Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – April 28, 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.

Richmond and West Vancouver each make the list 3 times

 


#10 ) Address:656 SOUTHBOROUGH DR, British Properties, West Vancouver

April 21, 2008 V703016 $7,980,000 $0 0%
November 27, 2008 V703016 removed after 220 days
November 03, 2012 V979022 $11,980,000 $0 0%
May 01, 2013 V979022 removed after 179 days
June 13, 2013 V1012119 $11,380,000 $-600,000 -5%
October 21, 2013 V1012119 removed after 130 days
October 25, 2013 V1033066 $10,388,000 $-1,592,000 -13%
April 23, 2014 V1033066 removed after 180 days
April 28, 2014 V1060438 $9,280,000 $-2,700,000 -23%

 

v1060438_1

Current Days on Market: 543 (1.49years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $6,155,000
Desperation Score: 23.5

Magnificent custom built mansion located in British Properties. Securely gated & enter thru fabulous driveway, this gorgeous home showcases 10,577 sq ft. Luxurious interior, superb materials & workmanship, soaring double height foyer w/marble tiles, ensuited bdrm on main, huge sun-drenched living, dining & family rm off a beautiful heated patio overlook the VIEW OF DOWNTOWN & BURRARD INLET. Deluxe chef kitchen/wok kitchen equipped w/top-of-the-line appls. Total of 7 bedrooms (3 ensuite up) & 10 baths. Master ensuite w/huge balcony, jacuzzi tub & steam shower. Bsmt is entertainer’s delight w/home theater, massive rec rm w/pool table, I/D pool & hot tub. Landscaped garden w/waterfall & coach house at the side. This is a must see!

#9 and #10 are both on Southborough Drive in the British Properties.  This one is down $2.7 million but still $3 million over assessment


#9 ) Address:755 SOUTHBOROUGH DR, British Properties, West Vancouver

October 05, 2011 V913960 $1,300,000 $0 0%
October 21, 2011 V913960 removed after 16 days
May 21, 2013 V1007722 $4,899,000 $0 0%
October 06, 2013 V1007722 $4,599,800 $-299,200 -6%
November 11, 2013 V1007722 removed after 174 days
November 18, 2013 V1036181 $4,599,800 $-299,200 -6%
December 05, 2013 V1036181 $4,188,000 $-711,000 -15%
January 16, 2014 V1036181 removed after 59 days
January 19, 2014 V1042200 $3,980,000 $-919,000 -19%
April 23, 2014 V1042200 removed after 94 days
April 28, 2014 V1060201 $3,780,000 $-1,119,000 -23%

 

No Picture

Current Days on Market: 344 (0.94years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $2,992,000
Desperation Score: 30.8

BRAND NEW ! Views of city & harbour, ocean. This executive home over 6000 sq ft of living space, Den & guest bedroom on Main floor, 4 ensuited bedrooms upstairs. Lower level has bedroom and legal suite with 2 bedrooms. This house has grand foyer, high ceiling spacious and open floor plan ideal for entertainment, Kitchen has top line appliances, patio and backyard great for summer BBQ. Level driveway, close to Park Royal S/Ctr, walking distance to all schools (Chartwell, Sentinel, Westcot) Must See !

“Views of city & harbour, ocean. This executive home over 6000 sq ft of living space”…  Down $1.1 million


#8 ) Address:2233 CHESTERFIELD AV, Central Lonsdale, North Vancouver

September 12, 2010 V849791 $739,000 $0 0%
June 20, 2011 V849791 removed after 281 days
August 17, 2013 V1022627 $589,000 $-150,000 -20%
February 28, 2014 V1022627 removed after 195 days
April 09, 2014 V1056736 $599,000 $-140,000 -19%
April 24, 2014 V1056736 $569,000 $-170,000 -23%

 

v1056736_1

Current Days on Market: 256 (0.70years)
Current ‘Official’ Days on Market: 21
2013 Assessment: $603,000
Desperation Score: 20.0

Your very own private sanctuary. this Beautiful 1 bedroom craftsman style home sits in front of your very own park like setting with trees and a creek. Lavishly finished with slate, granite and high end finishing’s, this home caters to the all tastes. The home is situated minutes from downtown Lonsdale so call Sam to book a viewing.


