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% |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
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% |
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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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
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
Good info
Thanks
great knowledge, observer – thanks a lot for the answer. Craig
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’.
How come my ‘sound pToof’ get’s autocorrected, and the RE agents don’t have access to similar technology?
#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.
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!
It is taking a long time but on the other hand your townhome has probably dropped in price at least a few % and you have also saved a lot of money month to month if you are renting a similar place. Trying to time a correction is very difficult
cry me a river.
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!