Vancouver Price Drop

Documenting Vancouver real estate price movements

If I Lost a Million Dollars – April 16, 2013

Here are the top 10 biggest $ drops for all current listings – it takes a record breaking $4 million in drops to make the list

5 properties from West Vancouver, 2 from Vancouver West, 1 from North Vancouver and 1 from Maple Ridge and Port Moody


#10 ) Address:5375 KEW CLIFF RD, Caulfeild, West Vancouver

November 09, 2007 V677194 $19,800,000 $0 0%
October 31, 2008 V677194 removed after 357 days
March 07, 2010 V813451 $19,800,000 $0 0%
March 01, 2011 V813451 removed after 359 days
June 26, 2011 V896620 $15,800,000 $-4,000,000 -20%
June 01, 2012 V896620 removed after 341 days
June 04, 2012 V954150 $15,800,000 $-4,000,000 -20%
January 01, 2013 V954150 removed after 211 days
January 25, 2013 V987049 $15,800,000 $-4,000,000 -20%

v987049_1

Current Days on Market: 1137 (3.12years)
Current ‘Official’ Days on Market: 82
2012 Assessment: $7,941,000
Desperation Score: 7.0

Listed now for 3 years (and 4 of the last 5 years) this property has not had a price drop in 2 years and is still sitting at double assessment.

A truly exceptional Waterfront 0.825 Acre estate property offering approximately 190′ of prime waterfront, floating dock and private boat moorage. This classic West Vancouver contemporary aproperty offers spectacular Westerley views to Bowen Island from this ultimate private estate. Offering approximately 6000 sqft. This classic contemporary features large principle rooms with indoor heated swimming pool. A World Class opportunity to develop the ultimate residential waterfront estate with direct access to your boat.


#9 ) Address:1416 WESBROOK CR, University, Vancouver West

April 18, 2010 V823102 $12,880,000 $0 0%
June 22, 2010 V823102 removed after 65 days
June 22, 2012 V957905 $27,800,000 $0 0%
November 20, 2012 V957905 removed after 151 days
December 29, 2012 V983132 $23,800,000 $-4,000,000 -14%

v983132_1

Current Days on Market: 299 (0.82years)
Current ‘Official’ Days on Market: 109
2012 Assessment: $14,337,000
2011 Assessment: $12,263,000
Desperation Score: 14.4

$4 million in price drops but still listed $11 million over the 2010 listing price and $9.5 million over assessment

This 7 years costum built house in prestigious UBC area give you panoramic view of water, mountain & city. 7876 SF of living area on 30,545 SF of beautifully landscaped with outdoor pool. It offers elegant LR & DR, spacious family room & a nice wok kitchen on main. Upper level: 3 nice sized bedrooms plus a huge living room (can be 4th bdrm). Basement: spacious recreation & media room, wine cellar. It offers everything you can imagine. A must see!


#8 ) Address:3051 ANMORE CREEK WY, Anmore, Port Moody

March 06, 2008 V692588 $7,700,000 $0 0%
October 21, 2008 V692588 removed after 229 days
January 12, 2013 V984809 $3,400,000 $-4,300,000 -56%

v984809_1

Current Days on Market: 95 (0.26years)
Current ‘Official’ Days on Market: 95
2012 Assessment: Unknown
2011 Assessment: $2,757,000
Desperation Score: 21.9

16 acres of Anmore foreclosure.  Not good news for those living in the area where it is already almost impossible to sell anything over $1.5 million – a lot of newish home listings there couldn’t be much higher than construction cost and still not moving.

Fantastic Development Property-15.96 acres. Could be developed with Lot 3 Anmore Creek MLS V956061-For 23 Acres-in the Beautiful Village of Anmore. The 15.96 acres has a 3 bedroom, basement home. Currently Rented- Please respect the Tenant’s Privacy. Please contact June before entering the property.