#7 ) Address:9120 MAPLE PL, Woodwards, Richmond

December 03, 2009 V799805 $698,000 $0 0%
December 09, 2009 V799805 removed after 6 days
January 07, 2010 V802310 $918,000 $0 0%
January 22, 2010 V802310 removed after 15 days
August 14, 2010 V845975 $2,199,000 $0 0%
December 22, 2010 V845975 removed after 130 days
December 25, 2010 V861584 $2,180,000 $-19,000 -1%
February 17, 2011 V861584 removed after 54 days
May 07, 2011 V886836 $2,990,000 $0 0%
June 28, 2011 V886836 $2,499,000 $-491,000 -16%
August 19, 2011 V886836 $2,680,000 $-310,000 -10%
August 23, 2011 V886836 removed after 108 days
August 25, 2011 V906680 $2,680,000 $-310,000 -10%
September 29, 2011 V906680 $2,888,000 $-102,000 -3%
November 30, 2011 V906680 removed after 97 days
May 18, 2012 V950844 $2,468,000 $-522,000 -17%
September 01, 2012 V950844 removed after 106 days
May 21, 2013 V1008176 $2,488,000 $-502,000 -17%
September 05, 2013 V1008176 removed after 107 days
September 14, 2013 V1027042 $2,288,000 $-702,000 -23%
December 28, 2013 V1027042 removed after 105 days
January 19, 2014 V1042246 $2,360,000 $-630,000 -21%
April 23, 2014 V1042246 removed after 94 days
April 28, 2014 V1060655 $2,288,000 $-702,000 -23%

 

v1060655_1

Current Days on Market: 344 (0.94years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $1,720,000
2011 Assessment: $1,933,000
2011 Last Sale: $2,050,000 on 14/Feb/2011
Total Profit IF sold for list price: 113,664 transaction costs and 238,000 profit on sale = Profit of 124,336
Desperation Score: 18.5

Beautiful home in a decent area of Richmond. Only 2 years young house, 5 bedrooms with ensuite. High end chandelier, media room and appliances. Air conditioning, electric gate, alarm system with video intercom system. Sprinkler system, hardwood floors, wok kitchen, granite countertops in every installedplace. 2-5-10 New Home Warranty.

“Only 2 years young house” built in early 2011 – someone has some to go back to grade 1 math class.  “granite countertops in every installedplace”.  Assessment down over $200K in 2 years.  Their recent price increase failed and there is almost no chance they sell it for more than what they paid for it in 2011 despite trying to flip it for almost a million dollars more just 3 months after buying it.  


#6 ) Address:23211 WESTMINSTER HY, Hamilton, Richmond

April 21, 2014 V1059106 $995,000 $0 0%
April 28, 2014 V1059106 $757,000 $-238,000 -24%

 

v1059106_1

Current Days on Market: 9 (0.02years)
Current ‘Official’ Days on Market: 9
2013 Assessment: $506,200
2011 Assessment: $498,200
Desperation Score: 19.2

Cozy 3 bdrm rancher on 1/4 acre. Some hardwood, some fresh paint, large deck, great for barbeques, fenced and gated yard, detached 17×8 workshop wired for 220. 17×6 shed wired for 110. INVESTORS/DEVELOPERS ALERT! Good property in fast growing redevelopment of Hamilton. Lots of potential in the near future for re-zoning and redevelopment to mixed multiple and single family and a possible park! Nearby Shopping Centre, School, Community Centre and many amenities. MOVE IN, RENT or BUY and HOLD for FUTURE GROWTH!

