Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – April 21, 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.

Vancouver West and West Vancouver each make the list 3 times

 

#10 ) Address:6080 STEVESTON HY, Gilmore, Richmond

March 15, 2008 V694233 $1,098,000 $0 0%
May 22, 2008 V694233 $998,000 $-100,000 -9%
July 01, 2008 V694233 removed after 108 days
July 17, 2008 V722870 $998,000 $-100,000 -9%
October 01, 2008 V722870 removed after 76 days
May 06, 2010 V827605 $1,180,000 $0 0%
September 02, 2010 V827605 removed after 119 days
June 28, 2012 V958873 $3,880,000 $0 0%
June 26, 2013 V958873 removed after 363 days
July 06, 2013 V1016060 $3,880,000 $0 0%
November 07, 2013 V1016060 $3,380,000 $-500,000 -13%
April 15, 2014 V1016060 $2,998,000 $-882,000 -23%

 

v1016060_1

Current Days on Market: 663 (1.82years)
Current ‘Official’ Days on Market: 290
2013 Assessment: $2,003,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 19.9

ABSOLUTELY GORGEOUS! THE MAJESTIC WORLD CLASS ESTATE SIT ON A LARGE LOT 35,280 sqt. & offering 7,217 sqt. of pure luxury living space. Grand marble entrance with 22′ high ceilings. The unique design captures the best of a modern feeling as the interior is integrated with superb quality & meticulous detained finishing & meticulous attention to details. Features include: Hardwood floor, radiant heating & air conditioning, HRV, granite counter top and security system, open gourmet kitchen w/ top of line s/s appliances. Large theater on main floor. Huge sundeck with 2 gas BBQ’s. Custom landscaping with extensive use of a variety of plants. TRULY A MASTERPIECE OF CRAFTSMANSHIP &ARCHITECTURAL SPLENDOR. Open house: Sat & Sun: 2pm-4pm

” THE MAJESTIC WORLD CLASS ESTATE “, “unique design captures the best of a modern feeling” down almost $900K after close to 2 years on the market


#9 ) Address:3771 DOLLARTON HY, Roche Point, North Vancouver

May 08, 2008 V706638 $1,895,000 $0 0%
August 31, 2008 V706638 removed after 115 days
September 15, 2008 V733398 $1,895,000 $0 0%
November 03, 2008 V733398 removed after 49 days
January 23, 2013 V986616 $4,798,000 $0 0%
April 03, 2013 V986616 $4,450,000 $-348,000 -7%
May 30, 2013 V986616 removed after 127 days
July 06, 2013 V1016201 $3,888,000 $-910,000 -19%
September 04, 2013 V1016201 removed after 60 days
September 07, 2013 V1025625 $3,888,000 $-910,000 -19%
December 28, 2013 V1025625 removed after 112 days
January 16, 2014 V1041520 $3,799,000 $-999,000 -21%
April 15, 2014 V1041520 $3,699,000 $-1,099,000 -23%

 

v1041520_1

Current Days on Market: 454 (1.24years)
Current ‘Official’ Days on Market: 96
2013 Assessment: $2,909,000
Desperation Score: 24.1

Immerse yourself in extremely rare beachfront living at its finest. We proudly present another Noble Cove home: a spectacular 1 yr old, contemporary beauty. Moor your boat in your own 45′ boat slip on the concrete dock; stroll down your back path to a sandy beach; relax in the hot tub or chill on the decks while watching the tide toll in. 2 large Eclipse sliding doors showcase fabulous ocean views from incredible chef’s kitchen, great room & dining room. Upstairs you’ll find 4 beds, & 3 baths; stunning master & spa-like bathrm w/ floor to ceiling windows. Down is an extra bed (also wired as theatre rm) w/ bath, rec room & 1 bed suite. With a 2/5/10 warranty, Savant home automation, sec cams, wine room & more, this home has it all!

