Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Attached – February 11, 2014

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 week AND have dropped the largest percentage overall from their original asking price.


#10 ) Address:# 402 9595 ERICKSON DR, Sullivan Heights, Burnaby

January 04, 2008 V681953 $249,000 $0 0%
February 06, 2008 V681953 removed after 33 days
April 13, 2012 V943050 $229,000 $-20,000 -8%
August 31, 2012 V943050 $222,000 $-27,000 -11%
November 02, 2012 V943050 $215,000 $-34,000 -14%
December 18, 2012 V943050 removed after 249 days
May 28, 2013 V1009235 $209,900 $-39,100 -16%
June 13, 2013 V1009235 $199,900 $-49,100 -20%
July 13, 2013 V1009235 removed after 46 days
February 05, 2014 V1045459 $198,800 $-50,200 -20%

v1045459_1

Current Days on Market: 8 (0.02years)
Current ‘Official’ Days on Market: 8
2013 Assessment: $198,700
Desperation Score: 9.1

Bright spacious condo in good condition, freshly painted, balcony for your BBQ. Heated indoor pool and Gym. Well run building with a community fee. Walking distance to Mall, skytrain, furniture can stay. Nice green outlook.


#9 ) Address:665 W 15TH ST, Hamilton, North Vancouver

April 09, 2012 V941587 $889,000 $0 0%
May 03, 2012 V941587 $879,900 $-9,100 -1%
May 29, 2012 V941587 $859,000 $-30,000 -3%
October 16, 2012 V941587 removed after 190 days
June 24, 2013 V1014306 $778,900 $-110,100 -12%
September 02, 2013 V1014306 removed after 70 days
October 14, 2013 V1031800 $748,000 $-141,000 -16%
November 11, 2013 V1031800 $728,000 $-161,000 -18%
January 04, 2014 V1031800 removed after 82 days
January 16, 2014 V1040758 $709,000 $-180,000 -20%
February 08, 2014 V1040758 $699,000 $-190,000 -21%

v1040758_1

Current Days on Market: 234 (0.64years)
Current ‘Official’ Days on Market: 28
2013 Assessment: $763,000
Desperation Score: 25.5

New 1/2 duplex in a central location close to all amenities. Offering an open plan main floor including bright living room/dining room with picture windows, family room, and a kitchen with lots of storage space and granite counters. Upstairs features 3 bedrooms, 2 bathrooms including a spacious master with floor to ceiling windows, full ensuite, and a balcony. Downstairs offers three additional bedrooms or dens, and laundry room. Central location close to transit, schools, shopping, and more. Court ordered sale. Sold As Is, Where Is.

“Court ordered sale. Sold As Is, Where Is.


#8 ) Address:# 1405 212 DAVIE ST, Yaletown, Vancouver West

August 22, 2007 V664542 $688,000 $0 0%
October 03, 2007 V664542 $658,000 $-30,000 -4%
November 09, 2007 V664542 removed after 79 days
December 18, 2010 V861297 $883,500 $0 0%
March 10, 2011 V861297 removed after 82 days
July 25, 2013 V1019227 $769,000 $-114,500 -13%
August 24, 2013 V1019227 $749,000 $-134,500 -15%
September 20, 2013 V1019227 $734,700 $-148,800 -17%
October 18, 2013 V1019227 removed after 85 days
February 05, 2014 V1045499 $675,000 $-208,500 -24%

v1045499_1

Current Days on Market: 203 (0.56years)
Current ‘Official’ Days on Market: 8
2013 Assessment: $703,000
2011 Assessment: $653,000
Desperation Score: 23.9

Home is priced $28,000 UNDER Assessed Value. WALL TO WALL FLOOR TO CEILING 260 DEGREE VIEWS!! The 3 words that come to mind when in this home are VIEW, LUXURY, AND LOCATION! The custom kitchen features granite countertops, S/S appliances,and an abundance of space to cook a feast for many guests. Large open concept entertaining area. Look one direction and enjoy views of David Lam Park and False Creek. Look the other way and Soak up the great city architecture such as the Grace and Yaletown. 1236 SQ FT, 2 bed, 2 bath. Shops at your feet, skytrain across the street, amenities inside, look no further, your luxury home is here. Whether home or investment, this is a great purchase! Call today, this will NOT LAST LONG!

Now listed below 2007 listing prices but “Whether home or investment, this is a great purchase! Call today, this will NOT LAST LONG!”.  This condo was purchased for $675,000 in June 2010 in what looks like a private sale and then the owner tried flipping it for a nice big profit.  All that’s left now is a nice big loss even if they get asking.  


