Vancouver Price Drop

Documenting Vancouver real estate price movements

North Vancouver Spotlight – June 16, 2013

Here are the top 10 most desperate properties in North Vancouver

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:4666 LOCKEHAVEN PL, Deep Cove, North Vancouver

June 11, 2012 V955934 $1,179,000 $0 0%
July 26, 2012 V955934 $1,129,000 $-50,000 -4%
August 13, 2012 V955934 removed after 63 days
August 17, 2012 V966871 $1,129,000 $-50,000 -4%
September 05, 2012 V966871 $1,128,000 $-51,000 -4%
October 02, 2012 V966871 $1,089,000 $-90,000 -8%
January 03, 2013 V966871 $999,000 $-180,000 -15%
March 08, 2013 V966871 removed after 203 days
April 03, 2013 V998535 $979,000 $-200,000 -17%
May 22, 2013 V998535 removed after 49 days
May 28, 2013 V1009067 $979,000 $-200,000 -17%

v1009067_1

Current Days on Market: 371 (1.02years)
Current ‘Official’ Days on Market: 20
2012 Assessment: $1,037,000
Desperation Score: 31.3

5 price drops and 4 MLS numbers since last June earn this home a spot in the top 10

Deep Cove C-D-S SUNBELT! Custom built 3 level, 4 BR, 2.5 BT, DBL carport, Mediterranean Style home blessed with all day unobstructed sunshine enjoyed on massive wrap around ent. sundeck or indoors through multi skylights/walls of windows compliments of unique mtn/sun corridor location mid street sweet spot S.facing dble wide & deep 66′ x 132′ mostly level lush private 8712 sqft super lot! K-Grade 12, mins walk to great schools, parks, Cove, shops, beaches, nature trails! 2012 updates inc. All new Energy Star vinyl dble windows/glass sliders, high effic. furn ext paint, sundeck railings perimeter re-surface, granite eat-in kitch, 2011 new torch on roof, up 2013 Assessed Value $1,037,000.INCREDIBLE VALUE oppor to be on $1M + St!


#9 ) Address:973 CLEMENTS AV, Canyon Heights, North Vancouver

May 21, 2012 V951500 $1,100,000 $0 0%
June 12, 2012 V951500 $989,000 $-111,000 -10%
July 16, 2012 V951500 removed after 56 days
July 20, 2012 V962970 $925,000 $-175,000 -16%
September 05, 2012 V962970 removed after 47 days
September 12, 2012 V970537 $899,000 $-201,000 -18%
November 06, 2012 V970537 removed after 55 days
April 13, 2013 V1000850 $838,000 $-262,000 -24%
June 11, 2013 V1000850 $799,000 $-301,000 -27%

v1000850_1

Current Days on Market: 392 (1.07years)
Current ‘Official’ Days on Market: 65
2012 Assessment: $1,124,000
Desperation Score: 31.4

This home is now listed for almost 30% BELOW assessment

Seize this opportunity to build your dream home in Canyon Heights for a fraction of the price. Offering this very private 66 by 120 property, located on a cul-de-sac and sitting on a beautiful greenbelt and creek side location. The property is ideally located close to Edgemont Village, some of the best North Shore schools, numerous parks and Grouse Ski Resort. SYNTHESIS Design has drafted plans for a modern 3700 sq.ft home, value is primarily in the land. All District Streamside requirements being fullfilled by current owner for new build guidelines, hassle free build once complete.


