Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Attached – April 1, 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:# 702 9222 UNIVERSITY CR, Simon Fraser Univ., Burnaby

May 14, 2011 V888031 $598,800 $0 0%
June 29, 2011 V888031 $558,800 $-40,000 -7%
August 23, 2011 V888031 removed after 101 days
March 29, 2013 V998063 $520,000 $-78,800 -13%
June 09, 2013 V998063 $509,000 $-89,800 -15%
July 13, 2013 V998063 $489,000 $-109,800 -18%
July 29, 2013 V998063 removed after 122 days
August 22, 2013 V1023015 $488,000 $-110,800 -19%
October 09, 2013 V1023015 $465,000 $-133,800 -22%
November 19, 2013 V1023015 removed after 89 days
November 27, 2013 V1037164 $460,000 $-138,800 -23%
March 27, 2014 V1037164 removed after 120 days
March 30, 2014 V1054878 $459,000 $-139,800 -23%

 

v1054878_1

Current Days on Market: 369 (1.01years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $426,000
Desperation Score: 20.5

Stunning panoramic mountain, forest & water views of Burrard Inlet from every room. Welcome to your homes in University. Part of the exclusive collection in Altaire by award winning Polygon, in move-in condition, this 2 bedroom has the most desirable floor plan & the best facing in the complex. Concrete constriction, featuring sleek contemporary interiors w/granite counter tops, s/s appl & expansive floor-to-ceiling windows. Satellite floor plan w/2 bedrooms apart from each other provides more privacy; great for roommates, tenants or a young family. Cover balcony is great for year round BBQ & relaxing cup of coffee. Balance of 2-5-10 new home warranty. Access to SFU’s intellectual, social, culture & recreational facilities.

Down 23% over a year and still way over assessment.  Based on previous listing history I suspect that it was purchased in 2011 for a little under $550K


#9 ) Address:# 208 4625 GRANGE ST, Forglen, Burnaby

June 20, 2008 V717583 $329,000 $0 0%
March 19, 2009 V717583 removed after 272 days
December 17, 2010 V861198 $295,000 $-34,000 -10%
February 08, 2011 V861198 $275,000 $-54,000 -16%
May 25, 2011 V861198 $265,000 $-64,000 -19%
June 08, 2011 V861198 removed after 173 days
June 10, 2011 V893655 $255,000 $-74,000 -22%
January 17, 2012 V893655 $295,000 $-34,000 -10%
May 04, 2012 V893655 $275,000 $-54,000 -16%
April 24, 2013 V893655 removed after 684 days
April 26, 2013 V1003456 $275,000 $-54,000 -16%
May 22, 2013 V1003456 removed after 26 days
May 30, 2013 V1009301 $269,900 $-59,100 -18%
July 27, 2013 V1009301 $259,000 $-70,000 -21%
September 12, 2013 V1009301 removed after 105 days
January 23, 2014 V1043146 $259,900 $-69,100 -21%
March 26, 2014 V1043146 $249,900 $-79,100 -24%

 

v1043146_1

Current Days on Market: 1202 (3.29years)
Current ‘Official’ Days on Market: 69
2013 Assessment: $195,000
Desperation Score: 11.0

If you are looking for affordable living just steps from any amenity desirable in a central location, look no further! This 2 bedroom, 2 bath condo has a functional layout and comes with parking & storage. Low strata fees include heat and hot water. Just steps from the front door, you’ll find Metrotown Mall, Kingsway restaurants, bus & Skytrain Stations. Open House, Saturday, March 29th 2-4.

