Vancouver Price Drop

Documenting Vancouver real estate price movements

Vancouver West Attached Spotlight – June 10, 2013

Here are the top 10 most desperate attached properties in Vancouver West.

The formula attempts to determine the level of desperation for a particular home by looking at price drops and relistings and weighting them based on the size of the drop and how recently it happened.


#10 ) Address:# 2900 1280 RICHARDS ST, Yaletown, Vancouver West

March 07, 2012 V935549 $2,648,800 $0 0%
April 03, 2012 V935549 $2,548,800 $-100,000 -4%
April 14, 2012 V935549 $2,395,000 $-253,800 -10%
July 26, 2012 V935549 removed after 141 days
August 09, 2012 V965537 $2,380,000 $-268,800 -10%
September 25, 2012 V965537 $1,980,000 $-668,800 -25%
December 20, 2012 V965537 removed after 133 days
February 22, 2013 V991943 $2,180,000 $-468,800 -18%
May 06, 2013 V991943 removed after 73 days
May 09, 2013 V1006036 $2,180,000 $-468,800 -18%

v1006036_1

Current Days on Market: 461 (1.26years)
Current ‘Official’ Days on Market: 33
2012 Assessment: $2,284,000
2011 Assessment: $2,462,000
Desperation Score: 28.9

This apartment has been listed for over a year, had the assessment drop by $200K and is listed $200K higher than it was in December…

Welcome to the 29th flr at the Grace. Boasting 2311 sqft of exquisite living space with stunning 360 degree picturesque views of the Vancouver skyline and beyond. Enter directly from the elevator into the inviting foyer, you will be taken aback by the 200 year old reclaimed fir flooring that runs throughout the impressive living spaces. Dining and living rooms are vast with tremendous vistas towards English Bay. The State of the art Kitchen with Sub Zero Fridge, 5 burner gas cooktop and double wall ovens are a chefs dream. 4 outdoor living areas ensure you can enjoy the sun and outlook in every direction. The most exclusive building in Yaletown with biometric security systems, concierge, and amazing facilities. 3 parking incl.


#9 ) Address:2328 SPRUCE ST, Fairview, Vancouver West

May 28, 2011 V890832 $1,810,000 $0 0%
January 01, 2012 V890832 removed after 218 days
January 07, 2012 V923797 $1,810,000 $0 0%
April 21, 2012 V923797 $1,860,000 $0 0%
August 10, 2012 V923797 removed after 216 days
August 18, 2012 V966969 $1,860,000 $0 0%
October 05, 2012 V966969 $1,799,900 $-60,100 -3%
February 07, 2013 V966969 removed after 173 days
February 13, 2013 V989981 $1,699,900 $-160,100 -9%
May 12, 2013 V989981 removed after 88 days
May 21, 2013 V1007949 $1,555,000 $-305,000 -16%

v1007949_1

Current Days on Market: 745 (2.04years)
Current ‘Official’ Days on Market: 21
2012 Assessment: $1,918,000
Desperation Score: 28.9

This townhome has been listed for over 2 years, is currently almost 20% below assessment.  3% in price drops over the first 20 months and  13% more in the last 4 months

Fairview Green, 9 exquisite townhomes located on West 7th at Spruce. 3-Bedroom home spans over 3 levels. Private elevator takes you between garage, living & 3 levels. Patio off kitchen & large roof-deck are pleasant retreats. High-end appliances like SubZero fridges, Wolfe gas cooktops, BI wine fridge & extra-long kitchen isl make home entertainment a breeze. Finely appointed ensuites features rain showerheads, separate deep soaker-tubs & sleek limestone tile. 2 U/G parkings directly accessible from every home, storage locker & bike room. This coveted west-side location affords residents unobstructed views of False Creek & beyond. Pedestrian & bike-friendly as it sits next to a dedicated bike route. MOVE IN NOW!!!


