Vancouver Price Drop

Documenting Vancouver real estate price movements

If I lost a million dollars – March 2, 2014

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If I had a dollar for every view on this site I could almost buy a laneway house in good old Vancouver!  To celebrate 1 million hits, I’ll post the current listings that have dropped the largest $ in asking price

You need a $3.82 million drop to make this list!  7 of the homes are in West Vancouver


#10 ) Address:15 BRUNSWICK BEACH RD, Lions Bay, West Vancouver

June 23, 2012 V958302 $9,800,000 $0 0%
September 17, 2012 V958302 removed after 86 days
October 11, 2012 V975931 $6,980,000 $-2,820,000 -29%
August 29, 2013 V975931 removed after 322 days
September 05, 2013 V1024869 $5,980,000 $-3,820,000 -39%

v1024869_1

Current Days on Market: 618 (1.69years)
Current ‘Official’ Days on Market: 179
2013 Assessment: $4,030,000
Desperation Score: 16.7

One of a kind wrap around waterfront property with spectacular views to Anvil, Gambier, Keats, Bowyer and Bowen Islands. Feels like being on a “yacht at sea” surrounded by majestic marine life. Interior features 3 bedrooms, 5 bathrooms on 2 levels of luxurious living space and captivating views from every room. Outdoor features include an ocean-side pool, commercial grade seawall with 2 beach accesses. Nothing compares to this extraordinary residence that is situated on a 12,100 sqft level lot at the end of a very quiet cul-de-sac. Must be seen to be truly appreciated.


#9 ) Address:850 KING GEORGES WY, British Properties, West Vancouver

January 29, 2012 V928466 $10,900,000 $0 0%
April 25, 2012 V928466 removed after 87 days
October 11, 2013 V1031402 $6,999,999 $-3,900,001 -36%

v1031402_1

Current Days on Market: 143 (0.39years)
Current ‘Official’ Days on Market: 143
2013 Assessment: $6,941,000
Desperation Score: 16.5

This is an absolutely stunning 10,000 sq. ft. custom built view home situated on a completely private 21,780 sq. ft. level property. Features of this luxurious home include 7 bedrooms, 10 bathrooms, commercial fry kitchen off the luxurious main kitchen and a dramatic entrance foyer. You will be impressed from the power front gates and huge auto court with 3 car garage to the level back yard with city views. This is an absolutely stunning mansion situated on one of the British Properties finest streets. This home is very impressive.


#8 ) Address:5770 EAGLE HARBOUR RD, Eagle Harbour, West Vancouver

April 13, 2011 V881895 $12,900,000 $0 0%
October 05, 2011 V881895 removed after 175 days
October 08, 2011 V914562 $11,900,000 $-1,000,000 -8%
February 29, 2012 V914562 removed after 144 days
March 04, 2012 V935116 $10,988,000 $-1,912,000 -15%
December 19, 2012 V935116 removed after 290 days
January 09, 2013 V983951 $9,988,000 $-2,912,000 -23%
August 19, 2013 V983951 removed after 222 days
August 22, 2013 V1023155 $8,995,000 $-3,905,000 -30%
December 28, 2013 V1023155 removed after 128 days
January 16, 2014 V1041324 $8,995,000 $-3,905,000 -30%

v1041324_1

Current Days on Market: 1055 (2.89years)
Current ‘Official’ Days on Market: 46
2013 Assessment: $4,686,000
Desperation Score: 18.6

This spectacular waterfront contemporary offers the rarity of year-round protected deep water moorage with a 50 foot dock sited on 190 feet of natural shoreline. Designed by John Kay, the house is a stunning example of West Coast architecture at its best. The finest of natural materials create a dramatic open floor plan with 24 ft vaulted ceiling and rotunda style skylight; soaring cedar timber columns; world-class wine cellar; luxurious master suite ;library/den and separate guest accommodations. This is truly a one-of-a-kind property that stands alone amongst its waterfront peers. Located at the end of a private cul de sac just steps to Eagle Harbour beach and Yacht Club and a mere 25 min. to downtown Vancouver.

After knocking off a million dollars a year they’ve temporarily slowed down the descent


 

#7 ) Address:13822 MARINE DR, White Rock, White Rock

September 07, 2013 F1320863 $18,888,000 $0 0%
January 31, 2014 F1320863 $14,888,000 $-4,000,000 -21%

f1320863_1

Current Days on Market: 177 (0.48years)
Current ‘Official’ Days on Market: 177
2013 Assessment: $5,790,000
2011 Assessment: $5,475,000
Desperation Score: 20.2

A special property located within the most prestigious row of 70,000 + sq ft south facing water view lots on desired Marine Dr in White Rock. Not many large water view lots like these in all of the Vancouver area! This 14000 + Sq Ft, 3 level estate home was designed by Bill Daniels and built to the most luxurious & quality standards. A residence for the most discerning owners boasts too many features to list. A few include elevator, indoor pool, massage room, spa, theatre and stage, entertainment area & gym. Massive main kitchen, with integrated self contained spice kitchen for your chef. Main master on top corner with 2 more master size bedrooms all with fabulous water views, private sitting areas and terraces. Two more bedrooms at front with built in desks and cabinetry, full ensuites and quiet balconies. Grand entrance, spiral staircase and domed 20 ft ceiling in living room. Attached 4 car oversize garages with 1000 SF coach house residence above. Fabulous gated entrance to waterfall features surrounding.

