Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – March 24, 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.

5 listings from Richmond winning yet again and 3 from Vancouver West this week


#10 ) Address:2491 W KING EDWARD AV, Arbutus, Vancouver West

March 11, 2010 V814072 $1,368,000 $0 0%
March 23, 2010 V814072 $1,338,000 $-30,000 -2%
March 29, 2010 V814072 removed after 18 days
October 15, 2011 V915722 $3,860,000 $0 0%
November 19, 2011 V915722 $3,488,000 $-372,000 -10%
January 12, 2012 V915722 removed after 89 days
January 19, 2012 V926419 $3,486,000 $-374,000 -10%
February 04, 2012 V926419 $3,389,000 $-471,000 -12%
August 01, 2012 V926419 removed after 195 days
January 27, 2014 V1043257 $3,160,000 $-700,000 -18%
February 19, 2014 V1043257 $3,060,000 $-800,000 -21%
March 24, 2014 V1043257 $2,980,000 $-880,000 -23%

 

v1043257_1

Current Days on Market: 57 (0.16years)
Current ‘Official’ Days on Market: 57
2013 Assessment: $2,876,000
2011 Assessment: $2,982,000
Desperation Score: 21.3

Marvelous custom built house with Mountain View from the balcony of the master bedroom upstairs located in the prime area of Arbutus. This very classic and beautiful detailed home with 10 feet high ceiling throughout main & basement was built by using high quality materials of marble, granite and mouldings. 4-bedroom upstairs and 3-bedroom downstairs with total 5.5 bathrooms. Kitchens finished with top line of appliances. The European-style wrought iron windows and tile keep the house warm and impressive. Huge space in the basement can be used as sportive and/or livable rooms. Well-known school catchments of PW secondary and Trafalgar elementary, shopping and community center nearby. DO NOT MISS THE CHANCE TO OWN IT.

“DO NOT MISS THE CHANCE TO OWN IT.” – new build down $900K


#9 ) Address:3578 W 39TH AV, Dunbar, Vancouver West

April 22, 2007 V642240 $1,550,000 $0 0%
July 03, 2007 V642240 removed after 72 days
July 07, 2007 V657125 $1,490,000 $-60,000 -4%
November 11, 2007 V657125 removed after 127 days
November 21, 2007 V678492 $1,560,000 $0 0%
March 12, 2008 V678492 $1,498,000 $-62,000 -4%
October 29, 2008 V678492 $1,398,000 $-162,000 -10%
February 17, 2009 V678492 removed after 454 days
March 15, 2012 V937131 $3,080,000 $0 0%
May 04, 2012 V937131 removed after 50 days
May 10, 2012 V949063 $2,968,000 $-112,000 -4%
June 26, 2012 V949063 removed after 47 days
January 16, 2014 V1040531 $2,690,000 $-390,000 -13%
February 21, 2014 V1040531 removed after 36 days
March 05, 2014 V1050130 $2,538,000 $-542,000 -18%
March 19, 2014 V1050130 $2,368,000 $-712,000 -23%

 

v1050130_1

Current Days on Market: 68 (0.19years)
Current ‘Official’ Days on Market: 20
2013 Assessment: $2,334,000
2011 Assessment: $2,236,000
Desperation Score: 29.8

Renovated in 2010, Huge kitchen and family room facing southern backyard. High ceiling foyer. Main floor features huge open spaces complimented by hardwood flooring. Gourmet kitchen is completely renovated with luxurious solid wood Mahogany custom cabinetry, top-grade stainless steel appliances and lots of storage and pantry space. Oversize master bedroom with walk-in closet, 5 more spacious bedrooms and 5 ensuites to accommodate any family! Located near the BEST schools, St George, Crofton House private school, Kerrisdale Elementary, Point Grey Secondary catchment & easy access to UBC. Steps away from shops and transportation..open house 2-4 Sat Sun Mar 22, 23

Renovated in 2010 so they added $1.7 million to the price…  Didn’t work out


#8 ) Address:9531 GILBERT CR, Woodwards, Richmond

April 10, 2011 V881485 $1,288,000 $0 0%
July 08, 2011 V881485 removed after 89 days
March 24, 2014 V1053717 $980,000 $-308,000 -24%

No Picture

Current Days on Market: 1 (0.00years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $808,100
2011 Assessment: $1,066,100
Desperation Score: 19.3

8122 sq ft rectangula lot in prestigious Woodward area. House is not on Gilbert, it is behind tree lined boulevard. London High School is within 1 min walk. Full basement, tenanted.

