Vancouver Price Drop

Documenting Vancouver real estate price movements

Monthly Archives: May 2013

Away until next week

I’m heading for some sun so I’ll be away until next Tuesday and then we’ll continue with the weekly drops

Weekly Drop Metro Vancouver Attached – May 1, 2013

It’s been a long time since I posted the attached list.  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 4 weeks AND have dropped the largest percentage overall from their original asking price.

Number 1 on the list is looking at a loss of $400K and 20% in under 3 years IF they get asking…


#10 ) Address:# 223 8860 NO 1 RD, Boyd Park, Richmond

February 15, 2008 V688944 $308,000 $0 0%
March 12, 2008 V688944 $328,000 $0 0%
April 16, 2008 V688944 $308,000 $-20,000 -6%
July 01, 2008 V688944 $298,000 $-30,000 -9%
July 31, 2008 V688944 removed after 167 days
January 05, 2013 V983504 $249,000 $-79,000 -24%
April 18, 2013 V983504 $228,000 $-100,000 -30%

v983504_1

Current Days on Market: 118 (0.32years)
Current ‘Official’ Days on Market: 118
2012 Assessment: $220,700
2011 Assessment: $269,500
Desperation Score: 11.3

Assessment takes an almost 20% hit in one year.  A unit in the neighbouring building is also on the list

APPLE GREENE. Very clean and nice 3-Bedroom CORNER UNIT with extra windows and extra light looking north & east. Very quiet. Close to shopping, schools and buses. Social Clubhouse & pool. Maintenance is deceiving as it includes hotwater heat and municipal utility bill (about $60 a month). One of the better buys in Richmond today.


#9 ) Address:# 3801 1199 MARINASIDE CR, Yaletown, Vancouver West

January 29, 2010 V806717 $10,000,000 $0 0%
January 28, 2011 V806717 removed after 364 days
March 10, 2011 V874363 $10,000,000 $0 0%
May 06, 2011 V874363 removed after 57 days
June 02, 2011 V891490 $8,900,000 $-1,100,000 -11%
September 01, 2011 V891490 removed after 91 days
November 24, 2011 V920696 $7,980,000 $-2,020,000 -20%
June 01, 2012 V920696 removed after 190 days
June 13, 2012 V955991 $7,450,000 $-2,550,000 -26%
September 01, 2012 V955991 $6,400,000 $-3,600,000 -36%
September 19, 2012 V955991 removed after 98 days
March 29, 2013 V997765 $6,900,000 $-3,100,000 -31%

v997765_1

Current Days on Market: 35 (0.10years)
Current ‘Official’ Days on Market: 35
2012 Assessment: $5,757,000
2011 Assessment: $6,339,000
Desperation Score: 22.7

“lrge” – couldn’t add an “a”???  Down $3 million but still $1.1 million over assessment after it dropped $600K from last year.  Despite dropping $600K they decided to relist at a price $500K higher than it failed to sell for last year.

This spectacular and magnificent, completely re-done, waterfront Penthouse offers top quality finishings throughout and is the perfect home for individuals looking for more than the average run of the mill space. 360 degree views,5234 sqft of interior space & a combined 1125 sqft of outdoor space, this home will please the most prestigious buyer. Offering 3 lrge bedrooms, den, entertainment sized dining, living & family rms (25′ ceilings), gourmet kitchen, wine cellar and so much more. The Master Bdrm has a huge walk-in closet/dressing area and a spa inspired ensuite you’ve never seen the likes of before. 4 parking, storage, rooftop hot tub – there is so much here to see, call today for your private appt to view.


#8 ) 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%
April 18, 2013 V996114 $416,900 $-201,900 -33%

v996114_1

Current Days on Market: 380 (1.04years)
Current ‘Official’ Days on Market: 48
2012 Assessment: $424,000
2011 Assessment: $414,000
Desperation Score: 13.5

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.