#8 ) Address:# 601 499 DRAKE ST, Yaletown, Vancouver West

September 27, 2007 V670617 $5,599,000 $0 0%
March 13, 2008 V670617 $4,900,000 $-699,000 -12%
April 11, 2008 V670617 removed after 197 days
June 18, 2011 V889173 $6,900,000 $0 0%
August 31, 2011 V889173 removed after 74 days
May 09, 2012 V948740 $6,199,000 $-701,000 -10%
July 31, 2012 V948740 $5,890,000 $-1,010,000 -15%
October 24, 2012 V948740 $5,480,000 $-1,420,000 -21%
January 01, 2013 V948740 removed after 237 days
January 23, 2013 V986624 $4,999,900 $-1,900,100 -28%
May 28, 2013 V986624 removed after 125 days
May 30, 2013 V1009590 $4,880,000 $-2,020,000 -29%

v1009590_1

Current Days on Market: 398 (1.09years)
Current ‘Official’ Days on Market: 12
2012 Assessment: $4,371,000
2011 Assessment: $4,528,000
Desperation Score: 31.9

Sold for $3,540,000 in November 2005 and resold for $3,900,000 million in November 2006 for a net profit after transactional fees of $170K

Sold for $3,900,000 in November 2006 so if sold at current list price the net profit after transactional fees would be $755K

“Priced well below replacement value for immediate sale.” – LOL is all I have to say about that.   They tried to sell the place for $5.6 million for a $1.7 million profit less than a year after they bought it but that failed so they wait 3 and a half years, tack on an extra million and change and are once again surprised to not sell.  The place has now dropped over $2 million and is still well over assessment

The meticulous attention to detail in this two storey Manhattan style home greets you from the moment you enter this 4800 sq. ft. residence from your private elevator. The Cheery wood and custom millwork finishes give a welcoming warm feeling, the handcrafted limestone and mosaic tiles a sense of elegance. Huge floor to ceiling windows and high celiings a sense of space. Three bedrooms with ensuites on the sleeping level are joined by a majestic marbel staircase to the entertainment size living areas and gourmet commercial kitchen. For relaxation: your personal 39 ft. infinity indoor lap pool, hot tub and 7 large sunny patios. Priced well below replacement value for immediate sale.


#7 ) Address:# 403 997 W 22ND AV, Cambie, Vancouver West

February 04, 2009 V751104 $479,000 $0 0%
March 26, 2009 V751104 $469,900 $-9,100 -2%
April 17, 2009 V751104 $463,000 $-16,000 -3%
May 30, 2009 V751104 $449,900 $-29,100 -6%
August 01, 2009 V751104 removed after 178 days
April 07, 2010 V819765 $489,900 $0 0%
April 22, 2010 V819765 $475,000 $-14,900 -3%
May 27, 2010 V819765 $469,000 $-20,900 -4%
June 13, 2010 V819765 $463,000 $-26,900 -5%
July 23, 2010 V819765 removed after 107 days
August 14, 2010 V845970 $459,000 $-30,900 -6%
September 16, 2010 V845970 $449,000 $-40,900 -8%
December 06, 2010 V845970 removed after 114 days
January 14, 2011 V863218 $449,000 $-40,900 -8%
February 17, 2011 V863218 $455,000 $-34,900 -7%
March 16, 2011 V863218 $463,000 $-26,900 -5%
March 17, 2011 V863218 $455,000 $-34,900 -7%
March 31, 2011 V863218 removed after 76 days
May 11, 2011 V887411 $458,800 $-31,100 -6%
May 26, 2011 V887411 $453,800 $-36,100 -7%
June 07, 2011 V887411 $449,900 $-40,000 -8%
June 23, 2011 V887411 $448,000 $-41,900 -9%
July 23, 2011 V887411 $446,000 $-43,900 -9%
July 29, 2011 V887411 removed after 79 days
August 13, 2011 V904833 $443,000 $-46,900 -10%
September 07, 2011 V904833 $440,000 $-49,900 -10%
September 20, 2011 V904833 $438,000 $-51,900 -11%
October 12, 2011 V904833 removed after 60 days
November 03, 2011 V918228 $439,800 $-50,100 -10%
January 14, 2012 V918228 $438,000 $-51,900 -11%
January 31, 2012 V918228 $436,900 $-53,000 -11%
February 22, 2012 V918228 removed after 111 days
March 15, 2012 V937272 $436,000 $-53,900 -11%
April 11, 2012 V937272 $433,900 $-56,000 -11%
May 01, 2012 V937272 removed after 47 days
May 26, 2012 V952668 $439,900 $-50,000 -10%
June 19, 2012 V952668 $433,900 $-56,000 -11%
July 05, 2012 V952668 $430,000 $-59,900 -12%
August 01, 2012 V952668 removed after 67 days
August 16, 2012 V966752 $433,900 $-56,000 -11%
September 07, 2012 V966752 $430,000 $-59,900 -12%
September 18, 2012 V966752 $429,900 $-60,000 -12%
October 11, 2012 V966752 $428,800 $-61,100 -12%
October 20, 2012 V966752 $425,000 $-64,900 -13%
October 31, 2012 V966752 removed after 76 days
November 09, 2012 V979592 $425,000 $-64,900 -13%
November 23, 2012 V979592 $420,000 $-69,900 -14%
December 03, 2012 V979592 removed after 24 days
January 18, 2013 V985775 $428,000 $-61,900 -13%
February 05, 2013 V985775 $423,000 $-66,900 -14%
March 05, 2013 V985775 $419,900 $-70,000 -14%
April 05, 2013 V985775 removed after 77 days
May 09, 2013 V1006006 $419,000 $-70,900 -14%
June 02, 2013 V1006006 $416,000 $-73,900 -15%
June 07, 2013 V1006006 $415,000 $-74,900 -15%

