current price it is under $90/sqft not including the very significant land size.  A previous description indicated that the current owner put $15 million into the home and that it had been assessed by a bank for over $13 million.  For the last 6 months they haven’t even bothered to include a description…  For anyone looking for a 44 thousand square foot home this has got to be one of the better deals on the planet.


#7 ) Address:35995 EAGLECREST PL, Abbotsford East, Abbotsford

July 11, 2009 F2915400 $450,000 $0 0%
January 17, 2010 F2915400 removed after 190 days
January 19, 2010 F1001392 $450,000 $0 0%
July 18, 2010 F1001392 removed after 180 days
September 27, 2010 F1024539 $425,000 $-25,000 -6%
September 01, 2011 F1024539 removed after 339 days
September 03, 2011 F1122147 $380,000 $-70,000 -16%
October 07, 2011 F1122147 $370,000 $-80,000 -18%
October 27, 2011 F1122147 $365,000 $-85,000 -19%
November 18, 2011 F1122147 $360,000 $-90,000 -20%
December 08, 2011 F1122147 removed after 96 days
February 03, 2013 F1302591 $265,000 $-185,000 -41%
March 10, 2013 F1302591 $249,000 $-201,000 -45%

f1302591_11

Current Days on Market: 52 (0.14years)
Current ‘Official’ Days on Market: 52
2012 Assessment: $347,000
Desperation Score: 19.8

Currently listed 30% BELOW assessment

Builders & Investors Alert! Mountain Village 1.75 acre building site with Mt Baker and Valley view. Build your dream home here (yes there is plenty of room for a shop) just a few minutes to the Whatcom Road Exit. We have plans available or uild exactly what you have always wanted! * PREC – Personal Real Estate Corporation


#6 ) Address:12142 287TH ST, Northeast, Maple Ridge

July 10, 2010 V840966 $1,599,000 $0 0%
November 10, 2010 V840966 $1,095,000 $-504,000 -32%
February 01, 2011 V840966 removed after 206 days
February 03, 2011 V866939 $975,000 $-624,000 -39%
March 23, 2011 V866939 removed after 48 days
May 14, 2012 V950147 $1,349,900 $-249,100 -16%
July 06, 2012 V950147 $1,299,900 $-299,100 -19%
September 19, 2012 V950147 $1,199,900 $-399,100 -25%
October 15, 2012 V950147 removed after 154 days
October 17, 2012 V976812 $969,500 $-629,500 -39%
January 07, 2013 V976812 removed after 82 days
March 07, 2013 V994284 $875,000 $-724,000 -45%

v994284_11

Current Days on Market: 317 (0.87years)
Current ‘Official’ Days on Market: 20
2012 Assessment: $1,020,000
2011 Assessment: $1,030,000
Desperation Score: 38.5

Interesting yo-yo price history on this one

OPPORTUNITY! 6300 sq ft home on 5.004 Ac with gated entrance & winding driveway to private setting. Has 4 bedrooms (all with ensuite) 6 bathrooms in total (his & hers ensuites in master suite), 3 bay garage & attached workshop, large covered deck. Open plan with huge kitchen (granite countertops), Hot water radiant heat + air exchange system. Measurements are approximate and should be verified by the Buyers if important to them.


#5 ) Address:34869 FERNDALE AV, Durieu, Mission

April 25, 2007 F2709823 $4,950,000 $0 0%
August 21, 2007 F2709823 $4,575,000 $-375,000 -8%
January 16, 2008 F2709823 removed after 266 days
March 14, 2008 F2806415 $5,188,888 $0 0%
March 26, 2008 F2806415 removed after 12 days
May 27, 2009 F2911297 $3,675,000 $-1,513,888 -29%
November 02, 2009 F2911297 removed after 159 days
November 06, 2009 F2925347 $3,675,000 $-1,513,888 -29%
March 30, 2010 F2925347 $3,475,000 $-1,713,888 -33%
November 01, 2010 F2925347 removed after 360 days
January 26, 2011 F1101880 $3,195,000 $-1,993,888 -38%
June 03, 2011 F1101880 removed after 128 days
June 08, 2011 F1114820 $2,980,000 $-2,208,888 -43%
October 01, 2011 F1114820 removed after 115 days
December 22, 2011 F1129441 $2,980,000 $-2,208,888 -43%
July 02, 2012 F1129441 removed after 193 days
September 11, 2012 F1222593 $2,995,000 $-2,193,888 -42%
March 23, 2013 F1222593 $2,748,000 $-2,440,888 -47%

f1222593_11

Current Days on Market: 1400 (3.84years)
Current ‘Official’ Days on Market: 197
2012 Assessment: $1,871,000
Desperation Score: 15.8

