Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – April 14, 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.

West Vancouver breaks Richmond’s streak at the top with 3 listings in the top 10

 


#10 ) Address:4125 BURKERIDGE PL, Bayridge, West Vancouver

December 22, 2006 V624038 $2,079,000 $0 0%
February 25, 2007 V624038 removed after 65 days
March 19, 2007 V636167 $1,998,000 $-81,000 -4%
July 07, 2007 V636167 $1,879,000 $-200,000 -10%
September 17, 2007 V636167 removed after 182 days
February 11, 2012 V931009 $2,280,000 $0 0%
April 28, 2012 V931009 $1,995,000 $-285,000 -13%
August 19, 2012 V931009 removed after 190 days
October 05, 2012 V975107 $1,780,000 $-500,000 -22%
January 28, 2013 V975107 removed after 115 days
February 13, 2013 V989983 $1,780,000 $-500,000 -22%
May 01, 2013 V989983 removed after 77 days
September 10, 2013 V1026053 $1,790,000 $-490,000 -21%
November 15, 2013 V1026053 removed after 66 days
April 14, 2014 V1057668 $1,680,000 $-600,000 -26%

 

v1057668_1

Current Days on Market: 794 (2.18years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $1,774,000
Desperation Score: 16.4

Located at the end of a quiet cul-de-sac in Bayridge with partial views is this gorgeous custom-built residence. Beautifully maintained offering over 4,100 sq. ft. on 3 levels. Features include a dramatic open floor plan with large entertainment areas, 5 spacious bedrooms incl a fabulous spa-like ensuite, large recreation room, private media room and gourmet kitchen. All rooms open to private patios and decks overlooking this fabulous West Coast setting. Additionally, this home offers an extensive use of slate, granite, skylights and fine materials to enhance its rich ambience. Walking distance to Sandy Cove beach & a short drive to Caulfeild Village, schools & Lighthouse Park make this stunning contemporary a must see.

Almost $100K below assessment and listed for over two years


#9 ) Address:5005 HOWE SOUND LN, Caulfeild, West Vancouver

June 13, 2013 V1011860 $6,498,000 $0 0%
October 30, 2013 V1011860 removed after 139 days
November 03, 2013 V1034312 $5,998,000 $-500,000 -8%
January 16, 2014 V1034312 $5,390,000 $-1,108,000 -17%
March 28, 2014 V1034312 removed after 145 days
April 14, 2014 V1057387 $4,690,000 $-1,808,000 -28%

 

v1057387_1

Current Days on Market: 306 (0.84years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $2,046,000
Desperation Score: 28.8

SIMPLY IRREPLACEABLE! First time on the market in 26 years. This rare offering is located in a small enclave of paradise in Olde Caulfeild. Bordering Lighthouse park, 185 acre ocean front old growth forest, this southwest facing, semi water acre ocean front old growth forest, this southwest facing, semi water front, half acre property, is a fully landscaped flat lot located at the end of an old english country lane. Far from any railroads, highways and streets, the only sounds you will hear is the wind through the trees, the whistling eagles and the faint sound of a fishing boat passing by, offering you a total escape and perpetual vacation. Far from the hustle and bustle of urban life yet only 10 km from downtown! With over 5000sqft of luxury living plus 1700sqft of patios you’ll experience outdoor living at its best. All principal rooms encompass the view, grounds and Lighthouse Park. The private master suite boasts open ocean views with its own library loft and a sophistication above the rest.

Down $1.8 million and 28%.  Very nice home and the assessment isn’t at all realistic but likely either is their asking price


#8 ) Address:6050 ELGIN AV, Forglen, Burnaby

May 25, 2012 V952302 $1,288,000 $0 0%
September 01, 2012 V952302 removed after 99 days
September 08, 2012 V970233 $1,198,000 $-90,000 -7%
March 01, 2013 V970233 removed after 174 days
April 10, 2013 V999867 $1,098,000 $-190,000 -15%
June 02, 2013 V999867 $1,058,000 $-230,000 -18%
July 08, 2013 V999867 removed after 89 days
March 03, 2014 V1049867 $1,048,800 $-239,200 -19%
March 14, 2014 V1049867 removed after 11 days
March 17, 2014 V1052754 $978,800 $-309,200 -24%
April 09, 2014 V1052754 removed after 23 days
April 14, 2014 V1057625 $928,800 $-359,200 -28%