#7 ) Address:905 E 15TH AV, Mount Pleasant, Vancouver East

October 06, 2011 V914244 $698,000 $0 0%
February 21, 2012 V914244 $668,000 $-30,000 -4%
April 13, 2012 V914244 removed after 190 days
April 16, 2012 V943709 $598,000 $-100,000 -14%
July 12, 2012 V943709 $568,000 $-130,000 -19%
October 30, 2012 V943709 $498,000 $-200,000 -29%
March 28, 2013 V943709 removed after 346 days
March 31, 2013 V998388 $468,000 $-230,000 -33%

v998388_1

Current Days on Market: 575 (1.58years)
Current ‘Official’ Days on Market: 33
2012 Assessment: $460,000
2011 Assessment: $518,000
Desperation Score: 24.4

New build has been listed for 1.5 years and is now down 33%.  Assessment dropped over 10% in its first year

Very quiet Mount Pleasant location close to everything. Beautiful ground floor unit in a half duplex with open floor plan. 2 bedrooms with full bath. All on one level this beauty boasts a stunning kitchen with granite countertops, stainless steel appliances including gas range, gleaning engineering wood, radiant in floor heat and superb finishing detailing around window and doors. Outdoor space includes front Eastern patio and large backyard with garden space. Parking space off lane. This home shows like a display suite. Act fast!


#6 ) Address:# 1A 1596 W 14TH AV, Fairview, Vancouver West

October 06, 2006 V609349 $7,500,000 $0 0%
October 31, 2006 V609349 removed after 25 days
May 19, 2007 V648335 $6,500,000 $-1,000,000 -13%
December 06, 2007 V648335 $5,999,000 $-1,501,000 -20%
April 24, 2008 V648335 removed after 341 days
May 04, 2008 V706104 $5,999,000 $-1,501,000 -20%
November 06, 2008 V706104 $4,900,000 $-2,600,000 -35%
December 16, 2008 V706104 removed after 226 days
February 13, 2009 V752579 $4,800,000 $-2,700,000 -36%
October 01, 2009 V752579 removed after 230 days
November 19, 2009 V798083 $4,800,000 $-2,700,000 -36%
May 30, 2010 V798083 removed after 192 days
June 13, 2010 V834935 $4,500,000 $-3,000,000 -40%
November 22, 2010 V834935 removed after 162 days
October 14, 2012 V976636 $5,480,000 $-2,020,000 -27%
January 11, 2013 V976636 removed after 89 days
April 29, 2013 V1003791 $4,999,000 $-2,501,000 -33%

v1003791_1

Current Days on Market: 201 (0.55years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $4,051,000
2011 Assessment: $4,034,000
Desperation Score: 15.9

“nezzanine” and still a million over assessment and a $4800/month maintenance!

A two-storey living room with nezzanine and stunning onyx fireplace set the tone in this amazing 4,300 SqFt two-level townhome at the incomparable Kingswood. Recently renovated state-of-the-art kitchen and bathrooms introduce contemporary finishes to the classic European-style of this luxurious 3-bedroom/5-bathroom home. The lavish living, dining, family rooms, kitchen with eating area and panelled office all open to a spectacular lushly landscaped 6,700 SqFt wrap-around terrace with firepit. Features include chevron-pattern hardwood floors, gracious marble foyer, SubZero & Gaggenau appliances, His & Hers walk-in closets & bathrooms, private elevator & 3-car attached garage. 1st class 24-hour concierge service, pets welcome. The best of the best, all within steps of South Granville shops, restaurants and galleries.


#5 ) Address:# 119 8880 NO 1 RD, Boyd Park, Richmond

November 23, 2011 V920503 $315,000 $0 0%
August 23, 2012 V920503 $295,000 $-20,000 -6%
October 01, 2012 V920503 removed after 313 days
October 05, 2012 V975120 $275,000 $-40,000 -13%
December 04, 2012 V975120 removed after 60 days
February 13, 2013 V989938 $245,800 $-69,200 -22%
March 29, 2013 V989938 $229,800 $-85,200 -27%
April 20, 2013 V989938 $209,800 $-105,200 -33%

v989938_1

Current Days on Market: 527 (1.44years)
Current ‘Official’ Days on Market: 79
2012 Assessment: $212,900
2011 Assessment: $259,700
Desperation Score: 22.0

Another unit from this complex in Richmond which saw assessments drop almost 20% this past year

Great centrally located complex, 2 bedroom + den (which could be made into 3rd bedroom) with a nice layout. Comes with a fantastic recreation centre incl outdoor & indoor swimming pools, hot tub, sauna & guest suites. 2 pool tables. Maint includes HEAT & HOT WATER. Storage locker and washer/dryers on the same floor. 1 covered parking. Pets not allowed, rentals restricted.