v1006006_1

Current Days on Market: 1161 (3.18years)
Current ‘Official’ Days on Market: 33
2012 Assessment: $389,000
2011 Assessment: $386,000
Desperation Score: 32.0

Listed for over 3 years and in that time have had 32 prices drops, 8 price increases and 13 MLS numbers!!!!!!!  Yet still over assessment…  Worthy of the VancouverPriceDrop hall of fame

The CRESCENT at Shaughnessy!! Top Floor, 700sf, QUIET side of building on a tree lined street facing Douglas Park. Unobstructed Downtown, city & mountain VIEWS from living room & balcony!! Flexible layout features a LARGE master bedroom, living room & dining room, a heated den/flex space (large enough for a single bed), private balcony & LARGE insuite storage room. Luxuriously appointed with engineered hardwood floors, granite countertops, insuite laundry & a cozy electric fireplace. Fully rain screened with balance of 10 year warranty. One large parking stall included. Close to hospital, schools, shopping & transit & short 10 minute walk to Canada Line. Nice newer boutique style building. Great investment potential at $1,700/m.


#6 ) Address:# 207 2893 W 41ST AV, Kerrisdale, Vancouver West

September 30, 2007 V671498 $625,000 $0 0%
November 02, 2007 V671498 removed after 33 days
March 21, 2012 V938186 $849,000 $0 0%
April 13, 2012 V938186 $829,900 $-19,100 -2%
April 24, 2012 V938186 removed after 34 days
May 02, 2012 V946786 $799,900 $-49,100 -6%
June 09, 2012 V946786 $759,000 $-90,000 -11%
June 29, 2012 V946786 $729,000 $-120,000 -14%
August 01, 2012 V946786 removed after 91 days
September 12, 2012 V970532 $699,000 $-150,000 -18%
December 11, 2012 V970532 removed after 90 days
January 09, 2013 V984028 $699,900 $-149,100 -18%
February 21, 2013 V984028 $688,888 $-160,112 -19%
April 01, 2013 V984028 removed after 82 days
April 07, 2013 V999426 $679,000 $-170,000 -20%
May 30, 2013 V999426 $650,000 $-199,000 -23%

v999426_1

Current Days on Market: 447 (1.22years)
Current ‘Official’ Days on Market: 65
2012 Assessment: $592,000
2011 Assessment: $585,000
Desperation Score: 32.0

Yet another listed over a year and looking at the price it isn’t a surprise but wait, “Truly a rare find and in many ways better than new.”

