Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Attached – March 26, 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:# 2103 7388 SANDBORNE AV, South Slope, Burnaby

May 31, 2007 V650270 $798,000 $0 0%
December 18, 2007 V650270 removed after 201 days
February 11, 2011 V868690 $759,000 $-39,000 -5%
April 19, 2011 V868690 removed after 67 days
January 26, 2012 V927589 $788,000 $-10,000 -1%
June 25, 2012 V927589 removed after 151 days
August 03, 2012 V965040 $787,500 $-10,500 -1%
September 18, 2012 V965040 $744,188 $-53,812 -7%
October 30, 2012 V965040 $715,000 $-83,000 -10%
December 31, 2012 V965040 removed after 150 days
August 14, 2013 V1022065 $698,000 $-100,000 -13%
November 11, 2013 V1022065 $653,000 $-145,000 -18%
February 08, 2014 V1022065 removed after 178 days
March 24, 2014 V1053786 $619,900 $-178,100 -22%

 

v1053786_1

Current Days on Market: 225 (0.62years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $699,000
Desperation Score: 20.7

Outstanding value at Mayfair Place! 2 level Penthouse features panoramic views from every room. Enjoy NW & SW views of mountains, river, gardens & greenbelt. Kitchen features granite counters & opens to family room & deck. 2 bedroom up plus main floor den off the living room w/access to full length deck. Master suite w/private wrap around deck, 5 piece ensuite, walk-in closet & dressing room. Walk to Edmonds Skytrain & bus-loop, parks & trails, elementary & high schools. Centrally located, 5 mins to Metrotown or 20 min to Downtown. Excellent amenities; indoor pool, hot tub, sauna, gym, lounge, theatre & more. Needs updating but priced accordingly. 2 parking stalls #2-11 & #2-12 & storage locker #188 plus in-suite storage.



#9 ) Address:
# 115 8860 NO 1 RD, Boyd Park, Richmond

September 26, 2008 V736077 $238,770 $0 0%
November 12, 2008 V736077 removed after 47 days
March 20, 2014 V1053259 $185,000 $-53,770 -23%

 

v1053259_1

Current Days on Market: 7 (0.02years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $162,000
2011 Assessment: $214,300
Desperation Score: 9.4

ELEGANTLY UPDATED CORNER END UNIT. 2 bedrooms, 1 FULL BATH. Above ground unit with entrance from side stairs as well. Laminate flooring, paint, tiles, Recreation Centre & more! Relax on your enclosed balcony. Fabulous recreation center with pool tables, indoor & outdoor pools & right across the street from Safeway and the Seafair Mall. This is one of the lucky units that comes with underground parking as well as lots of visitors parking. Nice convenient storage locker and the bus includes balcony which is enclosed. QUICK COMPLETION/POSSESSION OK.

Assessment down 25% in 2 years and asking price down 23% in 6 years


#8 ) Address:# 303 8080 CAMBIE RD, West Cambie, Richmond

October 27, 2011 V917486 $1,088,000 $0 0%
October 24, 2012 V917486 $998,000 $-90,000 -8%
January 01, 2013 V917486 removed after 432 days
April 27, 2013 V1003724 $968,800 $-119,200 -11%
July 04, 2013 V1003724 $880,000 $-208,000 -19%
October 29, 2013 V1003724 removed after 185 days
March 21, 2014 V1053583 $833,000 $-255,000 -23%

 

No Picture

Current Days on Market: 882 (2.42years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $759,000
2011 Assessment: $774,000
Desperation Score: 21.4

ONE OF THE LARGEST END UNIT IN ABERDEEN RESIDENCE IN BRAND NEW CONDITION. Huge MASTER BEDROOM with walk-in close, plus SITTING AREA. Full ensuite 4 pce. Top appliances in KITCHEN, SUB-ZERO Fridge. The other 2 BDRM are with ensuite. Building is connected to ABERDEEN SQUARE & Canada line station. To show is to SELL.

Listed for two and a half years – “To show is to SELL.”.  6 year old condo in “BRAND NEW CONDITION”


#7 ) Address:# 301 2088 BARCLAY ST, West End, Vancouver West

May 22, 2009 V767326 $819,000 $0 0%
July 18, 2009 V767326 $787,000 $-32,000 -4%
August 21, 2009 V767326 removed after 91 days
April 10, 2010 V821065 $749,000 $-70,000 -9%
May 06, 2010 V821065 removed after 26 days
December 11, 2010 V860761 $798,000 $-21,000 -3%
February 01, 2011 V860761 $759,900 $-59,100 -7%
March 01, 2011 V860761 $749,900 $-69,100 -8%
March 31, 2011 V860761 removed after 110 days
April 08, 2011 V881000 $718,000 $-101,000 -12%
April 28, 2011 V881000 removed after 20 days
May 01, 2011 V885535 $698,000 $-121,000 -15%
July 11, 2011 V885535 removed after 71 days
March 20, 2014 V1053168 $625,000 $-194,000 -24%

