Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Attached – April 15, 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:# 302 540 WATERS EDGE CR, Park Royal, West Vancouver

May 12, 2007 V646827 $1,029,000 $0 0%
July 10, 2007 V646827 $998,000 $-31,000 -3%
September 21, 2007 V646827 $988,000 $-41,000 -4%
November 26, 2007 V646827 removed after 198 days
December 12, 2007 V680900 $991,000 $-38,000 -4%
February 08, 2008 V680900 $969,000 $-60,000 -6%
March 12, 2008 V680900 $948,500 $-80,500 -8%
May 28, 2008 V680900 $928,800 $-100,200 -10%
July 01, 2008 V680900 $898,000 $-131,000 -13%
October 01, 2008 V680900 removed after 294 days
March 21, 2009 V757946 $849,000 $-180,000 -17%
June 24, 2009 V757946 $798,000 $-231,000 -22%
July 15, 2009 V757946 removed after 116 days
April 13, 2012 V942821 $1,148,000 $0 0%
June 19, 2012 V942821 $999,000 $-149,000 -13%
June 30, 2012 V942821 removed after 78 days
August 02, 2012 V964749 $999,000 $-149,000 -13%
September 19, 2012 V964749 $919,000 $-229,000 -20%
January 01, 2013 V964749 removed after 152 days
January 12, 2013 V984698 $918,000 $-230,000 -20%
February 26, 2013 V984698 $899,000 $-249,000 -22%
April 10, 2013 V984698 removed after 88 days
April 14, 2014 V1057629 $888,000 $-260,000 -23%

 

v1057629_1

Current Days on Market: 2 (0.01years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $798,000
Desperation Score: 10.1

The ultimate in Luxury living in West Vancouver’s Waters Edge. 1150sf of Class and grandeur. Enjoy up close view of Lions Gate Bridge and tranquil of the Capilano Rive, from your 2 bedroom and spacious den ( currently transformed to the third bedroom) apartment. This air conditioned unit offers a large kitchen with subzero and Miele appliances and granite countertop. Hardwood and travertine flooring gives this unit a more comfortable feeling. A MUST to see unit.

“Capilano Rive”, Purchased for $817,000 in March, 2013 and going for a quick flip – I’d be willing to bet it eventually sells for under $817,000


#9 ) Address:# 104 36 E 14TH AV, Mount Pleasant, Vancouver East

March 21, 2013 V996791 $179,900 $0 0%
April 13, 2013 V996791 $177,900 $-2,000 -1%
May 07, 2013 V996791 $174,900 $-5,000 -3%
May 25, 2013 V996791 $168,400 $-11,500 -6%
June 19, 2013 V996791 removed after 90 days
October 25, 2013 V1033076 $163,400 $-16,500 -9%
January 22, 2014 V1033076 $155,000 $-24,900 -14%
January 23, 2014 V1033076 removed after 90 days
March 20, 2014 V1053381 $149,000 $-30,900 -17%
April 04, 2014 V1053381 $143,900 $-36,000 -20%
April 09, 2014 V1053381 $139,000 $-40,900 -23%

 

v1053381_1

Current Days on Market: 391 (1.07years)
Current ‘Official’ Days on Market: 27
2013 Assessment: Unknown
Desperation Score: 36.5

This is easy living West of Main! Terrific 1 bedroom updated suite on main floor for easy access. Newer laminate walnut floors throughout, functional kitchen with newer appliances and marble counters, tasteful 4 piece bath with pedestal sink, and fresh paint throughout. This bright suite is in a great leasehold building…low maintenance fees include taxes, cable, heat and hot water. Bright, beautiful and affordable! Prepaid lease to 2074 and a great investment.

Leasehold’s don’t sell particularly well even in the best of times but this one at least has a prepaid lease for another 60 years. 


#8 ) Address:# 3403 1255 SEYMOUR ST, Downtown, Vancouver West

February 02, 2007 V628272 $1,499,900 $0 0%
March 13, 2007 V628272 $1,399,000 $-100,900 -7%
April 17, 2007 V628272 removed after 74 days
June 07, 2007 V651747 $1,349,000 $-150,900 -10%
September 01, 2007 V651747 removed after 86 days
March 21, 2008 V696207 $1,199,000 $-300,900 -20%
April 24, 2008 V696207 removed after 34 days
January 02, 2009 V731170 $1,199,900 $-300,000 -20%
April 14, 2009 V731170 removed after 102 days
September 14, 2013 V1027175 $1,689,900 $0 0%
September 18, 2013 V1027175 removed after 4 days
April 14, 2014 V1057885 $1,300,000 $-389,900 -23%

 

v1057885_1

Current Days on Market: 2 (0.01years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $1,152,000
2011 Assessment: $1,176,000
Desperation Score: 18.7

Spectacular penthouse at the Elan, with breathtaking SW ocean and city views from each room, sprawls over 1320sf of living space on two levels. Main level features hardwood flooring throughout with open plan living, kitchen and dining rooms, allowing for bright easy living space and maximizing the fantastic views. Modern kitchen design offers efficient layouts with an island, the sleek wood cabinets and Whirlpool s/s appliances, quartz countertops and large sink. Upper level holds 2 bright bedrooms with large windows and 2 bathrooms. This home is air-conditioned and includes security system, 2 electric f/p’s, 2 parking stalls, 2 balconies and 1 storage locker. Amenities include gym, yoga, games, and sauna/steam room.

Even with a 23% drop they are still dreaming


#7 ) Address:# 205 2024 FULLERTON AV, Pemberton, North Vancouver

January 25, 2007 V627172 $339,900 $0 0%
February 25, 2007 V627172 removed after 31 days
July 13, 2007 V658586 $428,800 $0 0%
August 22, 2007 V658586 $418,800 $-10,000 -2%
November 01, 2007 V658586 removed after 111 days
February 20, 2011 V870823 $399,000 $-29,800 -7%
May 31, 2011 V870823 removed after 100 days
June 18, 2012 V957230 $349,000 $-79,800 -19%
July 19, 2012 V957230 $338,000 $-90,800 -21%
August 17, 2012 V957230 removed after 60 days
August 24, 2012 V967853 $329,000 $-99,800 -23%
November 14, 2012 V967853 removed after 82 days
April 10, 2014 V1057343 $329,000 $-99,800 -23%

 

v1057343_1

Current Days on Market: 6 (0.02years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $317,000
Desperation Score: 5.8

CAPILANO Bldg, LARGEST sqftage,QUIET location in the bldg, N facing, 2 Balconies, 1 Storage and 1 Parking. In suite storage room large enough currently used as a DEN, EXTRA,LARGE/WIDE GALLEY KITCHEN, all closets floor to ceiling, generous dining/living room area, X-LARGE BEDROOMS. This property renovated in 2007 when purchased by current owners incl. kitchen tile floor, baseboards, closet doors, bathroom, kitchen, carpet and paint. Has been a great family home and with cosmetic updating make it your own and enjoy the extra space this 1137 sqft plan provides. Owner occupied offers easy showings/quick possession. No pets/Rental Allowed. Woodcroft offers too many amenities to list and Electricity, Heat and Hot Water Included!


#6 ) Address:# 802 33 W PENDER ST, Downtown, Vancouver West

October 06, 2006 V606457 $699,900 $0 0%
January 01, 2007 V606457 removed after 87 days
January 02, 2009 V739447 $749,900 $0 0%
June 17, 2009 V739447 removed after 166 days
July 10, 2009 V776200 $699,900 $-50,000 -7%
October 01, 2009 V776200 $569,900 $-180,000 -24%
October 01, 2009 V776200 removed after 83 days
October 09, 2009 V791967 $569,900 $-180,000 -24%
November 06, 2009 V791967 removed after 28 days
August 23, 2012 V967757 $638,000 $-111,900 -15%
October 17, 2012 V967757 $625,000 $-124,900 -17%
November 22, 2012 V967757 removed after 91 days
November 29, 2012 V981492 $615,000 $-134,900 -18%
February 08, 2013 V981492 $610,000 $-139,900 -19%
February 26, 2013 V981492 removed after 89 days
May 04, 2013 V1004778 $598,000 $-151,900 -20%
September 04, 2013 V1004778 removed after 123 days
September 20, 2013 V1027973 $575,000 $-174,900 -23%
November 29, 2013 V1027973 removed after 70 days
January 22, 2014 V1042854 $575,000 $-174,900 -23%
April 09, 2014 V1042854 removed after 77 days
April 14, 2014 V1057831 $569,000 $-180,900 -24%