“rectangula” – After seeing the assessment drop 25% in 2 years and listing price drop $300K in one shot I can’t really blame them for spelling mistakes.  Actually yes I can Denny Fok, it’s still a million dollar home with a $40K commission…


#7 ) Address:435 W 59TH AV, South Cambie, Vancouver West

November 03, 2007 V676615 $1,280,000 $0 0%
November 01, 2008 V676615 removed after 364 days
May 29, 2009 V768703 $1,150,000 $-130,000 -10%
July 13, 2009 V768703 removed after 45 days
June 09, 2012 V955565 $4,380,000 $0 0%
July 28, 2012 V955565 $4,188,000 $-192,000 -4%
September 29, 2012 V955565 $3,988,000 $-392,000 -9%
November 01, 2012 V955565 removed after 145 days
November 04, 2012 V979101 $3,980,000 $-400,000 -9%
March 01, 2013 V979101 removed after 117 days
March 16, 2013 V995803 $3,880,000 $-500,000 -11%
August 01, 2013 V995803 removed after 138 days
September 14, 2013 V1027073 $3,880,000 $-500,000 -11%
October 29, 2013 V1027073 $3,680,000 $-700,000 -16%
December 28, 2013 V1027073 removed after 105 days
January 16, 2014 V1041119 $3,880,000 $-500,000 -11%
March 10, 2014 V1041119 $3,726,000 $-654,000 -15%
March 19, 2014 V1041119 removed after 62 days
March 24, 2014 V1053854 $3,299,888 $-1,080,112 -25%

 

v1053854_1

Current Days on Market: 654 (1.79years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $2,665,000
2011 Assessment: $2,628,000
Desperation Score: 41.8

Like new! Great price! Beautifully crafted West side Cambie home with unobstructed views of Fraser River & Richmond. Grand but comfortable layout featuring high end materials & top notch appliances throughout the house. 4 bedrooms upstairs all complete with ensuites. Office on main floor looks out to quiet Winona Park. Basement is complete with rec room featuring home theatre system, bar, sauna, and separate bathroom. 2 bedroom suite is perfect for mortgage helper or visiting friends, business partners, or family. Proximity to top-ranked schools: Churchill Secondary and Sir Wilfrid Laurier Elementary.

“Like new!” – probably because it hasn’t been lived in


#6 ) Address:12420 JENSEN DR, East Cambie, Richmond

May 09, 2012 V948669 $1,180,000 $0 0%
June 29, 2012 V948669 $1,090,000 $-90,000 -8%
August 01, 2012 V948669 removed after 84 days
October 11, 2012 V975862 $1,080,000 $-100,000 -8%
December 16, 2012 V975862 removed after 66 days
January 25, 2013 V987137 $1,080,000 $-100,000 -8%
April 01, 2013 V987137 removed after 66 days
July 06, 2013 V1016034 $999,000 $-181,000 -15%
July 25, 2013 V1016034 $968,000 $-212,000 -18%
August 09, 2013 V1016034 $938,000 $-242,000 -21%
September 02, 2013 V1016034 removed after 58 days
September 12, 2013 V1026533 $948,000 $-232,000 -20%
October 09, 2013 V1026533 $928,000 $-252,000 -21%
November 29, 2013 V1026533 removed after 78 days
January 16, 2014 V1039980 $899,900 $-280,100 -24%
March 17, 2014 V1039980 removed after 60 days
March 19, 2014 V1052994 $888,000 $-292,000 -25%

 

v1052994_1

Current Days on Market: 685 (1.88years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $835,000
2011 Assessment: $850,000
Desperation Score: 35.8

Bright & immaculate 5 bedroom family home loc on a nice quiet street in the heart of desirable California Pointe! Excellent layout with grand entry, high ceilings in the LR, 3 full bathrooms including a bedroom & full bath on the main, all new laminate floors throughout, gourmet kitchen, 2674 SF of spacious living, skylights, radiant heat on both levels, 2 cozy fireplaces, built in vacuum, security system & double garage. Pride of ownership is evident throughout this one owner home. All this on a fantastic 4865 lot with a sunny south backyard close to McNeely Elementary & Cambie Secondary schools, King George Park, shopping, recreation & easy access into Vancouver. A PLEASURE TO SHOW!