 

v1053168_1

Current Days on Market: 7 (0.02years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $540,000
2011 Assessment: $584,000
Desperation Score: 10.7

Sold for $741,000 in June 2010 so they are looking at over $150K in losses if they sell for asking just based on the loss on sale, commission and transactional costs

See Realtor website for more photos and listing movie. Absolutely gorgeous 1 bedroom suite in the Presidio on Stanley Park. Designed by award-winning Richard Henriquez, the Presidio has only 28 units, almost solely 2 units per floor. This serene 1 bedroom, 1 bathroom underwent an enormous renovation (no expense spared) and the result is stunning. 30 feet of custom built-in storage, separate office area, windows on three sides, separate bath and shower, small laundry room, are among the details offered here. Heated tile floors, exotic wood kitchen cabinets, wool carpets, Italian glass mosaic tile, overheight ceilings. This is a perfect pied-a-terre in the city or a truly unique ‘West of Denman’ primary residence. No rentals.


#6 ) Address:# 3403 938 NELSON ST, Downtown, Vancouver West

February 01, 2008 V686406 $1,498,000 $0 0%
February 26, 2008 V686406 $1,599,800 $0 0%
April 12, 2008 V686406 removed after 71 days
June 25, 2009 V773672 $1,225,000 $-374,800 -23%
August 07, 2009 V773672 $1,188,000 $-411,800 -26%
December 15, 2009 V773672 removed after 173 days
November 21, 2010 V852481 $1,199,000 $-400,800 -25%
February 12, 2011 V852481 $1,169,000 $-430,800 -27%
April 07, 2011 V852481 removed after 137 days
March 19, 2012 V937928 $1,248,000 $-351,800 -22%
July 17, 2012 V937928 $1,198,000 $-401,800 -25%
December 16, 2012 V937928 removed after 272 days
February 15, 2013 V990321 $1,168,000 $-431,800 -27%
May 12, 2013 V990321 removed after 86 days
March 20, 2014 V1053389 $1,198,000 $-401,800 -25%

 

v1053389_1

Current Days on Market: 7 (0.02years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $1,078,000
2011 Assessment: $1,097,000
Desperation Score: 8.5

Purchased for $1,146,500 in May 2006 – this purchaser will lose a little over $10K if it sells at current asking.  I’m guessing that the fact that his asking price history has been very flat for a very long time means that he can’t go any lower.  Probably has very little equity in the condo and barely enough to cover the mortgage.  Speculation of course but a good guess based on what can be seen

Purchased for $775,000 in August 2005 – this purchaser made over $300K in profit when selling it less than a year later

 

Luxury penthouse style. Airey sapce with 90′ of floor to ceiling windows, 9’celling, s/s appliance, granite counter tops, jetted tub and hardwood flooring. Great view of city and mountains.24 hour concierge.

This place has been listed at some point for 7 straight years since he bought the place in 2006!  “Airey sapce”  “9’celling”.  Nice ping pong pricing for this listing – still has a long way to go


#5 ) Address:# 1600 4830 BENNETT ST, Metrotown, Burnaby

June 24, 2013 V1014029 $1,298,000 $0 0%
July 18, 2013 V1014029 $1,189,800 $-108,200 -8%
September 20, 2013 V1014029 $1,055,000 $-243,000 -19%
March 05, 2014 V1014029 removed after 254 days
March 19, 2014 V1052872 $948,800 $-349,200 -27%

 

v1052872_1

Current Days on Market: 276 (0.76years)
Current ‘Official’ Days on Market: 8
2013 Assessment: $799,000
2011 Assessment: $805,000
Desperation Score: 30.3

PENTHOUSE NW C0RNER suite with PANORAMIC views of the MOUNTAINS & CITY! 3 BED, 3 BATH with HUGE OUTDOOR SPACE (2 balconies) on the TOP 2 floors of the Balmoral in the heart of Metrotown. Only 4 suites per floor. Newly renovated with Miele appliances, granite counters, automatic roller shades, new lighting, full size LG washer/dryer, indoor/outdoor speakers and much more. High ceilings and tons of natural light. BONUS: 3 PARKING and large storage locker. Just steps away from Metrotown, Bonsor Recreation Complex, skytrain, bus loop and T & T. Well kept building with a proactive strata and the building has a hot tub, gym and meeting room.

