Vancouver Price Drop

Documenting Vancouver real estate price movements

Monthly Drop Metro Vancouver Detached for May 2013

And we’re back!  I’m probably going to drop to a monthly update for price drops along with various other posts throughout the month such as the desperation meter, the drop from peak and other charts.  I’ve updated the list to a top 20 (instead of 10) and include all active listings not just those that happened to relist or change price since the last time.  Since the report is probably going to be monthly now I figure this makes sense

Here are the 20 detached properties in Metro Vancouver (Vancouver West, Vancouver East, Burnaby, Richmond, North Vancouver and West Vancouver) that have dropped the largest percentage overall from their original asking price.  The top 20 have combined for a total drop of $98 MILLION DOLLARS!

Will add comments later – feel free to add your own comments for the time being


#20 ) 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: 327 (0.90years)
Current ‘Official’ Days on Market: 54
2012 Assessment: $3,629,000
Desperation Score: 22.0

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.


#19 ) Address:420 N OXLEY ST, West Bay, West Vancouver

August 30, 2007 V665861 $1,695,000 $0 0%
November 01, 2007 V665861 $1,639,000 $-56,000 -3%
April 12, 2008 V665861 $1,595,000 $-100,000 -6%
July 01, 2008 V665861 removed after 306 days
October 22, 2008 V740232 $1,395,000 $-300,000 -18%
March 03, 2009 V740232 $1,249,000 $-446,000 -26%
April 27, 2009 V740232 removed after 187 days
December 08, 2011 V921903 $4,840,000 $0 0%
April 23, 2012 V921903 $4,498,000 $-342,000 -7%
June 08, 2012 V921903 removed after 183 days
June 13, 2012 V956135 $3,999,000 $-841,000 -17%
October 22, 2012 V956135 removed after 131 days
October 25, 2012 V977860 $3,488,000 $-1,352,000 -28%
January 11, 2013 V977860 removed after 78 days
March 29, 2013 V998134 $2,999,888 $-1,840,112 -38%

v998134_1

Current Days on Market: 545 (1.49years)
Current ‘Official’ Days on Market: 68
2012 Assessment: $2,026,000
Desperation Score: 33.1

Significantly rebuilt dream home! 4 bedrooms, 3 bathrooms-meticulously designed, every detail is elite quality. Ocean views from almost every angle. Decandent outdoor living space to the front & back of this expansive property. A private sitting area over Cave Creek! The gourmet kitchen has Bosch appliances, Caesarstone quartz countertops & custom cabinetry. Details: Premium site finished oak floors, radiant heat Italian tile in baths & throughout lower floor. 3 Marquis Collection fireplaces, spa-inspired ensuite, Rinnai tankless on-demand hot water system, Trane forced air furnace & heat pump, Hunter Douglas sun shades & California Closets. This home is for those who enjoy life & entertaining. Come experience the quality.


#18 ) 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: 832 (2.28years)
Current ‘Official’ Days on Market: 108
2012 Assessment: $7,267,000
Desperation Score: 8.4

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).


#17 ) Address:5968 MARINE DR, Eagleridge, West Vancouver

October 26, 2011 V917255 $9,800,000 $0 0%
November 15, 2011 V917255 $8,900,000 $-900,000 -9%
February 01, 2012 V917255 $8,550,000 $-1,250,000 -13%
March 31, 2012 V917255 removed after 157 days
April 05, 2012 V941399 $7,900,000 $-1,900,000 -19%
July 09, 2012 V941399 removed after 95 days
July 13, 2012 V961757 $7,200,000 $-2,600,000 -27%
August 22, 2012 V961757 $6,900,000 $-2,900,000 -30%
January 10, 2013 V961757 removed after 181 days
January 17, 2013 V985358 $6,900,000 $-2,900,000 -30%
February 20, 2013 V985358 removed after 34 days
February 28, 2013 V992869 $5,980,000 $-3,820,000 -39%

v992869_1

Current Days on Market: 588 (1.61years)
Current ‘Official’ Days on Market: 97
2012 Assessment: $4,686,000
Desperation Score: 36.2

Magnificent Waterfront Luxury Home with spectacular Ocean and Island views and private oceanside terraces…Exceptional quality and design with many luxury appointments including gourmet kitchen, large Master Suite, three additionalbedroom suites, media room, wine room, elevator and covered outdoor heated sitting area with fireplace and hot tub…


#16 ) 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%
May 04, 2013 V1001263 $1,280,000 $-770,000 -38%
May 30, 2013 V1001263 $1,248,000 $-802,000 -39%

v1001263_1

Current Days on Market: 497 (1.36years)
Current ‘Official’ Days on Market: 51
2012 Assessment: $1,321,000
2011 Assessment: $1,294,000
Desperation Score: 49.7

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!