Listed for over 3 years and finally listed below the price they had in 2011 that it didn’t sell for before they increased the price by 15%.  Over 25% above assessment – this one has a long way to go


#8 ) Address:# 202 16 LAKEWOOD DR, Hastings, Vancouver East

January 20, 2007 V626552 $189,900 $0 0%
February 05, 2007 V626552 removed after 16 days
March 15, 2009 V756978 $219,500 $0 0%
April 22, 2009 V756978 removed after 38 days
June 23, 2010 V838466 $243,000 $0 0%
July 06, 2010 V838466 $237,900 $-5,100 -2%
September 30, 2010 V838466 removed after 99 days
February 05, 2014 V1045418 $236,800 $-6,200 -3%
March 04, 2014 V1045418 removed after 27 days
March 28, 2014 V1054817 $179,999 $-63,001 -26%

 

v1054817_1

Current Days on Market: 56 (0.15years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $203,700
2011 Assessment: $191,200
Desperation Score: 12.0

Incredibly priced at &179,999 this lovingly cared for 1 bedroom home boasts a functional floor plan and newer laminate floors. Situated on the quiet side of the building, this 572 sq ft residence offers a spacious living room with balcony and bedroom. Bonus: storage and locker. Close to transit, restaurants and school.

Massive drop on this relist


#7 ) Address:# 1607 1833 CROWE ST, False Creek, Vancouver West

October 07, 2009 V791431 $685,000 $0 0%
November 03, 2009 V791431 $579,000 $-106,000 -15%
January 03, 2010 V791431 removed after 88 days
March 26, 2014 V1054118 $499,999 $-185,001 -27%

 

v1054118_1

Current Days on Market: 7 (0.02years)
Current ‘Official’ Days on Market: 7
2013 Assessment: $582,000
2011 Assessment: $522,000
Desperation Score: 11.0

1 bedroom and flexspace – Penthouse in The Foundry by Polygon. Enjoy expansive views from city hall to Vancouver’s stunning skyline. Beautiful sleek finishings with composite stone counters, stainless steel appliances. The building offers a gym, community gardens, 1 parking stall and pets ok. Great location close to Canada line, seawall, Cambie shops & restaurants, with downtown just 1 stop away. Please call to arrange your private showing.

One of two 16th floor listings from this building to make the list this week – same owner?


#6 ) Address:# 902 980 COOPERAGE WY, Yaletown, Vancouver West

January 16, 2008 V683350 $1,288,000 $0 0%
January 29, 2008 V683350 removed after 13 days
February 04, 2008 V686729 $1,248,000 $-40,000 -3%
February 21, 2008 V686729 removed after 17 days
March 28, 2014 V1054806 $938,000 $-350,000 -27%

 

v1054806_1

Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $779,000
2011 Assessment: $652,000
Desperation Score: 19.7

Magnificent, WATERFRONT condo built by Concord. Gorgeous views overlooking the Olympic Village and False Creek. Breathtaking views from Living Room, Dining Room and the Master Bedroom. Sleek granite counter tops with stainless steel appliances. Enjoy the superb facilities which include Indoor swimming pool, fully equipped gym, lounge and party room, bowling alley, professional concierge. Only steps from the seawall walk.


#5 ) Address:# 2801 918 COOPERAGE WY, Yaletown, Vancouver West

September 24, 2010 V851765 $3,488,000 $0 0%
February 21, 2011 V851765 removed after 150 days
June 18, 2011 V894827 $3,088,000 $-400,000 -11%
July 13, 2011 V894827 $2,980,000 $-508,000 -15%
October 14, 2011 V894827 removed after 118 days
October 20, 2011 V916440 $2,980,000 $-508,000 -15%
January 18, 2012 V916440 removed after 90 days
February 01, 2012 V928726 $2,980,000 $-508,000 -15%
July 31, 2012 V928726 removed after 181 days
August 02, 2012 V964694 $2,850,000 $-638,000 -18%
January 01, 2013 V964694 removed after 152 days
January 16, 2013 V985267 $2,850,000 $-638,000 -18%
July 12, 2013 V985267 removed after 177 days
August 24, 2013 V1023594 $2,690,000 $-798,000 -23%
September 17, 2013 V1023594 $2,580,000 $-908,000 -26%
November 11, 2013 V1023594 $2,530,000 $-958,000 -27%
March 17, 2014 V1023594 removed after 205 days
March 27, 2014 V1054558 $2,530,000 $-958,000 -27%