#5 ) Address:9111 PINEWELL CR, Saunders, Richmond

May 02, 2008 V705363 $699,000 $0 0%
May 17, 2008 V705363 $669,000 $-30,000 -4%
July 21, 2008 V705363 removed after 80 days
April 26, 2009 V763330 $558,000 $-141,000 -20%
May 07, 2009 V763330 removed after 11 days
August 15, 2009 V781873 $738,000 $0 0%
November 16, 2009 V781873 removed after 93 days
February 24, 2010 V811248 $783,000 $0 0%
March 17, 2010 V811248 removed after 21 days
January 25, 2012 V927519 $2,388,000 $0 0%
October 26, 2012 V927519 $2,198,000 $-190,000 -8%
January 01, 2013 V927519 removed after 342 days
January 23, 2013 V986450 $1,798,000 $-590,000 -25%
February 28, 2013 V986450 $1,838,000 $-550,000 -23%
December 17, 2013 V986450 removed after 328 days
January 23, 2014 V1043004 $1,799,000 $-589,000 -25%
March 18, 2014 V1043004 $1,699,000 $-689,000 -29%

 

v1043004_1

Current Days on Market: 790 (2.16years)
Current ‘Official’ Days on Market: 61
2013 Assessment: $1,538,000
2011 Assessment: $1,428,000
Desperation Score: 24.7

Immaculate & elegant in Saunders area . 8251 s.ft lot . West faceing back yard . 5 Bed room , main floor with high ceilings, baseboards granite and tile work. Huge living room, dining room, kitchen, wok kitchen, rec room , complete home th eatre, 1 bedroom with ensuite and a prayer room with central air conditioning, HRV, built in vacuum, alarm, security camera, 3 car garage . Balance of 2-5-10 New Home Warranty. Walking distance to popular French Immersion Whiteside Elementary and Mcroberts secondary.

#3 and #5 look like they are owned by the same guy based on price change patterns and the fact that they are beside each other on Pinewell street.  Down a combined $1.8 million


#4 ) Address:5358 KEW CLIFF RD, Caulfeild, West Vancouver

October 06, 2006 V588935 $2,995,000 $0 0%
October 30, 2006 V588935 removed after 24 days
September 23, 2007 V669957 $4,200,000 $0 0%
October 24, 2007 V669957 $3,950,000 $-250,000 -6%
May 06, 2008 V669957 $3,495,000 $-705,000 -17%
December 09, 2008 V669957 removed after 443 days
January 17, 2009 V748716 $3,495,000 $-705,000 -17%
July 16, 2009 V748716 removed after 180 days
April 04, 2010 V819725 $2,995,000 $-1,205,000 -29%
July 06, 2010 V819725 $2,499,000 $-1,701,000 -41%
July 24, 2010 V819725 $3,200,000 $-1,000,000 -24%
August 31, 2010 V819725 $2,698,000 $-1,502,000 -36%
October 01, 2010 V819725 removed after 180 days
October 08, 2010 V853790 $2,698,000 $-1,502,000 -36%
October 29, 2010 V853790 removed after 21 days
August 25, 2011 V906744 $4,088,000 $-112,000 -3%
August 31, 2011 V906744 $4,290,000 $0 0%
September 20, 2011 V906744 $4,158,000 $-132,000 -3%
October 25, 2011 V906744 $4,870,000 $0 0%
November 24, 2011 V906744 removed after 91 days
December 22, 2011 V922782 $4,870,000 $0 0%
March 13, 2012 V922782 $4,380,000 $-490,000 -10%
April 03, 2012 V922782 $3,990,000 $-880,000 -18%
June 16, 2012 V922782 $3,750,000 $-1,120,000 -23%
July 14, 2012 V922782 removed after 205 days
August 25, 2012 V968044 $3,468,000 $-1,402,000 -29%
February 07, 2013 V968044 $3,198,000 $-1,672,000 -34%
March 25, 2013 V968044 removed after 212 days
April 05, 2013 V999154 $3,198,000 $-1,672,000 -34%
August 17, 2013 V999154 $3,350,000 $-1,520,000 -31%
November 19, 2013 V999154 removed after 228 days
February 06, 2014 V1045829 $3,350,000 $-1,520,000 -31%
March 04, 2014 V1045829 removed after 26 days
March 19, 2014 V1052866 $3,350,000 $-1,520,000 -31%

 

v1052866_1

Current Days on Market: 943 (2.58years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $2,196,000
Desperation Score: 20.7

Unique, sophisticated, quietly elegant, handcrafted, naturally beautiful- you’ll be captivated by this home & the lifestyle! Kew Cliff known as one of West Vancouver’s most sought after waterfront cul-de-sac. Situated on a private gated 20,000 sqft fully landscaped estate, this classic heritage style custom built residence has been designed using the highest attention to detail quality & finishing. Boasting over 6000? sqft on 3 levels, where all principal rms open onto entertainment size concrete patios with amazing sunsets unobstructed ocean views of Passage Island, Bowen Island and out the mighty pacific to Vancouver Island & Nanaimo. Approximate House Size: 6169 sqft. Double Garage Size: 594 sqft.