#8 ) Address:750 FORSMAN AV, Lynnmour, North Vancouver

August 13, 2011 V878754 $1,548,000 $0 0%
August 20, 2011 V878754 $1,518,000 $-30,000 -2%
August 26, 2011 V878754 $1,388,000 $-160,000 -10%
January 14, 2012 V878754 $1,658,000 $0 0%
March 13, 2012 V878754 $1,388,000 $-270,000 -16%
June 07, 2012 V878754 removed after 299 days
November 15, 2012 V980122 $1,188,000 $-470,000 -28%
December 05, 2012 V980122 $1,288,000 $-370,000 -22%
December 10, 2012 V980122 $1,298,000 $-360,000 -22%
January 25, 2013 V980122 $1,346,000 $-312,000 -19%
February 07, 2013 V980122 $1,388,000 $-270,000 -16%
May 25, 2013 V980122 $1,360,000 $-298,000 -18%
June 06, 2013 V980122 $1,320,000 $-338,000 -20%

v980122_1

Current Days on Market: 674 (1.85years)
Current ‘Official’ Days on Market: 214
2012 Assessment: $714,800
2011 Assessment: $676,800
Desperation Score: 31.7

Ping Pong Pricing in action here.  Starting with a 20% price increase back in 2012 after sitting on the market for 4 months.  They the relist in November for $1.19 million and increase the price 4 times in a row all the way up to $1.39 million before now entering into a descent.  Currently priced at close to 90% OVER assessment!!!  

Developer Alert! This 9,333 sq ft corner property permits triplex & 3 storey townhomes at 0.8 FSR by approval of District of North Vancouver. Adjacent 1562 E. Keith Rd is available (MLS V904916), combined total 18,476 sq ft. Cul-de-sac, towering cedars are buffer to roadway, recreation, greenbelt, equestrian centre, Lynn Creek, Seymour River, multiple parks, dog walking trails, schools, University, super shopping, theatre, restaurants, etc. Excellent bus service. This location has the fastest access to Greater Vancouver from the North Shore. View by appointment or from streets, do not disturb occupants. Seller motivated.


#7 ) Address:4904 CHALET PL, Canyon Heights, North Vancouver

February 18, 2007 V631224 $1,698,000 $0 0%
May 10, 2007 V631224 removed after 81 days
May 19, 2007 V648228 $1,698,000 $0 0%
August 31, 2007 V648228 removed after 104 days
September 07, 2007 V666836 $1,698,000 $0 0%
November 16, 2007 V666836 removed after 70 days
June 14, 2012 V956558 $2,198,000 $0 0%
September 05, 2012 V956558 $2,098,000 $-100,000 -5%
October 16, 2012 V956558 removed after 124 days
October 19, 2012 V977166 $2,078,000 $-120,000 -5%
December 14, 2012 V977166 $1,980,000 $-218,000 -10%
January 19, 2013 V977166 removed after 92 days
February 17, 2013 V991221 $1,898,000 $-300,000 -14%
April 20, 2013 V991221 $1,849,000 $-349,000 -16%
May 12, 2013 V991221 removed after 84 days
June 02, 2013 V1009863 $1,828,000 $-370,000 -17%

v1009863_1

Current Days on Market: 368 (1.01years)
Current ‘Official’ Days on Market: 15
2012 Assessment: $1,829,00
Desperation Score: 32.2

After 17% in price drops they are now listed below assessment

Location plus, just above Montroyal, city view! Virtually new, very classy with 4 big BR up (each with bath), open plan main with warm wood floors throughout, stunning gourmet kitchen with 6 burner gas range & butlers pantry. Lower level offers recreation area & great suite potential…air conditioned throughout. Extremely private fenced yard abuts greenspace, paver patios front & rear. Large covered hot tub, gas fireplace outside – the entertainer! Easy, level driveway. Truly, shows like NEW! Easy to view.