#4 ) Address:# 1910 2024 FULLERTON AV, Pemberton, North Vancouver

October 05, 2006 V612835 $339,900 $0 0%
October 17, 2006 V612835 removed after 12 days
March 15, 2007 V635111 $389,900 $0 0%
March 19, 2007 V635111 $399,900 $0 0%
April 20, 2007 V635111 $385,500 $-14,400 -4%
May 07, 2007 V635111 removed after 53 days
May 11, 2007 V646651 $389,000 $-10,900 -3%
May 16, 2007 V646651 $384,900 $-15,000 -4%
June 02, 2007 V646651 $379,000 $-20,900 -5%
July 16, 2007 V646651 removed after 66 days
May 27, 2011 V890614 $495,500 $0 0%
June 15, 2011 V890614 $449,500 $-46,000 -9%
July 13, 2011 V890614 removed after 47 days
April 14, 2012 V943207 $375,000 $-120,500 -24%
May 25, 2012 V943207 removed after 41 days
April 15, 2013 V1001201 $325,000 $-170,500 -34%

v1001201_1

Current Days on Market: 18 (0.05years)
Current ‘Official’ Days on Market: 18
2012 Assessment: $334,000
Desperation Score: 13.7

$170K and 34% in drops and it is finally below assessment

Fantastic view of ocean, bridge, Stanley Park and Capilano building rarely comes on the market. South facing with 1 bedroom and 1 bathroom. A must see!


#3 ) Address:# 422 666 LEG IN BOOT SQ, False Creek, Vancouver West

April 26, 2007 V643497 $700,000 $0 0%
October 30, 2007 V643497 $680,000 $-20,000 -3%
November 15, 2007 V643497 $650,000 $-50,000 -7%
January 31, 2008 V643497 $599,000 $-101,000 -14%
February 07, 2008 V643497 $539,000 $-161,000 -23%
March 21, 2008 V643497 $498,000 $-202,000 -29%
June 23, 2008 V643497 removed after 424 days
June 25, 2008 V718415 $550,000 $-150,000 -21%
September 30, 2008 V718415 removed after 97 days
October 10, 2008 V738764 $450,000 $-250,000 -36%
April 04, 2009 V738764 removed after 176 days
March 05, 2010 V812944 $299,000 $-401,000 -57%
May 21, 2010 V812944 removed after 77 days
April 15, 2013 V1001055 $448,000 $-252,000 -36%

v1001055_1

Current Days on Market: 18 (0.05years)
Current ‘Official’ Days on Market: 18
2012 Assessment: $404,000
2011 Assessment: $410,000
Desperation Score: 4.0

Winner for the absolute worst building address in the history of the world.  “666 Leg In Boot”???  Was built in the 70’s so you can probably blame this one on LSD

Sold in June 2010 for $299,000 – this is leased land so I wonder if it was renewed after this purchase or if the current owner did some sort of renovation.  Either way it seems like they got a pretty good price is 2010

WONDERFUL WATERFRONT CONDO!In the heart of False Creek, this 2 bedroom corner unit has been completely renovated in 2010. New kitchen with granite counter tops, appliances & cabinets, new bathroom, tile & carpets. Corner unit with plenty of light and a generous balcony. Panoramic water VIEWS of False Creek, Vancouver sky line and North Shore mountains. Great quiet location in the center of the City City of Vancouver prepaid lease until 2036. Well maintained CONCRETE building with parking and 2 storage lockers.