#7 ) Address:# 603 1745 ESQUIMALT AV, Ambleside, West Vancouver

March 24, 2012 V938992 $785,000 $0 0%
September 20, 2012 V938992 $699,000 $-86,000 -11%
October 01, 2012 V938992 removed after 191 days
October 03, 2012 V974667 $698,000 $-87,000 -11%
April 01, 2013 V974667 removed after 180 days
April 07, 2013 V999808 $668,000 $-117,000 -15%
August 15, 2013 V999808 $599,000 $-186,000 -24%
December 28, 2013 V999808 removed after 265 days
February 05, 2014 V1045450 $596,000 $-189,000 -24%

v1045450_1

Current Days on Market: 691 (1.89years)
Current ‘Official’ Days on Market: 8
2013 Assessment: $538,000
Desperation Score: 18.1

Beautiful, open corner unit located on a quiet cul-de-sac with floor-to-ceiling windows and views of the North Shore Mountains and Lions Gate Bridge. Well-maintained and ready to move in. Just steps to public transportation, park, seawall, schools, library and community centre. The building also has a penthouse lounge with fireplace and fully equipped kitchen.

Listed for almost 2 years and still around $100K over priced


#6 ) Address:# 106 8580 GENERAL CURRIE RD, Brighouse South, Richmond

July 08, 2011 V898526 $313,900 $0 0%
October 07, 2011 V898526 removed after 91 days
March 15, 2012 V937337 $299,800 $-14,100 -4%
April 24, 2012 V937337 $278,000 $-35,900 -11%
November 01, 2012 V937337 removed after 231 days
March 22, 2013 V996959 $258,800 $-55,100 -18%
November 07, 2013 V996959 $245,000 $-68,900 -22%
November 19, 2013 V996959 removed after 242 days
February 08, 2014 V1045889 $238,000 $-75,900 -24%

v1045889_1

Current Days on Market: 951 (2.61years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $218,500
2011 Assessment: $282,700
Desperation Score: 9.9

“Queen’s Gate” well managed adult-oriented community. This beautiful 1 bedroom corner unit with spacious layout, abundant insuite storage, large windows and 2 balconies made for comfortable, sunny living. Amenities include an indoor pool, guest suite, exercise room, Ping-Pong table, library, hobby room, lounge area and more. Monthly organized activities. Busy walk to shops, parks and transit.

The assessment has dropped almost 25% in just 2 years and these sellers have been pricing the place as poorly as you possibly could likely just a touch over the amount that people would have been willing to put in an offer


#5 ) Address:# 202 1385 DRAYCOTT RD, Lynn Valley, North Vancouver

February 06, 2013 V988885 $349,000 $0 0%
April 05, 2013 V988885 $339,000 $-10,000 -3%
May 12, 2013 V988885 removed after 95 days
October 25, 2013 V1033306 $314,900 $-34,100 -10%
November 23, 2013 V1033306 $299,900 $-49,100 -14%
December 05, 2013 V1033306 $293,900 $-55,100 -16%
December 19, 2013 V1033306 $279,900 $-69,100 -20%
January 16, 2014 V1033306 $254,900 $-94,100 -27%
January 20, 2014 V1033306 removed after 87 days
February 10, 2014 V1046137 $244,900 $-104,100 -30%

v1046137_1

Current Days on Market: 372 (1.02years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $330,800
Desperation Score: 26.2

Brookwood North Complex conveniently located close to Lynn Valley Centre, library, rec centr, walking trails, restaurants, schools and more. 2 bedrooms 1.5 bathrooms and west facing onto greenbelt. 995 sq. ft. in a quiet location. Building offers a great roof-top deck, billiards room, hobby room, party room and a sauna. Pets and rentals allowed with restrictions.

Priced 25% below assessment


#4 ) Address:2577 W 8TH AV, Kitsilano, Vancouver West

September 23, 2012 V973226 $2,288,000 $0 0%
October 17, 2012 V973226 $1,988,000 $-300,000 -13%
November 29, 2012 V973226 removed after 67 days
June 15, 2013 V1012604 $1,695,000 $-593,000 -26%
August 30, 2013 V1012604 $1,635,000 $-653,000 -29%
September 18, 2013 V1012604 $1,599,000 $-689,000 -30%
November 07, 2013 V1012604 removed after 145 days
February 05, 2014 V1045346 $1,499,900 $-788,100 -34%

v1045346_1

Current Days on Market: 243 (0.67years)
Current ‘Official’ Days on Market: 8
2013 Assessment: $1,298,000
2011 Assessment: $1,378,000
Desperation Score: 34.4

BUILDER’S OWN CUSTOM-BUILT LUXURY HALF-DUPLEX WITH SOUTH EXPOSURE! Front unit of rare front & back design. 2264 square foot open-plan provides a refreshing feeling of space in this 4-bdrm, 3.5 bath. Includes separate self-contained 1bdrm suite, $1400/month mortgage relief. 9-foot ceilings, two gas fireplaces & floor-plan ideal for entertaining. Very bright with lots of glass, motorized skylights, bay windows. Contemporary interior featuring white cabinets, SubZero fridge, Miele dishwasher, ceramic cooktop & light oak H/W floors on main & upstairs levels. Radiant hot water in-floor heating, California shutters, jacuzzi bath, steam shower, alarm system, central vac. Attached underground garage plus parking in front driveway.

