Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – April 30, 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.

4 from West Vancouver and Vancouver West and 1 from North Vancouver and Richmond

It takes a 32% drop to make this list…


#10 ) Address:1538 E KEITH RD, Lynnmour, North Vancouver

March 16, 2011 V874829 $899,000 $0 0%
April 28, 2011 V874829 $825,000 $-74,000 -8%
September 08, 2011 V874829 removed after 176 days
July 15, 2012 V962083 $739,000 $-160,000 -18%
August 01, 2012 V962083 $709,000 $-190,000 -21%
March 05, 2013 V962083 $657,000 $-242,000 -27%
April 12, 2013 V962083 $607,000 $-292,000 -32%

v962083_1

Current Days on Market: 290 (0.79years)
Current ‘Official’ Days on Market: 290
2012 Assessment: $784,100
Desperation Score: 24.5

“PRICED TO SELL!! BELOW ASSESSMENT VALUE!! SELLER NEEDS THIS TO MOVE!!”, “EXCEPTIONAL INVESTMENT OPPORTUNITY!!”

PRICED TO SELL!! BELOW ASSESSMENT VALUE!! SELLER NEEDS THIS TO MOVE!! This 2 storey 3 bedroom home on a beautiful 9,037 sq ft lot is located in the up & coming Lynnmour neighbourhood. The entire area lays in the path of future development that has already started with POLYGON’S ‘Wedgewood’ Townhomes just 1 block away. This site is currently designated for townhomes in the OCP from the district of N. Van. Only minutes from the Trans Canada Hwy & Second Narrows Bridge/Lynnmour Elem/Capilano College/Seylynn & Bridgeman Parks/shopping/recreation & only a short commute to the downtown core; making this an EXCEPTIONAL INVESTMENT OPPORTUNITY!!


#9 ) Address:11520 LAPWING CR, Westwind, Richmond

December 25, 2009 V801653 $1,350,000 $0 0%
April 01, 2010 V801653 removed after 97 days
November 12, 2010 V858270 $1,150,000 $-200,000 -15%
January 20, 2011 V858270 removed after 69 days
May 28, 2011 V890796 $1,275,000 $-75,000 -6%
July 26, 2011 V890796 removed after 59 days
January 25, 2012 V927394 $2,050,000 $0 0%
March 03, 2012 V927394 $1,890,000 $-160,000 -8%
October 18, 2012 V927394 $1,595,888 $-454,112 -22%
January 01, 2013 V927394 removed after 342 days
January 27, 2013 V987465 $1,580,000 $-470,000 -23%
February 20, 2013 V987465 $1,480,000 $-570,000 -28%
April 12, 2013 V987465 removed after 75 days
April 15, 2013 V1001263 $1,380,000 $-670,000 -33%

v1001263_1

Current Days on Market: 462 (1.27years)
Current ‘Official’ Days on Market: 16
2012 Assessment: $1,321,000
2011 Assessment: $1,294,000
Desperation Score: 37.6

” “Think” TUSCANY – Italian Villa, Morocco mystic, east Asian influence” – then get rid of those crazy thoughts and come see this house

WESTWIND – “Think” TUSCANY – Italian Villa, Morocco mystic, east Asian influence. Knock out unique and a FABULOUS property. Quick & easy access to viewing. MUST SEE – Interior delights. Your eyes will pop with excitement & appreciation. Change colors or change arches to square … you can LIVE in your DREAM residence. Excellent floor plan for private home based business or even potential for a side suite on main with separate entrance. 5 Ensuited Bedrooms including one on main. Outstanding Entertainment deck with lovely view of the mountains across the green fields. Come visit & be prepared to be WOWED!


#8) Address:3403 W 41ST AV, Dunbar, Vancouver West

November 23, 2011 V920491 $3,690,000 $0 0%
February 01, 2012 V920491 removed after 70 days
February 04, 2012 V929605 $3,688,000 $-2,000 0%
June 23, 2012 V929605 $3,399,000 $-291,000 -8%
July 18, 2012 V929605 $3,350,000 $-340,000 -9%
August 23, 2012 V929605 removed after 201 days
August 25, 2012 V967928 $2,688,000 $-1,002,000 -27%
November 01, 2012 V967928 removed after 68 days
April 13, 2013 V1000923 $2,790,000 $-900,000 -24%
April 25, 2013 V1000923 $2,399,000 $-1,291,000 -35%

v1000923_1

Current Days on Market: 525 (1.44years)
Current ‘Official’ Days on Market: 18
2012 Assessment: $2,412,000
2011 Assessment: $2,469,000
Desperation Score: 40.5