Stunning mid-century modern styled, two bedroom townhouse on Vancouver’s West Side. This 70’s, 19 unit development situated on a large plot of land, features and outdoor pool and gardens. The home is set well back of the street and is drenched in east facing light. Sought after features include a wood-burning fireplace, solid oak hardwood floors, and five large outdoor decks. The entire complex has been upgraded with a new roof, exterior cladding, new windows, and composite decking. Truly a rare find and in many ways better than new. One parking included with additional parking available for rent subject to availability. Open House: Saturday, June 8th 1-3pm


 

#5 ) Address:2046 WHYTE AV, Kitsilano, Vancouver West

June 05, 2008 V713623 $1,998,000 $0 0%
June 12, 2008 V713623 removed after 7 days
May 07, 2010 V828196 $1,980,000 $-18,000 -1%
May 20, 2010 V828196 removed after 13 days
February 06, 2013 V989146 $1,725,000 $-273,000 -14%
March 13, 2013 V989146 $1,580,000 $-418,000 -21%
April 04, 2013 V989146 removed after 57 days
April 07, 2013 V999725 $1,450,000 $-548,000 -27%
April 10, 2013 V999725 $1,399,000 $-599,000 -30%

v999725_1

Current Days on Market: 125 (0.34years)
Current ‘Official’ Days on Market: 65
2012 Assessment: Building Unfinished
Desperation Score: 33.8

2008 and 2010 pricing was for the lot sale (well at least 2010) but this new half duplex is down 30% and $600K in 2 months…

PRIME KITS POINT NEW CONTEMPORARY 1/2 Duplex. Stunning Architecturally designed by Award Winning LOY LEYLAND. Gorgeous tree lined street, 1/2 block to Kits Beach! Executive Rainscreened Home with 2-5-10 year Warranty! SHOWS BEAUTIFULLY! Walk to the trendy 4th Avenue shops, restaurants, the Seawall, Granville Island with easy access Downtown! Open Sat May 8th 2-4pm


#4 ) Address:# 1203 5989 WALTER GAGE RD, University, Vancouver West

December 21, 2007 V681455 $1,390,000 $0 0%
April 01, 2008 V681455 $1,360,000 $-30,000 -2%
September 07, 2008 V681455 removed after 261 days
July 02, 2011 V897697 $1,450,000 $0 0%
November 16, 2011 V897697 $1,390,000 $-60,000 -4%
December 28, 2011 V897697 removed after 179 days
January 11, 2012 V924494 $1,370,000 $-80,000 -6%
March 24, 2012 V924494 $1,290,000 $-160,000 -11%
May 14, 2012 V924494 removed after 124 days
July 07, 2012 V960581 $1,868,000 $0 0%
October 13, 2012 V960581 $2,186,000 $0 0%
March 01, 2013 V960581 removed after 237 days
March 27, 2013 V997597 $1,738,000 $-448,000 -20%
April 30, 2013 V997597 $1,638,000 $-548,000 -25%
May 09, 2013 V997597 $1,678,000 $-508,000 -23%

v997597_1

Current Days on Market: 710 (1.95years)
Current ‘Official’ Days on Market: 76
2012 Assessment: $1,260,000
2011 Assessment: $1,340,000
Desperation Score: 34.4

Listed for almost 2 years and about 33% OVER assessment.  It didn’t sell for $1.29 million up to May of 2012 so they pull the listing and change the price to $1.87 million 2 months later.  That doesn’t work so 3 months later they raise the price by another $320K to $2.186 million and over 70% ABOVE assessment!  In the 2 months since relisting they have come down $500K and 23% although the last price change was an increase so who knows, could be listed for $3 million shortly

Fabulous 270 degree view of ocean, 3 parking stalls, approx 250sq.ft of entertainer size balcony. Designer kitchen with Miele & Sub-Zero appliances. Granite countertops, spa-like bathroom; recent renovation makes the lovely unit just like new!! Call for your private viewing today!


#3 ) Address:# 3801 1495 RICHARDS ST, Yaletown, Vancouver West

April 29, 2009 V763591 $2,499,000 $0 0%
June 04, 2009 V763591 removed after 36 days
January 26, 2012 V927749 $4,980,000 $0 0%
March 06, 2012 V927749 $4,595,000 $-385,000 -8%
May 12, 2012 V927749 $4,198,000 $-782,000 -16%
May 28, 2012 V927749 removed after 123 days
June 06, 2012 V954794 $3,888,000 $-1,092,000 -22%
October 08, 2012 V954794 removed after 124 days
October 20, 2012 V977339 $3,888,000 $-1,092,000 -22%
October 26, 2012 V977339 $3,788,000 $-1,192,000 -24%
November 10, 2012 V977339 $3,998,000 $-982,000 -20%
February 28, 2013 V977339 $3,688,000 $-1,292,000 -26%
May 30, 2013 V977339 removed after 222 days
June 06, 2013 V1010735 $3,588,000 $-1,392,000 -28%

v1010735_1

Current Days on Market: 502 (1.38years)
Current ‘Official’ Days on Market: 5
2012 Assessment: $2,601,000
2011 Assessment: $2,544,000
Desperation Score: 38.3

Sold for $2,099,000 in July 2009 so if sold at current list price the net profit after transactional fees would be $1.35 million

Purchased in 2009 for $2.1 million and then they relist 2 and a half years later for $5 million… makes sense…  We’re now down $1.4 million and 28% but still miles away from reality listing at 1 million above assessment

Feel on top of the world! The only apartment on the top level of this prestigious Yaletown building! Stunning 270 degree water, city and mountain views from this 2500 sqft luxury home. With 3 beds, 4 baths, a chef inspired kitchen with top-of-the-line stainless steel appliances, and granite counter tops this penthouse has it all! Azura II is 38 floors of sheer contemporary beauty, a pinnacle landmark set right at the foot of George Wainborn Park. Home to the Beach Crescent Neighbourhood a magical combination of city and ocean, surrounded by acres of lush landscaped parks and wide-open spaces. Enjoy first class amenities at Super Club including an indoor hot tub, pool, gym, theatre room, concierge services and much more!


#2 ) Address:1419 W 11TH AV, Fairview, Vancouver West

August 15, 2007 V663585 $989,000 $0 0%
January 12, 2008 V663585 removed after 150 days
January 31, 2008 V685802 $979,000 $-10,000 -1%
May 07, 2008 V685802 removed after 97 days
September 14, 2012 V971091 $1,329,000 $0 0%
September 18, 2012 V971091 removed after 4 days
September 20, 2012 V972459 $1,180,000 $-149,000 -11%
October 24, 2012 V972459 $1,036,000 $-293,000 -22%
February 19, 2013 V972459 removed after 152 days
February 22, 2013 V992131 $988,000 $-341,000 -26%
May 09, 2013 V992131 $949,000 $-380,000 -29%
May 10, 2013 V992131 removed after 77 days
May 25, 2013 V1008488 $949,000 $-380,000 -29%

v1008488_1

Current Days on Market: 270 (0.74years)
Current ‘Official’ Days on Market: 17
2012 Assessment: $996,000
2011 Assessment: $962,000
Desperation Score: 38.3

It took 29% in drops to get it below assessment and now they claim “Best value in the Westside”.  Don’t think so

Best value in the Westside. Spacious town home in very chic South Granville ready to move in! Over 1900sqft of living on 4 levels. Contemporary finishes with top of the line, Sub Zero & Miele appliances, generous sized principal rooms and granite counters. This comes with brand new flooring, fresh paint and high ceilings! Steps to shopping, restaurants, and Granville Island. Call today for a private viewing of this unique opportunity!


