Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – March 31, 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.

Sounding like a broken record, 4 listings from Richmond winning yet again and 3 from Vancouver West this week.

4 of the listings just listed below $1 million for the first time

At least 3 of the homes had just been sold fairly recently and all 3 are now listed for a net loss once transactional costs are included (and 2 of them now listed for below the last sale price)


#10 ) Address:920 RIVERSIDE DR, Seymour, North Vancouver

February 10, 2008 V688313 $1,288,000 $0 0%
April 30, 2008 V688313 $1,249,000 $-39,000 -3%
June 01, 2008 V688313 removed after 112 days
June 05, 2008 V713592 $1,198,000 $-90,000 -7%
June 18, 2008 V713592 $1,147,000 $-141,000 -11%
July 26, 2008 V713592 $1,099,000 $-189,000 -15%
September 02, 2008 V713592 removed after 89 days
September 05, 2008 V731201 $1,049,000 $-239,000 -19%
September 25, 2008 V731201 $999,000 $-289,000 -22%
October 21, 2008 V731201 removed after 46 days
October 23, 2008 V740664 $899,900 $-388,100 -30%
February 17, 2009 V740664 $859,000 $-429,000 -33%
February 23, 2009 V740664 removed after 123 days
December 05, 2013 V1037793 $1,049,000 $-239,000 -19%
February 03, 2014 V1037793 $1,038,000 $-250,000 -19%
March 04, 2014 V1037793 removed after 89 days
March 17, 2014 V1052394 $1,038,000 $-250,000 -19%
March 30, 2014 V1052394 $998,000 $-290,000 -23%

 

v1052394_1

Current Days on Market: 117 (0.32years)
Current ‘Official’ Days on Market: 15
2013 Assessment: $919,000
Desperation Score: 19.4

Gracious, Spacious, & Elegant best describest this 4bed/4bath Seymour home sitting on an almost 10,000s/f level lot. Designed to offer the best in both casual and formal living and extensively renovated, including a full addition in 2007. There are 3 generous bedrooms up, master with 5pc bath, walk in closet, private balcony and it’s own gas fireplace. The main floor with almost 1900s/f features an open plan kitchen with granite counters, s/s appliances, plenty of cupboards and counter space, a custom built in office and large wak in pantry. The adjoining eating area and family room has sliders to a walk out cedar deck & fully fenced East facing yard which backs onto greenbelt providing plenty of privacy. Enjoy formal entertaining in the elegant living room featuring an accent fireplace, & create special memories in the formal dining room. Completing the main floor is the 4th bedroom currently being used as a play room, full size laundry room & accesss to the attached DOUBLE Car garage. Not to be missed!

“describest”, “accesss” and my favorite, “wak in pantry” – sounds inappropriate… Tazmeen Woodall, this description is a fail and it’s been like this for 2 weeks


#9 ) Address:9508 PALMER RD, Boyd Park, Richmond

October 25, 2013 V1033037 $1,288,000 $0 0%
March 25, 2014 V1033037 removed after 151 days
March 27, 2014 V1054465 $998,000 $-290,000 -23%

 

v1054465_1

Current Days on Market: 158 (0.43years)
Current ‘Official’ Days on Market: 5
2013 Assessment: Unknown
Desperation Score: 22.6

This is corner lot home which had newly professionally and extensive renovation done through out the whole house! Great area and neighborhood. Walking distance to the public transit, schools, and shops. Quiet and perfect home for small or big family. This is also the best investment as you can live in now and to build your dream home later, do not miss this!!

“newly professionally and extensive renovation”, “Walking distance to the public transit”, “This is also the best investment as you can live in now and to build your dream home later”.  Lay La Yang actually has two crappy descriptions in this weeks top 10 drops.  Impressive.