This home is actually pretty incredible if you are looking for a high end estate home in Mission.  Listing price is still out of touch with assessment even after a close to 50% drop and almost 4 years on market

The most incredible view home in B.C. on 5+ acres with panoramic views of Mt. Baker, Fraser River, Westminster Abbey. Absolutely stunning West Coast home. Entertain & fascinate your guests. This home features the finest workmanship with stunning gourmet kitchen loaded with all the extras imaginable. Granite/sandstone/marble/slate, walls, counters & floors thru out the three levels of living. Full spa w/steam room, slate rain shower (9 shower heads) and full gym with equipment. Master bedroom is sensational with fireplace, huge organized closet, special ensuite & laundry room. Fantastic architectural features, Infinity pool with waterfall, built in/hot tub and huge viewing decks.


#4 ) Address:1320 ZENITH RD, Squamish, Squamish

February 03, 2013 V988786 $575,000 $0 0%
March 19, 2013 V988786 removed after 44 days
March 25, 2013 V997458 $299,000 $-276,000 -48%

v997458_11

Current Days on Market: 52 (0.14years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $524,000
Desperation Score: 20.9

This is not a typo or switched unit – I checked the descriptions and details to confirm.  48% in one shot just a month and a half after first listing the unit!  They even say “Priced for a quick sale!!!!!!!! & no, there is nothing wrong with the building.”.  Over 40% BELOW assessment on this new showhome unit.  How about the people that purchased the other units!  They can’t be impressed…

This note from BailingInBC: The same owners have also listed this property –http://www.realtor.ca/propertyDetails.aspx?propertyId=12967987&PidKey=-1112849272 Assessed at $839k, listed for $499k. They appear to be looking to create bidding wars.

Priced for a quick sale!!!!!!!! & no, there is nothing wrong with the building. Beautiful SHOW HOME showcasing a covered entrance with impressive foyer to greet your special guest. Expensive & elegant crown molding with glowing lights forthose special, relaxing evenings beside a cozy gas fireplace listening to your favorite music through a build in surround sound system. Main floor living area includes custom chefs kitchen with espresso wood cabinets, stylish wall title, stainless appliances, upgraded radiant heated floors and posh modern style carpet in bedrooms. This gorgeous, spacious and bright , 4 bedroom 1/2 Duplex Home comes with beautiful mountain views & is located on a quiet Street in Sunny Brackendale. Don’t miss it!


#3 ) 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%
March 19, 2013 F1227769 $815,900 $-774,100 -49%

f1227769_11

Current Days on Market: 713 (1.95years)
Current ‘Official’ Days on Market: 125
2012 Assessment: $1,029,000
2011 Assessment: $1,052,000
Desperation Score: 41.0

Listed for almost 2 years and now 20% BELOW assessment

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.


#2 ) Address:14120 TRITES RD, Panorama Ridge, Surrey

February 12, 2012 F1203674 $1,980,000 $0 0%
March 22, 2012 F1203674 removed after 39 days
March 23, 2012 F1207274 $1,189,900 $-790,100 -40%
June 23, 2012 F1207274 $1,139,000 $-841,000 -42%
August 02, 2012 F1207274 removed after 132 days
August 04, 2012 F1220063 $1,089,000 $-891,000 -45%
September 27, 2012 F1220063 $1,039,000 $-941,000 -48%
November 17, 2012 F1220063 $999,000 $-981,000 -50%
December 31, 2012 F1220063 removed after 149 days
January 13, 2013 F1300826 $949,000 $-1,031,000 -52%
March 13, 2013 F1300826 $899,000 $-1,081,000 -55%

f1300826_11

Current Days on Market: 409 (1.12years)
Current ‘Official’ Days on Market: 73
2012 Assessment: $1,003,000
2011 Assessment: $1,017,000
Desperation Score: 49.6

