Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Attached – March 27, 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 3 weeks AND have dropped the largest percentage overall from their original asking price.


#10 ) Address:# 8 1081 W 8TH AV, Fairview, Vancouver West

July 02, 2010 V840030 $350,000 $0 0%
July 13, 2010 V840030 removed after 11 days
October 23, 2010 V855723 $549,000 $0 0%
November 09, 2010 V855723 removed after 17 days
January 27, 2013 V987588 $425,000 $-124,000 -23%
February 20, 2013 V987588 $409,900 $-139,100 -25%
March 13, 2013 V987588 $394,900 $-154,100 -28%

v987588_1

Current Days on Market: 61 (0.17years)
Current ‘Official’ Days on Market: 61
2012 Assessment: $493,000
2011 Assessment: $486,300
Desperation Score: 18.6

“Outside is being updated and is being paid for by the Seller!” yes still listed for 20% BELOW assessment

Enjoy the lifestyle!! Enter through a peaceful inner courtyard to this Spacious 1 Bedroom plus Den townhouse in Tyndale Court. With many updates already completed it won’t take much to have your dream home here! Reverse floor plan takes advantage of the views as the 2nd floor offers a large living room with balcony and an open den which could be used as a 2nd bedroom. Enjoy the beautiful mountain, city and water views from your roof top deck as well! Centrally located and close to all amenities. Outside is being updated and is being paid for by the Seller! Rentals and pets allowed. Great opportunity here!


#9 ) Address:# 205 5520 JOYCE ST, Killarney, Vancouver East

June 12, 2008 V715414 $235,000 $0 0%
August 16, 2008 V715414 removed after 65 days
April 24, 2010 V825111 $189,900 $-45,100 -19%
May 30, 2010 V825111 removed after 36 days
March 07, 2012 V935673 $183,000 $-52,000 -22%
December 31, 2012 V935673 removed after 299 days
March 10, 2013 V994771 $168,000 $-67,000 -29%

No Picture

Current Days on Market: 387 (1.06years)
Current ‘Official’ Days on Market: 19
2012 Assessment: $156,000
2011 Assessment: $189,500
Desperation Score: 7.9

“Investor this is it!”… abysmal description, Kit Sorongon can’t even be bothered to include a picture, assessment dropped 18% in the past year and listing price is almost 30% below what it was in 2008. Good luck

Amazing price! Great location! Far better than renting. Pride of ownership! Investor this is it!


#8 ) Address:# 2401 1011 W CORDOVA ST, Coal Harbour, Vancouver West

April 14, 2010 V821723 $4,899,000 $0 0%
July 08, 2010 V821723 $4,288,000 $-611,000 -12%
January 01, 2011 V821723 removed after 262 days
January 28, 2011 V865667 $4,288,000 $-611,000 -12%
November 01, 2011 V865667 $3,920,000 $-979,000 -20%
January 01, 2012 V865667 removed after 338 days
January 26, 2012 V927680 $3,920,000 $-979,000 -20%
June 15, 2012 V927680 removed after 141 days
June 21, 2012 V957714 $3,800,000 $-1,099,000 -22%
March 18, 2013 V957714 removed after 270 days
March 23, 2013 V997220 $3,500,000 $-1,399,000 -29%

v997220_1

Current Days on Market: 1080 (2.96years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $3,598,000
2011 Assessment: $3,639,000
Desperation Score: 21.7

Listed for 3 years and now finally below assessment after $1.4 million in price drops.  Days on market should be 1080 but officially it is 6…

Magnificent ocean & mountain views from this premium NE corner residence at the Fairmont Pacific Rim Estates. A collection of luxury residences distinctly designed to capture & maximize each exposure & orientation. This NE unit offers a world class luxury living, unsurpassed quality, craftsmanship & detail throughout.


#7 ) Address:# 703 2108 W 38TH AV, Kerrisdale, Vancouver West

December 18, 2011 V922670 $918,000 $0 0%
February 11, 2012 V922670 $868,000 $-50,000 -5%
April 21, 2012 V922670 $788,000 $-130,000 -14%
June 30, 2012 V922670 removed after 195 days
March 08, 2013 V994515 $638,000 $-280,000 -31%

v994515_1

Current Days on Market: 21 (0.06years)
Current ‘Official’ Days on Market: 21
2012 Assessment: $676,000
2011 Assessment: $747,000
Desperation Score: 23.7

I guess they tried the pull the listing and relist in the spring for profit trick…  except the new listing price has come down $150K and almost 20%

“Wilshire” building located in the heart of Kerrisdale. Rare and fabulous Southeast-facing, 1,248 SqFt corner unit with 2 bedrooms & 2 bathrooms. Excellent layout with spacious living and family rooms, gourmet kitchen with eating nook and a balcony off the 2nd bedroom. 2-car parking and 1 storage locker. Adult-Oriented building and all owner occupied. Walking distance to Kerrisdale Community Centre, Public Library, banks, shops and transit. A true pleasure to show.