#15 ) 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: 655 (1.79years)
Current ‘Official’ Days on Market: 182
2012 Assessment: $1,718,500
2011 Assessment: $1,786,800
Desperation Score: 32.2

BEST BUY! UPPER SHAUGHNESSY PICTURESQUE JEWEL!822sqft.garage for 4 cars plus storage.3791sqft. family home with all the bells and whistles. Formal living and dining room with Strauss crystal chandelier. 5 large bedrooms. with 2 master ensuitesDen, large rec. room, family room & bar. 2 gas fireplaces, 31/2 deluxe baths with 2 desirable Jacuzzi tubs. Central air conditioning, wall to wall carpet & Carrara marble throughout. Sat. & cable TV. Elegant crown and floor molding. Built-in vacuum and security system. White rock and concrete exterior. Low overhead & very quiet. Beautiful gardens & in ground sprinkler system. Walk to private & public schools. CORNER LOT 70′ x 145′ OPEN HOUSE SATURDAY JUNE 1ST 2-4


#14 ) Address:4219 FRANCIS RD, Boyd Park, Richmond

August 24, 2007 V665043 $838,888 $0 0%
October 03, 2007 V665043 $818,888 $-20,000 -2%
October 31, 2007 V665043 $798,888 $-40,000 -5%
November 27, 2007 V665043 $759,888 $-79,000 -9%
February 29, 2008 V665043 removed after 189 days
March 08, 2008 V693156 $799,000 $-39,888 -5%
April 12, 2008 V693156 $779,000 $-59,888 -7%
June 07, 2008 V693156 $763,900 $-74,988 -9%
July 05, 2008 V693156 removed after 119 days
July 10, 2008 V721107 $753,900 $-84,988 -10%
September 10, 2008 V721107 removed after 62 days
February 15, 2009 V752581 $728,000 $-110,888 -13%
April 10, 2009 V752581 $715,000 $-123,888 -15%
July 07, 2009 V752581 $708,000 $-130,888 -16%
August 10, 2009 V752581 removed after 176 days
February 25, 2010 V811345 $769,000 $-69,888 -8%
April 08, 2010 V811345 removed after 42 days
January 07, 2012 V923921 $1,498,000 $0 0%
January 27, 2012 V923921 $1,349,000 $-149,000 -10%
March 24, 2012 V923921 removed after 77 days
May 30, 2012 V953229 $1,068,000 $-430,000 -29%
October 01, 2012 V953229 removed after 124 days
October 05, 2012 V975209 $899,000 $-599,000 -40%

v975209_1

Current Days on Market: 515 (1.41years)
Current ‘Official’ Days on Market: 243
2012 Assessment: $787,000
2011 Assessment: $851,000
Desperation Score: 23.1

Well kept rancher with marble tiled entrance and cedar vaulted ceilings throughout. Bright and spacious floor plan. All rooms are large and spacious. The rec room opens onto an enormous deck, perfect for family gatherings. The home is situated right across the Hugh Boyd School. Close to transportation, shopping and recreation. A pleasure to show.


#13 ) Address:1490 BALFOUR AV, Shaughnessy, Vancouver West

February 06, 2010 V808109 $3,500,000 $0 0%
July 01, 2010 V808109 removed after 145 days
July 08, 2010 V840846 $2,990,000 $-510,000 -15%
January 01, 2011 V840846 removed after 177 days
February 02, 2011 V866636 $2,900,000 $-600,000 -17%
April 22, 2011 V866636 $3,100,000 $-400,000 -11%
May 12, 2011 V866636 removed after 99 days
January 18, 2012 V926061 $5,980,000 $0 0%
March 08, 2012 V926061 removed after 50 days
March 12, 2012 V936750 $4,888,000 $-1,092,000 -18%
June 30, 2012 V936750 removed after 110 days
July 27, 2012 V963915 $3,988,000 $-1,992,000 -33%
January 01, 2013 V963915 removed after 158 days
March 29, 2013 V998120 $3,988,000 $-1,992,000 -33%
May 21, 2013 V998120 $3,580,000 $-2,400,000 -40%