Tried to sell a half duplex for $1000/sqft.  Awesome.


#3 ) Address:1456 BEWICKE AV, Hamilton, North Vancouver

November 01, 2008 V742016 $1,099,500 $0 0%
November 15, 2008 V742016 $1,049,500 $-50,000 -5%
March 31, 2009 V742016 $999,500 $-100,000 -9%
July 01, 2009 V742016 removed after 242 days
September 04, 2011 V908166 $998,000 $-101,500 -9%
September 28, 2011 V908166 removed after 24 days
October 30, 2011 V917848 $859,900 $-239,600 -22%
December 02, 2011 V917848 removed after 33 days
April 09, 2012 V941577 $889,000 $-210,500 -19%
May 03, 2012 V941577 $879,900 $-219,600 -20%
May 29, 2012 V941577 $859,000 $-240,500 -22%
September 12, 2012 V941577 removed after 156 days
June 24, 2013 V1014310 $788,900 $-310,600 -28%
September 02, 2013 V1014310 removed after 70 days
September 20, 2013 V1027986 $748,000 $-351,500 -32%
October 25, 2013 V1027986 removed after 35 days
November 03, 2013 V1034137 $718,000 $-381,500 -35%
January 04, 2014 V1034137 removed after 62 days
January 16, 2014 V1040963 $699,900 $-399,600 -36%
February 08, 2014 V1040963 $689,900 $-409,600 -37%

v1040963_1

Current Days on Market: 234 (0.64years)
Current ‘Official’ Days on Market: 28
2013 Assessment: $732,000
Desperation Score: 30.4

New 1/2 duplex in a convenient location close to all amenities. Offering a bright main floor with large picture windows, open plan living room and dining room, and galley kitchen adjacent to a family room and eating area. Upstairs features 3 bedrooms, 2 bathrooms including a spacious master with floor to ceiling windows, full ensuite, and a balcony. Downstairs offers a recreation room, fourth bedroom, and laundry room. Central location close to transit, schools, shopping, and more. Court ordered sale. Sold As Is, Where Is.

“Court ordered sale. Sold As Is, Where Is.


#2 ) Address:# 407 9298 UNIVERSITY CR, Simon Fraser Univ., Burnaby

June 09, 2007 V652367 $478,000 $0 0%
August 11, 2007 V652367 $465,000 $-13,000 -3%
August 24, 2007 V652367 $455,000 $-23,000 -5%
September 05, 2007 V652367 removed after 88 days
January 14, 2008 V683231 $439,000 $-39,000 -8%
August 01, 2008 V683231 removed after 200 days
July 21, 2011 V900778 $649,900 $0 0%
December 16, 2011 V900778 removed after 148 days
April 04, 2012 V940809 $499,500 $-150,400 -23%
June 22, 2012 V940809 removed after 79 days
July 27, 2012 V964046 $499,500 $-150,400 -23%
January 17, 2013 V964046 $474,000 $-175,900 -27%
February 13, 2013 V964046 removed after 201 days
April 21, 2013 V1002565 $474,000 $-175,900 -27%
August 01, 2013 V1002565 removed after 102 days
August 17, 2013 V1022509 $439,800 $-210,100 -32%
October 07, 2013 V1022509 removed after 51 days
November 23, 2013 V1036394 $419,000 $-230,900 -36%
January 16, 2014 V1036394 $409,000 $-240,900 -37%
February 08, 2014 V1036394 $399,900 $-250,000 -38%

v1036394_1

Current Days on Market: 938 (2.57years)
Current ‘Official’ Days on Market: 82
2013 Assessment: $414,000
Desperation Score: 23.9

BRIGHT CORNER 1,073 sq ft 2 bedroom, 2 full bathroom condo with 120 sq ft balcony. Beautiful unobstructed views of the Burrard Inlet & Mt Baker. Quiet & prestigious SFU area. Wonderful neighborhood w/lots of natural surroundings & shopping nearby. Too many upgrades to list, incl stainless steel appls, granite kitchen & bathroom countertops, hardwood flooring in living, den, dining & kitchen. 2 covered parkings. Only 5 mins walking distance to SFU & bus stops. 10 mins drive to Lougheed Mall. Great for investment & to live in. Easy to show.

I love the attempt at selling it for $650K back in the summer of 2011!