#6 ) Address:# 301 168 POWELL ST, Downtown, Vancouver East

December 20, 2009 V801434 $618,800 $0 0%
March 06, 2010 V801434 $599,000 $-19,800 -3%
May 21, 2010 V801434 removed after 152 days
March 17, 2011 V875921 $489,000 $-129,800 -21%
June 02, 2011 V875921 $469,000 $-149,800 -24%
August 16, 2011 V875921 removed after 152 days
April 18, 2012 V943833 $469,000 $-149,800 -24%
January 01, 2013 V943833 removed after 258 days
March 16, 2013 V996114 $429,900 $-188,900 -31%

v996114_1

Current Days on Market: 345 (0.95years)
Current ‘Official’ Days on Market: 13
2012 Assessment: $424,000
2011 Assessment: $414,000
Desperation Score: 10.2

SMART Gastown Living. This 992 sq ft 2 bedroom, 1 bath with huge living room with a Den that can be a third bedroom. Very bright with laminate bamboo flooring throughout & faces south. Enjoy living in this district bordering historic Gastown. Minutes to all your shopping, restaurants & transit. All measurements are approximate, buyer to verify if important. Easy to show.


#5 ) Address:8785 OAK ST, Marpole, Vancouver West

October 02, 2008 V737009 $584,060 $0 0%
November 05, 2008 V737009 $473,860 $-110,200 -19%
March 05, 2009 V737009 $449,800 $-134,260 -23%
July 01, 2009 V737009 removed after 272 days
August 01, 2009 V779827 $448,000 $-136,060 -23%
October 01, 2009 V779827 removed after 61 days
November 06, 2009 V796456 $498,000 $-86,060 -15%
December 11, 2009 V796456 removed after 35 days
October 11, 2012 V975846 $440,900 $-143,160 -25%
November 09, 2012 V975846 $429,900 $-154,160 -26%
December 01, 2012 V975846 $424,900 $-159,160 -27%
December 21, 2012 V975846 $419,900 $-164,160 -28%
January 23, 2013 V975846 $412,900 $-171,160 -29%
February 15, 2013 V975846 $399,900 $-184,160 -32%
March 12, 2013 V975846 $389,900 $-194,160 -33%
March 27, 2013 V975846 $384,900 $-199,160 -34%

v975846_1

Current Days on Market: 169 (0.46years)
Current ‘Official’ Days on Market: 169
2012 Assessment: $479,000
2011 Assessment: $479,000
Desperation Score: 26.0

Superb location. No need for a car in this location. Generous sized bedrooms. Bright corner unit. Easy to view.


#4 ) Address:# 125 3411 SPRINGFIELD DR, Steveston North, Richmond

March 16, 2011 V875113 $259,000 $0 0%
June 08, 2011 V875113 removed after 84 days
July 02, 2011 V897691 $259,900 $0 0%
September 30, 2011 V897691 removed after 90 days
May 26, 2012 V952576 $258,800 $-1,100 0%
June 23, 2012 V952576 $244,900 $-15,000 -6%
July 12, 2012 V952576 $234,900 $-25,000 -10%
September 05, 2012 V952576 removed after 102 days
September 08, 2012 V969851 $224,000 $-35,900 -14%
October 05, 2012 V969851 $205,000 $-54,900 -21%
November 17, 2012 V969851 $195,000 $-64,900 -25%
January 10, 2013 V969851 $185,000 $-74,900 -29%
March 21, 2013 V969851 removed after 194 days
March 25, 2013 V997320 $169,900 $-90,000 -35%

v997320_1

Current Days on Market: 307 (0.84years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $251,400
2011 Assessment: $289,400
Desperation Score: 24.6

“Building re-piped & painted, new windows (2010) & new boiler (2011)” yet still “Sold “As-Is, Where-Is””…  

Spacious and Bright 1345 sqft 3 bdrm corner unit with efficient floor plan and open landscape view. Open concept living & dining room, and 60ft2 solarium. Kitchen Includes SS appliances, newer cabinet, tile backsplash & tile flooring. Building re-piped & painted, new windows (2010) & new boiler (2011). Popular Steveston North walking distance to schools, shopping, transit, park, Steveston Village & Dyke trails.Unit has easy access to shared laundry room, and parking. School catchment: Manoah Steves Elem & Hugh Boyd High School. While Info is deemed to be correct, it is not guaranteed. Buyer or Buyers’ agent to verify, if important. Sold “As-Is, Where-Is”