“ATTENTION INVESTORS!!!”… $1.3 million and 35% in drops and it now is finally listed below assessment despite trying to raise the price when it returned to the listings in April

ATTENTION INVESTORS!!!New price!LOT size 66′ X 169′, almost 6000sf living space in well appointed PRIME DUNBAR area! True European built and designed home! One of a kind.Newly renovated and an updated new kitchen.7 bedrms plus 1 bedrm suite.There are also 3 rooms for the office, hobby and study which can be used as additional 3 bedrms.8 bathrooms and 3 car garage plus additional 5 car uncovered parking spaces.Radiant heating,hardwood flooring and European tiles,stainless steel appliances,hickory wood cabinets and many more! LIFETIME guaranteed metal roof & Leaf Guard Systems!SOLID Granite water fountain and matured low maintenance landscaping.Please allow 48 hours for your private booking call Tina Ng at 1-604-808-8936 thank you!


# 7) Address:8035 PASCO RD, Howe Sound, West Vancouver

July 31, 2011 V902907 $7,889,000 $0 0%
August 28, 2011 V902907 $7,200,000 $-689,000 -9%
November 21, 2011 V902907 removed after 113 days
July 13, 2012 V961856 $5,480,000 $-2,409,000 -31%
November 21, 2012 V961856 $4,898,000 $-2,991,000 -38%
February 01, 2013 V961856 removed after 203 days
April 12, 2013 V1000312 $4,898,000 $-2,991,000 -38%

v1000312_1

Current Days on Market: 292 (0.80years)
Current ‘Official’ Days on Market: 19
2012 Assessment: $3,629,000
Desperation Score: 24.0

$3 million in price drops and still $1.2 million over assessment

Live in true West Coast style in this gorgeous 5 bedroom, 5 bathroom, 5,836 sq. ft. waterfront retreat. Features of this luxurious custom built home include heated slate floors, massive wooden beams, floor to ceiling windows that bring the outside in and French doors that lead you to the amazing decks so you can soak in the incredible view. The huge architectural skylights and west exposure provide natural light that is unsurpassed. This home has everything you could ask for in waterfront living from the infinity edged pool and hot tub to the waterside deck. Other features include covered parking for 6 cars, a huge sport court and a gorgeous outdoor f/place and BBQ area. This .8 acre waterfront property is truly spectacular.


#6 ) 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%
April 16, 2013 V981817 $2,298,000 $-1,482,000 -39%

v981817_1

Current Days on Market: 620 (1.70years)
Current ‘Official’ Days on Market: 147
2012 Assessment: $1,718,500
2011 Assessment: $1,786,800
Desperation Score: 35.9

“French Imersion” – maybe focus on english first!  BEST BUY!  PRICED TO SELL NOW!  Yet another price yo-yo where they raised the price in March.

BEST BUY! UPPER SHAUGHNESSY PICTURESQUE JEWEL! Extensively upgraded Cape Cod style 5 bdrm + den 3.5 bath family home. Don’t let a Granville St address deceive you. It is QUIET inside! Set-back far away from the street, high hedges, leaded glass & storm windows, A/C throughout – all planned with comfortable living in mind. Move-in now and hold for possible future re-development on this desirable 70′ x 145′ CORNER LOT. Walk to York House & Vancouver College private schools. Near Olser and Hamber public schools and Quilchena & Churchill French Imersion schools. PRICED TO SELL NOW! Must see to believe! Too many features to list here! OPEN HOUSE SATURDAY APRIL 27TH 2-4


#5 ) Address:2450 MARINE DR, Southlands, Vancouver West

March 16, 2011 V875348 $4,480,000 $0 0%
October 01, 2011 V875348 removed after 199 days
October 16, 2011 V915972 $4,188,000 $-292,000 -7%
January 01, 2012 V915972 removed after 77 days
November 21, 2012 V980718 $2,880,000 $-1,600,000 -36%
February 12, 2013 V980718 removed after 83 days
February 15, 2013 V990697 $2,788,000 $-1,692,000 -38%
April 23, 2013 V990697 removed after 67 days
April 25, 2013 V1003179 $2,688,000 $-1,792,000 -40%

v1003179_1

Current Days on Market: 161 (0.44years)
Current ‘Official’ Days on Market: 6
2012 Assessment: $2,044,900
Desperation Score: 32.8

