Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Suburbs – March 19, 2014

Here are the 10 properties outside of 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 1 week AND have dropped the largest percentage overall from their original asking price.

Abbotsford takes up half the list this week


#10 ) Address:# 216 2414 CHURCH ST, Abbotsford West, Abbotsford

May 30, 2007 F2713743 $117,900 $0 0%
June 19, 2007 F2713743 $118,900 $0 0%
August 24, 2007 F2713743 removed after 86 days
September 20, 2007 F2724112 $119,900 $0 0%
December 14, 2007 F2724112 removed after 85 days
September 01, 2012 F1221962 $79,900 $-40,000 -33%
December 01, 2012 F1221962 removed after 91 days
March 02, 2013 F1304757 $83,900 $-36,000 -30%
May 30, 2013 F1304757 removed after 89 days
January 16, 2014 F1400488 $77,900 $-42,000 -35%
March 07, 2014 F1400488 removed after 50 days
March 14, 2014 F1405772 $77,900 $-42,000 -35%

f1405772_1

Current Days on Market: 64 (0.18years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $74,000
Desperation Score: 11.1

AUTUMN TERRACE – Come move here! Large 1 bedroom suite in a solid adult (55+) building. Central location within easy walking distance to shopping, medical services, churches, etc. Amenities in the building include secure underground parking, workshop, storage on the same floor, recreation room and generous visitor parking. Open plan suite, separate laundry/utility room. Quiet well maintained building that is getting new roof in 2014 – all paid for by the seller. No rentals or pets allowed.

In addition to the 2007 listing price (and likely purchase price) being over 50% higher than the current price they also are paying for a new roof that is coming this year


#9 ) Address:14070 110TH AV, Bolivar Heights, North Surrey

October 05, 2007 F2725709 $679,000 $0 0%
October 30, 2007 F2725709 $629,000 $-50,000 -7%
February 04, 2008 F2725709 removed after 122 days
December 19, 2012 F1228829 $449,800 $-229,200 -34%
July 18, 2013 F1228829 $419,000 $-260,000 -38%
December 09, 2013 F1228829 removed after 355 days
February 28, 2014 F1404714 $439,900 $-239,100 -35%
March 13, 2014 F1404714 $429,000 $-250,000 -37%

f1404714_1

Current Days on Market: 457 (1.25years)
Current ‘Official’ Days on Market: 21
2013 Assessment: $639,200
2011 Assessment: $488,200
Desperation Score: 17.5

Rarely available acreage in the middle of the city. Close to Gateway Skytrain Station. Excellent investment, rent and hold. Lots of outbuildings, triple garage. Over 1 acre.

Assessment up 30% and asking price down 37%


#8 ) Address:2194 CLEARBROOK RD, Abbotsford West, Abbotsford

August 16, 2008 F2824340 $487,000 $0 0%
January 02, 2009 F2824340 removed after 139 days
July 23, 2011 F1118717 $399,000 $-88,000 -18%
January 01, 2012 F1118717 removed after 162 days
January 29, 2014 F1402030 $349,900 $-137,100 -28%
February 08, 2014 F1402030 $329,900 $-157,100 -32%
March 13, 2014 F1402030 $299,950 $-187,050 -38%

f1402030_1

Current Days on Market: 51 (0.14years)
Current ‘Official’ Days on Market: 51
2013 Assessment: $297,000
Desperation Score: 19.2

Great holding property on high traffic area of Clearbrook Road. O.C.P. designates as future commercial. Valuable corner holding property close to new freeway interchange. Operate your business from here…home is in good condition, full basement 3 bathrooms 4 bedrooms rented to quality tenants wanting to stay if possible. Call lister for more information.