v998120_1

Current Days on Market: 504 (1.38years)
Current ‘Official’ Days on Market: 68
2012 Assessment: $3,203,000
2011 Assessment: $3,051,000
2011 Last Sale: $2,980,000 on 21/Apr/2011
Total Profit IF sold for list price: 168,440 transaction costs and 600,000 profit on sale = Profit of 431,560
Desperation Score: 32.7

LOCATION! LOCATION! THE FIRST SHAUGHNESSY IS STILL THE BEST ADDRESS IN VANCOUVER, JUST AS IT WAS MORE THAN 100 YEARS AGO WHEN IT WAS FIRST LAID OUT FOR THE GROWING CITY’S POWERFUL AND WEALTHY. PROPERTIES SUCH AS THIS ARE RARE FINDS IN VANCOUVER’S EXCLUSIVE FIRST SHAUGHNESSY DISTRICT. THIS PRIVATE PROPERTY, SHIELDED FOR PRIVACY BY STONE WALLS, HEDGES AND TREES, IS APPROXIMATELY18,000 SQFT WITH AN IMPRESSIVE 144 FOOT FRONTAGE. THIS CLASSIC SHAUGHNESSY HOME RETAINS MUCH OF ITS ORIGINAL CHARACTER – STAINED GLASS WINDOWS, FOUR FIREPLACES AND EXTENSIVE AND ORIGINAL WOOD TRIM. IN ADDITION TO THE MAIN HOUSE THERE IS ALSO A 900 SQFT COACH HOUSE. RENOVATE OR BUILD A BRAND-NEW HOME. DO NOT MISS THIS OPPORTUNITY


#12 ) 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%
May 06, 2013 V1003794 removed after 7 days
May 21, 2013 V1006856 $3,150,000 $-2,138,000 -40%

v1006856_1

Current Days on Market: 790 (2.16years)
Current ‘Official’ Days on Market: 15
2012 Assessment: $2,532,000
Desperation Score: 42.4

This luxury, 3 level estate home of approximately 5,000 sq. ft. is situated in a very private setting with outstanding south/southwest ocean views from this approximately 14,000 sq.ft, gated property. Enter into a grand foyer. Main level features include gourmet chef’s kitchen, large, open eating area, pantry and adjoining family/media room. Large, open dining and living room are perfect for entertaining. Upper level features a spacious master bedroom with cut granite fire place, 6 pc ensuite, walk-in closet, study and private balconies. 3 additional bedrooms with en-suites. Lower level has a theatre room, custom wine cellar, guest suite and mud room off the large 2 car garage. Incredible ocean views and sunsets from the private terraces for a perfect entertainment setting complete with a lovely negative edge outdoor pool and hot tub. Too many features to list. Minutes to Caulfield Village, Thunderbird Marina and Gleneagles Golf Course and Horseshoe Bay. Don’t miss out!


#11 ) Address:6751 ECKERSLEY RD, Brighouse, Richmond

April 22, 2007 V642662 $880,000 $0 0%
June 11, 2007 V642662 removed after 50 days
March 25, 2010 V817141 $2,920,000 $0 0%
April 29, 2010 V817141 $2,270,000 $-650,000 -22%
May 30, 2010 V817141 removed after 66 days
June 13, 2010 V835215 $1,980,000 $-940,000 -32%
February 01, 2011 V835215 removed after 233 days
March 09, 2011 V874223 $1,950,000 $-970,000 -33%
December 13, 2011 V874223 removed after 279 days
January 13, 2013 V985027 $1,726,000 $-1,194,000 -41%

v985027_1

Current Days on Market: 143 (0.39years)
Current ‘Official’ Days on Market: 143
2012 Assessment: $1,205,000
2011 Assessment: $1,376,000
Desperation Score: 9.9

Rare available huge lot in prime Richmond Centre! Three potential rezoning 66×132′ lots detached homes (6731×6751 Eckersley, 6740 Cooney) for sale together! This 26,136 sq ft land is capable to build more than 42 units with a total 51,000 sq ft apartments (1-3 bedrooms) townhouses; three homes are currently rented for $4,000/month. Hurry up! Bring your offer!