No longer double assessment, now just 50% above assessment


#5 ) Address:1038 W 55TH AV, South Granville, Vancouver West

January 16, 2014 V1040992 $2,498,000 $0 0%
February 19, 2014 V1040992 $2,388,000 $-110,000 -4%
March 31, 2014 V1040992 removed after 74 days
April 25, 2014 V1059937 $1,890,000 $-608,000 -24%

 

v1059937_1

Current Days on Market: 104 (0.28years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $2,328,300
2011 Assessment: $2,390,900
Desperation Score: 23.6

FIRST TIME BUYERS, INVESTORS OR BUILDERS. EXCELLENT HOLDING PROPERTY IN MOST PRESTIGIOUS SOUTH GRANVILLE LOCATION. UPDATED 4000sq.ft. CHARACTER home Sits on BIG LEVEL LOT 65.16 x 120 WITH SOUTHERN EXPOSURE back yard. Beautiful Street appeal with many many million dollars NEW HOMES. Features 6 bedrooms, 3.5 baths extensive use of hardwood thru-out entertaining size living & dining. Potential 2 bedrooms suite as mortgage helper. CLOSE TO CHURCHILL HIGH SCHOOL with I/B PROGRAM , YORK HOUSE, CROFTON & ST.GEORGE’S PRIVATE SCHOOL, UBC, RICHMOND,TRANSIT. MUST SEE!

South granville for $450K below assessment.  “Beautiful Street appeal with many many million dollars NEW HOMES”.  24% drop in just a few months


#4 ) Address:11760 MELLIS DR, East Cambie, Richmond

January 24, 2008 V684784 $799,000 $0 0%
March 29, 2008 V684784 $790,000 $-9,000 -1%
April 16, 2008 V684784 removed after 83 days
April 25, 2012 V945449 $2,199,000 $0 0%
May 01, 2012 V945449 removed after 6 days
May 03, 2012 V947093 $1,988,000 $-211,000 -10%
May 23, 2012 V947093 $1,799,000 $-400,000 -18%
June 04, 2012 V947093 removed after 32 days
June 07, 2012 V954891 $1,679,000 $-520,000 -24%
August 20, 2012 V954891 removed after 74 days
September 07, 2013 V1025611 $1,659,000 $-540,000 -25%
December 02, 2013 V1025611 removed after 86 days
April 24, 2014 V1059665 $1,649,000 $-550,000 -25%

 

v1059665_1

Current Days on Market: 235 (0.64years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $1,440,000
2011 Assessment: $1,532,000
Desperation Score: 7.4

Absolutely beautiful home built by reputable builder Heritage Lane Homes. This home is on a Picture Perfect Tree lined street in one of the nicest neighborhoods of the East Cambie area. Maple cabilnets, top of the line appliances, granite counters, gorgeous finishings throughout This home comes with all the bells and whistles including A/C, HRV system, 120 inch screen with full honme theatre, designer colors with open concept layout. South facing backyard with your very own putting green and 2 sound ptoof suites generating $1500/month. Show with confidence as this is one of the nicest houses in the entire Cambie area and is a stones throw from Vaneouver. Serious buyers only.

“Maple cabilnets”, “full honme theatre”, “Vaneouver”, “sound ptoof “.  Rick Bowal, this is horrible


#3 ) Address:625 W 32ND AV, Cambie, Vancouver West

May 16, 2010 V830954 $1,588,800 $0 0%
November 01, 2010 V830954 removed after 169 days
March 16, 2013 V995838 $4,290,000 $0 0%
May 30, 2013 V995838 $3,888,000 $-402,000 -9%
August 15, 2013 V995838 removed after 152 days
August 30, 2013 V1024362 $3,988,000 $-302,000 -7%
November 15, 2013 V1024362 $3,780,000 $-510,000 -12%
April 08, 2014 V1024362 removed after 221 days
April 14, 2014 V1057512 $3,488,888 $-801,112 -19%
April 24, 2014 V1057512 removed after 10 days
April 28, 2014 V1060490 $2,998,800 $-1,291,200 -30%