#7 ) Address:5590 GALLAGHER PL, Eagle Harbour, West Vancouver

September 14, 2007 V668128 $12,888,888 $0 0%
December 17, 2007 V668128 removed after 94 days
August 20, 2009 V782573 $9,980,000 $-2,908,888 -23%
December 01, 2009 V782573 removed after 103 days
January 23, 2010 V805577 $9,288,000 $-3,600,888 -28%
March 20, 2010 V805577 $8,888,800 $-4,000,088 -31%
July 26, 2010 V805577 removed after 184 days
February 24, 2011 V871446 $8,298,000 $-4,590,888 -36%
May 21, 2011 V871446 $8,198,000 $-4,690,888 -36%
June 21, 2011 V871446 removed after 117 days
June 29, 2011 V896798 $7,980,000 $-4,908,888 -38%
November 01, 2011 V896798 removed after 125 days
November 17, 2011 V920061 $7,980,000 $-4,908,888 -38%
April 24, 2012 V920061 removed after 159 days
September 08, 2012 V970327 $7,999,000 $-4,889,888 -38%
January 16, 2013 V970327 removed after 130 days
February 17, 2013 V991319 $7,988,000 $-4,900,888 -38%

v991319_1

Current Days on Market: 783 (2.15years)
Current ‘Official’ Days on Market: 59
2012 Assessment: $7,267,000
Desperation Score: 9.3

I made fun of their elimination of the magic “8” in their pricing the last time they made this list but they have gone back to their 8 roots.  Still listed higher than the 2011 asking price and listed on (mostly) and off for 6 years now

An absolutely stunning Lamoureux designed home. Situated over half acre of waterfront, this home is appointed with every luxury one could imagine. Features include Sub-Zero fridges, drawers, bar fridges, Dacor commercial range & ovens, light-touch lighting by Cryderman Electric, media and billiard rooms, complete entertainment bar with cigar fans, wine coolers, bar fridge with ice-maker, edge-grain oak floors, granite, tumbled marble & marble finishings, extensive millwork, 3-car garage, paving stone pathway (ready for golf cart) to your own patio and DOCK on the 200′ of waterfront and more – too much to list. Enjoy the stunning views through Dynamic floor window or from one of the 4 patios (3 covered all with gas & water).


#6 ) Address:5050 HAPPY VALLEY LN, Caulfeild, West Vancouver

January 13, 2013 V985044 $28,800,000 $0 0%
April 16, 2013 V985044 $23,800,000 $-5,000,000 -17%

v985044_1

Current Days on Market: 94 (0.26years)
Current ‘Official’ Days on Market: 94
2012 Assessment: $8,693,000
Desperation Score: 19.1

New listing starts off with more than triple assessment and now cuts their price by $5 million 3 months into the listing.  Still $15 million over assessment

This rare & stunning European style mansion is a private property situated on an estate lot of 2.3 acres. It boasts almost 13,000 sq ft of world class living areas w/ocean sunset views & borders a heritage park in West Vancouver. This elegant mansion is built w/quality & artisan craftsmanship, designed w/passion & boasts many “one of a kind” & “first of” materials & features. 7 bedrooms & 6 luxe designer bathrooms, an expansive kitchen w/sea and park views, a sophisticated high ceiling grand walnut library. This elegant mansion is equipped w/sophisticated lighting, HVAC, music & security systems, a four car garage. Bespoke walnut wine cellar & an indoor/outdoor pool with dining & bar development coming up.


#5 ) Address:12157 – 12175 224TH ST, West Central, Maple Ridge

April 24, 2008 V703429 $7,900,000 $0 0%
June 25, 2008 V703429 $5,900,000 $-2,000,000 -25%
October 15, 2008 V703429 $4,900,000 $-3,000,000 -38%
October 29, 2009 V703429 $2,490,000 $-5,410,000 -68%
February 09, 2010 V703429 $3,900,000 $-4,000,000 -51%
July 10, 2010 V703429 $2,900,000 $-5,000,000 -63%
September 22, 2010 V703429 $2,499,000 $-5,401,000 -68%
November 03, 2010 V703429 $3,900,000 $-4,000,000 -51%
July 20, 2011 V703429 $2,900,000 $-5,000,000 -63%
September 24, 2011 V703429 $2,500,000 $-5,400,000 -68%
February 01, 2012 V703429 $1,990,000 $-5,910,000 -75%
May 01, 2012 V703429 $1,750,000 $-6,150,000 -78%

v703429_1

Current Days on Market: 1819 (4.98years)
Current ‘Official’ Days on Market: 1819
2011 Assessment: $898,000
2012 Assessment: $954,000
Desperation Score: 15.2

What can you even say about these dreamers?

Town Core potential highrise site. Located near Town & Ecra Seniors Centre & extensive new apartment development.