Only surprise here is that they didn’t list it for $88,888,88.  After a $4 million drop this could be the stupidest listing price on the planet


#6 ) Address:3656 MCKECHNIE AV, West Bay, West Vancouver

August 10, 2011 V904258 $14,998,000 $0 0%
February 29, 2012 V904258 removed after 203 days
October 27, 2012 V978338 $13,900,000 $-1,098,000 -7%
September 14, 2013 V978338 $11,998,000 $-3,000,000 -20%
January 23, 2014 V978338 removed after 453 days
January 27, 2014 V1043665 $10,998,000 $-4,000,000 -27%

v1043665_1

Current Days on Market: 492 (1.35years)
Current ‘Official’ Days on Market: 35
2013 Assessment: $3,550,800
Desperation Score: 24.6

DEVELOPMENT OPPORTUNITY! A spectacular almost 1.7 acre water view estate comprised of 3 legal pptys offering sensational southern ocean, city & coastline vws from Mt.Baker to Point Grey. 294′ frontage. Compl priv, tranquil gardens, lush vegetation & gorgeous rock outcroppings. Detailed surveys & plans for stunning new 12,000 sqft mansion – designed by Award Winning architect, Brad Lamoureux. Mins to Dundarave Village & dwntwn Van, the ppty has an existing res cosmetically remodeled w/sprawling flrpln opening out to sunfilled terrace overlooking the priv gardens & smashing views. A fabulous interim rental. Magnificent oppt’y to acquire one of West Van’s premier Estates & to develop your own luxurious, World Class Residence!

Just your standard $11 million lot that’s still listed for triple assessment


#5 ) Address:1645 SOUTHLANDS LN, Whistler, Whistler/Pemberton

December 02, 2012 V981698 $9,000,000 $0 0%
September 05, 2013 V981698 removed after 277 days
September 09, 2013 V1025966 $4,988,000 $-4,012,000 -45%

v1025966_1

Current Days on Market: 456 (1.25years)
Current ‘Official’ Days on Market: 175
2013 Assessment: $1,945,000
Desperation Score: 19.3

This alpine contemporary rancher is a stunning home designed by Shift Architecture. The 4600 square foot home sits on a 2.06 acres estate lot in a private valley floor setting. Enjoy spectacular views of Arm Chair Mountain while sitting on your patio next the 20 ft waterfall. This luxurious home offers 5 bedrooms including 2 master bedrooms, media room, large mud room and much more…Award winning contractor Vision Pacific has started construction on this green home which will be completed in the fall of 2014.

LOL, the $15 million White Rock home has some stiff competition for stupidest listing price ever


#4 ) Address:5347 KEW CLIFF RD, Caulfeild, West Vancouver

April 07, 2007 V638852 $8,400,000 $0 0%
July 30, 2007 V638852 removed after 114 days
September 16, 2007 V668834 $9,000,000 $0 0%
December 04, 2007 V668834 removed after 79 days
August 21, 2011 V906191 $14,300,000 $0 0%
October 13, 2011 V906191 $12,980,000 $-1,320,000 -9%
April 11, 2012 V906191 $9,980,000 $-4,320,000 -30%
June 14, 2012 V906191 removed after 298 days
June 23, 2012 V958265 $8,998,000 $-5,302,000 -37%
November 10, 2012 V958265 $7,898,000 $-6,402,000 -45%
May 30, 2013 V958265 removed after 341 days
June 13, 2013 V1011939 $9,980,000 $-4,320,000 -30%

v1011939_1

Current Days on Market: 925 (2.53years)
Current ‘Official’ Days on Market: 263
2013 Assessment: $7,940,000
Desperation Score: 7.3

Oceanfront. A spectacular setting, private and peaceful with large trees and gorgeous ocean views!! Located just off Seaside Place at the end of a level cul-de-sac. Just steps to sandy beach. A once in a lifetime to aquire a very special property. Offering over 5,500 sf of outstanding luxury & detail throughout on all 3 levels. Large entertainment size rooms including a Feature curved staircase with wrought iron railings, all French doors leading onto spacious walk out patios with wonderful outdoor swimming pool & jacuzzi. This beautifully appointed luxury home features a world class International kitchen, separate den or office, Theatre room, Wine cellar and more. Absolutely a pleasure to show!