 

v1060490_1

Current Days on Market: 410 (1.12years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $2,748,000
2012 Assessment: $2,650,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 36.3

Beautiful, gracious and spacious this 7 bedroom and den home with 8 bathrooms has been meticulously designed and built with 5389 square feet of luxury perfect for your large family.There are 4 large bedrooms upstairs and the master bedroom has a sweeping mountain view.Stunning kitchen, with top of the line Miele Stainless Steel appliances, wok kitchen,granite countertops, and is perfect for entertaining family, friends, and business associates.Downstairs there is a large media room and a 2 bedroom suite that can easily accommodate parents, guests, or caregivers. Situated in the Cambie Area- steps to the Canada Line, close proximity to the excellent Emily Carr Elementary, and Eric Hamber Secondary School. Open Sat/Sun May 3/4 2-4

Down 30% and now slowly approaching assessment


#2 ) Address:299 28TH ST, Altamont, West Vancouver

July 27, 2013 V1019462 $5,800,000 $0 0%
October 30, 2013 V1019462 removed after 95 days
November 03, 2013 V1034449 $5,388,000 $-412,000 -7%
December 19, 2013 V1034449 $4,880,000 $-920,000 -16%
February 12, 2014 V1034449 removed after 101 days
February 14, 2014 V1047035 $4,380,000 $-1,420,000 -24%
April 23, 2014 V1047035 $3,988,000 $-1,812,000 -31%

 

v1047035_1

Current Days on Market: 277 (0.76years)
Current ‘Official’ Days on Market: 75
2013 Assessment: $3,553,000
Desperation Score: 33.2

Public Open House Apr.27 (Sun) 2:00 – 4:00pm.

Down almost $2 million in half a year but at least the realtor is working his butt off trying to sell the place “Public Open House Apr.27 (Sun) 2:00 – 4:00pm.”…  Kenneth Chan, you should be embarrassed.  Here is a recent history of descriptions for this $4 million home

Public Open House Oct.27 (Sun) 2:00pm – 5:00pm.

Public Open House Nov.10 (Sun) 1:30 – 4:30pm

Public Open House Nov. 24 (Sun) 2:00-4:00pm

Public Open House Dec.1 (Sun) 2:00-4:00pm.

Public Open House Dec.15 (Sun) 2:00-4:00pm

Public Open House Dec.29 (Sun) 2:00-4:00pm

Public Open House Jan.19 (Sun) 2:00-4:00pm.

Public Open House Jan.26 (Sun) 2:00-4:00pm.

Public Open House Feb.2 (Sun) 2:00-4:00pm.

Public Open House Feb.9 (Sun) 2:00-4:00pm.

Public Open House Feb.15 & 16 (Sat/Sun) 2:00 – 4:00pm.

Public Open House Feb.23 (Sun) 2:00 – 4:00pm.

Choose a new profession please


#1 ) Address:7426 BURRIS ST, Buckingham Heights, Burnaby

September 20, 2012 V972373 $2,990,000 $0 0%
February 07, 2013 V972373 removed after 140 days
May 25, 2013 V1009037 $1,999,000 $-991,000 -33%
July 10, 2013 V1009037 $1,888,000 $-1,102,000 -37%
November 29, 2013 V1009037 removed after 188 days
March 24, 2014 V1053726 $1,988,000 $-1,002,000 -34%
April 23, 2014 V1053726 $1,888,000 $-1,102,000 -37%

 

v1053726_1

Current Days on Market: 587 (1.61years)
Current ‘Official’ Days on Market: 37
2013 Assessment: $1,954,000
2011 Assessment: $1,411,000
Desperation Score: 25.0

STOP! An incredible value in prestigious Buckingham Heights! You must see this gorgeous home completely renovated with style in 2008. Located on the exclusively part of Burris St on the high side with view of mountains! You will be captivated by the European style entry & Dining room! Features include granite floors & pillars, Brazilian redwood, sandstone arches, slate bathrooms & walls, double river rock fireplace & much more! Huge parking lot with gates & 2 car garage. Huge waterfall with potential hot tub function & stone pillared gazebo with glass top for you to have a relaxing time with family or friends! Minutes drive to Metrotown & SFU. Perfect for growing family! HURRY! School Catchments: Buckingham Elementary & Burnaby Central Secondary.

Tried increasing the price but that failed so now back to their recent low of $1,888,000

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11 responses to “Weekly Drop Metro Vancouver Detached – April 28, 2014

  1. Craig Sterling April 29, 2014 at 10:55 am

    Ignorant Question from me, Observer: how much store should we place in assessed values? Where I am looking, asking prices are nearly always at least 20-30% above assessment (though I note that achieved prices are never more than around 10% above assessment… Is it the case that assessments change in significance in a declining market, i.e. if the market is roaring, you can charge what you want, but if it’s falling, assessment is a good benchmark for what you should not pay more than… grateful for your thoughts. Thanks! Craig

    • an observer April 29, 2014 at 11:56 am

      If you take 1000 assessments of sold homes and compare to the 1000 sale prices then in a flat market the average will be about the same, in a poor market the sale prices will be lower and in an increasing market the sale prices will be higher. Much of this is because the assessment is from the previous June.

      Individually however you can’t put nearly as much weight into assessment but what you are doing is a good step in the right direction. The two main problems with assessments are 1) some areas are continually under priced or over priced compared to sale prices and 2) two side by side homes with equal square footage, lot size and age will pretty much have the same assessment but of course one could be a dump while the other is beautifully maintained and updated.

      One thing I do when I look at homes in a certain area is take the asking price (or sale price) and subtract the assessed land value. Then with the left over amount divide that by the finished square footage. It lets you get a good comparison especially if you are using sold prices – you will see patterns if you can get this info. You can see that in a certain area the adjusted $/sqft might be $50 for an older rancher, $150 for a well kept 3 level and $225 for a brand new home. Then when you see a place list for $450 per sqft after taking off land value you pretty much know it will be dropping $1 million+ unless they have gold toilets, 5 million pot lots or some other reason to justify the price

  2. Peter Mueller April 29, 2014 at 12:01 pm

    Number 9 is my fave — spend nearly $4m on a luxury home, and it has a mortgage helper!
    For that money I sure hope its ‘sound proof’.

    • Peter Mueller April 29, 2014 at 1:48 pm

      How come my ‘sound pToof’ get’s autocorrected, and the RE agents don’t have access to similar technology?

  3. youtoldus.so April 29, 2014 at 5:26 pm

    #4- Let’s be a little more charitable. Perhaps MLS Medallion Club member Rick Bowal or one of his associates is visually impaired. Maybe if you purchase for full asking price, a donation will be made to the CNIB. C’mon, these folks are professionals and they drive nice vehicles too.

  4. Finally April 30, 2014 at 7:10 am

    I sold my DT TH 2 years ago in YVR and I’ve been waiting for for the ‘correction’ to happen on SFH in metro YVR. 2nd baby on the way, pressure or constant asking from family and friends(which most of them had help from thier parents, I mean like 100K to 1 million gift) to buy something. I’ve held out this long, but I’ve been looking and all I see are dumps that I can afford in the 800K range. Wife is OK renting for awhile longer, so absolutely no pressure from her. Just wanted to get this off my chest, this ‘correction’ is simply taking too long!

  5. heartbreak ridge April 30, 2014 at 10:10 am

    Hilarious! But you malign visually impaired folks by asserting that they would ever make such ridiculous errors–most of them are users of screen-reading technologies which certainly would’ve caught those lazy mistakes.

    I suspect our Medallion Club honoree is secretly some sort of artiste, with his lovely “Picture Perfect Tree” poeticism.
    Thanks Observer for your site!

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