Somehow listing the condo for 60% above assessment didn’t work


#4 ) Address:# 2408 1011 W CORDOVA ST, Coal Harbour, Vancouver West

May 09, 2010 V817063 $4,688,000 $0 0%
June 20, 2010 V817063 removed after 42 days
October 15, 2011 V915865 $3,688,000 $-1,000,000 -21%
July 02, 2012 V915865 removed after 261 days
September 04, 2012 V969054 $3,288,000 $-1,400,000 -30%
May 01, 2013 V969054 removed after 239 days
July 25, 2013 V1018970 $3,388,000 $-1,300,000 -28%
November 23, 2013 V1018970 removed after 121 days
March 24, 2014 V1053972 $3,388,000 $-1,300,000 -28%

 

v1053972_1

Current Days on Market: 894 (2.45years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $2,714,000
2011 Assessment: $3,027,000
Desperation Score: 11.8

Fairmont Pacific Rim Estates – Experience World Class Luxury at Vancouver’s most sought after true water front address. Unique to the building is one of few ’08 unit layouts. A true unique stunner. Boasts stunning ocean and North Shore mountain views with Lions Gate Bridge to the West. This efficient and open floor plan features oversized leather-bound entry doors, Boff Italian Cabinetry, Chef’s kitchen with Miele and Sub-Zero appliances, A/C. *Newly furnished space, an option for Buyer to include furniture in Purchase Sale. Steps to the very best Vancouver has to offer and fantastic amenities at your fingertips. HST is payable to purchaser.

Another condo nowhere close to selling


#3 ) Address:# 1605 1128 W HASTINGS ST, Coal Harbour, Vancouver West

October 23, 2009 V794371 $239,999 $0 0%
January 03, 2010 V794371 removed after 72 days
January 07, 2010 V802394 $244,900 $0 0%
February 17, 2010 V802394 $235,900 $-9,000 -4%
April 06, 2010 V802394 removed after 89 days
April 18, 2010 V823361 $222,000 $-22,900 -9%
May 30, 2010 V823361 removed after 42 days
September 23, 2010 V851468 $218,800 $-26,100 -11%
December 17, 2010 V851468 removed after 85 days
January 07, 2011 V862023 $218,800 $-26,100 -11%
March 30, 2011 V862023 removed after 82 days
April 09, 2011 V881075 $212,800 $-32,100 -13%
June 23, 2011 V881075 $199,800 $-45,100 -18%
August 06, 2011 V881075 removed after 119 days
January 19, 2012 V926133 $188,800 $-56,100 -23%
May 30, 2012 V926133 removed after 132 days
November 03, 2012 V979066 $174,000 $-70,900 -29%
June 30, 2013 V979066 removed after 239 days
December 02, 2013 V1037677 $187,000 $-57,900 -24%
March 19, 2014 V1037677 $175,000 $-69,900 -29%

 

v1037677_1

Current Days on Market: 1616 (4.43years)
Current ‘Official’ Days on Market: 115
2013 Assessment: $149,800
2011 Assessment: $176,000
Desperation Score: 8.4

Purchased in October 2009 for $199K and then relisted a few months later.  Down over $40K if sold for asking

Great opportunity to own a strata unit at “Marriott Pinnacle Hotel” in downtown financial core near waterfront – Share revenue from hotel guest rooms & facilities. The hotel is in walking to Stanley Park, waterfront, restaurants, shoppings, and Vancouver Conventional Centre. Owner is entitled to 30 days/year of free stay & use of pool & rec. facilities. Price includes furniture.

Listed for four and a half years, assessment down 15% in 2 years, “revenue share” in quotes because I doubt they see any


#2 ) Address:2723 W 5TH AV, Kitsilano, Vancouver West

September 02, 2011 V907746 $1,089,000 $0 0%
September 15, 2011 V907746 removed after 13 days
December 04, 2011 V921615 $1,399,900 $0 0%
February 08, 2012 V921615 removed after 66 days
June 13, 2013 V1012168 $1,298,000 $-101,900 -7%
September 16, 2013 V1012168 removed after 95 days
September 20, 2013 V1028072 $1,159,000 $-240,900 -17%
November 23, 2013 V1028072 $1,149,000 $-250,900 -18%
December 28, 2013 V1028072 removed after 99 days
January 04, 2014 V1039829 $1,148,000 $-251,900 -18%
January 04, 2014 V1039829 removed after 0 days
January 16, 2014 V1040331 $1,148,000 $-251,900 -18%
February 14, 2014 V1040331 $1,098,000 $-301,900 -22%
March 24, 2014 V1040331 $998,000 $-401,900 -29%

 

v1040331_1

Current Days on Market: 287 (0.79years)
Current ‘Official’ Days on Market: 70
2013 Assessment: $1,038,500
2011 Assessment: $1,226,300
Desperation Score: 44.2

Affordable brand new 3 level half duplex home in KITS area !!!!! Situated on a quiet street with good neighbourhood, this unit offers 2 good size bedrooms with 2 full baths up / 1 ensuite bedroom in basement. HRV, engineer hardwood flooring, Bosch S/S appliances, excellent workmanship. This is perfect for growing family or first time buyer. Gordon Elementary / Kitsilano Secondary catchment. Steps to transits, shopping, Kits beach and all kind of amenities. Don’t miss the chance, priced to sell ! Call today for showing and more details. Open House: Saturday March 22, 2014, 2-4pm.