#7 ) Address:14154 MARINE DR, White Rock, White Rock

November 18, 2006 F2625746 $1,875,000 $0 0%
April 02, 2007 F2625746 removed after 135 days
April 26, 2007 F2709934 $1,799,900 $-75,100 -4%
June 01, 2007 F2709934 $1,699,000 $-176,000 -9%
June 12, 2007 F2709934 removed after 47 days
September 19, 2008 F2827258 $2,880,000 $0 0%
January 02, 2009 F2827258 removed after 105 days
January 21, 2012 F1201789 $8,988,888 $0 0%
June 19, 2012 F1201789 removed after 150 days
July 05, 2012 F1217240 $8,988,888 $0 0%
October 16, 2012 F1217240 $8,488,888 $-500,000 -6%
November 06, 2012 F1217240 removed after 124 days
January 23, 2013 F1301565 $7,488,888 $-1,500,000 -17%
June 13, 2013 F1301565 $6,488,000 $-2,500,888 -28%
November 03, 2013 F1301565 $5,998,000 $-2,990,888 -33%
March 14, 2014 F1301565 $5,500,000 $-3,488,888 -39%

f1301565_1

Current Days on Market: 790 (2.16years)
Current ‘Official’ Days on Market: 422
2013 Assessment: $3,387,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 32.9

Spectacular and Opulent is what describes this Ocean Bluff property located on White Rocks prestigious Marine Drive. Over 6200 sqft of indoor living space with sundrenched PRIVATE decks on three levels. One of a kind, designed by current owner, this home is state of the art with media room, custom furniture built in USA & England, custom light fixtures and chandeliers. Faux finished walls done by Canadian artists, Balsa stone features throughout. Extensive use of stone, tile and marble throughout. Massive kitchen granite slab from Italy. Gaggenau, Grohe taps, Subzero, Miele high end appliances. Creston automated system controls all the features of this home; lighting, fireplaces, heating system and air conditioning. * PREC – Personal Real Estate Corporation

I remember this listing when it first appeared at $9 million and I just laughed.  Down $3.5 million and still not even close with so many nicer water view homes in the area at lower prices


#6 ) Address:# 107 12096 222ND ST, West Central, Maple Ridge

January 22, 2010 V805196 $139,900 $0 0%
September 04, 2010 V805196 $129,900 $-10,000 -7%
March 10, 2011 V805196 removed after 412 days
September 20, 2013 V1027818 $97,500 $-42,400 -30%
October 17, 2013 V1027818 $85,500 $-54,400 -39%
March 17, 2014 V1027818 removed after 178 days
March 19, 2014 V1053031 $85,500 $-54,400 -39%

v1053031_1

Current Days on Market: 182 (0.50years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $82,700
Desperation Score: 13.7

Bright garden level corner unit. Walking distance to West Coast Express, recreation centre, theatre, shopping, restaurant/coffee shops. 1 covered parking, 2 storage lockers, 1 cat allowed. New roof & hot water tank. Strata feed include heat & hot water. One extra window is included in this floor plan. Super quiet 19+ building with its own resident caretaker. Great for 1st time buyers or people who enjoy a quiet community.

“One extra window is included in this floor plan”.  You know you’re scraping the bottom of the comments barrel when you are featuring an extra window


#5 ) Address:# 118 2821 TIMS ST, Abbotsford West, Abbotsford

February 26, 2008 F2804739 $159,900 $0 0%
March 13, 2008 F2804739 removed after 16 days
March 14, 2014 F1405734 $95,900 $-64,000 -40%

f1405734_1

Current Days on Market: 7 (0.02years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $107,300
Desperation Score: 12.3

Rare THREE bedroom under 100K! Approx. 1076 sq. ft. with galley kitchen, full bathroom, spacious living room and 12X7 balcony. Ground floor unit close to elevator and lobby. Parkview Estates is a 19+ building allowing 2 cats (sorry, no dogs). Call, email, or text for further details. * PREC – Personal Real Estate Corporation