#8 ) Address:4154 W 11TH AV, Point Grey, Vancouver West

June 02, 2012 V953979 $4,200,000 $0 0%
August 29, 2012 V953979 removed after 88 days
September 14, 2012 V971261 $3,990,000 $-210,000 -5%
September 27, 2012 V971261 removed after 13 days
November 17, 2012 V980383 $3,588,000 $-612,000 -15%
March 01, 2013 V980383 removed after 104 days
March 20, 2013 V996379 $3,588,888 $-611,112 -15%
June 02, 2013 V996379 removed after 74 days
July 13, 2013 V1017178 $3,488,000 $-712,000 -17%
September 30, 2013 V1017178 removed after 79 days
October 04, 2013 V1030020 $3,288,000 $-912,000 -22%
December 13, 2013 V1030020 removed after 70 days
January 16, 2014 V1041743 $3,288,888 $-911,112 -22%
March 26, 2014 V1041743 $3,188,888 $-1,011,112 -24%

 

v1041743_1

Current Days on Market: 668 (1.83years)
Current ‘Official’ Days on Market: 75
2013 Assessment: $3,039,000
2012 Assessment: Building Unfinished at time of assessment
2011 Assessment: $1,808,300
Desperation Score: 30.9

If only the best will do this 2896 sq foot Point Grey residence is the one for you. Bonus is the 672 sq ft Laneway house with its 9 foot ceilings. Perched on the high side of Prestigious W. 11th Ave, this smart family home features a 435 sq foot unobstructed view deck, third floor with 3 bedrooms including a master bedroom with ensuite and a main floor with 10 ft ceilings, custom millwork and a gourmet ktichen. Call today to view this european built 4 bedroom 3.5 bathroom geothermal heated residence of distinction.

“ktichen”…  Down over a million and still over assessment


#7 ) Address:3280 W 16TH AV, Arbutus, Vancouver West

January 08, 2012 V924164 $2,188,000 $0 0%
April 19, 2012 V924164 $1,999,900 $-188,100 -9%
June 06, 2012 V924164 $1,859,900 $-328,100 -15%
August 27, 2012 V924164 removed after 232 days
January 13, 2013 V984927 $1,588,000 $-600,000 -27%
January 30, 2013 V984927 removed after 17 days
March 26, 2014 V1054289 $1,620,000 $-568,000 -26%

 

No Picture

Current Days on Market: 6 (0.02years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $1,610,000
2012 Assessment: $1,551,000
2011 Assessment: $1,638,000
Desperation Score: 11.2

Prime Arbutus area; good location, close to Prince of Wales Secondary, Carnarvon Elementary, UBC, 50×120 = 6000 sq ft. first showing: 2-4pm Saturday, March 29, second showing: 1-2 pm Sunday, March 30. Pls call to make appointment.

Sold for $1,595,000 in January 2013 so they are looking at a $60K loss IF sold for asking when commission, property transfer and other transactional fees are included

“Pls” – seriously, you can’t type out please?


#6 ) Address:9520 CAPELLA DR, West Cambie, Richmond

October 01, 2008 V736635 $888,000 $0 0%
October 28, 2008 V736635 $858,000 $-30,000 -3%
January 28, 2009 V736635 $799,000 $-89,000 -10%
June 27, 2009 V736635 $880,000 $-8,000 -1%
December 01, 2009 V736635 removed after 426 days
January 09, 2010 V802762 $928,000 $0 0%
May 18, 2010 V802762 $948,000 $0 0%
November 15, 2010 V802762 removed after 310 days
November 18, 2010 V858723 $988,000 $0 0%
May 03, 2011 V858723 $1,250,000 $0 0%
October 22, 2011 V858723 $1,150,000 $-100,000 -8%
January 01, 2012 V858723 removed after 409 days
January 05, 2012 V923205 $1,180,000 $-70,000 -6%
June 30, 2012 V923205 removed after 177 days
September 07, 2013 V1025395 $1,020,000 $-230,000 -18%
November 07, 2013 V1025395 $1,380,000 $0 0%
March 30, 2014 V1025395 $990,000 $-390,000 -28%

 

v1025395_1

Current Days on Market: 206 (0.56years)
Current ‘Official’ Days on Market: 206
2013 Assessment: $935,000
2011 Assessment: $948,000
Desperation Score: 30.0

Beautiful 14 years new home in a great neighborhood, Oak’s Subdivision. This 5 bedroom, 4 baths home with 2770 SQFT. comes loaded with everything including stainless steel appliances, Maple Kitchen Cabinets with Granite And Quartz counters throughout and Faux MARBLE floors with Luxurious Carpet Accent, radiant heating, Tile roof, 18′ ceiling,Wok kitchen, sec & vacuum system, crown moulding & lots more.