#6 ) Address:1410 WOODS DR, Capilano, North Vancouver

January 22, 2007 V627048 $678,000 $0 0%
February 06, 2007 V627048 removed after 15 days
July 22, 2012 V963346 $2,077,000 $0 0%
September 29, 2012 V963346 $1,949,000 $-128,000 -6%
January 15, 2013 V963346 removed after 177 days
January 18, 2013 V985761 $1,869,000 $-208,000 -10%
March 02, 2013 V985761 $1,799,500 $-277,500 -13%
March 13, 2013 V985761 $1,779,900 $-297,100 -14%
May 25, 2013 V985761 $1,749,900 $-327,100 -16%
June 07, 2013 V985761 $1,699,970 $-377,030 -18%

v985761_1

Current Days on Market: 330 (0.90years)
Current ‘Official’ Days on Market: 150
2012 Assessment: $1,583,000
Desperation Score: 33.1

This one is actually surprising to me since homes in this area are being snapped up relatively quickly and this one seems like a very nice place at a very good price at least when compared to other properties in the area.  There is no backyard which I suppose is the reason it has been sitting.  5 price drops so far this year and 7 overall.

Magnificent and immaculate, custom built, just like new luxury modern 3 level home, steps to highly desirable Edgemont Village. Located on a very quiet child-friendly street. Top-of-the-line finishing throughout.Meticulous landscapingcomplete with classic stone exterior finish. Exceptional interior with ultra deluxe entertainer’s kitchen includes massive granite island, top-of-the-line appliances, rich cabinetry and open plan family room. Spacious master complete with elegant ensuite. You will appreciate the quality throughout this home. Visit listing agent’s website for more photos and detailed property information.OPEN HOUSE: Saturday, June 15th from 2:30 to 4:00pm AND Tuesday, June 18th from 10:30am to 12:00pm


#5 ) Address:1130 HANDSWORTH RD, Canyon Heights, North Vancouver

August 21, 2009 V782972 $965,000 $0 0%
September 11, 2009 V782972 $929,000 $-36,000 -4%
September 23, 2009 V782972 $889,000 $-76,000 -8%
October 07, 2009 V782972 $859,000 $-106,000 -11%
October 22, 2009 V782972 removed after 62 days
March 06, 2013 V994016 $1,750,000 $0 0%
March 20, 2013 V994016 $1,678,000 $-72,000 -4%
May 02, 2013 V994016 removed after 57 days
May 05, 2013 V1005327 $1,598,800 $-151,200 -9%
May 30, 2013 V1005327 $1,545,000 $-205,000 -12%
June 11, 2013 V1005327 removed after 37 days
June 13, 2013 V1012234 $1,499,000 $-251,000 -14%

v1012234_1

Current Days on Market: 103 (0.28years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $1,152,800
Desperation Score: 33.1

4 price drops in 3 months on this renovation

An Absolutely Stunning Renovation. Feel the spaciousness and uncompromising quality upon walking through the front door of this fabulous Family Home. Gourmet chefs kitchen, custom cabinets, SS appliances, quartz counters, and entertaining size island. Beautiful maple floors throughout, huge dining area and living room with wood fireplace. New cedar deck, new roof, windows, rainscreened siding, floors, crown moldings, kitchen, bathrooms – it’s effectively new home. 3 large bedrooms, 2 full baths up and 2 bdrm nanny suite down. Large 10,800 sf lot, with sunny & private backyard. Great family neighborhood just a short walk to Handsworth Secondary and Canyon Heights Elementary. Open House this SAT: 12-2 pm and SUN: 2-4pm.


#4 ) Address:967 ROSLYN BV, Dollarton, North Vancouver

February 26, 2012 V933878 $3,750,000 $0 0%
March 27, 2012 V933878 $3,690,000 $-60,000 -2%
April 18, 2012 V933878 $3,288,000 $-462,000 -12%
May 16, 2012 V933878 $2,980,000 $-770,000 -21%
June 15, 2012 V933878 $2,750,000 $-1,000,000 -27%
July 25, 2012 V933878 removed after 150 days
August 10, 2012 V965789 $2,690,000 $-1,060,000 -28%
January 03, 2013 V965789 removed after 146 days
February 15, 2013 V990537 $2,388,000 $-1,362,000 -36%
June 06, 2013 V990537 $2,329,000 $-1,421,000 -38%

v990537_1

Current Days on Market: 477 (1.31years)
Current ‘Official’ Days on Market: 122
2012 Assessment: $2,255,000
2011 Assessment: $1,840,000
Desperation Score: 37.0

Down 1.4 million and 38% in a little over a year…  This is another home that I think is really well priced (after $1.4 million in drops!)

This home has everything! Located a short walk from the oceanside, this custom built home occupies a sunny 1/3 acre private lot with water views. Featuring over 5,000 sqft, this 7 bedroom dream home has everything including; theatre, entertainment sized gourmet chef’s kitchen, 2 bedroom suite, swimming pool with fireplace and waterfalls, Koi pond, large flat backyard with gorgeous waterfalls. This is the perfect family home and it won’t last long. Priced well below replacement cost, this incredible value and outstanding lifestyle on the North Shore!


#3 ) Address:2645 EDGEMONT BV, Edgemont, North Vancouver

April 26, 2012 V945680 $2,248,000 $0 0%
June 27, 2012 V945680 removed after 62 days
July 07, 2012 V960571 $2,098,800 $-149,200 -7%
July 20, 2012 V960571 removed after 13 days
September 08, 2012 V970125 $1,998,800 $-249,200 -11%
December 28, 2012 V970125 removed after 111 days
January 25, 2013 V986711 $1,998,000 $-250,000 -11%
March 05, 2013 V986711 removed after 39 days
March 13, 2013 V995172 $1,998,800 $-249,200 -11%
April 04, 2013 V995172 $1,890,000 $-358,000 -16%
June 11, 2013 V995172 removed after 90 days
June 15, 2013 V1012481 $1,798,800 $-449,200 -20%

v1012481_1

Current Days on Market: 417 (1.14years)
Current ‘Official’ Days on Market: 2
2012 Assessment: $1,283,000
Desperation Score: 37.1

1) you did not spend $500K on this renovation – maybe $200K and that’s being generous 2) I know that you shouldn’t judge a book by its cover but come on, that is an ugly looking house.  Should have spent a little bit of that renovation money on the exterior  3) Nice try with that $2.25 million asking price.  I distinctly remember seeing this listing when it first came on the MLS and I actually laughed.

Complete transformation with almost $500K spent in renovation to this over 4600 SF Edgemont home! No expense spared with quality finishings throughout & designer’s touched from top to bottom. Main floor boasts a fabulous layout with a lovely marbled entrance & large living & dining areas which leads to a massive casual entertainment space facing out towards a large deck & level backyard. Upper level offers 4 good size bedrooms plus a bonus large play/game room. Lower level features a rec/media room plus a self contained 2 bedroom inlaw accommodation. Other key features include metal roof, 2 car garage, level driveway & a short stroll to all of Edgemont Village’s amenities! Great value in this sought after neighborhood!


#2 ) 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: 1072 (2.94years)
Current ‘Official’ Days on Market: 189
2012 Assessment: $6,130,000
2011 Assessment: $5,947,000
Desperation Score: 38.3

Over $10 million and 58% in price drops yet still over assessment.  Spectacular home but still horribly overpriced

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!


#1 ) Address:890 BROWNING PL, Blueridge, North Vancouver

December 13, 2012 V982498 $1,075,000 $0 0%
January 09, 2013 V982498 removed after 27 days
January 11, 2013 V984615 $900,000 $-175,000 -16%
January 30, 2013 V984615 removed after 19 days
February 08, 2013 V989497 $1,075,000 $0 0%
February 15, 2013 V989497 $1,030,000 $-45,000 -4%
February 19, 2013 V989497 $999,000 $-76,000 -7%
March 13, 2013 V989497 $998,000 $-77,000 -7%
March 27, 2013 V989497 $975,000 $-100,000 -9%
April 12, 2013 V989497 $965,000 $-110,000 -10%
June 04, 2013 V989497 $925,000 $-150,000 -14%

v989497_1

Current Days on Market: 186 (0.51years)
Current ‘Official’ Days on Market: 129
2012 Assessment: $841,000
Desperation Score: 41.9