#10 ) Address:6740 COONEY RD, Brighouse, Richmond

March 25, 2010 V817160 $2,920,000 $0 0%
April 29, 2010 V817160 $2,270,000 $-650,000 -22%
May 30, 2010 V817160 removed after 66 days
June 13, 2010 V836266 $1,980,000 $-940,000 -32%
February 01, 2011 V836266 removed after 233 days
March 09, 2011 V874217 $1,950,000 $-970,000 -33%
December 13, 2011 V874217 removed after 279 days
January 13, 2013 V985024 $1,726,000 $-1,194,000 -41%

v985024_1

Current Days on Market: 143 (0.39years)
Current ‘Official’ Days on Market: 143
2012 Assessment: $1,290,000
2011 Assessment: $1,461,000
Desperation Score: 9.9

Rare available huge lot in prime Richmond Centre! Three potential rezoning 66×132′ lots detached homes (6731&6751 Eckersley, 6740 Cooney) for sale together! This 26,136 sq ft land is capable to buld more than 42 units with a total 51,000 sq ft apartment (1-3 bedrooms) townhouses; three homes are currently rented for $4,000/month. Hurry up! Bring your offer!


#9 ) Address:6731 ECKERSLEY RD, Brighouse, Richmond

April 22, 2007 V642682 $880,000 $0 0%
April 24, 2007 V642682 $920,000 $0 0%
June 11, 2007 V642682 removed after 50 days
March 21, 2010 V816683 $2,920,000 $0 0%
April 29, 2010 V816683 $2,270,000 $-650,000 -22%
May 30, 2010 V816683 removed after 70 days
June 13, 2010 V836285 $1,980,000 $-940,000 -32%
February 01, 2011 V836285 removed after 233 days
March 09, 2011 V874212 $1,950,000 $-970,000 -33%
December 13, 2011 V874212 removed after 279 days
January 13, 2013 V985007 $1,726,000 $-1,194,000 -41%

v985007_1

Current Days on Market: 143 (0.39years)
Current ‘Official’ Days on Market: 143
2012 Assessment: $1,290,000
2011 Assessment: $1,461,000
Desperation Score: 9.9

Rare available huge lot in prime Richmond Centre! Three potential rezoning 66×132’t lots detached homes (6731 & 6751 Eckersley, 6740 Cooney) for sale together! This 26,136 sq ft land is capable to build more than 42 units with a total 51,000 sq ft apartments (1-3 bedrooms)/townhomes, three homes are currently rented for $4,000/month. Hurry up! Bring your offer!


#8 ) Address:1010 W 57TH AV, South Granville, Vancouver West

April 09, 2012 V941837 $6,988,000 $0 0%
July 07, 2012 V941837 $5,988,000 $-1,000,000 -14%
January 16, 2013 V941837 removed after 282 days
January 25, 2013 V987185 $5,488,000 $-1,500,000 -21%
April 24, 2013 V987185 $4,999,888 $-1,988,112 -28%
May 10, 2013 V987185 $4,388,888 $-2,599,112 -37%
June 02, 2013 V987185 $3,999,888 $-2,988,112 -43%

v987185_1

Current Days on Market: 422 (1.16years)
Current ‘Official’ Days on Market: 131
2012 Assessment: $3,353,000
2011 Assessment: $3,152,000
Desperation Score: 51.0

A truly master piece built by experienced west side builder, Tamanna Holdings. Magnificent custom built quality home located in prestigious South Granville location. Please don’t be discouraged by Oak st traffic, built sound proof. This executive comes with a total of 6880 SF (6128 +750 LWH mentioned in floor area finished bsmt) & consists of 10 bedrooms, 10 bathrooms & 4 kitchens. High end appliances, gourmet kitchen, wok kitchen, wet bar, home theatre, outdoor heated swimming pool, hot tub, steam bath in & outdoor waterfall, central AC, HRV, fenced yard & everything you could think of Churchill Sec, UBC, shopping, transit, easy access to Richmond. Absolute superb quality, design & workmanship. Definitely a pride of ownership.