Just when they were starting to approach something realistic (at least in today’s messed up housing bubble version of realistic) they decide to increase the price by $2 million.  See you again soon


#3 ) Address:5050 HAPPY VALLEY LN, Caulfeild, West Vancouver

January 13, 2013 V985044 $28,800,000 $0 0%
April 16, 2013 V985044 $23,800,000 $-5,000,000 -17%
June 19, 2013 V985044 removed after 157 days
June 28, 2013 V1015027 $23,800,000 $-5,000,000 -17%
September 30, 2013 V1015027 removed after 94 days
October 04, 2013 V1030064 $22,800,000 $-6,000,000 -21%
December 21, 2013 V1030064 removed after 78 days
January 16, 2014 V1040132 $22,800,000 $-6,000,000 -21%

v1040132_1

Current Days on Market: 414 (1.13years)
Current ‘Official’ Days on Market: 46
2013 Assessment: $8,384,000
Desperation Score: 24.4

This rare and stunning European style mansion is a private property situated on an estate lot of over 2.3 acres. It boasts almost 13,000 sq ft of world class living with ocean sunset views & borders a heritage old growth park in West Vancouver. This elegant residence is built w/quality & artisan craftsmanship, designed w/passion & features many “one of a kind” & “1st of” materials & features. Impressive front courtyard & numerous French limestone patios & loggias. 7 bedrooms & 6 luxurious designer baths, an expansive kit w/sea & park views, a sophisticated high ceiling grand walnut library, a rare find Bespoke walnut wine cellar w/waterfall, sophisticated lighting system, HVAC, music & sec systems, a 4 car garage & more.

Almost triple assessment but they seem to think they are pretty close based on the “small” price drops recently


#2 ) Address:6171 ST GEORGES CR, Gleneagles, West Vancouver

December 13, 2007 V679543 $12,888,000 $0 0%
June 01, 2008 V679543 removed after 171 days
July 01, 2008 V719453 $9,980,000 $-2,908,000 -23%
March 06, 2009 V719453 $6,800,000 $-6,088,000 -47%
January 03, 2010 V719453 removed after 551 days
January 06, 2010 V802108 $6,800,000 $-6,088,000 -47%
March 25, 2010 V802108 $5,995,000 $-6,893,000 -53%
March 23, 2011 V802108 removed after 441 days
January 16, 2014 V1039989 $6,880,000 $-6,008,000 -47%

v1039989_1

Current Days on Market: 46 (0.13years)
Current ‘Official’ Days on Market: 46
2013 Assessment: $5,003,000
Desperation Score: 4.9

An Amazing 1.03 ACRE Waterfront property offering spectacular SW ocean & island views! Offering approx 250′ of natural shoreline with oceanside pool, terraces, & complete privacy. A unique offering to own a world class Waterfront Estate in one of West Van’s most unique West Coast environments. The home is ready for your renovation ideas & offers 3 spacious bedrooms including a large master suite, wonderful kitchen space, large entertainment sized rooms & fantastic recreation room. All rooms open out to a covered veranda overlooking the private gardens, pool & breathtaking views! Value is in the land only but a rare offering to develop your very own custom seaside mansion!


#1 ) Address:1416 WESBROOK CR, University, Vancouver West

April 18, 2010 V823102 $12,880,000 $0 0%
June 22, 2010 V823102 removed after 65 days
June 22, 2012 V957905 $27,800,000 $0 0%
November 20, 2012 V957905 removed after 151 days
December 29, 2012 V983132 $23,800,000 $-4,000,000 -14%
December 28, 2013 V983132 removed after 364 days
January 16, 2014 V1040407 $19,800,000 $-8,000,000 -29%

v1040407_1

Current Days on Market: 619 (1.70years)
Current ‘Official’ Days on Market: 46
2013 Assessment: $14,281,000
2011 Assessment: $12,263,000
Desperation Score: 20.9

This 7 year custom built house in prestigious UBC area give you view of water, mountain & city. 7876 SF living area on 30545 SF of beautifully landscaped with outdoor pool. It offers elegant LR & DR, spacious family room & a nice wok kitchen on main. Upper level, 3 nice sized bedrooms plus a huge living room (can be 4th bedroom). Basement: spacious recreation & media room, wine cellar. A must see!