 

v1054558_1

Current Days on Market: 1286 (3.52years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $2,102,000
2011 Assessment: $2,180,000
Desperation Score: 22.1

Luxurious PENTHOUSE at TOP of Mariner with unobstructed, breathtaking views of False Creek, Olympic Village, the Northshore Mountains & Burrard Inlet. Over 3600 sq ft, this 2 flr PH incl. Spacious indoor area (1922sf) included. Full A/C, gas fireplace, hardwood flrs, high ceilings, balconies off living/dining & bedrooms, gourmet kitchen features (granite counters, S/S appliances, gas range), etc– and an incredible huge 1722 sf private outdoor patio on upper floor! This rare and unique PH located in downtown Vancouver is just steps away from seawalls and Yaletown business district! Great amenities – indoor pool/sauna/hot-tub, gym, bowling, party room, yoga studio. Comes with 2 parking stalls & 1 storage locker.

Listed for 3 and a half years and still way over assessment


#4 ) Address:# 1203 5989 WALTER GAGE RD, University, Vancouver West

December 21, 2007 V681455 $1,390,000 $0 0%
April 01, 2008 V681455 $1,360,000 $-30,000 -2%
September 07, 2008 V681455 removed after 261 days
July 02, 2011 V897697 $1,450,000 $0 0%
November 16, 2011 V897697 $1,390,000 $-60,000 -4%
December 28, 2011 V897697 removed after 179 days
January 11, 2012 V924494 $1,370,000 $-80,000 -6%
March 24, 2012 V924494 $1,290,000 $-160,000 -11%
May 14, 2012 V924494 removed after 124 days
July 07, 2012 V960581 $1,868,000 $0 0%
October 13, 2012 V960581 $2,186,000 $0 0%
March 01, 2013 V960581 removed after 237 days
March 27, 2013 V997597 $1,738,000 $-448,000 -20%
April 30, 2013 V997597 $1,638,000 $-548,000 -25%
May 09, 2013 V997597 $1,678,000 $-508,000 -23%
August 01, 2013 V997597 $1,638,000 $-548,000 -25%
August 01, 2013 V997597 removed after 127 days
August 22, 2013 V1023241 $1,598,000 $-588,000 -27%
January 16, 2014 V1023241 $1,668,000 $-518,000 -24%
January 22, 2014 V1023241 $1,568,000 $-618,000 -28%
February 19, 2014 V1023241 $1,778,000 $-408,000 -19%
March 12, 2014 V1023241 removed after 202 days
March 14, 2014 V1052382 $1,688,000 $-498,000 -23%
March 27, 2014 V1052382 $1,560,000 $-626,000 -29%

 

v1052382_1

Current Days on Market: 1005 (2.75years)
Current ‘Official’ Days on Market: 19
2013 Assessment: $1,275,000
2011 Assessment: $1,340,000
Desperation Score: 51.7

Gorgeous Views! Immaculate unit with beautiful upgrades. Master bed & bathroom newly renovated. Open gourmet kitchen with centre island, top of the line appliances, L-Shaped living & dining all opening to incomparable huge deck & never ending view of Howe Sound and Mountains. Electric fireplace, south west & north exposure. Units as good as this dont last! 10/10! All extras! 3 parking!

Listed for almost 3 years and way above assessment


#3 ) Address:# 302 8880 NO 1 RD, Boyd Park, Richmond

September 10, 2009 V785961 $249,900 $0 0%
September 25, 2009 V785961 removed after 15 days
April 17, 2013 V1001552 $179,000 $-70,900 -28%
September 02, 2013 V1001552 removed after 138 days
March 30, 2014 V1055072 $169,900 $-80,000 -32%

 

v1055072_1

Current Days on Market: 3 (0.01years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $170,600
2011 Assessment: $225,600
Desperation Score: 10.0

Adorable two bedrooms unit in popular Apple Green. Private and quiet top floor end unit with only one neighbour. Kitchen features updated appliances, plenty of storage and a cozy cork floor. Newer carpet, both main bathroom and ensuite bathroom have been updated. Potential for den to be second bdrm. Large western exposed deck, storage locker, fabulous amenities. Close to shopping, schools, parks and transit.