#3 ) Address:# 904 1412 ESQUIMALT AV, Ambleside, West Vancouver

April 05, 2012 V941415 $1,588,000 $0 0%
May 02, 2012 V941415 $1,498,000 $-90,000 -6%
May 17, 2012 V941415 $1,448,000 $-140,000 -9%
July 20, 2012 V941415 $1,388,000 $-200,000 -13%
October 01, 2012 V941415 removed after 179 days
October 11, 2012 V975783 $1,298,000 $-290,000 -18%
October 30, 2012 V975783 $1,198,000 $-390,000 -25%
December 03, 2012 V975783 removed after 53 days
December 05, 2012 V981852 $1,098,000 $-490,000 -31%
March 14, 2013 V981852 $998,000 $-590,000 -37%

v981852_1

Current Days on Market: 358 (0.98years)
Current ‘Official’ Days on Market: 114
2012 Assessment: $927,000
Desperation Score: 48.9

Down 37% in under a year and still over assessment

This south west corner penthouse offers spectacular views of the city, water and beyond. Features of this 2 level, 1,722 sq ft home include 2 bedrooms, den, loft library, and a huge view patio. Enjoy the entertainment sized rooms, perfect your guests to enjoy the incredible views. Also offering 2 bathrooms, a large kitchen, wood burning fireplace, insuite laundry and 2 car parking. Incredible potential in this large penthouse home just steps to all Ambleside’s amenities. A rare offering.


#2 ) Address:# 701 1762 DAVIE ST, West End, Vancouver West

June 13, 2010 V835647 $2,399,000 $0 0%
September 27, 2010 V835647 removed after 106 days
October 01, 2010 V852902 $2,299,000 $-100,000 -4%
December 31, 2010 V852902 removed after 91 days
January 07, 2011 V862201 $2,299,000 $-100,000 -4%
March 19, 2011 V862201 $1,895,000 $-504,000 -21%
July 01, 2011 V862201 removed after 175 days
May 05, 2012 V948048 $1,735,000 $-664,000 -28%
November 27, 2012 V948048 removed after 206 days
December 02, 2012 V981772 $1,535,000 $-864,000 -36%
February 16, 2013 V981772 $1,515,000 $-884,000 -37%
March 21, 2013 V981772 $1,499,000 $-900,000 -38%

v981772_1

Current Days on Market: 328 (0.90years)
Current ‘Official’ Days on Market: 117
2012 Assessment: $1,915,000
2011 Assessment: $1,934,000
Desperation Score: 24.1

“Balance of 2-10-10 warranty remains” – correct me if I’m wrong but I don’t think there is such thing as a 2-10-10 warranty, right?  This one is now over 20% below assessment and continues to drop like a rock.

LUXURY PENTHOUSE $400,000 BELOW ASSESSED VALUE! Own this impressive residence at the boutique O2 building. Contemporary design by Merrick Architecture & interior designer Alda Pereira bring light & magnificent ocean views into your living space. Top of the line European finishings throughout, from the engineered teak hardwood floors to the radiant in-ceiling heating & cooling system. Italian Dada kitchen system with industrial 6 pc appliance package. House size master bedroom features a large walk-in closet and a beautiful 5pc spa-like ensuite bathroom featuring marble counters, Basalt stone flrs & frameless showers – all awaiting you in this exceptionally valued residence. Balance of 2-10-10 warranty remains. 2 parking stalls.


#1 ) Address:# 202 8707 HUDSON ST, Marpole, Vancouver West

September 21, 2007 V669512 $259,900 $0 0%
October 06, 2007 V669512 $249,900 $-10,000 -4%
November 01, 2007 V669512 removed after 41 days
November 03, 2007 V676693 $239,900 $-20,000 -8%
November 07, 2007 V676693 removed after 4 days
May 03, 2010 V827114 $278,000 $0 0%
September 01, 2010 V827114 removed after 121 days
July 06, 2011 V897791 $297,000 $0 0%
September 13, 2011 V897791 $288,000 $-9,000 -3%
September 21, 2011 V897791 removed after 77 days
February 21, 2013 V991765 $199,500 $-97,500 -33%
March 27, 2013 V991765 $155,000 $-142,000 -48%

v991765_1

Current Days on Market: 36 (0.10years)
Current ‘Official’ Days on Market: 36
2012 Assessment: $209,100
2011 Assessment: $242,900
Desperation Score: 19.8

14% drop in assessment and now listed 35% below the 2011 assessment price

Superb location! Minutes to shopping, public transporation, airport & recreation facilities, laminate flooring, gas fireplace.