 

v1057831_1

Current Days on Market: 601 (1.65years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $580,000
Desperation Score: 20.3

Amazing Sub-Penthouse at 33 Living with Epic City and Mountain Views. Buy with confidence in this boutique building built in 2008 with 10′ ceilings, floor-to-ceiling windows, custom walnut cabinetry and millwork, Mustang slate floors throughout, gas S/S cook top and quartz counters in the kitchen/bath. Very functional den with windows facing N/S mountains is perfect for an office or small bedroom. This space is super cool and chic; on the edge of Gastown and minutes walk to everything you need. One parking included, Pets and rentals allowed.

“Sub-Penthouse” not really a thing…  Has been listed under assessment for 7 months and still not selling despite being “super cool”


#5 ) Address:# 1605 158 W 13TH ST, Central Lonsdale, North Vancouver

January 20, 2010 V804537 $1,190,000 $0 0%
March 18, 2010 V804537 $1,125,000 $-65,000 -5%
May 13, 2010 V804537 $1,068,000 $-122,000 -10%
July 19, 2010 V804537 removed after 180 days
March 27, 2011 V878345 $1,068,000 $-122,000 -10%
May 14, 2011 V878345 removed after 48 days
March 14, 2012 V936835 $1,098,000 $-92,000 -8%
August 21, 2012 V936835 removed after 160 days
August 30, 2012 V968488 $980,000 $-210,000 -18%
December 01, 2012 V968488 removed after 93 days
January 27, 2013 V987481 $980,000 $-210,000 -18%
May 30, 2013 V987481 removed after 123 days
June 07, 2013 V1011236 $980,000 $-210,000 -18%
August 01, 2013 V1011236 $958,000 $-232,000 -19%
February 22, 2014 V1011236 $948,000 $-242,000 -20%
March 28, 2014 V1011236 removed after 294 days
March 30, 2014 V1055156 $919,000 $-271,000 -23%
April 10, 2014 V1055156 $899,000 $-291,000 -24%

 

v1055156_1

Current Days on Market: 763 (2.09years)
Current ‘Official’ Days on Market: 17
2013 Assessment: $1,064,000
Desperation Score: 22.8

Ideal location with fabulous panoramic views of the city,ocean,Lions Gate Bridge, and the mountains. Ideal to watch the fireworks, sunsets, and the harbour activity.Spacious 1300 sq. ft. unit open layout nicely finished, 2 bdrs.3 baths

15% under assessment


#4 ) Address:# 305 8860 NO 1 RD, Boyd Park, Richmond

November 01, 2008 V742024 $228,000 $0 0%
January 15, 2009 V742024 $218,800 $-9,200 -4%
February 15, 2009 V742024 $208,000 $-20,000 -9%
March 14, 2009 V742024 $205,000 $-23,000 -10%
March 27, 2009 V742024 removed after 146 days
February 04, 2010 V807658 $309,000 $0 0%
February 22, 2010 V807658 removed after 18 days
May 12, 2010 V829235 $309,000 $0 0%
June 16, 2010 V829235 removed after 35 days
September 23, 2010 V851376 $299,000 $-10,000 -3%
February 01, 2011 V851376 removed after 131 days
April 14, 2014 V1057450 $228,800 $-80,200 -26%

 

v1057450_1

Current Days on Market: 2 (0.01years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $175,900
2011 Assessment: $227,500
Desperation Score: 16.0

TOP FLOOR Apple Greene condo. This spacious unit has been completely renovated just 4 years ago. Kitchen has dark wood cabinetry, quartz counters, stainless steel appliances and tiled backsplash. Crown molding, baseboards, pot lights and new doors throughout. Two large bedrooms, walk-in closet and 2 FULL BATHROOMS. Second bedroom has large nook which can be converted back into a walk-in closet. Large tiled enclosed balcony (17’x6′) for year round enjoyment. Monthly maintenance fees include HEAT, HOT WATER and CITY UTILITIES. Recreation facilities with indoor and outdoor pool. Convenient location just steps from Seafair Shopping Centre and Hugh Boyd Secondary + 3 elementary schools (2 French Immersion) in walking distance.