 

v1057625_1

Current Days on Market: 43 (0.12years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $980,200
Desperation Score: 31.3

AMAZING OPPORTUNITY – PRICED WELL BELOW CITY ASSESMENT – PERFECT LOCATION! Steps to Deer Lake Park and walk to skytrain & Metrotown. HUGE, nearly 10,000 sqft lot. Features 2 levels of large sun decks with views of D.L Park & Mountains, beautifully landscaped yard. Very private and peaceful. Step into an open dining, kitchen and living room with a great wood burning fireplace. Beautiful real hardwood floors and custom tile work. Nicely kept, with updates. Pride of owners shows here. Downstairs features big bedroom with amazing custom bath. Area has many new homes, build a 4,736 sqft new home on this gorgeous piece of property. Don’t miss out on this great opportunity! CALL TODAY!

Below assessment


#7 ) Address:9811 PINEWELL CR, Saunders, Richmond

December 12, 2011 V922180 $3,488,000 $0 0%
January 14, 2012 V922180 $3,288,000 $-200,000 -6%
February 02, 2012 V922180 $3,198,800 $-289,200 -8%
February 16, 2012 V922180 removed after 66 days
March 07, 2012 V935676 $3,158,800 $-329,200 -9%
April 17, 2012 V935676 $2,998,800 $-489,200 -14%
June 26, 2012 V935676 removed after 111 days
August 19, 2012 V967189 $2,888,000 $-600,000 -17%
September 22, 2012 V967189 $2,853,888 $-634,112 -18%
October 17, 2012 V967189 $2,788,000 $-700,000 -20%
November 06, 2012 V967189 removed after 79 days
January 13, 2013 V984851 $2,778,000 $-710,000 -20%
February 21, 2013 V984851 $2,658,000 $-830,000 -24%
August 09, 2013 V984851 removed after 208 days
September 30, 2013 V1029684 $2,658,000 $-830,000 -24%
November 07, 2013 V1029684 $2,588,000 $-900,000 -26%
December 28, 2013 V1029684 removed after 89 days
January 19, 2014 V1042624 $2,588,000 $-900,000 -26%
February 21, 2014 V1042624 $2,498,000 $-990,000 -28%
March 18, 2014 V1042624 $2,387,500 $-1,100,500 -32%
April 08, 2014 V1042624 $2,500,000 $-988,000 -28%

 

v1042624_1

Current Days on Market: 855 (2.34years)
Current ‘Official’ Days on Market: 86
2013 Assessment: $1,749,000
Desperation Score: 28.4

SPECTACULAR HOME ON HUGE LOT. Best value for this size house/lot in Richmond. Granite, hardwood, high end appliances – everything you would expect and more. Grand entrance with crystal chandelier. 18 ft ceilings, crown moulding, heat recovery and air conditioning. 6 bedrooms total, 5 with ensuites. LEGAL 2 bedroom suite with own patio. Triple garage and lots more open parking for RV and boat. This house has it all – truly a must see!

Let’s see if bumping up the price $120K works out for them.  You’d think two and a half years of listings would be a sign that maybe they need to drop the price, not increase it


#6 ) Address:2016 W 51ST AV, S.W. Marine, Vancouver West

January 19, 2011 V863856 $1,748,000 $0 0%
February 05, 2011 V863856 $1,648,000 $-100,000 -6%
February 15, 2011 V863856 removed after 27 days
May 10, 2012 V948870 $2,888,000 $0 0%
July 14, 2012 V948870 $2,620,000 $-268,000 -9%
September 01, 2012 V948870 removed after 114 days
February 21, 2013 V991778 $2,288,000 $-600,000 -21%
June 30, 2013 V991778 removed after 129 days
October 02, 2013 V1029855 $2,288,000 $-600,000 -21%
December 28, 2013 V1029855 removed after 87 days
January 17, 2014 V1041954 $2,280,000 $-608,000 -21%
March 13, 2014 V1041954 removed after 55 days
March 20, 2014 V1053422 $2,280,000 $-608,000 -21%
April 08, 2014 V1053422 $2,050,000 $-838,000 -29%