Sold for $1,028,000 in June 2013 so they are looking at a $95K loss IF sold for asking when commission, property transfer and other transactional fees are included

“Faux MARBLE floors” – is that really something to brag about?


#5 ) Address:5658 IRVING ST, Forglen, Burnaby

July 22, 2011 V901193 $1,399,000 $0 0%
July 27, 2011 V901193 $1,288,000 $-111,000 -8%
October 18, 2011 V901193 removed after 88 days
January 05, 2013 V983503 $1,399,000 $0 0%
January 17, 2013 V983503 $1,299,000 $-100,000 -7%
March 16, 2013 V983503 $1,220,000 $-179,000 -13%
April 10, 2013 V983503 $1,250,000 $-149,000 -11%
April 30, 2013 V983503 removed after 115 days
August 01, 2013 V1019991 $1,330,000 $-69,000 -5%
September 07, 2013 V1019991 $1,280,000 $-119,000 -9%
February 21, 2014 V1019991 removed after 204 days
February 26, 2014 V1048996 $1,234,000 $-165,000 -12%
March 24, 2014 V1048996 removed after 26 days
March 27, 2014 V1054456 $998,000 $-401,000 -29%

 

v1054456_1

Current Days on Market: 451 (1.24years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $1,234,000
Desperation Score: 44.1

Great location in Forest Glen area, features 2 level home with 3 bedroom upper floor and 2 bedrooms down. Very well built with grauite counter tops, crown mouldings, courtesy gas fireplace with limestone facing, level lot, one bedroom suite mortgage help with another potential one bedroom suite. Walking distance to Safeway, Metrotown and Deer Lake, and Elementary Schools. BEST VALUE in town!Open House 29 March Satureday 12-2pm.

“grauite”, “Satureday” – Lay La Yang’s second crappy entry this week, SPELL CHECK!  “courtesy gas fireplace”???


#4 ) Address:3771 W 11TH AV, Point Grey, Vancouver West

September 19, 2008 V733867 $1,579,000 $0 0%
October 23, 2008 V733867 $1,489,900 $-89,100 -6%
December 09, 2008 V733867 removed after 81 days
May 11, 2011 V887582 $1,998,800 $0 0%
June 07, 2011 V887582 removed after 27 days
August 25, 2012 V968036 $2,680,000 $0 0%
May 22, 2013 V968036 removed after 270 days
July 20, 2013 V1018620 $2,380,000 $-300,000 -11%
October 07, 2013 V1018620 removed after 79 days
October 11, 2013 V1031182 $2,380,000 $-300,000 -11%
December 28, 2013 V1031182 removed after 78 days
January 16, 2014 V1041427 $2,380,000 $-300,000 -11%
March 10, 2014 V1041427 $2,238,000 $-442,000 -16%
March 25, 2014 V1041427 removed after 68 days
March 28, 2014 V1054732 $1,880,000 $-800,000 -30%

 

v1054732_1

Current Days on Market: 584 (1.60years)
Current ‘Official’ Days on Market: 4
2013 Assessment: $1,968,000
2012 Assessment: $1,993,000
2011 Assessment: $1,984,000
Desperation Score: 42.2

The lot is 50 width and 122 Depth. Clean lot, flawless. Many updates home with 3 bedrooms up & 3 bedrooms down with separate entrances. The best location in Point Grey area!! You can move in with you luggage and also to build your dream home in this most preferable location. All the best schools are around, and the amenities are step away from here!! First open house is this Sat and Sun 2-4 pm!!

Sold for $1,958,000 in  May 2011 so they are looking at a $180K loss IF sold for asking when commission, property transfer and other transactional fees are included

“you luggage”.  Tried listing this a year after buying it for a half million plus in easy profit until reality happened


#3 ) Address:8260 GILBERT RD, Broadmoor, Richmond

February 14, 2007 V630318 $649,000 $0 0%
June 13, 2007 V630318 removed after 119 days
March 13, 2008 V694070 $718,000 $0 0%
October 01, 2008 V694070 removed after 202 days
April 21, 2010 V823712 $920,000 $0 0%
July 15, 2010 V823712 removed after 85 days
July 22, 2012 V963270 $3,180,000 $0 0%
September 24, 2012 V963270 removed after 64 days
September 29, 2012 V974169 $2,888,000 $-292,000 -9%
December 11, 2012 V974169 removed after 73 days
January 27, 2013 V987440 $2,788,000 $-392,000 -12%
March 02, 2013 V987440 removed after 34 days
March 27, 2013 V997538 $2,813,000 $-367,000 -12%
June 19, 2013 V997538 $2,748,000 $-432,000 -14%
July 20, 2013 V997538 $2,680,000 $-500,000 -16%
September 02, 2013 V997538 removed after 159 days
October 18, 2013 V1032313 $2,488,000 $-692,000 -22%
January 27, 2014 V1032313 removed after 101 days
January 31, 2014 V1044398 $2,488,000 $-692,000 -22%
March 24, 2014 V1044398 removed after 52 days
March 28, 2014 V1054792 $2,180,000 $-1,000,000 -31%

 

v1054792_1

Current Days on Market: 618 (1.69years)
Current ‘Official’ Days on Market: 4
2013 Assessment: $1,858,000
2011 Assessment: $1,849,000
Desperation Score: 42.0

RARE GEM on Gilbert Road!! A Designer’s masterpiece, with exceptional workmanship. Amazingly Quiet thanks to the architectural layout. Open concept layout on the main floor – well ventilated interior. High-End S/S Appliances!! Tremendous lighting allocation inside out – detailed ceiling, mouldings plus natural lighting within the house make this property BRIGHT and FUN! Heavily use of expensive/unique tiles throughout the house. Huge outdoor sundeck equipped with gas BBQ stove, colourful LED lights in the family room & media room w/ WET BAR provides countless opportunities for parties and gathering. Media room can be easily converted into an in-law/guest suite. Steps away to Ferris Elementary & Richmond High.OPEN SAT MAR 29 2-4.

New build listed almost 2 years and down a million dollars


#2 ) Address:8035 PASCO RD, Howe Sound, West Vancouver

July 31, 2011 V902907 $7,889,000 $0 0%
August 28, 2011 V902907 $7,200,000 $-689,000 -9%
November 21, 2011 V902907 removed after 113 days
July 13, 2012 V961856 $5,480,000 $-2,409,000 -31%
November 21, 2012 V961856 $4,898,000 $-2,991,000 -38%
February 01, 2013 V961856 removed after 203 days
April 12, 2013 V1000312 $4,898,000 $-2,991,000 -38%
September 02, 2013 V1000312 removed after 143 days
March 26, 2014 V1054140 $5,400,000 $-2,489,000 -32%

 

v1054140_1

Current Days on Market: 6 (0.02years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $3,599,000
Desperation Score: 11.7

Absolutely Amazing Waterfront Retreat! This spectacular residence, designed by renowned architectural firm, Kaffka Design, and featured in BC HOME magazine, is a magnificent west coast home w/ an incredible floor plan, located on a massive.8 acre private waterfront lot, offers an incomprable west coast lifestyle. Walk through the two solid fir doors and you are greeted by massive wooden beams, beautiful slate floors, stone fireplaces and floor-to-ceiling windows with large French doors that open to expansive elegant decks, all overlooking one of the most stunning of all possible views! This amazing home offers every possible feature of luxury waterfront living, including an infinity edged pool and expansive waterside dock…

“incomprable”.  Half million dollar price increase and they still make #2 spot


#1 ) Address:6428 CHELMSFORD ST, Granville, Richmond

October 23, 2011 V917053 $2,398,000 $0 0%
July 24, 2012 V917053 removed after 275 days
July 26, 2012 V963719 $1,800,000 $-598,000 -25%
February 01, 2013 V963719 removed after 190 days
March 31, 2013 V998365 $1,750,000 $-648,000 -27%
December 28, 2013 V998365 removed after 272 days
January 27, 2014 V1043394 $1,668,000 $-730,000 -30%
March 25, 2014 V1043394 $1,598,000 $-800,000 -33%

 

v1043394_1

Current Days on Market: 891 (2.44years)
Current ‘Official’ Days on Market: 64
2013 Assessment: $1,436,000
2011 Assessment: $1,597,000
Desperation Score: 18.6

Come and see this magnificent house in a quite neighborhood of Granville area. Shiny chandelier in the high ceiling entrance hall. Two living rooms with luxurious finishing. An Oversized kitchen has a large island and is accompanied with two dining area. Jacuzzi and sauna room in the main floor for your relax. A huge master room has a walk-in closet and an extravagant ensuite bathroom. There is an unique hallway with an arch shape skylight in the upper level. Large backyard and BBQ area for parties!

“accompanied with two dining area”, “Jacuzzi and sauna room in the main floor for your relax.”, “huge master room”, “an unique hallway”.  Sarah Zhang, this is pretty bad.  Listed for two and a half years, down 33% and still over assessment!


 

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13 responses to “Weekly Drop Metro Vancouver Detached – March 31, 2014

  1. Rick March 31, 2014 at 4:00 pm

    Only 2 of the 10 properties listed under the 2013 assessment. I’m not sure what this proves other than the properties are over priced. If a listing is over priced by 50% and reduces the price to be 25% over assessed value, I don’t think you can conclude that the market is down 25% if that property is the market. Comments?

    • an observer March 31, 2014 at 4:20 pm

      Well you shouldn’t use any of these price drops to conclude too much about the market with the exception of repeat sales which we have 3 confirmed here, at least the first half of the repeat sale.

      Also don’t put too much weight into assessment. Two side by side homes with same lot and square footage and same age will pretty much have the same assessment but one could be twice as nice due to a variety of factors. Generally assessment is reasonable when looking at a whole group of homes but individual cases can vary wildly

    • Alexcanuck March 31, 2014 at 5:38 pm

      The higher priced properties here are generally of the delusional seller starting to become more realistic, but still overpriced. Some repeat sales are starting to pop up even in some highends.

      Other posts covering the suburbs all catagories and urban attached, with plenty of previous sales and old asking prices back to ’05-’06 are the real market, and the picture isn’t pretty.

  2. Gary March 31, 2014 at 4:09 pm

    #8 – LOL, enough 8’s in the price? Why not go all out and add 88 cents?

  3. Avril March 31, 2014 at 5:22 pm

    I agree with Rick. I’d like to see some price drops at the lower end. Homes over a million are not being bought up by the average local person.

  4. Cate March 31, 2014 at 9:53 pm

    Re: #4 – 3771 West 11th Avenue. “Most preferable location” – it is on a commercial lane behind an apartment that fronts 10th Avenue. I don’t think that is a great location at all, no wonder it hasn’t sold. Now, a question for Natalie, if she is reading…. I see that 130 West 26th Avenue, Vancouver recently sold after being on the market for a while. It looks a bit like the mansion on the Munsters, but what did it sell for? Also, what is the pricing history of 8 West 20th Avenue, Vancouver?

    • Natalie April 2, 2014 at 2:51 pm

      130 West 26th SOLD for $2.838,000 on March 5th.

      8 West 20th sales history:
      SOLD $ 1940000 20-Mar-14
      Active $ 1898000 17-Mar-14
      Cancel Protected $ 1898000 04-Mar-14
      Active $ 1898000 17-Feb-14
      Sold $ 1799000 21-Feb-12
      Active $ 1799000 08-Feb-12
      Active $ 1899000 18-Jan-12
      Sold $ 975000 13-Apr-10
      Active $ 949000 18-Mar-10

  5. Finally March 31, 2014 at 10:02 pm

    #10: It actually looks pretty nice, I drove by it on the weekend. Don’t get me wrong, I think properties are all over priced and we’ll see a price correction soon(1-2 more years). I would buy that property for 750K. Hope it drops some more and I may low ball when it comes closer.

  6. Vancouverbound April 1, 2014 at 9:47 am

    #1. Has to be the number one ugliest home in Richmond.

  7. Saj April 1, 2014 at 11:41 am

    The price drop on #5 seems a little high, relative to assessment. Are they looking for a bidding war, really desperate, or will it still sit for a while at that price in your opinion?

  8. youtoldus.so April 1, 2014 at 11:25 pm

    #10-magnificent house in a “quite” neighborhood. Agree with Vancouverbound. This is a spectacularly ugly house.
    Regarding the sloppy spelling and contractions- I guess the realtors are just too busy these days to check.
    I did however witness a steady stream of people attending an open house this Sunday at an East Vancouver “special” in my neighborhood priced at 969K. I guess there is still action with local purchasers who need to qualify for CMHC backed mortgages.

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