They increase the price by roughly $15 million over what they paid for it then are likely surprised that they have to lower the price by $8 million.  That fake gold mansion listing that dropped close to $30 million may never lost it’s title but almost guaranteed this one will get into the $15 million drop club

15 responses to “If I lost a million dollars – March 2, 2014

  1. Craig Sterling March 2, 2014 at 10:52 am

    Great work as always Observer. But it does make me think that when the media come to write of drops of more than 70-80% in two years’ time, those percentages are almost meaningless. whilst it’s factually correct to state that a property has dropped from (say) $25million to $5 million and suffered (for example) an 80% drop in price, it’s more or less meaningless more broadly because all it speaks to is that the property was originally vastly overpriced, on the one hand; on the other hand, even $5 million is far beyond the reach of 99.5% of Canadians, so… what does it mean to claim such huge drops?

    • Alexcanuck March 2, 2014 at 11:02 am

      This category of post is mostly for entertainment and insight into the delusional thinking so prevalent in bubbles.
      Others like the “Weekly Drop Suburbs” is real data. Many examples of properties listed well below 5-8 year old sales prices, despite the convoluted HPI being trumpeted by the media as showing flat to modest rises for the area. Someone is lying to us.

      • Reality Talk March 3, 2014 at 8:40 am

        Alex. I disagree its fantasy, Its all real world stuff, great site that exposes the real Vancouver problem .Games all about finding “friendly” lenders / bankers, to help you take out equity (money) from your home. Example you owe your bank manager $5 million in country x or Canada bank, and your “friendly” account manager convinces head office that your credit is ok as you own this $15 mill mansion alongside many other international homes..So your “OK”, we’ll lend you another million for your new business project.THEREDFERRARI using your Vancouver home as security.Your mortgage is way below its value!!!

    • an observer March 2, 2014 at 3:38 pm

      Yeah, as Alex Canuck said, this is just a bunch of delusional people who likely smoke exorbitant amounts of weed while coming up with a random price with 8’s in it. Meaningless but still entertaining. Once those asking prices come down below pre 2010 asking prices then you know the current owners are starting to take a hit.

    • Valuable info March 2, 2014 at 6:31 pm

      Great work

  2. Real Estate Tsunami March 2, 2014 at 11:01 am

    Observer.
    Congrats on becoming a millionaire.
    Don’t get snobby, though.

  3. Real Estate Tsunami March 2, 2014 at 11:03 am

    Would be interesting to know who owns these properties.

  4. John H Stevens March 2, 2014 at 11:48 am

    Regarding #7: I wonder if the agent who is listing #7 at $14,888,000 knows that the very people that believe the number 8 is luck and money also believe that the number 4 signifies death! Hence you won’t find any 4th, 14th, 24th etc… floors in skyscrapers in Hong Kong!

  5. Aman Gupta March 2, 2014 at 11:59 am

    We feel blessed, as a new comer we did not dump our hard earned money…..oh we were so close

  6. Brian March 2, 2014 at 2:27 pm

    Observer, any way to independently validate some of this data, even on a few properties?

    • an observer March 2, 2014 at 3:34 pm

      You can try googling the MLS # along with the price. So just checking the #10 entry, “V975931 $6,980,000” pulls up some hits as does “V958302 $9,800,000”. I imagine any line items in the last few years can be verified this way

  7. RFM March 2, 2014 at 3:03 pm

    The Doctor is IN!

    We easily answer your question in this clinical review of potential behavioral and cognitive reasons behind the unfathomable pricing of some real estate:

    1. No competitive market analysis was performed; no documents on current sales were obtained; no pricing investigation was undertaken to address all the key factors needed to arrive at a realistic price. These tasks require time, energy and skill; accordingly they will be skipped by some realtors.

    2. Fear of confronting the seller. The realtor is afraid to tell the seller the truth about the property for fear that the seller will not allow him/her to represent the seller. This is a well-recognized phobia called ‘nocondosalenocommishophobia.’ See related article on ‘Greed.’

    3. Seller does not believe their realtor. A realtor’s position is one of self interest in having the home sell quickly, so the seller may not trust the realtor’s pricing. Then again, the seller may not believe anything the realtor says, but because of MLS monopoly, cannot succeed as FSBO.

    4. Seller or their realtor used the Ping Pong Pricing Protocol to set price. See: http://vancouverpeak.com/showthread.php?tid=5238

    5. Finally, the most likely cause, for which the seller should seek professional help: (mild, treatable with extended drug therapy) obsessive-compulsive disorder, symptoms of which include delusions, unreasonable or excessive ideas of worth, etc. See specific chapter in DSM-5 (Fifth Edition of the Diagnostic and Statistical Manual of Mental Disorders).

    RFM, B.S., M.S., PhD., BS+, MS+, DDS, MD, JD, PPM, ETC.

  8. Gerry Gormley March 2, 2014 at 4:55 pm

    Congratulations on your 1 million status.
    Love your work, keep it up.

    • Reality Talk March 3, 2014 at 8:46 am

      Yes well deserved OBSERVER for helping expose this demographic time bomb. Our next generation need affordable homes, or they’ll go elsewhere

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