The assessment two years ago was over 30% higher than it is today.  Current price under assessment – I bet they thought this was a steal when they bought it in 2009 for around $250K


#2 ) Address:# 403 14300 RIVERPORT WY, East Richmond, Richmond

November 10, 2006 V620258 $459,900 $0 0%
March 30, 2007 V620258 removed after 140 days
March 27, 2014 V1054651 $310,000 $-149,900 -33%

 

v1054651_1

Current Days on Market: 6 (0.02years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $303,000
2011 Assessment: $335,000
Desperation Score: 13.3

This TOP FLR, END UNIT 1 bdrm+1 bath home features UNOBSTRUCTED WATER VIEWS & 9′ ceilings throughout. Spacious layout featuring almost 800 sq.ft. of living space with an outdoor balcony and large windows that capture views of the working Fraser. Built with an emphasis on sustainable building resources, this home is built to the highest quality of standards. Quality fixtures throughout which include Groehe fixtures, double edged granite countertops, and high end Kitchenaid stainless appliances. The kitchen features a gas stove top, built in oven, microwave and more. The monthly strata fee includes GEOTHERMAL heating and cooling. A unique bonus to this home is 2 SIDE BY SIDE secured parking stalls and 1 storage locker.

More condo carnage


#1 ) Address:# 1602 1833 CROWE ST, False Creek, Vancouver West

December 22, 2009 V797961 $1,590,000 $0 0%
May 14, 2010 V797961 removed after 143 days
June 13, 2010 V835087 $1,688,000 $0 0%
August 03, 2010 V835087 removed after 51 days
August 22, 2010 V846719 $1,668,000 $-20,000 -1%
January 01, 2011 V846719 removed after 132 days
January 12, 2011 V862823 $1,488,000 $-200,000 -12%
February 04, 2011 V862823 $1,478,000 $-210,000 -12%
April 05, 2011 V862823 removed after 83 days
August 15, 2012 V966427 $1,199,000 $-489,000 -29%
March 01, 2013 V966427 removed after 198 days
September 28, 2013 V1029112 $1,196,000 $-492,000 -29%
November 15, 2013 V1029112 $1,130,300 $-557,700 -33%
December 28, 2013 V1029112 $1,099,000 $-589,000 -35%
February 10, 2014 V1029112 $1,038,600 $-649,400 -38%
March 27, 2014 V1029112 $999,900 $-688,100 -41%

 

v1029112_1

Current Days on Market: 186 (0.51years)
Current ‘Official’ Days on Market: 186
2013 Assessment: $1,275,000
2011 Assessment: $1,148,000
Desperation Score: 32.0

Fantastic PENTHOUSE unit situated on the NE corner with unobstructed view of Downtown, mountains and False Creek. This rare unit offers 3 bedroom + den, 2 baths, in-suite storage, central AC, radiant hot water heating, high end finishings and breathtaking 200 sq. foot balcony with incredible views. Formal sized living + dining areas with engineered hardwood flooring throughout and 1215 square feet of total living space. Built by reputable Polygon with remaining New Home Warranty. Very accessible to public transit, Canada Line, Olympic village and minutes to Downtown. Pets and rentals welcomed.

Penthouse over 20% below assessment

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12 responses to “Weekly Drop Metro Vancouver Attached – April 1, 2014

  1. RFM April 2, 2014 at 9:47 am

    #7 & #1
    Listed by different realtors, so my guess is different owners. Former neighbors are now adversaries. Competition for buyers in SE False Creek is intense:
    Five more units for sale in the same building as those two.
    Olympic Village: Rennie is still battling to sell about 60 brand new units while there are 19 for sale by owners for a total of about 80 for sale in OV.
    Pinnacle’s building next door at 1887 Crowe still has 10 brand new units for sale that Anson Realty can’t sell because there are now newer and cheaper units available (1.5 years after completion!).
    Maynard’s: 4 units for sale
    Exchange: 1 unit for sale
    Montreaux: 4 units for sale
    Wall Centre False Creek: 13 resales and about 35 brand new being flogged by Rennie for a total of about 50
    Pinnacle Phase 2: 10 resales and about 90 brand new that Pinnacle needs to dump.
    Pinnacle Phase 3: 200 more units under construction
    Bastion: still trying to dump 70 units at Opsal while it starts construction of another 150 at Proximity.
    Meccanica: Cressy has about 45 units to sell and this building will be done in the next few months.
    Onni: still 65 to sell in Central while it starts construction of another 200 in Block 100.
    Bosa: still 50 for sale in Lido, under construction.
    Blah, blah, blah………..
    Roughly speaking, about 2,000 more units will be competed in SE False Creek in the next 8-24 months. Fasten your seatbelts!

    • an observer April 2, 2014 at 10:16 am

      It’s such a giant mess and yet people continue to buy pre sales seemingly oblivious to what’s happening, not aware they could rent the same place for about half the overall cost plus not be stuck with large transactional costs and likely considerable losses once they decide to sell. As long as that happens the companies putting up these towers have no reason to stop.

      First time buyers who are somehow able to purchase an SFH, even out in the burbs, are probably making a mistake as well buying now but orders of magnitude less of a mistake than the new condo buyers. There is just no reason anyone should be buying a condo. Zero. Zilch. Nada.

    • Natalie April 2, 2014 at 2:22 pm

      #1 is a foreclosure # is a private seller.

    • Real Estate Tsunami April 2, 2014 at 3:11 pm

      We finally see that the Condo King is wearing no clothes.

  2. Seeking Knowledge... April 2, 2014 at 1:01 pm

    Just out of curiosity, what happens when an owner sells a property for less than the mortgage amount? Does the owner continue paying the bank the difference as a personal loan at a much higher interest rate? If so, maybe that’s why the prices haven’t dropped as much as it could.

    • an observer April 2, 2014 at 1:40 pm

      They can’t sell the house if they are unable to close and pay the mortgage / commission etc. That’s what a foreclosure is – the bank takes over and attempts to recover as much as it can.

      A lot of people think that a foreclosure happens when you can’t afford your mortgage payments but that’s not really the issue, it happens when you can’t afford to sell and you need to sell – one of those reasons that you need to sell could be due to a mortgage you can’t afford but there are lots of other reasons like divorce sale, relocation, home no longer works (ie 1 bedroom condo probably doesn’t work if you are married and have children)

    • Natalie April 2, 2014 at 2:30 pm

      “Foreclosure” is a process. In the case of the property being listed for sale by the court after the redemption period, the court approves the sale of the property. If the sale does not generate sufficient money to pay the petitioner(lender) in full, the petitioner can then seek a deficiency judgment from the court against the borrower.
      In the case where an Absolute Order of Foreclosure is granted the petitioner becomes the new registered owner of the property and all other respondents are removed from the title. Once this order has been given by the court, no further action can be taken against the borrower, These Absolute Orders of Foreclosure take place only if the property value equals or exceeds the debt, and the borrower has no assets to apply toward any deficiency.
      So the answer to your question depends on where the petitioner is in the process.

  3. Vancouverbound April 2, 2014 at 2:56 pm

    #4 – The CORUS building – Dec 2007 this unit #1203 listed for $1,390,000 – for 1425 sq. ft.
    In May 2006, unit #803 in the same building was listed at $889,900 for the same sq. ft. (1425).
    #1203 is just plain greedy and obviously NOT selling this property at these prices.

  4. ryan April 2, 2014 at 3:41 pm

    Bob Rennie..the man who ruined Vancouver..;)

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