#2 ) Address:# 512 3455 ASCOT PL, Collingwood, Vancouver East

February 23, 2011 V870937 $350,000 $0 0%
March 02, 2011 V870937 $260,000 $-90,000 -26%
January 01, 2012 V870937 removed after 312 days
October 15, 2012 V976737 $239,800 $-110,200 -31%
January 09, 2013 V976737 $235,800 $-114,200 -33%
March 05, 2013 V976737 $226,800 $-123,200 -35%
March 28, 2013 V976737 removed after 164 days
May 01, 2013 V1004029 $216,000 $-134,000 -38%

No Picture

Current Days on Market: 200 (0.55years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $198,800
2011 Assessment: $200,600
Desperation Score: 13.8

38% in drops and still over assessment for a 20 year old apartment in East Van… lots more to go

A well kept unit in a healthy and wheelchair accessible building. Bright & clean 1 bdrm, 1 full bath with functional layout. 2011 Newly changed flooring for living room, dining room & bedroom. Also comes with a large 75 sqft balcony. Superconvenient location: Steps to bus &Joyce skytrain station.

 


#1 ) Address:# 2801 1455 HOWE ST, Yaletown, Vancouver West

December 23, 2006 V624261 $2,550,000 $0 0%
April 01, 2007 V624261 removed after 99 days
July 04, 2008 V720021 $3,580,000 $0 0%
August 13, 2008 V720021 $3,380,000 $-200,000 -6%
September 05, 2008 V720021 $3,230,000 $-350,000 -10%
October 21, 2008 V720021 $3,080,000 $-500,000 -14%
November 19, 2008 V720021 removed after 138 days
November 22, 2008 V744531 $2,750,000 $-830,000 -23%
January 07, 2009 V744531 $2,380,000 $-1,200,000 -34%
February 07, 2009 V744531 removed after 77 days
February 18, 2009 V753187 $2,280,000 $-1,300,000 -36%
March 25, 2009 V753187 $2,150,000 $-1,430,000 -40%
May 08, 2009 V753187 removed after 79 days
July 12, 2009 V776474 $2,380,000 $-1,200,000 -34%
October 16, 2009 V776474 $2,680,000 $-900,000 -25%
November 21, 2009 V776474 removed after 132 days
November 27, 2009 V799226 $2,550,000 $-1,030,000 -29%
January 27, 2010 V799226 $2,480,000 $-1,100,000 -31%
March 03, 2010 V799226 $2,388,000 $-1,192,000 -33%
March 26, 2010 V799226 removed after 119 days
April 01, 2010 V818938 $2,288,000 $-1,292,000 -36%
May 12, 2010 V818938 removed after 41 days
July 11, 2010 V841466 $1,998,000 $-1,582,000 -44%
February 17, 2011 V841466 removed after 221 days
July 21, 2012 V963211 $1,988,000 $-1,592,000 -44%
October 14, 2012 V963211 $1,888,800 $-1,691,200 -47%
October 15, 2012 V963211 removed after 86 days
October 17, 2012 V976933 $1,888,800 $-1,691,200 -47%
November 29, 2012 V976933 removed after 43 days
February 15, 2013 V990694 $1,889,800 $-1,690,200 -47%
March 02, 2013 V990694 $1,799,900 $-1,780,100 -50%
April 25, 2013 V990694 $1,730,000 $-1,850,000 -52%

v990694_1

Current Days on Market: 286 (0.78years)
Current ‘Official’ Days on Market: 77
2012 Assessment: $1,951,000
2011 Assessment: $1,964,000
Desperation Score: 29.2

“ASSESSMET!!”.  Sold in July 2010 for $2,025,000 – owners are looking at a loss of $295,000 + $98,000 in transaction fees for a total loss of almost $400K not including over $1K/month in maintenance fees.  Why isn’t this profiled in the Vancouver Sun?  

$200,000 UNDER ASSESSMET!! Truly an exceptional sub penthouse with stunning North, East and South views. With over 2100 sqft of living space, this is the perfect open concept floor plan designed to capture the views. There are floor-to ceiling windows throughout, custom roller blinds, and single room temperature/volume control throughout the suite. The kitchen is impressive, and features Sub Zero and Miele appliances including a gas range and wired espresso machine. 2 balconies, 1 North and 1 south, perfect for entertaining. The master is a retreat with a phenomenal closet and spa like ensuite.