#4 ) Address:2182 CLEARBROOK RD, Abbotsford West, Abbotsford

August 16, 2008 F2824343 $553,000 $0 0%
January 02, 2009 F2824343 removed after 139 days
July 23, 2011 F1118715 $429,000 $-124,000 -22%
January 01, 2012 F1118715 removed after 162 days
January 29, 2014 F1402029 $399,900 $-153,100 -28%
February 08, 2014 F1402029 $349,900 $-203,100 -37%
March 13, 2014 F1402029 $299,950 $-253,050 -46%

f1402029_1

Current Days on Market: 51 (0.14years)
Current ‘Official’ Days on Market: 51
2013 Assessment: $331,000
Desperation Score: 23.0

Great holding property on high traffic area of Clearbrook Road. O.C.P. designates as future commercial. Valuable corner holding property close to new freeway interchange. Operate your business from here…home is in good condition, full basement 3 bathroom 4 bedrooms rented to quality tenants wanting to stay if possible. Call lister for more information.


#3 ) Address:5108 CEDARWOOD CT, Sumas Mountain, Abbotsford

August 17, 2011 F1120772 $599,700 $0 0%
September 09, 2011 F1120772 removed after 23 days
September 11, 2011 F1122790 $549,700 $-50,000 -8%
October 19, 2011 F1122790 $499,700 $-100,000 -17%
January 01, 2012 F1122790 removed after 112 days
February 06, 2013 F1302659 $399,700 $-200,000 -33%
February 15, 2013 F1302659 $374,700 $-225,000 -38%
June 09, 2013 F1302659 $349,700 $-250,000 -42%
August 05, 2013 F1302659 removed after 180 days
September 07, 2013 F1320741 $299,700 $-300,000 -50%
February 28, 2014 F1320741 removed after 174 days
March 17, 2014 F1406036 $299,700 $-300,000 -50%

f1406036_1

Current Days on Market: 408 (1.12years)
Current ‘Official’ Days on Market: 4
2013 Assessment: Unknown
Desperation Score: 21.6

View, view, view – ever wanted to see the San Juan Islands? Come check out this view & total peace and quiet. Artisan well is place, ready for your geothermal house plans. Property backs on to forestry and Sumas Regional Park. Call for more detals. * PREC – Personal Real Estate Corporation


#2 ) Address:27062 BAKER RD, Hope Center, Hope and Region

March 09, 2012 H1104856 $189,900 $0 0%
December 09, 2012 H1104856 removed after 275 days
October 09, 2013 H1303897 $119,900 $-70,000 -37%
December 13, 2013 H1303897 $93,000 $-96,900 -51%
March 17, 2014 H1303897 $73,000 $-116,900 -62%

h1303897_1

Current Days on Market: 163 (0.45years)
Current ‘Official’ Days on Market: 163
2013 Assessment: $188,800
Desperation Score: 22.9

Court ordered sale. Home on .45 of an acre & in need of TLC. Home was a previous grow-op and does not have an occupancy permit. * PREC – Personal Real Estate Corporation.

“Court ordered sale. Home on .45 of an acre & in need of TLC. Home was a previous grow-op and does not have an occupancy permit.” – 60% below assessment


#1 ) Address:# 8W 20837 LOUIE CR, Walnut Grove, Langley

June 28, 2012 F1216718 $199,000 $0 0%
August 23, 2012 F1216718 $180,000 $-19,000 -10%
November 19, 2012 F1216718 removed after 144 days
March 14, 2014 F1405848 $49,900 $-149,100 -75%

No Picture

Current Days on Market: 7 (0.02years)
Current ‘Official’ Days on Market: 7
2013 Assessment: Unknown
Desperation Score: 17.5

Opportunity to pick up a fixer upper float home with good bones & provenance. Former home of Angus MacGyver, secret agent, TV series. Property is being sold as is where is. Flotation needs redoing and some interior work. Moorage $825 per month. Perfect opportunity for the handy guy.

Down 75% and even Macgyver can’t make this place into something useful

14 responses to “Weekly Drop Suburbs – March 19, 2014

  1. ryan March 20, 2014 at 11:15 am

    #7 oh man..that cracks me up..ha!