Listed for 2 and a half years and are still refusing to lower their latest price increase.  Being over 50% above assessment doesn’t seem to phase them


#3 ) Address:9811 PINEWELL CR, Saunders, Richmond

December 12, 2011 V922180 $3,488,000 $0 0%
January 14, 2012 V922180 $3,288,000 $-200,000 -6%
February 02, 2012 V922180 $3,198,800 $-289,200 -8%
February 16, 2012 V922180 removed after 66 days
March 07, 2012 V935676 $3,158,800 $-329,200 -9%
April 17, 2012 V935676 $2,998,800 $-489,200 -14%
June 26, 2012 V935676 removed after 111 days
August 19, 2012 V967189 $2,888,000 $-600,000 -17%
September 22, 2012 V967189 $2,853,888 $-634,112 -18%
October 17, 2012 V967189 $2,788,000 $-700,000 -20%
November 06, 2012 V967189 removed after 79 days
January 13, 2013 V984851 $2,778,000 $-710,000 -20%
February 21, 2013 V984851 $2,658,000 $-830,000 -24%
August 09, 2013 V984851 removed after 208 days
September 30, 2013 V1029684 $2,658,000 $-830,000 -24%
November 07, 2013 V1029684 $2,588,000 $-900,000 -26%
December 28, 2013 V1029684 removed after 89 days
January 19, 2014 V1042624 $2,588,000 $-900,000 -26%
February 21, 2014 V1042624 $2,498,000 $-990,000 -28%
March 18, 2014 V1042624 $2,387,500 $-1,100,500 -32%

 

v1042624_1

Current Days on Market: 834 (2.28years)
Current ‘Official’ Days on Market: 65
2013 Assessment: $1,749,000
Desperation Score: 36.1

SPECTACULAR HOME ON HUGE LOT. Best value for this size house/lot in Richmond. Granite, hardwood, high end appliances – everything you would expect and more. Grand entrance with crystal chandelier. 18 ft ceilings, crown moulding, heat recovery and air conditioning. 6 bedrooms total, 5 with ensuites. LEGAL 2 bedroom suite with own patio. Triple garage and lots more open parking for RV and boat. This house has it all – truly a must see!

Linked with #5 and this one has been on the market since it was built – now down $1.1 million


#2 ) Address:7426 BURRIS ST, Buckingham Heights, Burnaby

September 20, 2012 V972373 $2,990,000 $0 0%
February 07, 2013 V972373 removed after 140 days
May 25, 2013 V1009037 $1,999,000 $-991,000 -33%
July 10, 2013 V1009037 $1,888,000 $-1,102,000 -37%
November 29, 2013 V1009037 removed after 188 days
March 24, 2014 V1053726 $1,988,000 $-1,002,000 -34%

 

v1053726_1

Current Days on Market: 551 (1.51years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $1,954,000
2011 Assessment: $1,411,000
Desperation Score: 23.6

STOP! An incredible value in prestigious Buckingham Heights! You must see this gorgeous home completely renovated with style in 2008. Located on the exclusively part of Burris St on the high side with view of mountains! You will be captivated by the European style entry & Dining room! Features include granite floors & pillars, Brazilian redwood, sandstone arches, slate bathrooms & walls, double river rock fireplace & much more! Huge parking lot with gates & 2 car garage. Huge waterfall with potential hot tub function & stone pillared gazebo with glass top for you to have a relaxing time with family or friends! Minutes drive to Metrotown & SFU. Perfect for growing family! HURRY! School Catchments: Buckingham Elementary & Burnaby Central Secondary.

“STOP!  potential hot tub function.  HURRY! ”  That $3 million price was out to lunch – they drop it in one shot by 33% and it still doesn’t sell.  Current price is higher than the recently expired price


#1 ) Address:6411 WILLIAMS RD, Woodwards, Richmond

October 06, 2006 V599405 $708,000 $0 0%
October 31, 2006 V599405 removed after 25 days
February 29, 2008 V691576 $768,000 $0 0%
June 03, 2008 V691576 $788,000 $0 0%
September 01, 2008 V691576 removed after 185 days
March 02, 2011 V872474 $1,395,000 $0 0%
August 29, 2011 V872474 removed after 180 days
January 16, 2014 V1040155 $968,000 $-427,000 -31%
March 20, 2014 V1040155 $868,000 $-527,000 -38%