Units in this building have been selling for right around assessment which in this case is $175K after dropping 25%…  They probably thought dropping the price $70K from the last time it was listed and possibly bought would be enough but they have no idea


#3 ) Address:# 302 5450 EMPIRE DR, Capitol Hill, Burnaby

July 27, 2012 V963885 $329,000 $0 0%
August 14, 2012 V963885 $299,000 $-30,000 -9%
August 25, 2012 V963885 $279,000 $-50,000 -15%
October 25, 2012 V963885 removed after 90 days
October 28, 2012 V978371 $249,000 $-80,000 -24%
February 15, 2013 V978371 removed after 110 days
February 17, 2013 V991337 $259,900 $-69,100 -21%
February 23, 2013 V991337 $249,900 $-79,100 -24%
April 10, 2013 V991337 removed after 52 days
April 24, 2013 V1002961 $249,900 $-79,100 -24%
October 11, 2013 V1002961 removed after 170 days
November 23, 2013 V1036959 $239,800 $-89,200 -27%
April 10, 2014 V1036959 $229,800 $-99,200 -30%

 

v1036959_1

Current Days on Market: 628 (1.72years)
Current ‘Official’ Days on Market: 144
2013 Assessment: $218,100
Desperation Score: 22.4

Convenient North Burnaby location in Capital Hill!! This lovely 2 bedroom, 2 bathroom, unit has a balcony that overlooks the garden. The great floor plan has the bedrooms separated for that extra privacy. The larger master bedroom has an ensuite bathroom and a good sized walk in closet. There is newer laminate flooring throughout, wooden kitchen cabinets and white appliances. You are steps away from transit, and close to restaurants, shopping and recreation. 1 parking, 1 storage locker, and shared laundry facilities.

30% drop over 1.7 years and still above assessment


#2 ) Address:# 211 6688 ROYAL AV, Horseshoe Bay, West Vancouver

July 16, 2008 V722535 $753,000 $0 0%
June 26, 2009 V722535 removed after 345 days
April 17, 2010 V823051 $595,000 $-158,000 -21%
November 01, 2010 V823051 removed after 198 days
July 13, 2011 V899328 $618,000 $-135,000 -18%
January 01, 2012 V899328 removed after 172 days
July 06, 2012 V960214 $598,000 $-155,000 -21%
January 01, 2013 V960214 $578,000 $-175,000 -23%
April 04, 2013 V960214 $548,000 $-205,000 -27%
July 02, 2013 V960214 removed after 361 days
July 13, 2013 V1017288 $518,000 $-235,000 -31%
August 22, 2013 V1017288 $498,800 $-254,200 -34%
December 28, 2013 V1017288 removed after 168 days
April 14, 2014 V1058179 $498,000 $-255,000 -34%

 

v1058179_1

Current Days on Market: 649 (1.78years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $486,000
Desperation Score: 17.7

SPACIOUS, BRIGHT and WELL-DESIGNED 1 bdrm unit with amazing mountain views with tranquility of beautiful Horseshoe Bay. High quality finishing throughout the unit and the building. Gourmet kitchen with cherry cabinets, siltstone counter tops, Viking appliances, limestone tiles, and hardwood floors. Radiant heat and A/C offered in this spotless unit. 1 parking and 1 storage. Currently tenanted until September for $1650/month.

Property tax and Maintenance Fees are $470 a month so assuming 100% occupancy, no repair / maintenance costs and no price drops this would return about 2.5% / year.  Realistically the long term return on this place is negative plus hefty transactional costs (commission / PTT / etc) to buy and sell the place for much less than they paid for it.  