#7 ) 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: 586 (1.61years)
Current ‘Official’ Days on Market: 251
2012 Assessment: $16,076,000
2011 Assessment: $15,788,000
Desperation Score: 32.9

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.


#6 ) 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: 40 (0.11years)
Current ‘Official’ Days on Market: 40
2012 Assessment: $5,557,000
Desperation Score: 24.3

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.


#5 ) 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: 1547 (4.24years)
Current ‘Official’ Days on Market: 53
2012 Assessment: $6,768,500
Desperation Score: 37.8

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!

 


#4 ) Address:6945 ISLEVIEW RD, Whytecliff, West Vancouver

November 25, 2006 V622369 $5,500,000 $0 0%
January 08, 2007 V622369 removed after 44 days
April 20, 2007 V642168 $5,500,000 $0 0%
May 12, 2007 V642168 $4,995,000 $-505,000 -9%
September 05, 2007 V642168 removed after 138 days
September 14, 2007 V668172 $7,750,000 $0 0%
March 11, 2008 V668172 removed after 179 days
October 21, 2008 V740205 $7,200,000 $-550,000 -7%
February 06, 2009 V740205 removed after 108 days
February 15, 2009 V752408 $6,800,000 $-950,000 -12%
June 25, 2009 V752408 $5,495,000 $-2,255,000 -29%
August 06, 2009 V752408 removed after 172 days
March 03, 2010 V812066 $5,250,000 $-2,500,000 -32%
March 10, 2010 V812066 $5,495,000 $-2,255,000 -29%
June 13, 2010 V812066 $4,950,000 $-2,800,000 -36%
September 22, 2010 V812066 removed after 203 days
September 24, 2010 V851694 $4,479,000 $-3,271,000 -42%
January 27, 2011 V851694 removed after 125 days
February 03, 2011 V866834 $4,479,000 $-3,271,000 -42%
February 11, 2011 V866834 $3,998,000 $-3,752,000 -48%
January 31, 2012 V866834 removed after 362 days
February 16, 2012 V931686 $3,998,000 $-3,752,000 -48%
June 01, 2012 V931686 removed after 106 days
October 24, 2012 V977676 $3,698,000 $-4,052,000 -52%
April 02, 2013 V977676 $3,950,000 $-3,800,000 -49%

v977676_1

Current Days on Market: 1190 (3.26years)
Current ‘Official’ Days on Market: 224
2012 Assessment: $2,470,000
Desperation Score: 10.5

A magnificent 17,570 sq. ft. Waterfront estate with spectacular NW ocean, island & sunset views of Howe Sound and Bowen Island. Offering approx 105 ft of natural shoreline with an oceanside dock & terrace, this current res feat approx 3274 sq ft on 2 sprawling levels incl a large LR & DR, an open kitchen, 3 spacious bedrooms & large rec rm down. The value of this ppty is mainly in the land & can be purchased in conjunction with its neighbouring ppty (6951 Isleview Road) to create a World Class W/F compound or simply bought to develop your own custom residence. A full topographical survey & model is available. This is a truly spectacular building site & a very rare opportunity!


#3 ) Address:2800 RIVER RD, Terra Nova, Richmond

September 15, 2011 V909969 $8,480,000 $0 0%
October 27, 2011 V909969 removed after 42 days
February 23, 2012 V933025 $6,900,000 $-1,580,000 -19%
May 09, 2012 V933025 removed after 76 days
June 08, 2012 V955210 $5,880,000 $-2,600,000 -31%
May 07, 2013 V955210 removed after 333 days
May 21, 2013 V1007340 $4,288,000 $-4,192,000 -49%

v1007340_1

Current Days on Market: 629 (1.72years)
Current ‘Official’ Days on Market: 15
2012 Assessment: $3,245,000
2011 Assessment: $3,304,000
Desperation Score: 33.8

The Terra Nova neighbourhood in Richmond showcases this stunning custom home, offering over 11,900 sq ft of living space situated on 1.24 acres of lush landscape boasting ample outdoor space which makes it perfect for entertaining with family&friends. Enter into this home and be treated to a large foyer with an extravagant central spiral staircase, and indulge in the luxury of 2 kitchens, 5 large beds, 6 baths, and master suite including a spa-like ensuite, walk-in closet, and private balcony. An at-home theatre, gym, and 42 ft indoor pool with bar exemplifies the luxurious lifestyle this home has to offer. The 3 car garage, air-conditioning, 2 water fountains and elevator make this home a one of a kind masterpiece!