“accomodation”… still 30% above assessment

Enjoy awesome southern views over Marine Dr, Golf & country club and beyond to the Gulf Islands from approx. 2300 sq.ft of private decks situated on your own 1/3 acre estate. Unique tastefully renovated & spacious (over 4000 sq.ft) rancher entry with a fully finished walkout lower level. Features 6 Bdrms and 4 Bthrms as well as 3 gas fpls, 2 laundrys and a self contained in-law accomodation. 2 moderns gourmet kitchens w/granite counters and built in quality appliances. Massive master bedroom (over 400 sq.ft) w/skylights, wall of closets, deluxe ensuite and private deck. Near Magee High School & Maple Grove Elementary. Within mins of U.B.C & Kerrisdale’s shops&restaurants.


#4 ) Address:5935 MARINE DR, Eagleridge, West Vancouver

April 07, 2011 V880585 $5,288,000 $0 0%
April 21, 2011 V880585 $4,998,000 $-290,000 -5%
June 14, 2011 V880585 $4,498,000 $-790,000 -15%
June 20, 2011 V880585 removed after 74 days
June 23, 2011 V895870 $4,498,000 $-790,000 -15%
September 02, 2011 V895870 removed after 71 days
October 21, 2011 V916656 $4,898,000 $-390,000 -7%
January 23, 2012 V916656 removed after 94 days
February 08, 2012 V930233 $4,298,000 $-990,000 -19%
April 12, 2012 V930233 $3,998,000 $-1,290,000 -24%
August 01, 2012 V930233 removed after 175 days
August 10, 2012 V965867 $3,888,000 $-1,400,000 -26%
November 16, 2012 V965867 removed after 98 days
February 28, 2013 V992691 $3,998,000 $-1,290,000 -24%
April 25, 2013 V992691 removed after 56 days
April 29, 2013 V1003794 $2,999,900 $-2,288,100 -43%

v1003794_1

Current Days on Market: 755 (2.07years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $2,532,000
Desperation Score: 39.4

This is a very nice looking home in Eagleridge – they are now down $2.3 million and 43% and cost themselves many hundreds of thousands of dollars by pricing this so poorly over the last 2 years

This luxury 3 level gated estate home of approx. 5000sq/ft is situated in a private setting with southwest views of ocean & sunsets. Main level features: grand foyer, gourmet chef’s kitchen, large eating area/pantry,family/media room, open dining/living rooms. Upper level features: master with cut granite fireplace, 6 piece ensuite, walk in closet, study & private balconies & 3 ensuited bedrooms. Lower level has theatre room, wine cellar, guest suite, mud room & attached 2 car garage. Private terraces for entertaining & negative edge pool & hot tub. Minutes to: Caulfeild Village, maina, golf course & Horseshoe Bay. Don’t miss out!


#3 ) 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: 551 (1.51years)
Current ‘Official’ Days on Market: 216
2012 Assessment: $16,076,000
2011 Assessment: $15,788,000
Desperation Score: 35.9

3390 The Crescent has made many lists on this site in their effort to reach Hall of Fame status.  Once they drop below 50% I’ll have to consider them for induction

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.


#2 ) Address:2190 CAMELOT AV, Panorama Village, West Vancouver

August 06, 2011 V903716 $39,900,000 $0 0%
June 01, 2012 V903716 removed after 300 days
April 26, 2013 V1003308 $22,088,000 $-17,812,000 -45%

No Picture

Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $5,557,000
Desperation Score: 25.9

Development lot in West Vancouver drops their price by almost $18 million in one shot!!!  They may give 3810 Marine a run for their money

The Property is zoned for single family use (predominantly RS7) and the Seller has obtained a Development Permit and a Preliminary Layout Approval from the District of West Vancouver for a 12 lot single family subdivision of the Property. Upon completion of the subdivision into 12 lots, each lot will be assigned a new civic address on the newly named road called Union Court.


#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: 1512 (4.14years)
Current ‘Official’ Days on Market: 18
2012 Assessment: $6,768,500
Desperation Score: 42.7

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.  

This one could be a 75%+ dropper quite easily

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!

20 responses to “Weekly Drop Metro Vancouver Detached – April 30, 2013

  1. MaxPower April 30, 2013 at 7:58 pm

    CBC had a blurb (between hockey games) about luxury homes sales being down 35% in Vancouver. “Experts” blame the new mortgage rules. If these rules prevent you from buying a luxury home you probably shouldn’t have been looking for a luxury home in the first place. Just my opinion…

    • Real Estate Tsunami April 30, 2013 at 11:25 pm

      What I’ve been saying all along.
      HAM drove the prices of luxury homes up.
      Now they are gone, guess what?