#1 ) Address:# 327 9101 HORNE ST, Government Road, Burnaby

July 20, 2007 V659939 $368,800 $0 0%
August 03, 2007 V659939 $349,900 $-18,900 -5%
September 01, 2007 V659939 $330,000 $-38,800 -11%
September 21, 2007 V659939 removed after 63 days
January 31, 2014 V1044334 $258,900 $-109,900 -30%
March 06, 2014 V1044334 $247,900 $-120,900 -33%
April 14, 2014 V1044334 $235,000 $-133,800 -36%

 

v1044334_1

Current Days on Market: 75 (0.21years)
Current ‘Official’ Days on Market: 75
2013 Assessment: $219,300
Desperation Score: 24.7

WOODSTONE PLACE. this bright top-floor, 2 bedroom & 2 bath unit has vaulted post & beam ceiling, Plank laminate flooring throughout, as well as newer designer floor tiles. Newer custom maple kitchen cabinets, newer tile backsplash, undermount lighting, updated lighting throughout w/dimmers, newer modern appliances just to name a few! Other features include a Breakfast nook, attic storage, private patio, pantry, 2 generous sized bedrooms w/ large windows, 2 full bathrooms sporting marble tile floors & wainscoting, soaker tub w/accenting ceramic basin on a granite finish and the other has pedestal sink & shower. Kids & Pets welcome. Walk to transit, shopping, banks & churches. Close to hwys, come see this one before it’s gone!

36% lower than 2007 asking prices and still above assessment

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8 responses to “Weekly Drop Metro Vancouver Attached – April 15, 2014

  1. Alexcanuck April 15, 2014 at 5:08 pm

    Typo in title. More later.

  2. Alexcanuck April 15, 2014 at 5:51 pm

    10: No inside pics.
    9: High turnover rental? Sure looks like a temporary occupant.
    8: Professionally or very very carefully staged. Some items rearranged between shots. Yet a shot of a utilitarian computer work station say someone lives there.
    7: What terrible pictures! It looks empty. No rentals older, older building. I think they’ve already moved out, possibly a long time ago. Waiting for the bad dream to be over and the market to get back to normal so they can get out alive? (“Normal” meaning 10-15% annual appreciation, to infinity and beyond.)
    6: Occupied by someone with no intention of putting down any roots at all. I hate propped up pictures! Just hang them, it’s only a tiny prick in those untouched walls.
    5: Occupied by someone with more credit limit than taste. At least they hung their (Motel 8 suitable) pictures.
    4: Empty. Probably since the renovation 4 years ago. Wait, 4 years? Time to update the listing! Unless that was a sale, reno and flip attempt in 2009/10? Financials don’t work though.
    3: Empty. See # 7. Older building empty listings like this are odd. I think almost always either a failed flip or a “must sell” after the owners have moved out.
    2: No pictures available? Observer, where did your picture come from? Both MLS and Realty link show no pictures at all.
    1: Empty. See #7 & 3. Weird. An actual investor that had owned these for many years wouldn’t be selling them reno’ed and empty, plus some are no-rentals buildings. I think they are flippers or moved-out owners trapped.

  3. Frank April 15, 2014 at 7:23 pm

    #6: a 1 bedroom with over $500 in maintenance, no wonder it’s not selling, that’s way too high.

  4. bailinginbc April 15, 2014 at 10:46 pm

    Ha ha- check me out acting like a “little elephant uranus” Seriously, you couldn’t make this stuff up

    http://www.vancitybuzz.com/2014/04/vancity-ranks-high-worlds-top-cities-real-estate-investment/#comment-1337953598

  5. Exurban April 16, 2014 at 3:30 pm

    #10 “up close view of the Lions Gate Bridge” yeah that sells me on the place. Listen to the wheels thump. And why is the price $888,000? Why not $888,888.88 — that makes eight eights!

  6. Vancouverbound April 16, 2014 at 3:41 pm

    #2 – lovely view of the parking lot, just breath in those aromatic exhaust fumes. Don’t forget the serene air conditioner unit right next to the balcony!

  7. RFM April 16, 2014 at 4:08 pm

    I looked at #10 (maybe not that particular unit, but that development) when it was first offered for sale. Those units need air conditioning so you can keep your windows closed so you don’t hear all the traffic on Marine Drive and the entrance to the Lion’s Gate. Further, it’s ‘isolated’ in the sense that getting there is a challenge with the entrance located off Taylor Way and NO other entrance. I felt those units were overpriced by 30-45% at the time………but then, that’s just me.

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