This potential VancouverPriceDrop hall of famer has now had 7 price drops totalling 55% in the past year

PANORAMA RIDGE – Private Estate – 5191 SQFT, 1.41 ACRE – 2 Storey w/Basement. Great STREET APPEAL. Situated on a very private, treed road. Spacious floor plan with 20′ vaulted ceilings in both family & living room (features grand stone fireplace), hardwood & tile flooring througout main. Large ‘gourmet’ kitchen + additional spice kitchen & large W/I pantry. Up – Large Master with private patio, full ensuite & soaker tub, an additional 4 oversized bedrooms are also located upstairs. Down – is currently partially finished, potential for optional media/recreation and/or gym. Back – features a very private view of the valley + densely treed location. Call now to arrange a viewing. * PREC – Personal Real Estate Corporation


#1 ) Address:3791 MURPHY ST, Central Abbotsford, Abbotsford

August 31, 2007 F2722498 $4,200,000 $0 0%
December 24, 2007 F2722498 removed after 115 days
June 19, 2008 F2818444 $3,250,000 $-950,000 -23%
August 27, 2008 F2818444 removed after 69 days
September 06, 2008 F2825703 $2,700,000 $-1,500,000 -36%
March 02, 2009 F2825703 removed after 177 days
March 16, 2013 F1305889 $1,899,000 $-2,301,000 -55%

f1305889_11

Current Days on Market: 11 (0.03years)
Current ‘Official’ Days on Market: 11
2012 Assessment: Farmland
Desperation Score: 21.4

Seems like these owners have been fishing for something for the last 6 years.  Potentially there could have been a sale at some point but it is doubtful given the listing history

Don’t miss this incredible opportunity to purchase this beautiful custom home on 9.5 acres close to residential development. Enjoy 4500 sqft of a quality ‘Builders Own’ home (Unique Homes Inc) while you wait for possible future development to come to you. Large 4000 sqft shop with 3 phase power. This 2 storey plus basement home had a major updated in 2002 with hardwood floor throughout, chefs dream kitchen with silestone counters. Large level yard for both parking vehicles and entertaining in the back with a bonus sport court. Lots of great water supplied from the well. You will love this location, private yet close to town.


 

Advertisements

26 responses to “Weekly Drop Suburbs – March 25, 2013

  1. Pingback: Weekly Drop Suburbs – March 25, 2013 | Vancouver Price Drop | The Affluent Boomer™

  2. shioru March 27, 2013 at 7:30 am

    What is going on in Squamish? That’s a big drop!

  3. Rob March 27, 2013 at 7:43 am

    What is #10? Is that a 1/4 share?

      • Thomas Holloway (@Zerodown0) March 27, 2013 at 11:10 am

        Be aware of taxes/fees in Whistler. If you get the property for free, still hundreds of dollars per month of “rent”.

      • HowLowCanYouGo March 27, 2013 at 11:27 am

        Wait, what? Where in the listing does it state that? I know next to nothing about Whistler real estate…is that a common “trick”. Also, if it’s only a quarter share, that monthly fee is insane.

      • an observer March 27, 2013 at 1:27 pm

        The letter after the unit refers to it being a split and I believe almost all are 1/4 splits in Whistler. So I don’t know for sure that this is a 1/4 (ie could be 1/3 or 1/6 I suppose) but pretty safe to assume that it is.

      • John Smithenson March 27, 2013 at 4:57 pm

        Yes, I’m fairly certain Evolution is a quarter share unit. High strata is likely due to a front desk or management company. Those quarter shares are dropping fast up there – like a time-share.

      • bailinginbc March 27, 2013 at 6:05 pm

        I actually think that the maintenance fee is quite reasonable for what you are getting. For a start it covers the usual condo fees that you would get in the average condo, building maintenance, cleaning of common areas etc. In addition it will cover many amenities not found in your average condo building but expected in a resort- extensive swimming pools, saunas, movie rooms, video game rooms etc. Over and above that it covers the staffing that would be required in a hotel, front desk, booking management etc. It will also cover the cleaning of the unit after each owner has stayed. In addition to this it will cover the maintenance and replacement of all the interior fixtures and furnishings in the unit up to the level that visitors would expect in a hotel. For someone who wants to spend 12 weeks a year in Whistler I would think that it would be difficult to do it cheaper.

  4. bailinginbc March 27, 2013 at 8:42 am

    With regards to #4 in Squamish- The same owners have also listed this property –

    http://www.realtor.ca/propertyDetails.aspx?propertyId=12967987&PidKey=-1112849272

    Assessed at $839k, listed for $499k. They appear to be looking to create bidding wars. If you look at what else is listed for $299 in Squamish you will see that the only other options are condos and low end townhouses. I would be very surprised if these properties sell anywhere close to their listing prices. If there are any buyers in Squamish these listings will certainly bring them out of the woodwork. It will be interesting to see what prices the market settles on in these cases. I think that this could have quite a profound charge in the market Psychology here in Squamish.

  5. cris March 27, 2013 at 9:37 am

    No. 8 needs furniture.

  6. Ford Prefect March 27, 2013 at 5:18 pm

    #2: I recall from earlier listing ” in need of some TLC”. Now gone. At that time photo of rear, also gone, showed several uncovered “roof/decks” that are often an entry point for water into the wall and … well you know the rest. Could explain much of price drop.

  7. Alexcanuck March 27, 2013 at 7:20 pm

    # 8:
    Apparently the realtor can’t be bothered to update his description…
    This is an opportunity of a lifetime to own one of Canada’s largest estates. Approximately $15M was spent to bring it to it’s current stage. Recent insurance appraisal: $13M. Only asking $4.1M and is a deal that wont last long…
    Above that is the new price of 3,888,000.
    Didn’t he get the memo? Lucky 8’s don’t work anymore, and anyway the rich asians aren’t flocking to Abbotsford. Also “wont (sic) last long”… no, it won’t be long until it drops again?
    Imagine the heating bill!
    http://tinyurl.com/crseubt

  8. MaxPower March 27, 2013 at 11:41 pm

    I have to say the trick of taking a photo of these big expensive houses at dusk with all the lights on isn’t very Powersmart.

  9. landlessinvan March 28, 2013 at 3:59 am

    What I find disconcerting about No.1 is if you look around the area, there is are churches spaced just about one per mile around Abbotsford. That in itself scares me. I’ve heard that Lynden, across the border is a conservative, Bible-thumping town; it is the same with Abbotsford?

  10. landlessinvan March 28, 2013 at 4:12 am

    No. 4: The thing is, from what I have observed in Squamish and Brackendale, the building boom over the past 8-10 years has produced some shoddy construction–quick and dirty builds prior to the Olympics. It wasn’t that long ago that houses were way less than $299k, so doubt this half-duplex is worth the new price anyway, being built of strandboard, etc.

    • bailinginbc March 28, 2013 at 9:28 am

      100% agree. Way too much building, lots of it shoddy with too much focus on fancy this and stainless that. However, I think the duplex will sell over list as will the house. They don’t tempt me in the slightest, but I’m sure there will be lots of interest from those who haven’t got the memo. That said, if they don’t sell for well over list, it will be a game changer. Every seller in Squamish will have to reevaluate their price. What if they set up a bidding war and nobody comes?

    • Mark Carney April 10, 2013 at 12:06 pm

      Yep. And knowing some of the construction workers who built up there would make me steer clear of buying anything built in the last 10 years!

  11. ex-kitsie March 28, 2013 at 8:18 am

    Abbotsford is the epicentre of the Bible belt – lots of Mennonites and other fundamentalists. Not a “free thinking” municipality in the least. (I can say this with some confidence coming from a strawberry producing Mennonite family).

  12. rf March 28, 2013 at 8:34 am

    #8 suggests to me that Avril Lavigne did not want to live in Abbottsford with Nickeldouche

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: