Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Desperation Score Suburbs – April 2, 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 the highest desperation score which is a formula based on price changes, relists and amounts pro rated for recency.  This will hopefully provide a more interesting look at the suburbs since previous weekly drops for these areas were completely filled with old condo’s and lot sales

Note: I tweaked the formula for desperation score to remove any bias based on price so a $1 million home with two $100K drops will have the same desperation as a $100K condo with two $10K drops assuming list dates and drop dates are the same.

Surprisingly Coquitlam leads with three listings in the top 10

 


#10 ) Address:7585 156 ST, Fleetwood Tynehead, Surrey

June 28, 2013 F1315307 $5,000,000 $0 0%
August 29, 2013 F1315307 $4,000,000 $-1,000,000 -20%
October 22, 2013 F1315307 $3,000,000 $-2,000,000 -40%
January 22, 2014 F1315307 removed after 208 days
March 28, 2014 F1407187 $2,500,000 $-2,500,000 -50%

 

f1407187_1

Current Days on Market: 279 (0.76years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $871,800
2011 Assessment: $787,100
Desperation Score: 35.0

6.841 acres of general agricultural land zoned A-1 centrally located in Fleetwood Tynehead area, backing onto Eagle Quest Golf Course. Amazing views from Mount Baker to Chimney Hills. Built in 1974, kept in good condition, 3 bedrooms, 3 bathrooms spread over 2922 sq. feet. Large covered sundeck South facing overlooking golfcourse. Plenty of room to raise and care for horses, grow your very own strawberries and blueberries. Oversized detached 3 car garage, workshop, 5 horse stable with eating and water station all with power. RV parking, and additional parking available. Plenty of storage for all your equipment. Ideal for farming, horse training, holding property.

50% price drop in 9 months for some farm land in Surrey


#9 ) Address:# 1626 34909 OLD YALE RD, Abbotsford East, Abbotsford

December 01, 2006 F2626519 $167,500 $0 0%
February 22, 2007 F2626519 removed after 83 days
September 01, 2007 F2722676 $199,500 $0 0%
September 13, 2007 F2722676 removed after 12 days
November 29, 2013 F1326298 $184,000 $-15,500 -8%
January 04, 2014 F1326298 $173,900 $-25,600 -13%
February 04, 2014 F1326298 $159,900 $-39,600 -20%
March 17, 2014 F1326298 $149,000 $-50,500 -25%
March 28, 2014 F1326298 $138,900 $-60,600 -30%

 

f1326298_1

Current Days on Market: 125 (0.34years)
Current ‘Official’ Days on Market: 125
2013 Assessment: $150,800
Desperation Score: 35.2

Top floor corner unit, 2 bedroom 2 bath in east Abbotsford. Close to shopping, schools, recreation, fitness centre, freeway access. Better than new home has a well designed floor plan with spacious master bedroom, main living area features quality laminate flooring. Light fixtures, beautiful maple kitchen cabinets, new bathrooms include new tile, vanity & fixtures, new window coverings approx 7 years ago. Huge sundeck accessible from living room and master bedroom. Close to entrance providing easy access to street, comes with 2 conveniently located parking stalls and close to the complex pool. Backyard with lots of green space. Nothing to do but move in and call it home. This is a must see!

4 price drops already this year


#8 ) Address:1313 HOLLYBROOK ST, Burke Mountain, Coquitlam

April 27, 2013 V1003543 $439,000 $0 0%
April 29, 2013 V1003543 removed after 2 days
January 16, 2014 V1041483 $1,149,900 $0 0%
January 19, 2014 V1041483 $1,075,000 $-74,900 -7%
March 14, 2014 V1041483 $1,049,900 $-100,000 -9%
March 20, 2014 V1041483 $999,000 $-150,900 -13%
March 25, 2014 V1041483 removed after 68 days
March 27, 2014 V1054596 $900,000 $-249,900 -22%
April 02, 2014 V1054596 $999,000 $-150,900 -13%

 

v1054596_1

Current Days on Market: 77 (0.21years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $770,000
Desperation Score: 35.4

Magnificent residence w/exquisite DESIGNER taste in prestigious Burke Mountain in a quiet neibourhood Features of this incredible home include huge windows, open modern & stunning. Formal Great room with 20ft high ceiling and elegant fireplace looking onto greenbelt. Huge Dining Room w/French doors opens to balcony overlooking fenced backyard. Modern Kitchen w/huge Island and large entertaining area. Upstairs FOUR Bedrooms. THREE full bathrooms. A huge Master Bedroom w/loft ceiling, jetted tub, separate shower, his & her closet. Lower level w/large Storage & a bright walkout large legal two bedroom legal suite w/ separate entrance & patio & Laundry. Open Saturday March 29th,

“neibourhood”,  Just increased the price by 11%


#7 ) Address:# 105 3176 PLATEAU BV, Westwood Plateau, Coquitlam

November 01, 2006 V619288 $314,900 $0 0%
December 22, 2006 V619288 removed after 51 days
March 13, 2007 V633921 $304,900 $-10,000 -3%
May 25, 2007 V633921 removed after 73 days
January 27, 2013 V987455 $224,900 $-90,000 -29%
March 08, 2013 V987455 removed after 40 days
September 12, 2013 V1026323 $302,900 $-12,000 -4%
September 20, 2013 V1026323 $284,900 $-30,000 -10%
October 06, 2013 V1026323 $274,900 $-40,000 -13%
December 05, 2013 V1026323 $259,900 $-55,000 -17%
March 13, 2014 V1026323 $239,900 $-75,000 -24%
March 25, 2014 V1026323 removed after 194 days
March 27, 2014 V1054480 $239,900 $-75,000 -24%

 

v1054480_1

Current Days on Market: 203 (0.56years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $232,000
Desperation Score: 35.9

Two bedroom, Two bathroom, corner unit situated near Westwood Plateau Golf &Country club. Huge wrap around deck from kitchen to master bedroom, kitchen with granite counters, large living area with plenty of windows and gas fireplace. Rentals Allowed!

24% in drops and still above assessment


#6 ) Address:16156 59TH AV, Cloverdale BC, Cloverdale

November 03, 2013 F1324814 $1,300,000 $0 0%
November 23, 2013 F1324814 $1,275,000 $-25,000 -2%
January 23, 2014 F1324814 $1,150,000 $-150,000 -12%
February 12, 2014 F1324814 $1,125,000 $-175,000 -13%
February 19, 2014 F1324814 $1,110,000 $-190,000 -15%
February 20, 2014 F1324814 removed after 109 days
February 24, 2014 F1404423 $1,100,000 $-200,000 -15%
February 27, 2014 F1404423 removed after 3 days
March 28, 2014 F1407138 $985,000 $-315,000 -24%

 

f1407138_1

Current Days on Market: 151 (0.41years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $476,000
Desperation Score: 36.1

Close to developing area of Cloverdale’s West side. 6.07 park-like acres cleared and drained. Overlooking a stunning pastoral at the heart of this lovely property. Situated on quiet no-thru street, Million dollar homes in this brand new neighborhood. Fill on property and 80×240 compacted ready to build your dream home and turn this piece of land into a hobby farm. Last parcel in this subdivision. This property has a potential upside as parcels close by are being zoned One Acre Lots.

Sold for $580,000 in September 0f 2013 and immediately relisted for more than double…  This picture is a rendering of what someone could build after buying the land for double what the last guy paid a few months ago


#5 ) Address:# 309 22514 116TH AV, East Central, Maple Ridge

May 21, 2013 V1006673 $209,900 $0 0%
September 02, 2013 V1006673 removed after 104 days
September 14, 2013 V1026854 $199,900 $-10,000 -5%
November 03, 2013 V1026854 $194,900 $-15,000 -7%
November 15, 2013 V1026854 $189,900 $-20,000 -10%
December 05, 2013 V1026854 $182,900 $-27,000 -13%
December 28, 2013 V1026854 removed after 105 days
January 16, 2014 V1041669 $178,900 $-31,000 -15%
February 04, 2014 V1041669 $174,900 $-35,000 -17%
February 14, 2014 V1041669 $172,900 $-37,000 -18%
March 05, 2014 V1041669 $170,900 $-39,000 -19%
March 30, 2014 V1041669 $168,900 $-41,000 -20%

 

v1041669_1

Current Days on Market: 317 (0.87years)
Current ‘Official’ Days on Market: 77
2013 Assessment: $167,600
Desperation Score: 36.1

Renovated TOP floor unit with RIVER view from the deck! Updates include: freshly painted in warm neutral colours, new flooring thru-out, light fixtures, new kitchen appliances & designer tile backsplash, both baths have new tile floor & upgraded toilets, new tile tub surround. Flexible layout – 2nd bdrm has pocket doors to the living room, so works great as a den/bdrm. Kitchen is open to the living/dining rooms. Insuite laundry & storage room (plus a locker). This a great 55+ complex, has lots to offer with indoor pool, exercise eqpt, guest suite, etc. Excellent location – blocks to shopping or the West Coast Express. Small pet OK.

5 Price drops already this year but again, still above assessment


#4) Address:12876 CRESCENT RD, Elgin Chantrell, White Rock

April 09, 2008 F2809527 $888,000 $0 0%
August 08, 2008 F2809527 $798,000 $-90,000 -10%
October 01, 2008 F2809527 removed after 175 days
May 16, 2009 F2910430 $769,000 $-119,000 -13%
August 25, 2009 F2910430 removed after 101 days
May 12, 2010 F1013408 $699,900 $-188,100 -21%
May 30, 2010 F1013408 removed after 18 days
September 05, 2013 F1320623 $1,390,000 $0 0%
September 25, 2013 F1320623 $1,249,000 $-141,000 -10%
December 13, 2013 F1320623 $1,195,000 $-195,000 -14%
February 05, 2014 F1320623 $1,145,000 $-245,000 -18%
February 28, 2014 F1320623 removed after 176 days
March 05, 2014 F1405101 $998,000 $-392,000 -28%
March 30, 2014 F1405101 $949,900 $-440,100 -32%

 

f1405101_1

Current Days on Market: 210 (0.58years)
Current ‘Official’ Days on Market: 29
2013 Assessment: $884,700
2011 Assessment: $827,900
Desperation Score: 37.7

CRESCENT BEACH. Backing on to Crescent Park. This half acre property is very private. The 3 bedroom home is 1592 sq ft. New roof, furnace, hot water tank, detached artist studio or guest room (11.8 X 11.4), storage shed (8.8 X 8.3).kids tree fort. 27×27 foundation to build your dream shop. Country living and only a block from bakery, coffee shop and deli. 2 minute drive to Crescent Beach and blackies spit park and public golf course. * PREC – Personal Real Estate Corporation

Between 2010 and 2013 they tried doubling the listing price… didn’t work


#3 ) Address:4570 MAYSFIELD CR, Brookswood, Langley

June 21, 2013 F1314803 $980,000 $0 0%
July 04, 2013 F1314803 $899,900 $-80,100 -8%
February 21, 2014 F1314803 $674,900 $-305,100 -31%
March 07, 2014 F1314803 $649,900 $-330,100 -34%
April 02, 2014 F1314803 $540,000 $-440,000 -45%

 

f1314803_1

Current Days on Market: 286 (0.78years)
Current ‘Official’ Days on Market: 286
2013 Assessment: $845,000
Desperation Score: 39.4

Court Ordered Sale. Property is being Sold for LAND VALUE only. Lot is sliding and needs retaining wall and home has sunk about 5 inches. * PREC – Personal Real Estate Corporation

Court Ordered Sale down 45% and counting


#2 ) Address:812 WESTWOOD ST, Meadow Brook, Coquitlam

January 13, 2011 V863060 $398,000 $0 0%
May 31, 2011 V863060 removed after 138 days
September 22, 2011 V911416 $348,800 $-49,200 -12%
November 10, 2011 V911416 removed after 49 days
July 22, 2012 V963274 $325,000 $-73,000 -18%
March 18, 2013 V963274 $299,000 $-99,000 -25%
April 05, 2013 V963274 removed after 257 days
April 07, 2013 V999645 $439,900 $0 0%
May 04, 2013 V999645 $409,900 $-30,000 -7%
July 04, 2013 V999645 removed after 88 days
July 06, 2013 V1016286 $408,000 $-31,900 -7%
August 28, 2013 V1016286 removed after 53 days
January 19, 2014 V1042293 $269,900 $-170,000 -39%
March 10, 2014 V1042293 $249,900 $-190,000 -43%
March 26, 2014 V1042293 removed after 66 days
March 27, 2014 V1052666 $448,000 $0 0%

 

v1052666_1

Current Days on Market: 620 (1.70years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $318,900
Desperation Score: 39.9

The price is right! Cutest starter home! Beautifully updated family home with backyard, lane access and suite potential! 2 bedrooms up and one bedroom down, shared laundry. ALL NEW – roof, gutters, ‘Low E’ windows, open kitchen, new bathrms, flooring, siding & front porch. NO STRATA FEE, pay low utilities with updated electrical panel, tank-less HW heater, hi-efficiency gas furnace & gas dryer. BRAND NEW one bedroom suite down with separate entry, bright, full height basement. Open parking at back with lane access. Centrally located just mins to West Coast Express, Coquitlam Center, Bus Loop, Port Mann Bridge & future Evergreen Line Skytrain, Coquitlam Center & Douglas College. Potential with RS4 zoning.

I have a bit of a headache trying to make sense of this pricing history.  I’ve looked at the historical description and nothing much has changed


#1 ) Address:# 202 1436 PORTAGE RD, Pemberton, Whistler/Pemberton

December 29, 2012 V983148 $239,500 $0 0%
February 26, 2013 V983148 $209,000 $-30,500 -13%
March 21, 2013 V983148 $198,500 $-41,000 -17%
June 02, 2013 V983148 $169,000 $-70,500 -29%
June 21, 2013 V983148 $159,000 $-80,500 -34%
September 04, 2013 V983148 $139,900 $-99,600 -42%
September 18, 2013 V983148 removed after 263 days
October 21, 2013 V1032523 $128,800 $-110,700 -46%
December 09, 2013 V1032523 removed after 49 days
January 29, 2014 V1044029 $249,000 $0 0%
March 27, 2014 V1044029 $239,000 $-10,000 -4%

 

v1044029_1

Current Days on Market: 460 (1.26years)
Current ‘Official’ Days on Market: 64
2013 Assessment: $255,300
Desperation Score: 42.3

This is the lowest priced 3 bed/3 bath condo anywhere in the Sea to Sky Corridor. With a massive 1,820 square feet of living space facing directly at Mount Currie you’re getting big value here and the seller has priced it to move quick. This condo is on 2 levels with an open kitchen and living area with cozy electric river rock fireplace as well as a bedroom and bathroom on the main floor. Upstairs you’ll find 2 large bedrooms both with their own full 3 piece ensuite bathrooms, walk-in closets and 15 foot vaulted ceilings in one of the bedrooms. Upstairs also features a large storeroom for plenty of your boxes and toys along with a large, spacious laundry room with stacker washer/dryer. This condo has also just been renovated from top to bottom with new paint throughout, brand new carpeting everywhere as well as a new high efficiency 60 gallon hot water tank. BONUS: A bonus worth $22,644 which essentially brings your strata fees down to $315 per month over the first 6 years of ownership!

I suppose they renovated it and that’s why they doubled the price in 2 months?  It’s possible that it was in horrible shape and the current owners purchased it for a steal before relisting their newly pimped out whistler condo but then you look at the pictures and wonder what it is that was actually done.  “BONUS: A bonus worth $22,644 which essentially brings your strata fees down to $315 per month over the first 6 years of ownership!” – interesting, a cash payment of $22K which they then use fancy math to bring the condo fees down.  How about you take $50K off the price and announce that this is just like the strata is now paying you $300 per month!


 

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15 responses to “Weekly Desperation Score Suburbs – April 2, 2014

  1. bailinginbc April 2, 2014 at 8:20 pm

    Good grief, why would anyone want to live in a condo in Pemberton? Don’t get me wrong, there’s nothing wrong with living in Pemberton and there’s nothing wrong with living in a condo, it’s the combination that confounds me. Surely if you want to live in Pemby you must enjoy the rural life.
    Why mess it up by living in a condo? Maintenance fees of $628? good luck with ditching that puppy.

  2. Vancouverbound April 3, 2014 at 2:34 pm

    #7 – any condo build before 2000 is suspect for condo rot. Viewing #7’s balcony looks like they have issues. I use to live in an old condo in Port Moody – converted from an apartment. It was cheap. I lived there for 7 years and noticed the dark stain on the unit’s ceiling getting bigger and bigger. I did not understand at the time what condo rot was, (from Calgary) but I am sure the new owners found out.

  3. Natalie April 3, 2014 at 5:34 pm

    #6… it appears that the second mortgage holder has taken control of the sale.

    • Alexcanuck April 3, 2014 at 5:47 pm

      Second mortgage holder? Seriously, vacant land is owned so speculatively by such marginal players that second mortgages are happening?

      We’re in more trouble than I thought.

      Natalie: I absolutely love any previous sale data that you provide. Feel free to add all you wish. A lot of the posts here, while very entertaining and insightful WRT bubble psychology, are not actually reliable guidance to real people buying real houses to live in. The increasing divergence between the official HPI number and what previous sales prices were is.

    • Natalie April 3, 2014 at 7:17 pm

      Oh whoops! Not sure how I did that but wrong #6…should be on the March 26 suburbs thread. Willet in Mission.

  4. Natalie April 3, 2014 at 7:27 pm

    Alexcanuck, most of what I could provide you would see on the FVREB or GVREB sites. Its always better to focus in on specifics rather than generalities, I think, at least when seriously looking. There are big differences in the varying markets between Vancouver and the Fraser Valley. Markets broken down into areas and then further into property types and price ranges will give you the most accurate picture. Sometimes I have a bit more insight to specific properties being that I am on the “inside” and will always try to answer any specific questions when I have time. 🙂

  5. Natalie April 3, 2014 at 7:33 pm

    #3 Maysfield…is a beautiful property on about an acre backing on a greenbelt at the end of a culdesac . It’s in foreclosure. The home is worn and dated, but the biggest issue, and I mean really big is the foundation. It is cracked and sinking so badly that you would think you were drunk walking through that home. I have no idea what it would take to fix, but that home is not for the average handy man to fix up.

    • Real Estate Tsunami April 3, 2014 at 8:21 pm

      You could call in Mike Holmes from HGTV.
      He fixes everything.
      Actually his show should be mandatory viewing for first home buyers.
      A good antidote to Property Virgins.

      • Exurban April 5, 2014 at 6:40 pm

        Mike Holmes is very good indeed. He doesn’t make up for all the house porn and RE pumping on HGTV, but he’s so good he’s actually inspired an American knock-off. It’s Spike TV’s Catch a Contractor starring radio personality/comedian Adam Carolla, who worked as a carpenter before going into show business.

  6. Joe April 3, 2014 at 8:19 pm

    #3 based on the pictures, has a large pool (now apparently empty) located at the back of the property near a ravine. The weight of the water (and the large hole) destabilized the ground and affected the house.

    • Real Estate Tsunami April 3, 2014 at 9:59 pm

      The curse of the poooooolll!
      Never buy a house with an outdoor pool in Vancouver.
      Tooo much work for 3 months of use.

    • Natalie April 4, 2014 at 6:39 am

      Actually, the sinking is on the opposite side of the house from the pool. Its a concrete pool that also has large cracks.

  7. Real Estate Tsunami April 4, 2014 at 9:48 am

    Wow, huge price drop on 11620 Railway Ave, Richmond.
    Must be on the Market for over 2 years.
    This should set a precedent for other luxury houses in Richmond.

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