 

v1053422_1

Current Days on Market: 705 (1.93years)
Current ‘Official’ Days on Market: 26
2013 Assessment: $1,748,600
2011 Assessment: $1,910,400
2011 Last Sale: $1,578,000 on 04/Feb/2011
Total Profit IF sold for list price: 97,560 transaction costs and 472,000 profit on sale = Profit of 374,440
Desperation Score: 25.3

Excellent building/redevelopment opportunity you can’t miss in Vancouver Westside. With more than 10,000 square feet lot and offers 3,400 square feet living space. McGee Secondary School & Maple Grove Elementary School catchment. Close to 41st Ave shopping area. Central to all locations such as UBC, Richmond, Downtown Vancouver and all major golf courses in Westside. Call listing agent for more details.

Assessment drops 10% in the 2 years since they bought the place but after 29% in drops they are still 30% over their purchase price…


#5 ) Address:6411 WILLIAMS RD, Woodwards, Richmond

October 06, 2006 V599405 $708,000 $0 0%
October 31, 2006 V599405 removed after 25 days
February 29, 2008 V691576 $768,000 $0 0%
June 03, 2008 V691576 $788,000 $0 0%
September 01, 2008 V691576 removed after 185 days
March 02, 2011 V872474 $1,395,000 $0 0%
August 29, 2011 V872474 removed after 180 days
January 16, 2014 V1040155 $968,000 $-427,000 -31%
March 20, 2014 V1040155 $868,000 $-527,000 -38%
April 08, 2014 V1040155 $968,000 $-427,000 -31%

 

v1040155_1

Current Days on Market: 89 (0.24years)
Current ‘Official’ Days on Market: 89
2013 Assessment: $866,000
2011 Assessment: $758,000
Desperation Score: 25.1

Location!!! You cannot find any better than this in West Richmond. Walking distance to the Errington Elementary School, the famous London High School. Over 8,000 square feet huge lot, nested with generous size 5 bedrooms 4 bathrooms, highly appreciated by the feng shui master. 2 bedroom suite generates $1500/month income. Keep it or demolish to build a several millions dollars dream home, it is at your own option. Quick possession is available. All the measurements are approximately, verify is recommended.

Realtor Morning Yu who’s slogin on her website is “Wonderful life starts in the morning” is the realtor here on what could be the ugliest house ever built although apparently “highly appreciated by the feng shui master”.  The entire description is a train wreck and now they have increased the price by over 10%


#4 ) Address:5358 KEW CLIFF RD, Caulfeild, West Vancouver

October 06, 2006 V588935 $2,995,000 $0 0%
October 30, 2006 V588935 removed after 24 days
September 23, 2007 V669957 $4,200,000 $0 0%
October 24, 2007 V669957 $3,950,000 $-250,000 -6%
May 06, 2008 V669957 $3,495,000 $-705,000 -17%
December 09, 2008 V669957 removed after 443 days
January 17, 2009 V748716 $3,495,000 $-705,000 -17%
July 16, 2009 V748716 removed after 180 days
April 04, 2010 V819725 $2,995,000 $-1,205,000 -29%
July 06, 2010 V819725 $2,499,000 $-1,701,000 -41%
July 24, 2010 V819725 $3,200,000 $-1,000,000 -24%
August 31, 2010 V819725 $2,698,000 $-1,502,000 -36%
October 01, 2010 V819725 removed after 180 days
October 08, 2010 V853790 $2,698,000 $-1,502,000 -36%
October 29, 2010 V853790 removed after 21 days
August 25, 2011 V906744 $4,088,000 $-112,000 -3%
August 31, 2011 V906744 $4,290,000 $0 0%
September 20, 2011 V906744 $4,158,000 $-132,000 -3%
October 25, 2011 V906744 $4,870,000 $0 0%
November 24, 2011 V906744 removed after 91 days
December 22, 2011 V922782 $4,870,000 $0 0%
March 13, 2012 V922782 $4,380,000 $-490,000 -10%
April 03, 2012 V922782 $3,990,000 $-880,000 -18%
June 16, 2012 V922782 $3,750,000 $-1,120,000 -23%
July 14, 2012 V922782 removed after 205 days
August 25, 2012 V968044 $3,468,000 $-1,402,000 -29%
February 07, 2013 V968044 $3,198,000 $-1,672,000 -34%
March 25, 2013 V968044 removed after 212 days
April 05, 2013 V999154 $3,198,000 $-1,672,000 -34%
August 17, 2013 V999154 $3,350,000 $-1,520,000 -31%
November 19, 2013 V999154 removed after 228 days
February 06, 2014 V1045829 $3,350,000 $-1,520,000 -31%
March 04, 2014 V1045829 removed after 26 days
March 19, 2014 V1052866 $3,350,000 $-1,520,000 -31%
April 10, 2014 V1052866 $3,200,000 $-1,670,000 -34%