#2 ) Address:1150 HARO ST, West End, Vancouver West

September 11, 2008 V732244 $3,380,000 $0 0%
December 16, 2008 V732244 removed after 96 days
September 16, 2009 V787170 $3,998,000 $0 0%
October 23, 2009 V787170 removed after 37 days
March 10, 2010 V803207 $3,588,888 $-409,112 -10%
May 10, 2010 V803207 removed after 61 days
September 26, 2012 V973445 $2,300,000 $-1,698,000 -42%
November 14, 2012 V973445 $2,250,000 $-1,748,000 -44%
January 19, 2013 V973445 $1,999,999 $-1,998,001 -50%
March 01, 2013 V973445 $1,890,000 $-2,108,000 -53%
April 19, 2013 V973445 removed after 205 days
April 24, 2013 V1002761 $1,790,000 $-2,208,000 -55%

v1002761_1

Current Days on Market: 252 (0.69years)
Current ‘Official’ Days on Market: 42
2012 Assessment: $1,853,000
2011 Assessment: $1,657,000
Desperation Score: 41.5

Be a part of Vancouver’s history with this historical 1892 Circa “Victoria” designed residence which was meticulously restored to original splendor and infused with all the modern conveniences demanded today. It offers prominent entertainment areas, study/office, grand entrance foyer with stunning banister, accentuated ceilings with detailed crown & baseboard moulding, gourmet chefs kitchen, incredible custom millwork and top quality craftsmanship throughout. 3 spacious and elegant bedrooms above. Main living area opening to a private southerm courtyard patio with lush vegetation providing compelete tranquility. This home offers ample storage, 2-car garage with lane access. Truly magnificent!


#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%
May 30, 2013 V982221 $7,498,000 $-10,402,000 -58%

v982221_1

Current Days on Market: 1060 (2.90years)
Current ‘Official’ Days on Market: 177
2012 Assessment: $6,130,000
2011 Assessment: $5,947,000
Desperation Score: 39.1

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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24 responses to “Monthly Drop Metro Vancouver Detached for May 2013

  1. M- June 4, 2013 at 10:01 pm

    What’s up with the crazy overpriced listings? There were what, 2 of them that were priced under assessment? No wonder sales are weak!

  2. bailinginbc June 4, 2013 at 11:01 pm

    Great to see you back at it An Observer. I’m doing my share in my own little way. Anyone interested in Squamish data can check out what I have compiled here-

    http://vancouverpeak.com/Thread-Squamish-Data?highlight=Squamish

  3. Pingback: Monthly Drop Metro Vancouver Detached for May 2013 | Vancouver Price Drop | The Affluent Boomer

  4. José June 5, 2013 at 8:26 am

    Good to see you back. A quick observation though – there has been very little price dropping (from your 20 samples) in the last 30 days. Maybe it’s optimism that the spring/summer will be better.

    But it is an indication that desperation has slowed a little. Will desperation pick up again in the fall? Only time will tell.

    • an observer June 5, 2013 at 8:38 am

      It has more to do with the change in format I think since previously I wouldn’t include any of the listings that had not changed in the past month. Also, this represents the ultra overpriced units of the high end market so hard to draw comparisons to “normal” homes.

      • Dan June 5, 2013 at 2:45 pm

        I will comment how happy I am to see a post, it’s my outlet for my Real Estate Pxrn..

        But I must say This posting of “Ultra Rich playing investing / fliiping with 1 Mill plus houses” does not really carry any value for me. I want to see evidence if the “Normal income Family Home” market of 400 – 700k ever will return.

  5. Joe, West End June 5, 2013 at 9:35 am

    SO HAPPY YOU ARE BACK !!!

  6. Real Estate Tsunami June 5, 2013 at 9:54 am

    # 16 is a complete disaster. It’s so dark inside. Far too customized.
    I think it will have to go below 1 mill.

    • M- June 5, 2013 at 2:44 pm

      Looking at #16’s pictures, I think the interior is fine– or at least, would be with a little repainting– to me, there’s nothing significantly objectionable. Except for maybe the tiny bit of “balcony” in the living room, which looks more like an afterthought. I was even thinking “hey, if this drops enough, I’d be interested in it”.