Down over a million and listed for over a year.  Great beach front but awkward spot – kind of isolated in terms of neighbours and right next to a ship yard


#8 ) Address:27 W 17TH AV, Cambie, Vancouver West

November 12, 2009 V797172 $898,000 $0 0%
November 13, 2009 V797172 $988,800 $0 0%
February 09, 2010 V797172 removed after 89 days
April 12, 2013 V1000578 $2,588,000 $0 0%
May 07, 2013 V1000578 $2,399,000 $-189,000 -7%
August 07, 2013 V1000578 removed after 117 days
September 07, 2013 V1025681 $2,299,000 $-289,000 -11%
October 29, 2013 V1025681 $2,248,000 $-340,000 -13%
January 23, 2014 V1025681 removed after 138 days
January 29, 2014 V1044187 $2,128,000 $-460,000 -18%
March 20, 2014 V1044187 $2,099,000 $-489,000 -19%
April 15, 2014 V1044187 $1,988,000 $-600,000 -23%

 

v1044187_1

Current Days on Market: 375 (1.03years)
Current ‘Official’ Days on Market: 83
2013 Assessment: $2,026,000
2012 Assessment: $1,902,000
2011 Assessment: $2,004,000
Desperation Score: 30.5

OPEN HOUSE SAT FEB 1st, 2-4pm. LUXURY Monster Home w/Mortage Helper. NO GST! Total: 3445sqft, 9 bedrooms; 5 Up, 4 Down, 7 baths. All 3 Floors 10 ft Ceilings! Mountain Views –* Main/Upper. Open Plan, Huge Kitchen: Sub-Zero 48″ fridge. Wolf range, Wine cooler 2 Lrg Gas F/P. 3 bath up (all Ensuite). Mstr bd w/jacuzzi tub & large shower. *Extremely Bright* 6 skylights. All rms/area have sep music sys controlled by pc/ipod/ipad; Wired 4 Satellite/Cbl/Internet. Dual heat sources – 1) radiant (gas) 2)ductless heat/AC (elect). 80 energy rating!! Structure is over-engineered. Mortgage helper can bring $3,000/month! All meas approx. Buyer to verify if important. 2/5/10 warranty. 4bd Suite Below has sep address: 29 W 17th & Sep meter!

“LUXURY Monster Home” – you realize that this isn’t something positive, right?  “NO GST!” – it’s 3 years old, why is this a useful comment?  “Structure is over-engineered” – again, not really a good thing to say.  Tons and tons of abbreviations.  Richard Morrison, this is a fail


#7 ) Address:1761 OTTAWA AV, Ambleside, West Vancouver

March 18, 2013 V996252 $2,600,000 $0 0%
June 07, 2013 V996252 $2,195,000 $-405,000 -16%
October 30, 2013 V996252 removed after 226 days
November 03, 2013 V1034441 $2,195,000 $-405,000 -16%
April 17, 2014 V1034441 $1,988,000 $-612,000 -24%

 

v1034441_1

Current Days on Market: 400 (1.10years)
Current ‘Official’ Days on Market: 170
2013 Assessment: $2,154,400
Desperation Score: 20.3

A fabulous estate property, .84 of an acre, situated in the heart of Ambleside. A 50’s Ron Thom style home sits in amongst the towering trees and beside a gorgeous creek, creating a wonderful completely private estate setting. The one level2900 sqft home features a magnificent living area with high ceilings, floor to ceiling windows and an impressive fireplace taking up one wall. Very seldom do large estate properties like this come available in Ambleside. This offers a wonderful opportunity to build your estate home or renovate the existing one.

Large ambleside lot almost $200K below assessment


#6 ) Address:4047 WILLIAM ST, Willingdon Heights, Burnaby

April 02, 2012 V940692 $2,388,888 $0 0%
June 01, 2012 V940692 $2,268,000 $-120,888 -5%
June 30, 2012 V940692 removed after 89 days
July 13, 2012 V961689 $2,088,888 $-300,000 -13%
August 01, 2012 V961689 removed after 19 days
November 15, 2012 V980153 $1,899,800 $-489,088 -20%
February 16, 2013 V980153 removed after 93 days
March 27, 2013 V997541 $1,899,800 $-489,088 -20%
June 25, 2013 V997541 removed after 90 days
September 07, 2013 V1025448 $1,898,888 $-490,000 -21%
October 11, 2013 V1025448 $1,838,800 $-550,088 -23%
November 29, 2013 V1025448 removed after 83 days
April 17, 2014 V1058491 $1,798,888 $-590,000 -25%