 

v1052866_1

Current Days on Market: 964 (2.64years)
Current ‘Official’ Days on Market: 27
2013 Assessment: $2,399,000
Desperation Score: 22.6

Unique, sophisticated, quietly elegant, handcrafted, naturally beautiful- you’ll be captivated by this home & the lifestyle! Kew Cliff known as one of West Vancouver’s most sought after waterfront cul-de-sac. Situated on a private gated 20,000 sqft fully landscaped estate, this classic heritage style custom built residence has been designed using the highest attention to detail quality & finishing. Boasting over 6000? sqft on 3 levels, where all principal rms open onto entertainment size concrete patios with amazing sunsets unobstructed ocean views of Passage Island, Bowen Island and out the mighty pacific to Vancouver Island & Nanaimo. Approximate House Size: 6169 sqft. Double Garage Size: 594 sqft.

Another Caulfield home that seems to have a low assessment but the pricing has been all over the place and doesn’t seem to be close to selling.  Over two and a half years and counting


#3 ) Address:39 JOHNSON BY, Indian Arm, North Vancouver

February 18, 2011 V870054 $2,285,000 $0 0%
January 01, 2012 V870054 removed after 317 days
March 14, 2012 V936863 $1,998,000 $-287,000 -13%
July 17, 2012 V936863 $1,598,000 $-687,000 -30%
January 01, 2013 V936863 removed after 293 days
March 27, 2013 V997591 $1,598,000 $-687,000 -30%
August 29, 2013 V997591 $1,488,000 $-797,000 -35%
December 28, 2013 V997591 removed after 276 days
April 14, 2014 V1057585 $1,488,000 $-797,000 -35%

 

No Picture

Current Days on Market: 1152 (3.16years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $631,000
Desperation Score: 11.3

PARADISE….FOUND……there are lots of amazing waterfront properties available but few compare to this: Almost 1200 feet of waterfront; almost 5 acres of land and large flat west facing sun-drenched outside living areas. Approximately 2500 square foot home with suite, guest cottage and workshop. Self sufficient off grid living with micro hydro (from own dam), solar and wind generators. Private dock; ATV road and bonus phone line with DSL internet! Fish for crabs, prawns and salmon while you work from home; or take a short boat ride to North Vancouver or Port Moody. Buy it now for yourself; your kids and your grandchildren…amazing family estate!!!

This place has been listed for over 3 years – don’t know what they’re thinking or smoking


#2 ) Address:3590 W 30TH AV, Dunbar, Vancouver West

October 19, 2011 V916250 $2,750,000 $0 0%
November 22, 2011 V916250 $2,500,000 $-250,000 -9%
April 04, 2012 V916250 removed after 168 days
April 18, 2013 V1001798 $2,088,000 $-662,000 -24%
May 25, 2013 V1001798 $1,980,000 $-770,000 -28%
February 25, 2014 V1001798 removed after 313 days
March 05, 2014 V1050148 $1,790,000 $-960,000 -35%
April 14, 2014 V1050148 $1,640,000 $-1,110,000 -40%

 

v1050148_1

Current Days on Market: 362 (0.99years)
Current ‘Official’ Days on Market: 41
2013 Assessment: $1,608,000
2012 Assessment: $1,454,000
2011 Assessment: $1,506,000
Desperation Score: 28.6

Large Vancouver Special with 5 bedroom, 3 bathrooms and over 2900 sf of finished area on two floors. Perfect southwest 48×120 corner lot in prime Dunbar neighbourhood. Renovate this large home and enjoy one of Vancouver’s finest neighbourhoods. Walk to Dunbar strip caf?s, restaurants, boutique stores. Blocks to Pacific Spirit Park, UBC, and St. Georges School. It’s the perfect location in a prime neighbourhood. View photos online and call for a private showing.

