Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – March 26, 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 3 weeks AND have dropped the largest percentage overall from their original asking price.

Spoiler: #1 has now dropped $10 million and 55% and yet is still horribly overpriced!


#10 ) Address:555 INGLEWOOD AV, Cedardale, West Vancouver

July 25, 2007 V660621 $1,135,000 $0 0%
September 26, 2007 V660621 $1,085,000 $-50,000 -4%
November 20, 2007 V660621 removed after 118 days
November 23, 2007 V678838 $1,049,000 $-86,000 -8%
January 29, 2008 V678838 removed after 67 days
January 18, 2012 V925985 $3,188,000 $0 0%
April 04, 2012 V925985 $3,088,000 $-100,000 -3%
May 08, 2012 V925985 removed after 111 days
May 11, 2012 V949526 $3,288,000 $0 0%
June 02, 2012 V949526 $2,880,000 $-408,000 -12%
September 24, 2012 V949526 removed after 136 days
September 27, 2012 V973687 $2,799,000 $-489,000 -15%
October 19, 2012 V973687 $2,488,000 $-800,000 -24%
March 05, 2013 V973687 removed after 159 days
March 14, 2013 V995438 $2,398,000 $-890,000 -27%

v995438_1

Current Days on Market: 436 (1.19years)
Current ‘Official’ Days on Market: 15
2012 Assessment: $1,585,000
2011 Assessment: Unfinished at time of assessment
Desperation Score: 36.7

This new build is now down almost $900K after 1.2 years on the market.  “custom built home completed in 2012 by a builder for himself”…  hmmm, why has it been listed all this time then?  Apparently “for himself” actually means “nobody bought it so I was forced to live in it for the past year”

Magnificent brand new 4 bedroom 5 bath architecturally designed custom built home completed in 2012 by a builder for himself (no HST) No expense spared, the quality of this home is amazing. Wonderful open plan for entertaining features include polished granite, hardwood floors, gorgeous European contemporary style kitchen with Miele appliances and Caesar stone counters, beautifully designed bathrooms, high quality mill work throughout with solid core fir doors and window frames, radiant floor heat powered by a high efficiency Viessman boiler and recessed lighting. This home located centrally in West Vancouver is very close to some of West Vancouver’s best schools, Park Royal Shopping and with easy access to downtown. Don’t wait to view this wonderful home. Open house March 17, 2-4


#9 ) Address:940 3RD ST, Cedardale, West Vancouver

October 17, 2009 V793350 $999,000 $0 0%
April 16, 2010 V793350 removed after 181 days
April 04, 2012 V940952 $1,950,000 $0 0%
April 28, 2012 V940952 $1,750,000 $-200,000 -10%
July 06, 2012 V940952 $1,680,000 $-270,000 -14%
August 01, 2012 V940952 removed after 119 days
January 13, 2013 V984847 $1,490,000 $-460,000 -24%
March 22, 2013 V984847 $1,400,000 $-550,000 -28%

v984847_1

Current Days on Market: 359 (0.98years)
Current ‘Official’ Days on Market: 75
2012 Assessment: $1,444,800
Desperation Score: 32.1

Decided to list it for double the 2009 price.  Now after $550K and 28% in drops they can proudly say that it is priced below assessment

Build your dream home on this massive 17,347 sq ft flat building lot. Conveniently located in family friendly Cedardale, minutes from Park Royal, Ambleside & Lions Gate Bridge. Existing home needs TLC. All measurements are approximate & should be verified if important. Priced below assessed value.


#8 ) Address:6988 DONALD RD, Granville, Richmond

January 07, 2012 V923931 $2,088,000 $0 0%
March 27, 2012 V923931 $1,890,000 $-198,000 -9%
July 06, 2012 V923931 removed after 181 days
August 18, 2012 V966947 $1,668,000 $-420,000 -20%
November 03, 2012 V966947 $1,598,000 $-490,000 -23%
March 07, 2013 V966947 removed after 201 days
March 13, 2013 V995180 $1,499,000 $-589,000 -28%

v995180_1

Current Days on Market: 447 (1.22years)
Current ‘Official’ Days on Market: 16
2012 Assessment: $1,686,000
2011 Assessment: $1,598,000
Desperation Score: 31.8

“BEST VALUE IN A MILLION $ HOME NEIGHBOURHOOD!”.  Listed about $200K below assessment after 1.2 years on the market

BEST VALUE IN A MILLION $ HOME NEIGHBOURHOOD! 2years new custom built home on a beautiful north/south facing corner lot. Spacious 3,559 sq ft luxurious living on a 7,630 sq ft lot with 4 bedrooms up and den, plus a 1 bedroom legal suite on the main. Functional layout with grand Foyer, high ceiling with beautiful crystal chandelier, bright and spacious Living Room, cross hall Dining, coffered ceiling, crown mouldings throughout, granite and hardwood flooring including stairs. Gourmet kitchen with Wok Kitchen, granite counters and stainless steel appliances. Large covered deck off Kitchen area, ideal for entertainment. Hot water radiant heating, HRV, central air-conditioning, steam shower, security system. 3 car garage with fully fenced yard and electric gate. Excellent location, close to Richmond Community Centre, Library, Richmond Shopping Centre, Hospital, Richmond High School (IB program) and transit. A pleasure to show!


#7 ) Address:3293 BAINBRIDGE AV, Government Road, Burnaby

June 13, 2012 V956010 $1,258,000 $0 0%
July 19, 2012 V956010 $1,090,000 $-168,000 -13%
October 01, 2012 V956010 removed after 110 days
October 06, 2012 V975355 $995,000 $-263,000 -21%
December 05, 2012 V975355 removed after 60 days
March 06, 2013 V994040 $900,000 $-358,000 -28%

v994040_1

Current Days on Market: 289 (0.79years)
Current ‘Official’ Days on Market: 23
2012 Assessment: $817,400
2011 Assessment: $817,500
Desperation Score: 31.5

“2 fireplaces cleaned in 2011″…  They forgot to mention they mopped the floors, mowed the lawn and trimmed a hedge.  “Potential rental income for the entire house is $4,550/month” – I call a giant sized BS on this one.  Interesting that they went through the work and expense of getting a building plan done but now have abandoned that project

HUGE 10,725 SQFT corner lot! A 2 level home situated on a quiet street in Government Road area! Build, rent or move in! Home is 2,766 SQFT with 3 beds up & 2 bathrooms, plus a games room and a large 2 bedroom suite down with 2 bathrooms. New Roof replaced in 2007, new paint throughout the house in 2010, basement renovations done in 2010, New Furnace in 2010, 2 fireplaces cleaned in 2011. Potential rental income for the entire house is $4,550/month ($3,300 upper + $1,250 down)……………….Approved sketch of building plan by the City available for 6,200 SF luxurious house w/3 car garage. Walk to Sperling Skytrain, easy access to SFU, Bentwood Mall & Lougheed Mall, Express Bus direct to Vancouver Downtown!


#6 ) Address:2937 PANORAMA DR, Deep Cove, North Vancouver

April 03, 2010 V819461 $799,000 $0 0%
June 30, 2010 V819461 removed after 88 days
July 07, 2010 V840436 $799,000 $0 0%
September 08, 2010 V840436 $769,000 $-30,000 -4%
September 21, 2010 V840436 $749,000 $-50,000 -6%
October 31, 2010 V840436 removed after 116 days
February 12, 2011 V868798 $748,000 $-51,000 -6%
August 23, 2011 V868798 $699,000 $-100,000 -13%
September 01, 2011 V868798 $688,000 $-111,000 -14%
September 01, 2011 V868798 removed after 201 days
September 28, 2011 V912510 $685,000 $-114,000 -14%
February 24, 2012 V912510 removed after 149 days
February 29, 2012 V934106 $685,000 $-114,000 -14%
May 28, 2012 V934106 removed after 89 days
May 31, 2012 V953591 $649,000 $-150,000 -19%
September 01, 2012 V953591 removed after 93 days
September 06, 2012 V969238 $598,000 $-201,000 -25%
November 17, 2012 V969238 $565,000 $-234,000 -29%
January 01, 2013 V969238 removed after 117 days
March 07, 2013 V994369 $565,000 $-234,000 -29%

v994369_1

Current Days on Market: 1091 (2.99years)
Current ‘Official’ Days on Market: 22
2012 Assessment: $554,900
Desperation Score: 24.5

3 years on the market for this “WATERFRONT” “WATERFRONT!” “Did I mention WATERFRONT?” home.  At least it “comescomes” with a boat which will depreciate even faster than the home.

Best WATERFRONT value on Indian Arm WATERFRONT! BOAT ACCESS ONLY! 10-15 minutes boat ride from Deep Cove marina. Comes fully furnished with a boat & private dock turn key! Looking for a vacation home or live full time this 2 bed, 2 bath private waterfront residence is breathtaking. The heating is propane which controls the washer/dryer, fridge & range. Redone in 2008 allows you the option to live here full time, with high speed internet & home phone, clean pure water from the flowing artesian well, private dock, comescomes FULLY FURNISHED WITH A BOAT turn key. Did I mention WATERFRONT?


#5 ) Address:39 JOHNSON BY, Indian Arm, North Vancouver

February 18, 2011 V870054 $2,285,000 $0 0%
January 01, 2012 V870054 removed after 317 days
March 14, 2012 V936863 $1,998,000 $-287,000 -13%
July 17, 2012 V936863 $1,598,000 $-687,000 -30%
January 01, 2013 V936863 removed after 293 days
March 27, 2013 V997591 $1,598,000 $-687,000 -30%

v997591_1

Current Days on Market: 770 (2.11years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $530,700
Desperation Score: 21.3

“Indian Arm’s most desirable property is now available!”… for the last 2 years… for triple assessment…

Indian Arm’s most desirable property is now available! This 5 acre legacy estate features approx 1200 ft of waterfront with a well built 2500 sq ft home and guest suite. Incredible setting with easy access to the city.A mere 15 minutes by boat from Deep Cove, North Van yet you feel like you could be in one of the most remote areas of B.C. Live off the grid with your own hydro power supply and enjoy an incredible self sufficient, environmentally friendly lifestyle. This would be a fabulous family, multi family, group, or organizational/retreat purchase. Many extras included with separate suite, workshop, powerstation, solid large dock and boat lift. Many walking trails and vistas to explore. Truly paradise!


#4 ) Address:4528 STEVESTON HY, Steveston South, Richmond

August 12, 2011 V904639 $1,339,000 $0 0%
August 16, 2011 V904639 removed after 4 days
August 24, 2011 V906340 $1,339,000 $0 0%
December 26, 2011 V906340 removed after 124 days
January 13, 2013 V985023 $1,028,000 $-311,000 -23%
January 31, 2013 V985023 $998,000 $-341,000 -25%
March 07, 2013 V985023 $899,000 $-440,000 -33%

v985023_1

Current Days on Market: 75 (0.21years)
Current ‘Official’ Days on Market: 75
2012 Assessment: $889,000
2011 Assessment: $902,000
Desperation Score: 33.7

They tried selling it for $1.339 million in 2011 – can anyone confirm whether they sold this or not or was this potentially a land deal where they split the initial lot into 2 new homes?

Beautiful like NEW HOME in a great neighbourhood. This 5 bedroom, 5 bath home comes loaded with everything including stainless steel appliances, Maple Kitchen Cabinets with slow closing Drawers and doors, Granite and Marble counters throughout & Faux MARBLE floors w/Luxurious Carpet Accent. This plan offers 2 FULL bathrooms upstairs with 3 good sized bedrooms. A stone’s throw from all levels of schools including famed WESTWIND ELEMENTARY all sorts of shopping in HISTORIC STEVESTON VILLAGE, 2 minute walk to bus routes. Bonus: this home has a legal suite for good rental income or for extended family. Comes w/balance of 2-5-10 warranty for peace of mind. Built by Richmond’s Finest Infinity Living Inc. This Home is a must see!


#3 ) Address:5212 GRANVILLE ST, Shaughnessy, Vancouver West

August 20, 2011 V906021 $3,780,000 $0 0%
November 08, 2011 V906021 removed after 80 days
November 10, 2011 V919181 $2,995,000 $-785,000 -21%
February 29, 2012 V919181 removed after 111 days
March 04, 2012 V935126 $2,688,000 $-1,092,000 -29%
September 02, 2012 V935126 removed after 182 days
September 08, 2012 V969787 $2,498,000 $-1,282,000 -34%
December 01, 2012 V969787 removed after 84 days
December 05, 2012 V981817 $2,378,000 $-1,402,000 -37%
March 27, 2013 V981817 $2,498,000 $-1,282,000 -34%

v981817_1

Current Days on Market: 587 (1.61years)
Current ‘Official’ Days on Market: 114
2012 Assessment: $1,718,500
2011 Assessment: $1,786,800
Desperation Score: 28.8

Can’t sell it for a year and a half so they raise the price by $120K and 45% OVER assessment.  “very quiet” – yeah, that’s because nobody lives in Shaughnessy any more!!!  Just a bunch of empty homes being flipped for millions more than the previous flip – well until now.

UPPER SHAUGHNESSY BARGAIN! 822 sq. ft. garage for 4 cars plus storage. 3791 sq. ft. picturesque family home with all the bells and whistles. Formal living & dining room with Strauss crystal chandelier. 5 large bedrooms. with 2 masterensuites. Den large recreation room, family room & bar. 2 gas fireplaces. 31/2 delux baths with 2 desirable jacuzzi tubs. Central air conditioning, wall to wall carpeting & Carrara marble throughout. Sat. & cable TV. Elegant crown and floor moulding. Built-in vacuum & security system. White rock & concrete exterior. Low overhead & very quiet. Beautiful gardens & in-ground sprinkler system. Walk to private & public schools. Corner lot 70’X 145′ NOW!OPEN SAT. MAR. 23rd 2-4 PM


#2 ) Address:6080 MARINE DR, Big Bend, Burnaby

December 06, 2007 V671697 $498,000 $0 0%
January 01, 2008 V671697 removed after 26 days
November 06, 2009 V796326 $1,260,000 $0 0%
January 19, 2010 V796326 $1,190,000 $-70,000 -6%
May 01, 2010 V796326 removed after 176 days
September 26, 2010 V851901 $1,299,000 $0 0%
January 01, 2011 V851901 removed after 97 days
January 20, 2011 V864163 $1,299,000 $0 0%
March 04, 2011 V864163 $1,250,000 $-49,000 -4%
April 01, 2011 V864163 removed after 71 days
April 07, 2011 V880269 $1,249,000 $-50,000 -4%
July 03, 2011 V880269 removed after 87 days
July 08, 2011 V898456 $999,000 $-300,000 -23%
July 27, 2011 V898456 $1,160,000 $-139,000 -11%
August 04, 2011 V898456 removed after 27 days
October 12, 2012 V976180 $1,749,000 $0 0%
October 16, 2012 V976180 $1,849,000 $0 0%
October 26, 2012 V976180 $1,649,000 $-200,000 -11%
October 30, 2012 V976180 $1,428,000 $-421,000 -23%
November 03, 2012 V976180 $1,350,000 $-499,000 -27%
January 25, 2013 V976180 $1,250,000 $-599,000 -32%
March 05, 2013 V976180 removed after 144 days
March 22, 2013 V997055 $1,150,000 $-699,000 -38%

v997055_1

Current Days on Market: 168 (0.46years)
Current ‘Official’ Days on Market: 7
2012 Assessment: $1,081,000
2011 Assessment: $1,045,000

Last Sale: $1,070,000 on July/2011 
Total Profit IF sold for list price: 62,200 transaction costs and 80,000 profit on sale = PROFIT of $17,800

Desperation Score: 48.1

They buy this place for $1.07 million and then a year later list it for $1.849 million.  The morons are now down to $1.15 million and ideally they won’t sell it for over a million so that this leaves a nice large dent in their net worth.  I have absolutely no empathy for people like this.

Not to be missed! Don’t let address fool you! Quiet, serene section of Marine Dr. Huge house, huge lot, great layout and scheme. Hardwood on main, custom kitchen w/ stainless steel appliances, granite counters, custom cabinets overlooking large dining area and backyard. Large bedrooms, ensuites, cozy living area. Private, park-like setting yard. RV parking available. All amenities within reach, all in Burnaby! Can’t beat it! Bonus – 2 separate self contained mortgage helpers! All meas approx and to be verified. Call Ken for your personal tour.

 


#1 ) Address:2888 PANORAMA DR, Deep Cove, North Vancouver

July 11, 2010 V841549 $17,900,000 $0 0%
June 07, 2011 V841549 removed after 331 days
June 09, 2011 V892989 $14,900,000 $-3,000,000 -17%
November 01, 2011 V892989 $12,998,000 $-4,902,000 -27%
April 24, 2012 V892989 $10,998,000 $-6,902,000 -39%
August 22, 2012 V892989 $8,990,000 $-8,910,000 -50%
December 02, 2012 V892989 removed after 542 days
December 10, 2012 V982221 $8,990,000 $-8,910,000 -50%
March 23, 2013 V982221 $7,990,000 $-9,910,000 -55%

v982221_1

Current Days on Market: 992 (2.72years)
Current ‘Official’ Days on Market: 109
2012 Assessment: $6,130,000
2011 Assessment: $5,947,000
Desperation Score: 36.4

Down $10 million and 55% yet still 30% OVER assessment!!!  Welcome to the best place on earth

This magnificent WF estate on over 1/2 acre above Indian Arm’s most dramatic cliff & rock formations. This res is wrapped in 270 degrees of coastline vws. Exquisitely crafted, taking 6 painstaking yrs to perfect offering 12,922 sqft w/milled beams, slate roof, crafted w’dwork, natural stone & hardw’ds, vaulted ceilings, timber & steel beam constr, stone FP’s, Chef’s kit w/breakfast bar, EA, adj FR, grand DR priv study. Kids paradise down w/custom I/D bsketb’ll ct, state-of-the-art theatre, fabulous billiard rm w/wet bar, games rm w/professional dart board & air hockey arena. Most incredible hidden passage to a Old World wine cellar & guest accomm. BBQ centre, manicured lawns/gardens & OD F/P. A stunning work of art!