 

v1058491_1

Current Days on Market: 750 (2.05years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $1,285,000
Desperation Score: 17.1

Gorgeous 3 storey craftsman home! Beautiful views from the South, West & North. This home is built w/high quality tile & H/W floors. An open concept kitch w/large island & eating area covered w/granite countertops. The kitch appliances are commercial grade (Sub Zero Fridge, 2 Meile D/W & Thermador 48″ Gas Stove). Just off the kitch is a beautiful outdoor patio w/built in natural gas for BBQ & patio heaters. Rounded staircase w/iron & wood railing leading u upstairs to 3 bedrooms, all w/private baths. The Mbdrm features a large walk in shower w/Jacuzzi tub & covered deck w/a view of downtown. The bsmt offers living quarters w/separate entry & alarm. Beautiful stone face ext w/natural rock stucco. Built by well known Italian builder.

Listed for over 2 years and still 40% over assessment although assessment does seem very low compared to similar Burnaby homes


#5 ) Address:9131 DOLPHIN AV, Garden City, Richmond

October 25, 2007 V675117 $969,000 $0 0%
November 22, 2007 V675117 removed after 28 days
June 13, 2010 V835925 $1,498,000 $0 0%
December 08, 2010 V835925 removed after 178 days
December 19, 2010 V861338 $1,498,000 $0 0%
January 25, 2011 V861338 $1,580,000 $0 0%
March 22, 2011 V861338 removed after 93 days
January 30, 2013 V987749 $2,280,000 $0 0%
February 23, 2013 V987749 $1,780,000 $-500,000 -22%
July 25, 2013 V987749 removed after 176 days
July 29, 2013 V1019860 $1,750,000 $-530,000 -23%
December 28, 2013 V1019860 removed after 152 days
January 16, 2014 V1039942 $1,750,000 $-530,000 -23%
April 14, 2014 V1039942 removed after 88 days
April 16, 2014 V1058459 $1,700,000 $-580,000 -25%

 

v1058459_1

Current Days on Market: 447 (1.22years)
Current ‘Official’ Days on Market: 6
2013 Assessment: Unknown
2012 Assessment: Unknown
2011 Assessment: $1,097,000
2011 Last Sale: $1,538,000 on 07/Mar/2011
Total Profit IF sold for list price: 86,960 transaction costs and 162,000 profit on sale = Profit of 75,040
Desperation Score: 20.3

Wow! Rare available city centre Mansion house, 74×143.5 feet, over 10656 SF lot, only land value already worth the asking price. Plus 23 years young 4000 SF custom built house by famous architect. Total 5 bedroom, 5 bathrooms. Spiral stairs leading to the upper level. Both inside & outside house are total renovation in year 2012. 3 covered car garage, walking distance to shopping mall, all level schools & public transit. Park view available, huge back yard, covered patio is suitable for entertaining friends. This is your dream house, move in today.

“Wow! Rare available city centre Mansion house”, “only land value already worth the asking price. “, “Both inside & outside house are total renovation in year 2012”.  Wiseman Ni (yes he named himself Wiseman), terrible description


#4 ) Address:115 MOUNTAIN DR, Lions Bay, West Vancouver

May 04, 2013 V1005028 $950,000 $0 0%
June 28, 2013 V1005028 $989,800 $0 0%
July 06, 2013 V1005028 $898,800 $-91,000 -9%
August 07, 2013 V1005028 removed after 95 days
September 14, 2013 V1026824 $868,900 $-120,900 -12%
October 14, 2013 V1026824 $832,900 $-156,900 -16%
November 15, 2013 V1026824 $799,900 $-189,900 -19%
December 09, 2013 V1026824 removed after 86 days
December 13, 2013 V1038794 $799,900 $-189,900 -19%
February 05, 2014 V1038794 $775,900 $-213,900 -22%
March 12, 2014 V1038794 removed after 89 days
March 17, 2014 V1052745 $752,900 $-236,900 -24%
April 15, 2014 V1052745 $729,900 $-259,900 -26%

 

v1052745_1

Current Days on Market: 353 (0.97years)
Current ‘Official’ Days on Market: 36
2013 Assessment: $837,000
Desperation Score: 39.4

Enjoy the ocean view from this contemporary home nestled on huge private lot. 4 bedrooms, 3 baths, two wood burning fireplaces, good size kitchen with centre island, sunken living room. Great investment with a little updating, call today to view.