#1 ) Address:# 310 4111 BAYVIEW ST, Steveston South, Richmond

May 04, 2012 V947557 $879,000 $0 0%
May 11, 2012 V947557 $849,000 $-30,000 -3%
May 23, 2012 V947557 $819,000 $-60,000 -7%
June 04, 2012 V947557 removed after 31 days
June 09, 2012 V955561 $789,000 $-90,000 -10%
June 22, 2012 V955561 $749,000 $-130,000 -15%
July 24, 2012 V955561 $689,000 $-190,000 -22%
September 01, 2012 V955561 removed after 84 days
September 08, 2012 V970245 $689,000 $-190,000 -22%
January 01, 2013 V970245 removed after 115 days
March 14, 2013 V995580 $689,000 $-190,000 -22%
March 29, 2013 V995580 $669,000 $-210,000 -24%
May 22, 2013 V995580 removed after 69 days
June 02, 2013 V1009977 $669,000 $-210,000 -24%
June 20, 2013 V1009977 $649,000 $-230,000 -26%
September 23, 2013 V1009977 removed after 113 days
November 27, 2013 V1037163 $638,800 $-240,200 -27%
February 19, 2014 V1037163 $625,000 $-254,000 -29%
March 20, 2014 V1037163 $599,900 $-279,100 -32%

 

v1037163_1

Current Days on Market: 692 (1.90years)
Current ‘Official’ Days on Market: 120
2013 Assessment: $700,000
2011 Assessment: $731,000
Desperation Score: 24.6

Priced to Sell! This 3 Full Bedroom with Den and 2 bathrooms is ready for you to call home. The last to be built in this Onni Complex of 5 buildings. All 3 bedrooms have their own balcony. Master facing the most remarkable sunsets plus the 2 other bedrooms have balconies large enough for a 3 pc bistro sets facing the quiet courtyard. Corner/End unit, 2 Car parking, in suite laundry, etc. Walking distance to all that pleases you in the heart of Steveston Village. This is a great place to feel the buzz of the village. Canada Day is coming soon so don’t wait… considerably the best priced for this complex.

“Priced to Sell! Canada Day is coming soon so don’t wait… “

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16 responses to “Weekly Drop Metro Vancouver Attached – March 26, 2014

  1. RFM March 26, 2014 at 2:04 pm

    These go a long way toward proving my thesis that nobody who bought a condo after 2005-2006 will ever get their money back……………those who bought before will do okay and the longer ago they bought the more okay they will do.

  2. Aman Gupta March 26, 2014 at 3:27 pm

    OMG! then what’s the new condo construction about…i see it all around me…and as well lots of ‘FOR SALE & TO LEASE’ ads
    RFM ur right but unfortunately ‘old is gold’ does not apply to condos

  3. Joe March 26, 2014 at 6:42 pm

    That’s what developers do; they develop until they can’t. Then they go bust.

  4. jan truman March 26, 2014 at 6:58 pm

    Funny, I was just thinking Canada Day is just around the corner, better get house hunting. Thanks for all the hard work by an Observer!

    • Exurban March 27, 2014 at 12:59 am

      Yes, Canada Day is coming so you should buy a condo. Or maybe a time-share in the Marriott Pinnacle Hotel. Real estate is probing new frontiers in strange.

  5. Mr Devine March 26, 2014 at 7:41 pm

    #4 $1500 a month fees. Wow. Might have to drop alot more. These are recently built ,so that’s crazy expensive on top of a mortgage.

  6. Jack March 26, 2014 at 10:20 pm

    #8 To show is to Sell – makes sense that there’s no picture then. It’s the Medusa of condos.

    • Frank March 26, 2014 at 11:19 pm

      #7 Nice condo but the maintenance fee is crazy at $410 a month for a small 1 bedroom shoebox. Seriously who would be crazy enough to buy a small 1 bedroom condo at $600,000 and pay $400 a month that’s just insane. I know most people if they had to pay $400 or $500 a month they would stick to renting.

  7. Bull! Bull! Bull! March 28, 2014 at 10:42 am

    RE: # 310 4111 BAYVIEW ST, Steveston South, Richmond

    that unit recently lost it’s view of the fraser’s south arm. 2 story mix use buildings opened across the street. i wonder if there will be restaurants or bars moving in there.

  8. Avril March 31, 2014 at 6:57 pm

    metro Vancouver has been growing since day one. RE booms and busts happen regardless. Nothing goes up forever.

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