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8 responses to “Weekly Drop Metro Vancouver Detached – March 26, 2013

  1. djindustry March 28, 2013 at 5:15 pm

    the snark is back with renewed vigor! you must have had a good rest
    thanks for all your work

  2. Natalie March 28, 2013 at 7:32 pm

    #4 4528 Steveston Hwy…looks like the lot only was purchased in late 2009 for $335,000. It was listed at the $1.339 price, then $1.028….it has never sold according to the MLS history.

  3. Shelley March 28, 2013 at 8:48 pm

    Fantastic as usual. Love your posts!

  4. Pingback: Weekly Drop Metro Vancouver Detached – March 26, 2013 | Vancouver Price Drop | The Affluent Boomer™

  5. RFM March 29, 2013 at 8:04 am

    In January 2012 a five-unit strata development called ‘Strathcona Gateway’ was completed at the southeast corner of Gore Avenue and Union Street in Strathcona in Vancouver East. The five detached townhouses have ‘heritage’ architectural elements with a shared 4-car garage (parking pad for 312 Union) without storage. Floor plans available on various websites show very small rooms but an open kitchen arrangement. I have not toured these properties, but the interior photos appear to show average construction and finishing. The situs is the southeast corner of Gore Avenue and Union Street. Gore Avenue is moderately busy; Union Street is lightly traveled and is a major bike route from the east to downtown; Prior Street is one-half block to the south and is a very heavily traveled street at all hours as it is a major feeder to and from the Georgia and Dunsmuir viaducts. There is a park across Gore Avenue, but all of this is subject to radical change as the City’s plans for demolition of the viaducts move forward. I would rate this a C- location.

    Here are the particulars on the development (all five units were originally placed on MLS on 21 March 2012 and expired 31 December 2012; re-listed on 25 March 2013; prices do NOT include HST):

    308 Union Street is a 2-bedroom, 2.5-bath townhouse of 1,254 square feet currently listed for $788,000 as V997242 (originally priced at $898,000; reduced to $828,000). 2013 Assessment: $716,000.00.

    312 Union Street is a 3-bedroom, 2.5-bath townhouse of 1,258 square feet currently listed for $778,000 as V997231 (originally priced at $888,000; reduced to $818,000). 2013 Assessment: $715,000.00.

    808 Gore Avenue is a 2-bedroom, 2.5-bath townhouse of 1,076 square feet currently listed for $668,000 as V997258 (originally priced at $760,000; reduced to $699,000). 2013 Assessment: $605,000.00.

    818 Gore Avenue is a 2-bedroom, 2.5-bath townhouse of 1,078 square feet currently listed for $668,000 as V997249 (originally priced at $760,000; reduced to $699,000). 2013 Assessment: $605,000.00.

    828 Gore Avenue is a 2-bedroom, 2.5-bath townhouse of 1,110 square feet currently listed for $668,000 as V997263 (originally priced at $780,000; reduced to $719,000). 2013 Assessment: $623,000.00.

    As of the date of this writing, none of the five townhouses has ever been sold or occupied. The main sign on the property says: ‘Move in January 2012.’

    How long will the developer pay carrying costs that I conservatively estimate at $12,000.00 a month before throwing in the towel, facing foreclosure or filing bankruptcy? This will be a classic case of initially overpricing the units and then chasing the market to the bottom.

  6. MaxPower March 30, 2013 at 2:53 pm

    Now that wet at the bottom is gone I need a new fixation. Pricey homes with all the lights on snapped at dusk might be it.

  7. chibidani March 31, 2013 at 11:48 am

    #7 – I agree that the “potential rental income” calculation is a bit off. I don’t see anyone paying $3,300 per month for an upper suite in that area – more like $1,500 to $2,000 at most. So, assuming you get $1,250 for the basement and $2,000 for the upper, that’s $3,250/month. At current asking price, with 10% down, an interest rate of 4% and 25 year amortization, monthly payments would be $4,275, for a monthly LOSS of $1,025. Even at the ridiculous quoted rent of $4,550, you would only make a “profit” of $275/month, which is nowhere near enough to cover property taxes and upkeep costs.

    I continue to be baffled, and I continue to appreciate your hard work in putting this together. Thanks!

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