40% and counting


#1 ) Address:3225 CAPILANO CR, Capilano, North Vancouver

August 09, 2012 V965573 $2,350,000 $0 0%
September 01, 2012 V965573 $1,998,000 $-352,000 -15%
October 02, 2012 V965573 removed after 54 days
April 04, 2013 V998798 $1,638,000 $-712,000 -30%
June 30, 2013 V998798 removed after 87 days
September 12, 2013 V1026275 $1,398,000 $-952,000 -41%
January 16, 2014 V1026275 $1,348,000 $-1,002,000 -43%
March 12, 2014 V1026275 $1,298,000 $-1,052,000 -45%
April 10, 2014 V1026275 removed after 210 days
April 14, 2014 V1057692 $1,298,000 $-1,052,000 -45%

 

v1057692_1

Current Days on Market: 376 (1.03years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $1,425,000
Desperation Score: 31.5

Stunning riverfront setting with commanding view and outlook high above the Capilano River. Located on a quiet crescent only minutesfrom Edgemont Village, downtown Vancouver and sought after Highlands Elementary and Handsworth Secondary. Substantial architectdesigned renovations in 1992 provide for an open floor plan with vaulted ceilings and a wall to wall windows with easy access to over1000 sq/ft of decks. Featuring 3 bedrooms and den, 2 ? bathrooms including a master with ensuite. A truly inspiring setting ideal for aBed and Breakfast. Truly a rare offering to be so close to all amenities and yet to have a magical natural west coast setting.

45% in drops but they seem to have hit their bottom at least for now

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6 responses to “Weekly Drop Metro Vancouver Detached – April 14, 2014

  1. Confusions April 15, 2014 at 6:35 am

    Some typos in commentary on no. 5 and 9. (n)either/ slog(a)n. Before one of the used house seller’s complain. Although you are probably not expecting a paycheck from this work.

  2. RFM April 15, 2014 at 9:36 am

    #10 – vacant and needs renovating.
    #8 – This is the kind of 56-year-old house that would sell for $275,000 most places.
    #7 – Barely occupied. Another realtor who hasn’t read the Photo Primer over at VanPeak and who didn’t have time to close the toilet seat. Really?
    #6 – An old dump (no photos) that is a building lot.
    #5 – I guess it’s true that you can’t make a silk purse out of a sow’s ear. Ugly is ugly!
    #4 – Has got to be the biggest user of the Ping Pong Pricing Protocol, not once, not twice, but 24 times! Way to go.
    #2 – Please put this house out of its misery and tear it down!

  3. CA April 15, 2014 at 11:41 am

    Pretty sure #2 was purchased in the last two years.

    • an observer April 15, 2014 at 12:15 pm

      It’s possible but doesn’t look like it. It’s been listed since April of 2013 so it would have had to have been purchased in April of 2012 but at $2.5 million that would have been one of the stupidest purchases I’ve ever heard of

      • Seeking Knowledge... April 15, 2014 at 1:14 pm

        Don’t under estimate the stupidity of a buyer in a market frenzy, especially in the west side. I once bought Lucent shares at $60 thinking I can make a sweet profit at $100. It’s been sitting at about $0.40 for the last decade. Relatively small, but effective lesson for me.

  4. Real Estate Tsunami April 15, 2014 at 9:33 pm

    #5
    Morning Yu is the star realtor for New Coast, a new player in the RE racket.
    Mostly Chinese realtors. Just started out about 3 months ago, but already signs are all over Richmond. And I’ve also seen some in Vancouver West.
    The signs look similar to the ones from REMAX.
    That could become interesting.

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