  2. cris March 20, 2014 at 3:32 pm

    Ryan. You were laughing the interior design or the price?

    • Skook March 20, 2014 at 6:29 pm

      Wow, there’s a lot of “stuff” in that house. I can’t remember the last time I saw a high priced listing filled to the gunnels like this one is – I guess it would be safe to assume that someone is actually living in it…lol. Hmm, it might be some of those wild carpets and art pieces that make the home seem so busy/full. Interesting. Well, definitely lots to keep the eyes busy if visiting.

  3. ryan March 20, 2014 at 4:43 pm

    lol! I didn’t look at the pictures at first. gross. laughing at both 🙂

  4. Alexcanuck March 21, 2014 at 6:04 pm

    10: Lived in and liveable. Rental or owner, don’t know, doesn’t matter. Cheap and basic.
    9: Empty, has been rental.
    8: No more pics.
    7: Irrelevant. How much rich people lose stupidly isn’t the real market.
    6: Same as 10.
    5: Empty now, otherwise same as 10.
    4: Owner-occupied. Ordinary.
    3: Freshly clearcut lot. Nice views, if I was building there I’d rather have the trees to work with.
    2:The once and future grow-op.
    1: Now that could be interesting if towed to a new home, winched on shore and nicely reno’ed.

    • Exurban March 21, 2014 at 10:25 pm

      The blurb for #4 says “rented to quality tenants wanting to stay if possible.”

      #7 is a joke, agreed.

      I like seeing some of these places seriously below assessment and I also like seeing some of these suburban condos back down into five-digit territory. There are a lot of single citizens earning average wages and they could use to afford a decent place to live.

  5. Wendy March 22, 2014 at 6:22 am

    If anyone is interested in pictures of No. 10, I found some here:

    http://www.macgyveronline.com/pages/houseboat.html

  6. Wendy March 22, 2014 at 6:43 am

    More sleuthing…in the previous attachment is the following comment:

    “In April, 2012 the houseboat was listed for sale on Ebay. In spite of became the number 1 viewed auction on the site it didn’t meet the reserve and so remained for sale for a number of months until finally selling to an unknown buyer in 2012…”

    In another article, I found this:

    “The strategy seems to be working. Over the weekend, the advertisement house was averaging 100 views an hour. By Tuesday morning, the highest bid was $87,600 — and the auction will last through May 10…”

    http://www.nydailynews.com/life-style/real-estate/macgyver-floating-home-auction-ebay-article-1.1070451

    Someone is taking a loss. On the other hand, they got to own MacGyver’s house. Cool!

  7. Skook March 22, 2014 at 7:37 pm

    Hey Observer,

    I just noticed via Jason Soprovich’s website that 2888 Panorama Dr, Deep Cove sold. It made the #1 spot in Observer’s Sept 9, 2013 post:

    https://vancouverpricedrop.wordpress.com/2014/03/20/weekly-drop-suburbs-march-19-2014/

    So, first listed back in July, 2010 at $17,900,000 it eventually dropped -64% ending up at $6,500,000 in your Sept, 2013 post. Now, the question is, “What did it really go for?” Oh, where or where is Natalie? When she posted last, she said she taking a course – I wonder if she left real estate? Best wishes, Natalie, wherever you are.

  8. Natalie March 25, 2014 at 10:55 pm

    Hi Skook…it sold for $5,900,000 in December. Still in school and still in estate…and lots more up my sleeve 🙂

  9. Skook March 26, 2014 at 4:53 pm

    Natalie!
    Wonderful to see you respond and know you’re lurking. Whew you sound very busy. Best of luck all around for you. You’re a sweetie…lol. Thanks for the sale price on that “home” – I think that is what they claim it to be. I had a feeling they would have to shave more off for it to move. So the final drop from peak price was a whopping -67%. Well, I figure he covered his building costs with some to spare. I have a feeling the now ex-owner of this home may be connected to the Farrington Cove development in Pender Harbour, hence my interest.
    Cheers,
    Skook

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