 

22 responses to “Weekly Drop Metro Vancouver Attached – March 27, 2013

  1. Sheesh March 29, 2013 at 3:35 pm

    What is with the black paint and blurry photos in #10? It looks like a seedy nightclub after last call when the drunks have gone home and the staff have turned the lights on. No wonder most of the photos are of the view outside the window.

    • ere March 29, 2013 at 4:15 pm

      What are you talking about?

    • MaxPower March 30, 2013 at 4:50 pm

      I was expecting some measure of exaggeration re: black walls…wow. That’s, uh, modern?

    • MaxPower March 30, 2013 at 4:52 pm

      Oh, and it’s hard to see in the super blurry shot (intentional???) but there large gaps where appliances should be. Nice.

      • Natalie April 2, 2013 at 6:17 am

        No appliances isn’t uncommon for a foreclosure; even if the appliances are there, its not guaranteed they will be when you get the keys. This unit was purchased 2010 in “in need of renovations”. Kitchen looks like it has new cabinets and granite counter tops…and then they tried to flip for $200k more. Assessment is paid by the seller, meaning the bank is losing that much more. A little clean up and a lot of paint and primer…it could be cute 🙂

  2. youtoldus.so March 29, 2013 at 4:39 pm

    Thanks for these. Would appear that the detached market is taking somewhat of a dive.
    You also illustrate how realtors are able to claim “sold for over asking”. After the asking has been dropped numerous times.
    Note to ere- Look at the listing photos. You will see that they are black and blurry.

  3. CJM March 29, 2013 at 8:58 pm

    #2 warranty:
    Comprehensive industry-leading warranties backed by The Willis Warranty:
    2 years on workmanship, materials, and major systems
    10 years on building envelope
    10 years on structural defects

    • M- March 30, 2013 at 4:27 pm

      Yep. 2-5-10 is the minimum required by law. 2-10-10 gives 10 years on the building envelope, which I think is pretty important around here, given our leaky condo problems.

      The insurance company will typically check the plans and do more inspections on a building when they’re granting a 10-year envelope warranty, so as a buyer there’s some additional peace-of-mind that there was some extra oversight (beyond questionably-competent city inspectors) during the construction process.

    • An Observer April 2, 2013 at 8:39 am

      ok thanks for the info, I should have googled it!

  4. CJM March 29, 2013 at 9:01 pm

    #2 – June 13th – for sale at 2.4 million.
    Does any one know what it originally sold for to the original owner?
    “June 13, 2010 V835647 $2,399,000”
    Thanks

    • Natalie March 30, 2013 at 1:13 pm

      CJM: There is no recorded sale. Owner is listed as ALLIANCE CANADA ENTERPRISES INC. The unit is tenanted and is 3 yrs old….the listing is also 3 yrs old.

      • CJM March 30, 2013 at 9:35 pm

        Thanks Natalie.
        Did not find anything specific to this company when searching ‘Alliance Canada Enterprises Inc.’but found Alliance Enterprises Ltd from Spruce Grove, Alberta.
        By chance was Alliance Canada the listed owner of this whole complex?

      • Natalie April 2, 2013 at 6:26 am

        CJM: AT a quick glance they appear to be the original developer. I also see the name used as ALLIANCE CDA (DAVIE ST) LTD PARTNERSHIP.

  5. mizkitty64 March 29, 2013 at 9:24 pm

    Realtor website for #6 (Gastown) is an empty parked domain at godaddy.com (luckygill.com).
    Never a good sign when the realtor’s site is expired…

    • MaxPower March 30, 2013 at 4:48 pm

      He has moved his website to a part of the world that doesn’t have the internet and thereby providing the homeowner the same level of service at zero the cost.

  6. punnoval April 1, 2013 at 3:10 pm

    Hey Observer:

    I see one of your favourites was sold in a foreclosure bidding war (2507 Lehman, Roberts Creek) I tear must be coming to your eye! You can find out the details by accessing the following realtors web site:

    http://www.garylittle.ca/map.html

    This gets you the sunshine coast properties map. Get the one with “sold” and then find Lehman Road property on it.

  7. Potential home buyer April 3, 2013 at 2:12 pm

    Would you please check the sold price of V989587? Thanks.

  8. Natalie April 4, 2013 at 9:42 pm

    CJM: Yes 😉

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