A surprise new entry makes it to number 1 spot.  Dropped the price to $900K back in January where it did not sell then relisted at $1.075 million and after 6 price drops in 4 months it is still listed higher than the January price it did not sell for.  “Motivated Seller wants house sold in next 2 weeks.” – this has been part of their description since early March.  If they want out in 2 weeks they’ll need to list for a lot lower.  Pig Pong Principle Fail.  If they kept it at $900K back in January it probably would have sold and now, even if they relist at $900K, it will sit.

Located on a large landscaped lot, this home offers lots of possibilities for your lifestyle. Secluded position at the end of the cul-de-sac, fully fenced for a growing family, & extensive covered deck & patio. Offers 3200 SF of living space with 5 bedrooms & suite potential. Westerly forest views with beautiful sunsets. Conveniently located in the lower Blueridge area for fast access to Highway & downtown only 20 minutes away. Ideal family home & easily suitable. Features include vaulted ceilings, large windows & skylights. Motivated Seller wants house sold in next 2 weeks. Will consider all offers. OPEN HOUSE SATURDAY JUNE 8th 3-4:30

 

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14 responses to “North Vancouver Spotlight – June 16, 2013

  1. Alexcanuck June 16, 2013 at 12:39 pm

    I went through all those. My take:
    #10 and 1 are the only ones genuinely lived in, as a home.
    #9 is interesting, it was obviously lived in by an older couple for many years, probably starting young with kids there or following. Now they’re no longer there for the obvious reason, and the old house simply has to go, it’s not wanted any more. A story that will be all too familiar, especially on the sunshine coast, Gulf Islands, etc. Lot value, but a nice lot.
    #8 empty lot.
    #7, 6, 5 All occupied, but rather barren. Obviously thinking more of the resale profits than settling into a home that fits you. Professionally staged to boot.
    #4 & 3 are empty. No staging beyond opening the drapes.
    #2 WTF?! Whatever, dude, doesn’t matter at that level. Unless you care about a mere $10 million or so…

  2. Skook June 16, 2013 at 2:40 pm

    Natalie,
    I have come across a situation that has me thoroughly confused and you are the only one I can think of to ask.

    Can an agent work for more than two brokerage firms at the same time; for example, be an agent with Sunnus Properties and Re/Max? I have come across a situation with an agent has has uploaded listings to a site saying: Brokered by Sunnus Properties and then found the same listings on another site under that agent but affiliating with Re/Max. The agent’s own website has shows affiliation with Re/Max.

    Any insight offered would be appreciated. Has this given me a headache…;(

    • Skook June 16, 2013 at 3:21 pm

      Natalie, I want to add onto the above.

      What does it mean to be a ‘Real Estate Associate’ at Re/Max vs a ‘Realtor’ at Sunnus Properties. Are we talking the same thing, here?

      Cheers, Skook

  3. Natalie June 16, 2013 at 4:01 pm

    Hi Skook 🙂 You are correct; we can only be licensed under one brokerage. However, we can advertise other brokerage’s listings by way of reciprocity agreements, on our individual websites. A RE/MAX realtor could have a Sunnus realtor’s listing on their site if reciprocity agreements have been signed and the listings identify the correct listing brokerage in the advertisement. It sounds like maybe that’s what you are seeing?

    Realtor, Real Estate Associate, Real Estate Representative, Real Estate Consultant are all variations of the same thing. I believe the Real Estate Services Act identifies us officially as “Representatives” at the Trading Services level. Trading is the basic licensing level to sell real estate and they must work under a Managing Broker. Most Realtors have this level of license…sadly, furthering of education is not at the forefront of most realtor’s minds. 😦

    A link for you if you want to check and see where this realtor you are referring to is licensed:

    http://recbc.amsasp.com/publicsearch/search.asp

    If it gets you to the right screen, it should ask you to “accept”…click that you do and you will come to a screen that gives you options to find out where they are licensed and at what level 🙂

    • Natalie June 16, 2013 at 4:45 pm

      Whoops 😦 there is no edit button, “education” should be “licensing levels”…

      • Skook June 16, 2013 at 6:49 pm

        Natalie, you’re the cat’s meow…LOL… and I know all about that missing edit button.