  2. overthepond April 30, 2013 at 8:45 pm

    Re: #2

    Who the heck is going to make a profit on 12 single family homes, when the land alone for each house is costing just shy of $2 million. My god that is insanity – there must still be a 50% drop on the current price to attract an investor to that!

  3. Watcher May 1, 2013 at 12:24 am

    #10 has a For Sale sign nailed to the 2nd story of the house on Google Maps street view.

  4. Ted May 1, 2013 at 2:38 am

    #1: If Laura McLaren, the realtor representing that property tried the same stunt selling paper assets like REITs the BCSC would descend on her faster than flies at a bar-be-que, and she’ll likely go to jail and be on the hook for a hefty fine. But she’s selling real estate, so maybe that’s “ok”. Am I missing something here or do our regulators have a two tiered system against fraudsters?

    • an observer May 1, 2013 at 11:38 am

      Even after getting caught she back tracked and lied about what was posted on the site apparently not understanding how screen shots work. She should have been fined by the real estate board – tactics like that make all realtors look bad.

      • Real Estate Tsunami May 1, 2013 at 5:08 pm

        Nathalie,
        What’s your take on this?

      • Natalie May 1, 2013 at 9:33 pm

        RET: I can’t comment on an individual Realtor’s practise. I do believe that anyone who doesn’t follow the Council Rules, Advertising Standards, Code of Conduct and Practice Standards set for us as part of our licensing by the council and membership with a Real Estate Board, should be held accountable. recbc.ca has, I believe, available publications for the public to read that covers this. Section 4-7 of the Council Rules covers misleading advertising.

  5. Saj May 1, 2013 at 11:06 am

    The list is getting garbled with ultra-expensive homes that appeal to .01% of the population. Perhaps a similar list that only includes homes under $1 or $2 million would be cool? That said, I have no idea how much time it takes to put something like this together, so if it’s onerous please ignore!

    • an observer May 1, 2013 at 11:36 am

      I’m trying to do 3 lists a week so Monday includes any property outside Metro Vancouver, Tuesday is Metro Vancouver Detached and Wednesday is Metro Vancouver Attached. The Monday and Wednesday lists are probably more what you are after.

      The reality is that a Metro Vancouver Detached home is out of reach for most people unless they put previous real estate gains towards the home.

      • Jam Tarts May 1, 2013 at 1:41 pm

        Yeah there is no real difference between a 1.5M tear down in Vancouver and a 19M mansion/empty lot in West Vancouver. They are equally out of reach for everyone except the financially inept (or truly wealthy).

      • Saj May 1, 2013 at 2:26 pm

        I disagree, Jim. People like me who sold their properties into this bubble at high prices (and there must be several, considering the viewership on blogs like this one, garth’s blog, VREAA, vancouvercondo.info etc) are seeing these low million-dollar places come within reach as they continue to fall in price. The top 3 houses on this list, though? Forget about it, even for those who were lucky enough to sell at the top.

      • Seeking knowledge... May 1, 2013 at 1:54 pm

        First of all, thanks observer for all the work you’ve done – this site is highly educational and entertaining. I agree with Saj that it would be nice to have price drops for detached homes under $1.5~$2M. Even though its waayyyyy waayyyy out of reach for me, they are at least possible…if I win the lotto.
        It is a sad, sad situation when you have to spend a lifetime of gross earnings just to buy a house.

    • ElGato May 10, 2013 at 7:28 pm

      Seconded

  6. JG May 2, 2013 at 9:52 am

    I think that Observer should put in some kind of donation function on this blog. I and others really appreciate your effort, and can’t imagine this is a a quick job to stay on top of in your spare time.

  7. Confusions May 2, 2013 at 3:02 pm

    “I disagree, Jim. People like me who sold their properties into this bubble at high prices (and there must be several, considering the viewership on blogs like this one, garth’s blog, VREAA, vancouvercondo.info etc) are seeing these low million-dollar places come within reach as they continue to fall in price.”

    Beware of this very aptly named cognitive bias:
    http://www.investopedia.com/terms/h/house-money-effect.asp

  8. Real Estate Tsunami June 21, 2013 at 11:55 am

    For those interested in Richmond RE, read Realtor’s Arnold Shuchat usually blunt and honest blog.
    It kind of confirms my observation of the Westwind situation.
    http://www.shuchatgroup.com/blog.mobi

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