#4 ) Address:5347 KEW CLIFF RD, Caulfeild, West Vancouver

April 07, 2007 V638852 $8,400,000 $0 0%
July 30, 2007 V638852 removed after 114 days
September 16, 2007 V668834 $9,000,000 $0 0%
December 04, 2007 V668834 removed after 79 days
August 21, 2011 V906191 $14,300,000 $0 0%
October 13, 2011 V906191 $12,980,000 $-1,320,000 -9%
April 11, 2012 V906191 $9,980,000 $-4,320,000 -30%
June 14, 2012 V906191 removed after 298 days
June 23, 2012 V958265 $8,998,000 $-5,302,000 -37%
November 10, 2012 V958265 $7,898,000 $-6,402,000 -45%

v958265_1

Current Days on Market: 605 (1.66years)
Current ‘Official’ Days on Market: 298
2012 Assessment: $8,217,000
2011 Assessment: $8,286,000
Desperation Score: 26.4

After $6.5 million in drops this home is now below assessment – the other people on this list should take notice and realize you have a loooooooooooooong way to go

A magnificent luxury Waterfront home situated on one of West Vancouver’s most sought after streets. Offering over 5,300 sq. ft. of outstanding luxury & detail throughout on all 3 levels. Large entertainment size rooms including a feature curved staircase with wrought iron railings, all French doors leading onto spacious walk-out patios with wonderful outdoor swimming pool & jacuzzi. This beautifully appointed luxury home features a World Class International kitchen, separate den or office, theatre room, wine cellar & a simply gorgeous Master suite. Fully gated & landscaped with breathtaking views!


#3 ) 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: 1011 (2.77years)
Current ‘Official’ Days on Market: 128
2011 Assessment: $5,947,000
2012 Assessment: $6,130,000
Desperation Score: 35.4

Close to $10 million in price drops and still over assessment

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!


#2 ) Address:3390 THE CRESCENT, Shaughnessy, Vancouver West

January 30, 2010 V806985 $17,900,000 $0 0%
August 01, 2010 V806985 removed after 183 days
October 28, 2011 V917626 $31,900,000 $0 0%
September 25, 2012 V917626 removed after 333 days
September 27, 2012 V973696 $22,800,000 $-9,100,000 -29%
January 18, 2013 V973696 $19,900,000 $-12,000,000 -38%
April 16, 2013 V973696 $17,800,000 $-14,100,000 -44%

v973696_1

Current Days on Market: 537 (1.47years)
Current ‘Official’ Days on Market: 202
2011 Assessment: $15,788,000
2012 Assessment: $16,076,000
Desperation Score: 36.6

Back a few months ago I correctly predicted that this home would be the first $10 million drop.  I also said it would be the first $15 million and unfortunately I didn’t nail that prediction although they are well on their way to be second

Location! In the heart of the 1st Shaughnessy! Rare find 10,516 sf Mansion sets on over One acre in the city’s most exclusive enclave of ‘The Crescent’. The finest and the most prestigious area. Beautiful huge front yard like a private park. Totally rewired and new pipes. The main floor has a grand entry w/a sweeping staircase to second floor. Wok Kitchen, massive living room, & dining room all overlook the garden & pool area. The paneled den, family room & breakfast room open to the large deck which access the garden & pool. The master suite has three dressing rooms, a fireplace. A large recreation room in basement. 5 car garages, a greenhouse & a outdoor pool w/large cab and more.


#1 ) Address:3810 MARINE DR, West Bay, West Vancouver

October 29, 2006 V619157 $15,950,000 $0 0%
April 24, 2007 V619157 removed after 177 days
March 11, 2009 V756184 $30,000,000 $0 0%
April 01, 2010 V756184 removed after 386 days
September 17, 2010 V850547 $30,000,000 $0 0%
June 03, 2011 V850547 removed after 259 days
June 08, 2011 V892922 $30,000,000 $0 0%
January 01, 2012 V892922 removed after 207 days
January 19, 2012 V926362 $37,900,000 $0 0%
February 01, 2013 V926362 removed after 379 days
February 03, 2013 V988782 $37,900,000 $0 0%
March 07, 2013 V988782 $28,888,000 $-9,012,000 -24%
April 09, 2013 V988782 removed after 65 days
April 13, 2013 V1000930 $19,888,000 $-18,012,000 -48%

v1000930_1

Current Days on Market: 1498 (4.10years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $6,768,500
Desperation Score: 44.5