#1 ) Address:# 1602 1833 CROWE ST, False Creek, Vancouver West

December 22, 2009 V797961 $1,590,000 $0 0%
May 14, 2010 V797961 removed after 143 days
June 13, 2010 V835087 $1,688,000 $0 0%
August 03, 2010 V835087 removed after 51 days
August 22, 2010 V846719 $1,668,000 $-20,000 -1%
January 01, 2011 V846719 removed after 132 days
January 12, 2011 V862823 $1,488,000 $-200,000 -12%
February 04, 2011 V862823 $1,478,000 $-210,000 -12%
April 05, 2011 V862823 removed after 83 days
August 15, 2012 V966427 $1,199,000 $-489,000 -29%
March 01, 2013 V966427 removed after 198 days
September 28, 2013 V1029112 $1,196,000 $-492,000 -29%
November 15, 2013 V1029112 $1,130,300 $-557,700 -33%
December 28, 2013 V1029112 $1,099,000 $-589,000 -35%
February 10, 2014 V1029112 $1,038,600 $-649,400 -38%

v1029112_1

Current Days on Market: 138 (0.38years)
Current ‘Official’ Days on Market: 138
2013 Assessment: $1,275,000
2011 Assessment: $1,148,000
Desperation Score: 28.7

Fantastic PENTHOUSE unit situated on the NE corner with unobstructed view of Downtown, mountains and False Creek. This rare unit offers 3 bedroom + den, 2 baths, in-suite storage, central AC, radiant hot water heating, high end finishings and breathtaking 200 sq. foot balcony with incredible views. Formal sized living + dining areas with engineered hardwood flooring throughout and 1215 square feet of total living space. Built by reputable Polygon with remaining New Home Warranty. Very accessible to public transit, Canada Line, Olympic village and minutes to Downtown. Pets and rentals welcomed

13 responses to “Weekly Drop Metro Vancouver Attached – February 11, 2014

  1. Craig Sterling February 12, 2014 at 10:53 am

    Great work as always – thanks.

  2. Tom February 12, 2014 at 11:03 am

    Love this site. How about doing something in the South Surrey/White Rock area. In particular there are a couple residences in the 1600,1700,1800 block of 140th street that have been up and down for sale for well over 4 years.

  3. Brian February 12, 2014 at 11:49 am

    More on the investor program: http://www.scmp.com/news/world/article/1426636/rug-pulled-under-rich

    “Despite the perils of forecasting property prices, Kurland had some advice for Vancouverites: “Whatever you do: Don’t buy now. Proceed diligently, carefully, to understand the potential outcome of this decision.”

  4. RFM February 12, 2014 at 1:07 pm

    #1 has a major problem on top of all the other things brewing which the astute readers of this snarkfest have noted: severe overbuilding in South East False Creek!

    Pinnacle has never sold two of its comparable penthouses right next door at 1887 Crowe Street. Penthouse 1102 is 1,280 square feet for $1,080,000 (V1040566) and Penthouse 1103 is 1,366 square feet for $1,080,000.00 (V1040575). These prices are unchanged since Pinnacle started offering these two units almost two years ago! PLUS, Pinnacle has three other MLS-listed empty apartments in that same building and about seven more that are not listed. PLUS, Pinnacle has 10 (!) MLS listings at 63 West Second Avenue, just two blocks away. PLUS Pinnacle has an EMPTY 12-storey, 69-unit building at 89 West Second Avenue. Although there are no units in this tower listed for sale, the building is EMPTY. This building was finished in July 2013. I have stood on all four sides of this building in both daytime and nighttime and counted only half a dozen units with either lights on, furniture or furnishings on the balconies or anything visible through the windows that might show occupancy. Despite the failure of any of this inventory to sell either before, during or after construction, Pinnacle is currently building another 241 units in The One, which is directly behind its still-unsold tower. PLUS, Cressey, Onni, Bosa and Concert are all building, or about to build, more than a thousand more units within a few blocks.
    Bonne chance mon ami!!!

    • Frank February 12, 2014 at 2:05 pm

      That’s almost like kits 360 they have a north facing unit I think it’s 703 that has never been sold for 1 year now at basically the same price. It’s only a small 2 bedroom with 1 and a half baths, very dark and they say it has a view of the water….till the BMW Dealership gets built out then the view is gone.

  5. Frank February 12, 2014 at 2:04 pm

    Look at #8 and in the photos the kitchen…well the fridge is on the other side of the Island, that’s a very strange place for a fridge. No wonder it’s not selling.

  6. Real Estate Tsunami February 12, 2014 at 2:31 pm

    #3
    A duplex. Where’s the other half?

  7. Yellow Helicopter February 13, 2014 at 1:49 pm

    Thanks for your posts Observer!

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: