Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – February 17, 2014

Here are the 10 detached 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.  There are some gaps in assessment data – I have some old data and can pull up 2013 but if you see years missed it is because I just don’t have the information available.

Just like last week, West Vancouver has 4 listings and Vancouver West has 3 in this weeks top 10


#10 ) Address:828 W 52ND AV, South Cambie, Vancouver West

July 21, 2012 V963104 $3,830,000 $0 0%
January 10, 2013 V963104 removed after 173 days
February 16, 2014 V1047406 $2,988,000 $-842,000 -22%

No Picture

Current Days on Market: 2 (0.01years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $2,547,000
2011 Assessment: $2,710,000
Desperation Score: 19.9

Central location in prime South Cambie. South & North facing custom built on a corner lot of 8,381 sq ft. This spacious and bright house has high end materials and appliances with special design kitchen, oversized countertops, radiant heating system. Total 6 bedrooms & 6 bathrooms, lots of skylight and ensuites. Downstairs has recreation & media rooms plus guest room. It is featured with A/C, HRV, I/G sprinkler, golf course and shopping centre nearby. Churchill Secondary with IB Programs & Elementary School catchments.

22% drop in one shot and still horribly overpriced


#9 ) Address:7295 NO 5 RD, McLennan, Richmond

March 31, 2007 V638328 $769,000 $0 0%
May 11, 2007 V638328 removed after 41 days
April 24, 2010 V825057 $1,038,000 $0 0%
May 07, 2010 V825057 removed after 13 days
January 26, 2012 V927573 $1,288,000 $0 0%
June 30, 2012 V927573 removed after 156 days
February 14, 2014 V1046972 $998,000 $-290,000 -23%

v1046972_1

Current Days on Market: 4 (0.01years)
Current ‘Official’ Days on Market: 4
2013 Assessment: $949,000
2011 Assessment: $983,000
Desperation Score: 18.8

Large 60′ x 298′ = 17,880 sq ft, .41 Acre lot with a 25 yr old 3300+ sf ft 2 level basement style home. Excellent for large families with 6 bedrooms and lots of room for parking with large driveway and extra parking along the side of the house. Roof approx 7 yrs old, new deck, low maintenance exterior makes this an excellent family home or investment property.

Based on the fact it only listed for 13 days back in 2010 I’d assume this was purchased for over a million.


#8 ) Address:3300 SPRINGFORD AV, Steveston North, Richmond

May 30, 2010 V833878 $758,900 $0 0%
June 15, 2010 V833878 removed after 16 days
March 03, 2011 V872948 $899,000 $0 0%
March 10, 2011 V872948 removed after 7 days
March 19, 2011 V876622 $1,098,000 $0 0%
July 01, 2011 V876622 removed after 104 days
June 28, 2013 V1014843 $2,380,000 $0 0%
September 20, 2013 V1014843 removed after 84 days
September 28, 2013 V1029188 $2,380,000 $0 0%
October 23, 2013 V1029188 $1,880,000 $-500,000 -21%
February 16, 2014 V1029188 $1,798,000 $-582,000 -24%

v1029188_1

Current Days on Market: 235 (0.64years)
Current ‘Official’ Days on Market: 143
2013 Assessment: $1,439,000
Desperation Score: 26.8

Located in the beautiful & quiet neighbourhood at Steveston North. Custom built 4 bedrooms, all with ensuite. Open lovely floor plan. A few steps to sunset walks along the dyke, community centre, shopping, schools, transit, all within walking distance. Close to Steves Elementary School and McMath Secondary School.

24% in drops in just a few months for this new build


#7 ) Address:299 28TH ST, Altamont, West Vancouver

July 27, 2013 V1019462 $5,800,000 $0 0%
October 30, 2013 V1019462 removed after 95 days
November 03, 2013 V1034449 $5,388,000 $-412,000 -7%
December 19, 2013 V1034449 $4,880,000 $-920,000 -16%
February 12, 2014 V1034449 removed after 101 days
February 14, 2014 V1047035 $4,380,000 $-1,420,000 -24%

No Picture

Current Days on Market: 206 (0.56years)
Current ‘Official’ Days on Market: 4
2013 Assessment: $3,553,000
Desperation Score: 34.2

Public Open House Feb.15 & 16 (Sat/Sun) 2:00 – 4:00pm.

Kenneth Chan doesn’t need a picture or a description, just announce the open house and collect your commission on the > $4 million home


#6 ) Address:2187 GISBY ST, Altamont, West Vancouver

March 13, 2007 V632793 $3,295,000 $0 0%
May 07, 2007 V632793 removed after 55 days
January 25, 2013 V986744 $7,900,000 $0 0%
May 21, 2013 V986744 $7,390,000 $-510,000 -6%
August 24, 2013 V986744 removed after 211 days
September 18, 2013 V1027655 $7,900,000 $0 0%
January 22, 2014 V1027655 $6,900,000 $-1,000,000 -13%
February 12, 2014 V1027655 removed after 147 days
February 16, 2014 V1047207 $5,900,000 $-2,000,000 -25%

v1047207_1

Current Days on Market: 389 (1.07years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $4,204,000
Desperation Score: 39.6

Stunning architect designed contemporary work-of-art in an Altamont. Created at a cost of over $9m and featured in “Vancouver Home Magazine”, this 4 bed/4.5 bath home is spread over nearly 7,000 sq ft and is set upon a spectacular 2/3 acre ocean view swath of land. Jaw-dropping 20 ft ceilings, gleaming polished concrete floors & fully automated Blum kitchen. Other state-of-the-art features include geothermal heating system, temp controlled 1,200 bottle wine cellar. A separate building linked by a glass breezeway houses a three car garage plus a one bedroom suite & separate gym with its own audio visual system. Fully landscaped by Space 2 Place. Never before has a home of the caliber been offered for sale.

” Created at a cost of over $9m” – sorry, going to have to call BS on this one, in fact it just looks like a warehouse that was converted into a home.


#5 ) Address:6411 ANGUS DR, South Granville, Vancouver West

March 02, 2011 V872452 $2,280,000 $0 0%
March 03, 2011 V872452 removed after 1 days
June 10, 2011 V893476 $3,480,000 $0 0%
December 06, 2011 V893476 $2,998,000 $-482,000 -14%
June 30, 2013 V893476 removed after 751 days
February 13, 2014 V1046869 $2,580,000 $-900,000 -26%

v1046869_1

Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $2,778,200
2011 Assessment: $2,876,200
2011 Last Sale: $2,700,000 on 25/Feb/2011
Total Loss IF sold for list price: 134,840 transaction costs and 120,000 loss on sale = LOSS of 254,840
Desperation Score: 15.2

Investors & Builders Alert. Gracious lot 54′ x 139′ on this pretty street, Angus Drive, in popular South Granville area. Build your dream home and enjoy. Magee Secondary and Maple Grove Elementary catchment. Kerrisdale shops and restaurants nearby. This is a golden opportunity to grab this property. A Building Plan is included.

Loss of a quarter million on just the transaction if they get asking never mind cost of building plans, upkeep, property tax, opportunity cost on money spent etc.  Maybe this should be profiled in the Vancouver Sun?


#4 ) Address:7210 ARBUTUS PL, Whytecliff, West Vancouver

June 15, 2007 V653181 $7,950,000 $0 0%
February 21, 2008 V653181 $7,500,000 $-450,000 -6%
September 01, 2008 V653181 removed after 444 days
September 09, 2008 V731394 $7,500,000 $-450,000 -6%
November 01, 2008 V731394 removed after 53 days
January 30, 2010 V806903 $6,195,000 $-1,755,000 -22%
August 07, 2010 V806903 removed after 189 days
March 09, 2011 V874018 $5,588,000 $-2,362,000 -30%
June 16, 2011 V874018 removed after 99 days
June 24, 2011 V895936 $5,588,000 $-2,362,000 -30%
September 13, 2011 V895936 removed after 81 days
February 15, 2012 V931521 $5,888,000 $-2,062,000 -26%
June 01, 2012 V931521 removed after 107 days
June 13, 2012 V955985 $5,500,000 $-2,450,000 -31%
October 08, 2012 V955985 removed after 117 days
October 11, 2012 V975787 $5,500,000 $-2,450,000 -31%
February 16, 2013 V975787 removed after 128 days
February 20, 2013 V991522 $5,500,000 $-2,450,000 -31%
June 09, 2013 V991522 removed after 109 days
February 16, 2014 V1047504 $5,500,000 $-2,450,000 -31%

v1047504_1

Current Days on Market: 2 (0.01years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $4,293,000
Desperation Score: 9.6

This absolutely gorgeous waterfront home is situated on an over 24,000 sq. ft. property. Offering 6 bedrooms, 7 bathrooms, 5969 sq. ft. of luxurious living space, and spectacular views from every room. This stunning home has complete privacy with 156 feet of waterfront and a large patio at the water’s edge. Just steps from Whytecliff Park with a feeling of tranquility and peace like no other part of West Vancouver and only minutes from shopping, schools, recreations and much more. This is truly an incredible opportunity to own a waterfront estate in an incredible neighbourhood.

Down 31% but only down 1% in the last 3 years despite working on their 7th MLS number during that time


#3 ) Address:940 3RD ST, Cedardale, West Vancouver

October 17, 2009 V793350 $999,000 $0 0%
April 16, 2010 V793350 removed after 181 days
April 04, 2012 V940952 $1,950,000 $0 0%
April 28, 2012 V940952 $1,750,000 $-200,000 -10%
July 06, 2012 V940952 $1,680,000 $-270,000 -14%
August 01, 2012 V940952 removed after 119 days
January 13, 2013 V984847 $1,490,000 $-460,000 -24%
March 22, 2013 V984847 $1,400,000 $-550,000 -28%
May 01, 2013 V984847 removed after 108 days
July 27, 2013 V1019670 $1,398,000 $-552,000 -28%
September 18, 2013 V1019670 $1,348,000 $-602,000 -31%
February 12, 2014 V1019670 removed after 200 days
February 16, 2014 V1047213 $1,348,000 $-602,000 -31%

v1047213_1

Current Days on Market: 685 (1.88years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $1,399,500
Desperation Score: 25.4

Huge investment opportunity, located on a beautiful flat lot in central West Vancouver. Walking distance to seaside and Cedardale Park. Close to Park Royal Centre, #1 Canada Highway. Existing home needs TLC but strong and well taken care of property.

Likely bought it for under a million in 2009 and then list it for almost two million three years later.  Amazingly that plan didn’t work.  Assuming they bought it in 2009 and they come down a bit more aggressively they’ll still pull in a nice profit but if they stay greedy then they could be in for a rough time


#2 ) Address:2955 PANORAMA DR, Deep Cove, North Vancouver

September 20, 2013 V1027981 $449,000 $0 0%
October 09, 2013 V1027981 removed after 19 days
February 13, 2014 V1046646 $299,000 $-150,000 -33%

v1046646_1

Current Days on Market: 151 (0.41years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $342,600
Desperation Score: 15.5

Waterfront Diamond In The Rough! Opportunity knocks on this water access only South Facing Waterfront Paradise! Just 10 minutes by boat from Deep Cove Marina. This 2800 plus sq ft house needs renovations but could be made into year round home. Peaceful freehold waterfront at a great price!


#1 ) Address:1860 BARCLAY ST, West End, Vancouver West

September 15, 2007 V668351 $3,280,000 $0 0%
January 01, 2008 V668351 removed after 108 days
June 03, 2011 V892112 $4,200,000 $0 0%
September 01, 2011 V892112 removed after 90 days
September 12, 2013 V1026553 $2,380,000 $-1,820,000 -43%
October 30, 2013 V1026553 removed after 48 days
November 03, 2013 V1034500 $2,330,000 $-1,870,000 -45%
January 17, 2014 V1034500 removed after 75 days
February 14, 2014 V1047125 $2,200,000 $-2,000,000 -48%

v1047125_1

Current Days on Market: 159 (0.44years)
Current ‘Official’ Days on Market: 4
2012 Assessment: $1,471,000
2011 Assessment: $1,276,000
Desperation Score: 33.2

Court order sale, great character, West of Denman, Brazillian hardwood, 2 gas fireplaces, newer kitchen, updated bathrooms, newer roof, great outdoor space, lane access with double garage. Redevelopment potential. Call today to view.

Court order sale – what were they thinking with $4.2 million???  I’d say $2.2 million is a very big stretch although it would be cool to have a house in the west end so that’s something

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14 responses to “Weekly Drop Metro Vancouver Detached – February 17, 2014

  1. Exurban February 17, 2014 at 8:26 pm

    Don’t wanna be a one-note poster, but on #7, why should the realtor make an effort when the seller is still asking $830,000 over assessment?

  2. j levine February 18, 2014 at 10:59 am

    More misery to follow. It is common knowledge that many Asian purchases in Vancouver’s real estate are 100% cash. Now check out Chinas “faltering” trillion dollar “Shadow loan / banking ” bubble booster. IMO that totally explains the whole show. For Example : It’s double loans secretly using over inflated Hong Kong property values as loan guarantees for their Chinese lender to hand over the $800.000 or more. But using a shadow modest home address on China Mainland for the actual immigrant application.

    50000+ families used the $800,000 Canadian immigrant investor program that’s now been cancelled and that was probably used as collateral in legitimate real estate transactions & Mortgages with Canadian banks and yes folks it’s Kaboom!
    Welcome to Vancouver where a highly taxed $100k annual salary is considered very good and if you save 20% of your income you might put down a deposit on a tiny modest detached home!!!

    • an observer February 18, 2014 at 11:32 am

      …you might put down a deposit on a tiny modest detached home way, way, way in the suburbs

      Fixed the ending of your post!

    • bullwhip29 February 20, 2014 at 7:45 am

      Looks like money talks (as it always does). Crisis averted/delayed for now…

      My condolences to those who acted immediately on the most recent gov’t actions. As I mentioned in a prev post, these morons should just stay out of everyone’s way and let markets do what they do on their own.

      http://www.news1130.com/2014/02/19/ottawa-to-reintroduce-revamped-immigrant-investor-program/

      • an observer February 20, 2014 at 8:38 am

        I don’t think this is new – from the time they first announced the cancellation they had said they were planning on a different program that would be beneficial to Canadians – the current system is a disgusting joke.

        If the new plan has stricter residency requirements, enforced world wide income taxation, higher non guaranteed price points to enter and an actual use of the funds then that’s a huge step in the right direction.

        Ideally the residency and world wide income requirements would be enforced retroactively.

      • bullwhip29 February 20, 2014 at 9:09 am

        You’re probably right. Having said this, the MSM really ran with the original story causing panic among many homeowners, investors and folks in the RE industry. I call BS on Chris Alexander when he claimed, “We don’t take cues from the housing market.” Soaring RE values are “beneficial” to the upper crust of society, who pull all the strings in much the same way central bankers keep phony, rigged financial markets propped up at records highs (and/or do shady sweetheart deals, bailouts etc with friends and family when the SHTF). Any mid to upper level banker knows that even stricter requirements (assuming that actually happens) will mean little when it comes to their multi-million dollar clients who simply have everything rubber stamped for them. If I were a betting man, I’d guess the new and improved plan will lack teeth and do nothing more than provide a few smiling politicians with a couple of minutes in front of a camera.

    • j levine February 20, 2014 at 10:00 am

      I should have said in the more misery comment that : If you save 20% of your income for 7 YEARS or more, then you would have enough money for a deposit on a WELL PLACED modest detached home. – This sentence assumes the government has enough sense to put far more stringent requirements on Canadian banks foreign based (for income tax purposes) lending practices for home loans or equity releases. You know Historically, labour and money have an incredible habit of finding the right level in fair market conditions.

  3. Wendy February 18, 2014 at 11:07 am

    Re 1860 Barclay Street, looks like they filed a planning application to restore “Mason House” at 1860 Barclay Street and then also build a six story building with six dwellings at the back of the property. That may have been the thinking behind the crazy price in 2011. And if planning application was declined, they may have walked. Just a guess of course…

    http://vancouver.ca/files/cov/committees/dev-permit-board-staff-report-1862-barclay-DE415926.pdf

  4. Craig Sterling February 18, 2014 at 12:58 pm

    great work as always, observer!

  5. Seeking Knowledge... February 18, 2014 at 2:26 pm

    Interesting…I noticed there are a lot more properties that are now listed at or below assessment than there were just 6 months ago. Observer, will you be updating the Drop from the Peak chart soon?
    Thanks for your hard work in providing weekly updates and I really enjoy the snark.

    • an observer February 18, 2014 at 2:39 pm

      I’ll update the chart at some point although I have a tough time believing the results at least for SFH’s.

      According to the HPI, Richmond detached is up slightly over the last 3 years and down 0.2% in the last 12 months… Not buying it!

      • bullwhip29 February 20, 2014 at 9:26 am

        Even a quick glance at assessments will tell you Rmd det is down by much more than that. Anyone familiar with the market in Rmd has probably heard of at least a handful of instances where prices have corrected by 10%, 15% and even 20%+ (esp over the last 3 yrs or so).

        So, if the HPI is rigged (like most govt stat’s are imho), then where does that leave things? The MSM can go on reporting that everything is fine, prices are trending higher and higher (or flat in the worst case) and no one is held accountable. Some poor schmuck bought a place down the road from me in 2010 for $1.68M. Last summer, the house next to it (identical specs) sold for $1.25M, which equates to a greater than 25% drop in value over approx 3 yrs.

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