Don’t recognize this property?  This is the infamous fake house that was making the rounds in the media a couple of months ago as the most expensive home in Canada complete with fake gold pictures that were passed off as being the current property which happens to be an old home.  They were exposed in the blogosphere and ridiculed and the realtor denied any wrong doing, quickly tried to edit and remove pictures and the media conveniently forgot about it.  The Whispers Blog had the full story, here is a link to catch you up:

http://whispersfromtheedgeoftherainforest.blogspot.ca/2013/02/fake-condo-line-ups-fake-press-photo.html

I wonder if there will be a followup story in the media about the biggest asking price drop in Canadian history for a residential sale?  $18 million and counting.  What has also been dropped are the fake house pictures and realtor Laura McLaren who was the master mind of this debacle.  

 

Exclusive, private, 34,000 +/- sqft offering approximately 400 +/- feet of waterfront. Surrounded by mature landscaping, an ideal loacation for a beautiful residence with unobstructed exposure to the picturesque waterfront, harbour and cityscapes…Please call for more information..Once in a lifetime opportunity!

22 responses to “If I Lost a Million Dollars – April 16, 2013

  1. Makaya April 16, 2013 at 12:11 pm

    The last one is still listed at 3x assessment. I wonder when we’ll see a $20 million drop… Not too long to wait I guess 🙂

  2. Mike April 16, 2013 at 1:37 pm

    Wow … how about changing the title to “If I lost Millions of Dollars?” 🙂
    All of these properties have lost at a minimum 4 Millions already off their peak pricing.

  3. Landbaron April 16, 2013 at 3:06 pm

    Don’t feel too bad for Laura, I’m sure she can get a job at MAX

  4. Spiltbongwater April 16, 2013 at 4:51 pm

    No mention of #1 price though being 19,888,000. Priced perfect to attract HAM to buy some teardown house.

  5. Pingback: If I Lost a Million Dollars – April 16, 2013 | Vancouver Price Drop | The Affluent Boomer™

  6. J levine April 16, 2013 at 11:05 pm

    #1 – Hey I will buy that cruise ship for $20 million. Great realtor pictures. Such imagination. Why show pictures of the land when you can show a cruise ship!!

  7. twooper April 17, 2013 at 11:04 am

    People in West Van crack me up. I’ve got a ’92 Civic for sale, $96.000 and not a penny less! Ha ha what are they smoking over there. Not to mention, what realtor would waste their time and money promoting a listing that obviously will NEVER sell.

  8. Elme April 17, 2013 at 12:05 pm

    I am afraid the Bank of Canada would have to print more money to entertain their greed.

  9. Avril April 17, 2013 at 1:20 pm

    Maybe Price Drop should forget about these outrageously priced properties as the rich can always afford to buy regardless of what the market is doing. What’s more interesting to most people I would think are the price drops under 1 mil.

    • HowLowCanYouGo April 17, 2013 at 2:39 pm

      Most, or at least a significant portion of, the properties he typically shows (wait…is “an observer” a he?) fit the mould of what you are looking for. This is a nice change up in my opinion. I’d never consider buying any of these homes (though perhaps the 2 land packages if real estate was going in a different direction), but it is an intersting read.

    • an observer April 17, 2013 at 3:00 pm

      Many of the “rich”, including likely many of the owners of these listed homes, can’t afford them either!

  10. HowLowCanYouGo April 17, 2013 at 2:41 pm

    Look at the 3rd pic for listing number 5. They totally spared no expense hiring a professional engineer/drafter to produce that high quality drawing I am sure.

  11. Pop goes the Bubble April 17, 2013 at 3:10 pm

    There goes the myth that HAM will pay anything to live in the BPOE.

    • Exurban April 27, 2013 at 4:30 am

      Even when HAM was at its zenith I don’t think they were ever paying 3X assessment. These sellers are simply delusional … doesn’t the need to pay significant annual property taxes ever help them wake up and smell the coffee?

  12. BUYBUYBUY April 18, 2013 at 2:13 pm

    Wasn’t this house listed for under 500K a few months ago or am I imagining things?
    http://www.realtor.ca/propertyDetails.aspx?propertyId=13068748&PidKey=-869297918

    • an observer April 18, 2013 at 2:28 pm

      Yes, dropped from 689K to 499K before this latest price increase. You can enter an address in the search field above “Recent Posts” to pull up the old info

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