Almost 15% below assessment


#3 ) Address:585 SOUTHBOROUGH DR, British Properties, West Vancouver

October 06, 2006 V614690 $1,570,000 $0 0%
February 06, 2007 V614690 $1,470,000 $-100,000 -6%
February 22, 2007 V614690 removed after 139 days
February 24, 2010 V811084 $1,490,000 $-80,000 -5%
March 08, 2010 V811084 removed after 12 days
May 07, 2012 V948191 $9,988,000 $0 0%
July 31, 2012 V948191 $8,680,000 $-1,308,000 -13%
October 03, 2012 V948191 removed after 149 days
October 05, 2012 V975284 $8,280,000 $-1,708,000 -17%
November 21, 2012 V975284 removed after 47 days
September 12, 2013 V1026204 $7,280,000 $-2,708,000 -27%
November 15, 2013 V1026204 $6,980,000 $-3,008,000 -30%
April 01, 2014 V1026204 removed after 201 days
April 16, 2014 V1058204 $6,880,000 $-3,108,000 -31%

 

v1058204_1

Current Days on Market: 222 (0.61years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $5,530,000
Desperation Score: 18.6

The one and only kind of Architectural concept in W Vancouver. A contemporary design – private courtyard that surounded dwelling spaces. This elegant home situated in prestigious lower British Properties, grand foyer, total 7 bedrooms and 7 bathrooms, 2 dens, office, library, piano lounge, gym, media room, gallery hallway, highest quality finished with wood panel, radiant heated floor (German Heated system) Private outdoor easy park 16 cars. Park like garden. Pleasure to show.

“The one and only kind of Architectural concept in W Vancouver.” What does this even mean?!?!?!?!?!? “private courtyard that surounded dwelling spaces.” – huhhhh?!?!?!  Most of these listing descriptions in the top 10 are complete garbage.  Edith Chan, this is a $10 million dollar house err  I mean $6.9 million dollar house you are trying to sell.  How about getting some grade 7 kids to proof read this before posting.  Maybe you can give them a cut of your $200K commission…


#2 ) Address:4626 DUNBAR ST, Dunbar, Vancouver West

April 03, 2011 V879744 $1,500,000 $0 0%
April 20, 2011 V879744 removed after 17 days
October 19, 2011 V916262 $2,388,000 $0 0%
November 22, 2011 V916262 $2,200,000 $-188,000 -8%
February 10, 2012 V916262 removed after 114 days
April 18, 2013 V1001797 $1,880,000 $-508,000 -21%
February 25, 2014 V1001797 removed after 313 days
March 05, 2014 V1050154 $1,690,000 $-698,000 -29%
April 15, 2014 V1050154 $1,640,000 $-748,000 -31%

 

v1050154_1

Current Days on Market: 369 (1.01years)
Current ‘Official’ Days on Market: 48
2013 Assessment: $1,443,900
2011 Assessment: $1,355,000
Desperation Score: 20.9

Fabulous value in this beautiful early century 5 bedroom, 3 bathroom character home sitting on a large 46×120 lot. Your new home has three levels, recently and tastefully updated, providing over 2000 sf of living area. Excellent east facing back yard for breakfasts, barbecues and your veggie garden. Great location with high walkability score: Dunbar Community Centre, restaurants, Dunbar Theatre, shopping. And best yet, blocks to Pacific Spirit park, St. Georges, and UBC. View photos online and call for showings schedule.


#1 ) 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%
April 15, 2014 V1050148 $1,690,000 $-1,060,000 -39%

 

v1050148_1

Current Days on Market: 369 (1.01years)
Current ‘Official’ Days on Market: 48
2013 Assessment: $1,608,000
2012 Assessment: $1,454,000
2011 Assessment: $1,506,000
Desperation Score: 29.4

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.