#1 ) Address:# 3401 1189 MELVILLE ST, Coal Harbour, Vancouver West

June 16, 2007 V653645 $2,295,000 $0 0%
October 01, 2007 V653645 removed after 107 days
October 07, 2009 V791444 $1,788,000 $-507,000 -22%
October 30, 2009 V791444 $1,718,000 $-577,000 -25%
January 29, 2010 V791444 removed after 114 days
January 14, 2012 V925274 $2,188,000 $-107,000 -5%
March 08, 2012 V925274 removed after 54 days
March 12, 2012 V936640 $2,099,000 $-196,000 -9%
May 14, 2012 V936640 removed after 63 days
September 14, 2012 V971181 $2,088,000 $-207,000 -9%
October 17, 2012 V971181 $1,998,000 $-297,000 -13%
November 24, 2012 V971181 $1,850,000 $-445,000 -19%
January 29, 2013 V971181 $1,698,000 $-597,000 -26%
April 01, 2013 V971181 removed after 199 days
April 18, 2013 V1001643 $1,698,000 $-597,000 -26%
May 21, 2013 V1001643 $1,598,000 $-697,000 -30%

v1001643_1

Current Days on Market: 514 (1.41years)
Current ‘Official’ Days on Market: 54
2012 Assessment: $1,633,000
2011 Assessment: $1,676,000
Desperation Score: 39.5

Sold for $1,650,000 in March 2010 so if sold at current list price the net loss after transactional fees would be $138,000 and this is after an “EXTENSIVE COMPLETE UPDATED RENOVATION, MODERN and Contemporary European Design. Brand NEW Miele and Fisher & Paykel stainless steel kitchen appliance package.”… ouch.

AMAZING LUXURY HOME WITH PANORAMIC OCEAN & MOUNTAIN VIEW in every room. 24 hour concierge to assist your needs,the building offers pool, sauna, jacuzzi,gym,large storage space, 2 parking stalls. Steps to Shoppers,Starbucks, Urban fare, 7/11, Waves coffee,medical clinic, Coal Harbour Community Center, parks. Day care is just downstairs.Like brand New-2012 EXTENSIVE COMPLETE UPDATED RENOVATION, MODERN and Contemporary European Design. Brand NEW Miele and Fisher & Paykel stainless steel kitchen appliance package. Air condition, alarm, large patio. full bathroom in every room. Jacuzzi, shower, his and her double sink for master room. Powder room, pantry, laundry ,move in to enjoy

28 responses to “Vancouver West Attached Spotlight – June 10, 2013

  1. Greg June 10, 2013 at 3:15 pm

    Everyone seems to be selling over assessment nowadays! Just need the right buyer to come along at the right time!

  2. Tai June 10, 2013 at 4:00 pm

    #7 has an awesome view and the new price seems reasonable. Surprised it’s not snatched up yet.

    • an observer June 11, 2013 at 10:25 am

      Is this your place? $600/sqft for that place is comical and if they don’t get realistic it’ll be on the market for another 3 years. They are dropping the price by $1K/week but they need to be drop it $50K or more to have a chance to sell it before things get really nasty

    • Vancouverguy June 11, 2013 at 10:51 am

      Had the realtor make a mistake so had to re-do but they sent the document to MLS too quickly thus the re-posts…LOL I’ve had three offers. One an overseas buyer who apparently made offers on other places as well and bailed at the last minute. Then had another offer where the buyer realized at the last minute they couldn’t get financing, then the final offer where they wanted me out in 3 weeks – totally crazy times!

    • Vancouverguy June 11, 2013 at 10:56 am

      Actually the unit is a pretty good deal compared to what the other’s in the building are selling for (3rd floor on a noisy street, no view and no balcony), then top floor same view but waaay overpriced at $740,000 ($800/per sq ft). It’s a decent rain screened building in a nice area and can rent for up to $1.700 a month. I’ve seen a place on 728 West 8th that sold for over $600,000 and it’s a 1 bedroom. so for $600 for a decent sized place with a view, in reality yeah thats a good deal.

  3. Sheila June 10, 2013 at 4:01 pm

    #3 is waay overpriced at 3 million? Wow

    • an observer June 11, 2013 at 11:38 am

      Sheila / Vancouver Guy / Tai / Greg / Random Realtor having a bad day/week/month/year (I can see your IP adress – Internet FTW),

      Yes this is way overpriced. It is 3.6 million not 3 million (which would still be way overpriced), 1 million over assessment and 1.5 million and 70% over the purchase price from 4 years ago.

      • Real Estate Tsunami June 11, 2013 at 1:59 pm

        Realtors, prepare for this weekend’s open houses.
        They are at record level for this time of the year.
        Sellers are getting antsy. Slow summer season is coming, and no activity.
        Be prepared for a new wave of listings this fall.

  4. RFM June 10, 2013 at 7:49 pm

    And now……..the good news! The companies that provide furniture staging for vacant properties are cleaning up! Wow. Based on my experienced review of the photos for all 10 properties, here’s my opinion:
    #10: occupied
    #9: staged
    #8: occupied
    #7: occupied
    #6: occupied
    #5: staged
    #4: staged
    #3: occupied
    #2: staged
    #1: empty
    So, exactly 50% empty and 50% occupied. At some point, empty properties draining the owners’ pocketbooks of thousands of dollars a month will have to change hands. Just wait until the interest rates start to rise late this year or next. And regarding #9, there are currently 2 of the 9 units in that development priced at $1,555,000. Both were close to $2,000,000 originally. I talked to several people considering them and they passed, feeling the price was too high. Wondering what the 7 owners who paid $2,000,000 and up think now.

  5. Brian June 11, 2013 at 9:59 am

    #1 is funny. I pass by that house on my way to Richmond sometimes. It’s right on the corner of 57th and Oak. Who in their right mind would pay close to 7 million (now 3.8m) to live on a busy street full of speeding HAM on their way to Richmond? Also, walking distance to absolutely nothing.
    This house also has a laneway home, which makes absolutely no sense. I doubt anyone who could ttruly afford 4 mil or 7 mil would go through the hassles of renting a laneway home out. Makes absolutely no sense. I know if I had that much money to buy a house, I wouldn’t bother with renting a portion of it out as a “mortgage helper” unless you’re financially illiterate and only need a big house for show but really can’t afford it.
    Sorry, the days of HAM coming to vancouver with cash are over. They are now panning out to other cities.

    • J levine June 14, 2013 at 12:04 am

      Brian, ever heard of “home equity release” They’re all at it. It’s why you see the big flashy cars. The assessment doesn’t really matter. Just get a bank somewhere in the world to lend you money against the “value” of your home, or your hyped rental income. That’s the real game.

  6. Seeking knowledge... June 11, 2013 at 1:04 pm

    It’s hilarious that Sheila / Vancouver Guy / Tai / Greg / Random Realtor would try to do his/her marketing in this blog. Things are indeed getting bad out there. There was a feast for the past decade, be prepared for the famine.

    Great blog and good work Observer. Your audience is getting wider.

  7. Vancouverguy June 11, 2013 at 1:31 pm

    #9 – I think that Trevor Linden developed that building it’s one of their units that looks to be for sale. Quite nice but very pricey as most townhouses in the area are just under 1 million.

  8. Pingback: Coal Harbour Flipper In Trouble | Vancouver Flippers In Trouble

  9. Michael June 11, 2013 at 3:12 pm

    Property #1 is featured in the inaugural post of Vancouver Flippers In Trouble.

    http://vancouverflippersintrouble.wordpress.com/

  10. Roy June 12, 2013 at 8:08 pm

    #8, #4: Hall of Stupidity
    #7: Out of Touch with Reality
    #3: Probably won’t be feeling “on top of the world” in a couple years

    Vancouver really has not seen desperation…. yet.

  11. Steph Carne August 2, 2013 at 11:43 am

    Hi
    Great blog. While the properties with the big drops are interesting, most of them are either condos or out of my price range anyway. It would be more interesting if you focused within a fews neighbourhoods on the 3-4 bedroom single family home and maybe the 2-3 bedroom condo. Its still difficult for me to judge how well the 3-4 bedroom West End single family homes are selling – they look like they are still selling pretty well to me.
    Thanks

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