      Then I got to the exterior photos. My big, big, big objection to that place is the exterior. That’s got to be one of the ugliest houses I’ve seen in a loooong time. I’d take a Vancouver Special over that thing, anyday. The outside would take a lot more than paint to fix. Heck, I’d be embarrassed to live next door to a place like that.

  7. bullwhip29 June 5, 2013 at 2:29 pm

    Welcome back.

    I see that monstrosity I’ve been keeping an eye on has moved all the way up to #3 on your list. No idea what the designer/contractor/RE mogul wannabee was thinking when they constructed this mess. I am betting this NEVER sells in its present form and will ultimately become THE model example of what NOT to do. In other words, a very expensive experiment gone bad. Perhaps, in due course, an entire thread can be devoted to cases like this that are undoubtedly headed for listing price drops well in excess of 75% (implying the owner lost everything and then some on the deal) Sure, someday someone will take a crack at this closer to lot value (whatever that may be at the time), knock the current home down and rebuild their dream home here as it is considered a prime “waterfront” lot with a fantastic bird’s eye view of the soon to be expanding runways over at YVR.

    In other matters (but not entirely unrelated), it looks like Japan may soon become the new Greece. If this turns out to be the case, then all the bets are off for this so called “balanced” RE market, the S&P 500 and everything else all the sheeple are long up the ying-yang.

    Cheers all.

    • M- June 5, 2013 at 2:47 pm

      I have a relative who often hangs out at the public park across the street, and he’s never seen anybody there except for housekeepers and landscapers. That’s an expensive place to have as a vacation house… I remember when that house was having a major reno several years ago, it was a very weird design.

      At least the location is fantastic!

      • Real Estate Tsunami June 5, 2013 at 4:19 pm

        It’s not a vacation house.
        The owners are South Asian and the style is Indian.
        This makes it even harder to sell in Richmond.

      • bullwhip29 June 5, 2013 at 8:15 pm

        The location isn’t as great as it seems (I was just being sarcastic). At night, the sounds of jets taking off every few minutes can do all sorts of funky things with your mind. Waterfront Seafair or even Steveston is a way better bet IMHO. Personally, I much prefer walking/biking the southern half of the dyke trail (ie. Francis down to the village) versus the northern section.

        Yes, it is a weird design.

    • zomble June 5, 2013 at 6:26 pm

      This is the poster boy listing for not what to do. they have been at it almost 15 years

      http://www.realtor.ca/propertyDetails.aspx?propertyId=12401423&PidKey=-783116236

  8. Pierre June 5, 2013 at 8:53 pm

    Glad to see you back! I was worried you had stopped writing this blog. Keep up the good work!

  9. Seeking Knowledge... June 5, 2013 at 10:12 pm

    So happy to have the posts back up again. Thanks so much for the work you put into this site Observer. As much as the wow-factor I get when I see the tens of millions of $ price drop, I would also prefer to see homes in the $1 million range. Just a suggestion, nothing more.

  10. borg June 6, 2013 at 12:30 am

    Chinese Forums Westca.com is offering Group Sale on Hungerford’s Altitude.
    http://newhome.westca.com/Newhome/newhomedetail/newhomeid=5688/op=groupbuy/

  11. borg June 6, 2013 at 12:45 am

    V982072 – outside the property for sale, there are now 3 realtors’ signs, a Cowling,, a “Viram” and a “Julia Lau”. Its originally asking price of $5.88M has dropped dramatically to $3.99M but still 50% over its current assessed value.

  12. bullwhip29 June 6, 2013 at 8:49 am

    Looks like MLS is having its recurring data problem again. Come on guys. Geez, we wouldn’t want some poor innocent bystander to start thinking # listings is suddenly falling off a cliff?

    • Real Estate Tsunami June 6, 2013 at 10:34 am

      Same problems as a week ago.
      I guess lower sales means lower income for MLS.
      So they have cut back administrative staff and expenses.
      Sellers should contact their realtor and complain.

  13. Curious June 6, 2013 at 3:39 pm

    Finally #8 ) Address:1010 W 57TH AV, South Granville, Vancouver West has made the list. I have been tracking this one for a year. Drive down Oak and you will see it complete with a wire dangling on the side of the house that has always been there.

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