 

v1040155_1

Current Days on Market: 68 (0.19years)
Current ‘Official’ Days on Market: 68
2013 Assessment: $866,000
2011 Assessment: $758,000
Desperation Score: 28.8

Location!!! You cannot find any better than this in West Richmond. Walking distance to the Errington Elementary School, the famous London High School. Over 8,000 square feet huge lot, nested with generous size 5 bedrooms 4 bathrooms, highly appreciated by the feng shui master. 2 bedroom suite generates $1500/month income. Keep it or demolish to build a several millions dollars dream home, it is at your own option. Quick possession is available. All the measurements are approximately, verify is recommended.

“Walking distance to the Errington Elementary School, the famous London High School.” “nested with generous size 5 bedrooms” “highly appreciated by the feng shui master.” “Keep it or demolish to build a several millions dollars dream home, it is at your own option.” “All the measurements are approximately,” “verify is recommended.”…  Morning Yu…  That’s the realtor’s name…  One of the biggest train wreck descriptions ever.  Welcome to first place.

I checked out her website http://www.morningyu.com and her motto is “Wonderful life starts in the Morning”…  can’t make this stuff up

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12 responses to “Weekly Drop Metro Vancouver Detached – March 24, 2014

  1. Ronny March 24, 2014 at 9:25 pm

    I hope my wonderfull life starts in the morning.

  2. ryan March 24, 2014 at 10:07 pm

    so many lol’s

  3. Braze March 24, 2014 at 11:35 pm

    LOL, #1 just screams feng-shui!

  4. RFM March 25, 2014 at 9:21 am

    #10: definitely lived in; looks like a sale in 2012 for around $3,300,000 or the builder moved in. In any case, sale now at list would be a clear money loser if actually purchased in 2012. If builder moved in, probably a break even at best. This will not encourage more developers paying $1,300,000 for a tear down.

    #5: and here I thought the ‘checkerboard’ driveway was a one-off bad idea! Another new build that is not going to turn out well.

    #4: wow, pick a price and stick with it! I got vertigo looking at the prices
    2006 – original list
    2007 – up; down
    2008 – down
    2009 – same
    2010 – down; down; up; down; same
    2011 – up; up; down; up; same
    2012 – down; down; down; down
    2013 – down; up
    2014 – same; same

    #3: wow, a spec house empty for 3 years! Mortgage payments, property taxes, insurance, opportunity costs. Death by a thousand cuts!

    #1: such a presentation photo! Where’s my bulldozer?

    I see a lot of listings that are going to chase the price to the bottom; or, the way a major negative change, which happens slowly in many unnoticed increments, is not perceived as objectionable.

  5. anon March 25, 2014 at 9:35 am

    no. 1
    Future Distribution Centre.

    Morning Yu (English Major) – “Wonderful Life Starts in the Morning, so does your home.”

    • Seeking Knowledge... March 25, 2014 at 12:55 pm

      I wonder which came first, the slogan or the selection of her first name?

      Excellent use of humour to accentuate the data Observer and RFM! Thanks.

  6. Alexcanuck March 25, 2014 at 6:25 pm

    10: OK, it is lived in. A plastic bag liner in a plain utilitarian basket is real, not staging. Doesn’t say whether they have any intention of putting down roots.
    9: I don’t know. Maybe one room is lived in, a few rooms get visited and the rest just are there? Not real people really living there.
    8: No pics.
    7: No pics??? Are you kidding me? A quick search of the address showed no pictures. Are $3 million (+mandatory 8’s) Vancouver houses such a commodity now that only an address and photo-shopped outside picture is required?
    6: Empty.
    5: Professionally staged, likely empty.
    4: See #7
    3: Professionally staged, likely empty.
    2: Did I see the same furniture in different rooms? I thought that was on the checklist for stagers as an absolute no-no?
    1: Quite a few words to say “Lot value on this block is $868,000.00. We wish.”

    • Gary March 26, 2014 at 12:43 pm

      #5 – The stagers forgot to take off the protective plastic wrap of the oven handle in one of the kitchen pictures 🙂

  7. Aman Gupta March 26, 2014 at 10:54 am

    more eye openers

  8. MaxPower March 28, 2014 at 1:24 pm

    #1 looks like a converted warehouse.
    #2 is just strange – I’m sure that ugly furniture is expensive though

  9. Gerry Gormley March 29, 2014 at 3:32 pm

    STOP!…HURRY!…
    I am schizophrenic and so am I.

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