        On this individual’s LinkedIn page, it is written:

        Current: Real Estate Associate at Re/Max XXXX XXXX
        Realtor at Sunnus Properties

        Re/Max starting (a month), 2013 to present
        Sunnus starting (a month), 2012 to present

        The license search returned a trading license for the Re/Max brokerage only starting at the month and year indicated as above..

        Not sure how this should be interpreted.

      • Skook June 16, 2013 at 6:53 pm

        Just had a thought, that maybe this individual feels they can be both until that Sunnus Properties license expires or would it be void as soon as she registered as working for Re/Max?

      • Natalie June 16, 2013 at 9:50 pm

        hey Skook…really, I am just a typical Realtor 🙂 All licensing goes through RECBC, “The Council”. Our license must be turned in by current brokerage before we can be transferred to new brokerage (that and pay $125 lol). It all MUST be done through the Council. My guess is he/her doesn’t know how to update his/her linked in properly? Did you search by the Brokerage name of Sunnus? My guess is he/she won’t appear under both brokerage names.

      • Skook June 17, 2013 at 4:34 am

        Natalie, it’s impossible to think of you as ‘typical’; and, I am sure you’re right as the new license is fairly new so the agent likely hasn’t been able to update everything as yet Thanks, again, for you help.

        And, thanks to everyone on the board for you patience, too, while Natalie answered my questions.

  4. Real Estate Observer June 16, 2013 at 5:17 pm

    #10 – “Seller is licenced Realtor and Listing Agent.”

  5. Alexcanuck June 16, 2013 at 8:41 pm

    Just noticed, 7 of those listings have no 8’s in the price! HAM is officially dead.

  6. mike June 17, 2013 at 12:05 am

    i think the sale of the 25million condo gave some ray of hope to lots of sellers that r horribly overpriced. i heard it was some saudi oil prince

  7. Bill Coughlin intranetsites June 18, 2013 at 3:52 pm

    Great data keep up the good work!
    BTW Vancouver Market Reports.com shows the exact price changes by using PAIRED sales .. So this MOST accurate Home Price Index HPIp is calculated comparing each sale to it’s previous purchase price after 2005 thus determining the exact price changes for the exact same home for those time periods. These Apple to Apple paired sale data is now reflected into the average market price change for those cities as HPIp.

  8. Horizons June 24, 2013 at 7:51 pm

    Here’s one for you:

    GeneralInteriorExteriorPhotosLocation
    View Multimedia Mortgage Calculator| Buyer Qualifier
    4660 MARINEVIEW CRES MLS® V993564 $1,199,900
    Area North Vancouver Status Sold
    Sub Area NV Canyon Heights Postal Code V7R 3P6
    City/Town North Vancouver Year Built 1957
    Type Single Family Age at List Date 56
    Permitted Use Taxes $5,131 (2012)
    Complex/Subdvsn
    Price Dates Features
    Current Price $1,199,900 Listed Mar 1/13 Sqft Fin. 1,996
    Original Price $1,349,900 Entered Mar 1/13 Sqft Unfin. 0
    Mar 25/13 $1,279,000 Status Chgd May 31/13 Bedrooms 3
    Mar 1/13 $1,349,900 Sale Date May 19/13 Bathrooms 3
    Sale Price $1,150,000 Ensuites 1
    Current $ Per Sqft Days on Mrkt 79 Kitchens 1
    $ Sold Per Sqft $576.15 Total # Rooms 10

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