 Hit #2 spot last week on the 14th but apparently that wasn’t the price they wanted so they raised it $50K a day later.  No difference, it isn’t selling

Advertisements

13 responses to “Weekly Drop Metro Vancouver Detached – April 21, 2014

  1. youtoldus.so April 21, 2014 at 10:22 pm

    Regarding the poorly worded descriptions of luxury homes- Is it likely that the anticipated transactions will be conducted in Mandarin? Perhaps the English description is considered irrelevant.
    Just don’t let Garth Turner know I asked.

    • an observer April 22, 2014 at 8:16 am

      Garth is out of touch with reality. He actually believes all of the Asian looking people buying these multi million dollar homes are 2nd and 3rd generation Canadians and to say otherwise is being racist and jealous!

      There really is no excuse for these descriptions. If I was a realtor in a country where I was not completely fluent I would make sure that someone who was completely fluent was writing the descriptions. Wouldn’t that make sense?

      • HowLowCanYouGo April 22, 2014 at 11:58 am

        But that would require giving away around 0.05% of their commission. You just want these poor realtors to starve don’t you?

      • Seeking Knowledge... April 22, 2014 at 1:16 pm

        What if these descriptions were already corrected by the realtor’s assistant?
        I tend to agree with youtoldus. Only the rich from overseas can afford buying these 2M+ homes and they don’t care about grammar as long as it has some catch phrases when they view online.

  2. Bull! Bull! Bull! April 22, 2014 at 12:48 pm

    despite “price drops” many of these properties are much more than they were first listed for in 2007/8

    • an observer April 22, 2014 at 1:04 pm

      No argument there unless you are talking about condo’s and the suburbs. The question isn’t whether buying in 2007 or 1997 was profitable if they sold today, the question is whether buying in 2014 is the right move.

  3. Vancouverbound April 22, 2014 at 2:08 pm

    i think it is a concession to Canada that they even list in English at all. If they could list in Mandarin on MLS.ca without any English they probably would. Who cares about the English speaking population – it’s the Chinese who have the money.
    Just go to an open house in the wealthier districts – West Vancouver, Vancouver West, Richmond, North Vancouver and even Coquitlam/Burnaby and see who the realtor is. If they are of Asian descent and you are Caucasian – I have found they struggle to even acknowledge you.

    • Frank April 22, 2014 at 9:35 pm

      Yah I find the asian realtors don’t even greet you or smile if your white, it’s racist (reverse discrimination). If the chinese did that to us they would put up a front. The white folk here in Vancouver are too laid back we need to uprise and start the revolution! Take back out land, jobs and homes!

      • Finally April 23, 2014 at 6:17 am

        I’m chinese and born in vancouver general hospital, so I’m an original vancouvorite making me the 25% actually born in YVR. I feel as frustrated as you, real estate ownership should be restricted to immigrants just like many other larger cities.

      • Seeking Knowledge... April 23, 2014 at 1:04 pm

        I wonder if that is how the First Nations feel. Just saying…

      • an observer April 23, 2014 at 1:40 pm

        I don’t think we need to restrict foreign ownership, we just need to overhaul our immigration system to make sure that criminals and leeches don’t get in and that the people we bring over actually contribute to society. We’re slowly moving in that direction but unfortunately I think it is way too late

      • HowLowCanYouGo April 24, 2014 at 3:58 pm

        With regards to natives SeekingKnowledge, that’s really a completely different situation. I mean there’s under 200,000 living in the province. Do they really need all that land to themselves? Think of it in realistic and not political terms…how much space did that many people (and there was even fewer that that in 1500) really need/use? I’m pretty sure it’s not 120% of the province they’ve claimed. As someone who grew up on a reserve myself (Wikwemikong), I usually ask protestors if they’d really like to go back to the “way things were”. Anyone who says yes is lying.

  4. Joe Average, Vancouver April 26, 2014 at 6:21 pm

    #1 ) Address:3590 W 30TH AV, Dunbar, Vancouver West…even with staged furniture it’s one ugly and dated home that is due for reno. Another topic : I went to Brentwood Mall today…..man !!! Fools were rushing-in to have a look at the open house of the new Brentwood development.You really have to be disconnected from Canadian economy and politics to think that pre-sale is a good idea at this time !!! I had a coffee and enjoy the “view” of herd mentality at work for few minutes. That hood was OK till about 10 years ago, now it’s “downtown” density mess that is going to be a lot worst in next 2-3 years with new towers completed.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: