Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Desperation Score Suburbs – May 7, 2014

Here are the 10 properties outside of 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 1 week AND have the highest desperation score which is a formula based on price changes, relists and amounts pro rated for recency.  This will hopefully provide a more interesting look at the suburbs since previous weekly drops for these areas were completely filled with old condo’s and lot sales

Coquitlam and North Delta have 2 entries in the list


#10 ) Address:# 403 1570 PRAIRIE AV, Glenwood, Port Coquitlam

March 23, 2007 V636842 $214,900 $0 0%
April 25, 2007 V636842 removed after 33 days
February 22, 2013 V991994 $189,900 $-25,000 -12%
December 28, 2013 V991994 removed after 309 days
January 19, 2014 V1042207 $163,000 $-51,900 -24%
February 19, 2014 V1042207 $155,500 $-59,400 -28%
March 17, 2014 V1042207 $148,100 $-66,800 -31%
April 16, 2014 V1042207 removed after 87 days
May 04, 2014 V1061858 $139,000 $-75,900 -35%

 

v1061858_1

Current Days on Market: 441 (1.21years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $167,500
Desperation Score: 33.5

Unique top floor condo with direct outside access, vaulted ceilings, no adjoining walls, and lots of natural light. Building just had recent updates including the envelope, roof and gutters. The location is close to the north side shops, transit and Mclean Park. Easy to view. Please call for more information.


#9 ) Address:12192 234TH ST, East Central, Maple Ridge

May 30, 2008 V712399 $514,900 $0 0%
August 27, 2008 V712399 $509,900 $-5,000 -1%
September 22, 2008 V712399 removed after 115 days
September 26, 2008 V736033 $499,900 $-15,000 -3%
October 10, 2008 V736033 removed after 14 days
October 12, 2008 V739309 $489,000 $-25,900 -5%
February 04, 2009 V739309 $468,200 $-46,700 -9%
March 11, 2009 V739309 removed after 150 days
March 13, 2009 V756581 $468,900 $-46,000 -9%
July 25, 2009 V756581 $449,900 $-65,000 -13%
October 21, 2009 V756581 removed after 222 days
October 24, 2009 V794540 $449,900 $-65,000 -13%
November 17, 2009 V794540 removed after 24 days
February 13, 2014 V1046812 $409,000 $-105,900 -21%
February 21, 2014 V1046812 $399,000 $-115,900 -23%
March 06, 2014 V1046812 $384,900 $-130,000 -25%
March 20, 2014 V1046812 $370,900 $-144,000 -28%
April 14, 2014 V1046812 $354,900 $-160,000 -31%
May 01, 2014 V1046812 $339,000 $-175,900 -34%

 

v1046812_1

Current Days on Market: 85 (0.23years)
Current ‘Official’ Days on Market: 85
2013 Assessment: $454,000
Desperation Score: 33.9

“Sold as is where is” Perfect for that Handyman! !!Large central Maple Ridge home in Great area. This Home Needs TLC but could be a great Family home with some help. This home has 4 bedrooms and Den, 3 Baths & includes a Bonus 500 sq ft recroom above the Garage. This 2600 sq ft home has a nice Kitchen that opens onto the open private back yard with views onto fields and open spaces!!This home has a 2 car Garage and is close to transit & shopping. Property is an ex Grow op & has not been remidiated yet. Call Us today for details or to book your showing.


#8 ) Address:1497 CADENA CT, Burke Mountain, Coquitlam

December 07, 2011 V921735 $907,000 $0 0%
December 12, 2011 V921735 removed after 5 days
September 12, 2013 V1026438 $999,999 $0 0%
September 25, 2013 V1026438 $1,100,000 $0 0%
October 07, 2013 V1026438 removed after 25 days
March 28, 2014 V1054728 $849,000 $-251,000 -23%
April 09, 2014 V1054728 $829,000 $-271,000 -25%
April 28, 2014 V1054728 $799,000 $-301,000 -27%
May 08, 2014 V1054728 $769,000 $-331,000 -30%

 

v1054728_1

Current Days on Market: 239 (0.65years)
Current ‘Official’ Days on Market: 42
2013 Assessment: $904,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 34.4

This 3 year Home offers 5bedrooms, 4bathrms, Open Concept Living w/ a Breath taking view of the City from master bedrooms & massive front porch w/ outdoor surround sound system! Ample room to entertain..in or out w/ a large deck/yard off the kitchen which also has outdoor surround systems. Bright spacious rm w/crown mouldings throughout the house custom Faux blinds, 10ml glass shower doors, roughed in vac system, alarm wiring.


#7 ) Address:15518 SEMIAHMOO AV, White Rock, White Rock

May 05, 2009 F2907274 $634,900 $0 0%
May 06, 2009 F2907274 $609,900 $-25,000 -4%
July 09, 2009 F2907274 removed after 65 days
February 28, 2012 F1205026 $877,000 $0 0%
March 19, 2012 F1205026 removed after 20 days
August 17, 2013 F1319336 $2,500,000 $0 0%
October 25, 2013 F1319336 removed after 69 days
November 03, 2013 F1324731 $2,390,000 $-110,000 -4%
December 02, 2013 F1324731 removed after 29 days
January 16, 2014 F1400085 $2,300,000 $-200,000 -8%
March 12, 2014 F1400085 $1,999,000 $-501,000 -20%
March 20, 2014 F1400085 removed after 63 days
March 24, 2014 F1406782 $1,999,000 $-501,000 -20%
April 15, 2014 F1406782 removed after 22 days
May 04, 2014 F1410716 $1,890,000 $-610,000 -24%

 

No Picture

Current Days on Market: 265 (0.73years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $1,435,000
2011 Assessment: $811,000
Desperation Score: 34.6

Located on quiet street in the heart of White Rock. This “must see” contemporary home is finished to the highest of standards. Luxurious hardwood and Italian tile floors thru out. Top of the line appliances in this large centre island south facing kitchen. Media room for the big screen and 3 large bedrooms up all with full ensuite. The 5 STAR master suite has it all, including a private deck and view. This custom home will not disappoint the most discriminant buyer…MUST SEE easy to show.


#6 ) Address:8045 MODESTO DR, Nordel, North Delta

July 18, 2013 F1317007 $678,800 $0 0%
August 13, 2013 F1317007 $649,900 $-28,900 -4%
September 12, 2013 F1317007 $639,900 $-38,900 -6%
September 18, 2013 F1317007 $599,900 $-78,900 -12%
September 25, 2013 F1317007 removed after 69 days
October 04, 2013 F1322831 $629,000 $-49,800 -7%
November 18, 2013 F1322831 $609,900 $-68,900 -10%
January 16, 2014 F1322831 $585,000 $-93,800 -14%
April 03, 2014 F1322831 $578,800 $-100,000 -15%
May 01, 2014 F1322831 removed after 209 days
May 08, 2014 F1410903 $550,000 $-128,800 -19%

 

f1410903_1

Current Days on Market: 295 (0.81years)
Current ‘Official’ Days on Market: 1
2013 Assessment: $567,000
Desperation Score: 34.8

MASSIVE LOT!! This Canterbury Heights, North Delta home on a 14,844 SQUARE FOOT LOT has it all. The two level home sits in the middle of a large, quiet, serene and clear lot. The home is in great condition and boasts Brazilian Hardwood, Slate tiles and crown mouldings in most rooms. The large deck is ideal for private, social gatherings or for basking under the sun. Hold this property or build your Huge DREAM HOME on this one of a kind offering. This home is priced to sell FAST!! Call today to book a visit as it will not last!! Second kitchen in basement needs appliances. In the Sands High School and Grey Elementary School Catchment.


#5 ) Address:4703 CAMERON RD, Pender Harbour, Sunshine Coast

March 09, 2012 V903605 $399,000 $0 0%
March 31, 2012 V903605 removed after 22 days
April 02, 2012 V916948 $1,499,000 $0 0%
June 16, 2012 V916948 $1,299,000 $-200,000 -13%
January 01, 2013 V916948 removed after 274 days
September 05, 2013 V1025093 $955,500 $-543,500 -36%
October 06, 2013 V1025093 $903,000 $-596,000 -40%
November 23, 2013 V1025093 removed after 79 days
December 17, 2013 V1038918 $859,900 $-639,100 -43%
January 29, 2014 V1038918 $839,900 $-659,100 -44%
March 11, 2014 V1038918 removed after 84 days
March 26, 2014 V1054239 $819,000 $-680,000 -45%
May 08, 2014 V1054239 $774,000 $-725,000 -48%

 

v1054239_1

Current Days on Market: 246 (0.67years)
Current ‘Official’ Days on Market: 44
2013 Assessment: $912,000
Desperation Score: 36.4

Beautiful home in desirable Arbutus Landing, this is a stunning waterfront property. The south-facing ocean views can be enjoyed from the amazing decks. The open plan layout of the living areas is enhanced by the feature wood-burning fireplace. Hardwood flooring flows throughout the dining and living rooms. This is an area of outstanding natural beauty, and this is the home to enjoy it from.


#4 ) Address:# 305 11910 80TH AV, Scottsdale, North Delta

October 28, 2012 F1226329 $190,000 $0 0%
March 02, 2013 F1226329 removed after 125 days
April 17, 2013 F1308810 $184,777 $-5,223 -3%
July 23, 2013 F1308810 $183,777 $-6,223 -3%
September 12, 2013 F1308810 removed after 148 days
September 16, 2013 F1321553 $177,777 $-12,223 -6%
December 13, 2013 F1321553 removed after 88 days
December 17, 2013 F1327094 $169,900 $-20,100 -11%
February 05, 2014 F1327094 $159,900 $-30,100 -16%
February 21, 2014 F1327094 $154,900 $-35,100 -18%
March 06, 2014 F1327094 $144,000 $-46,000 -24%
May 01, 2014 F1327094 $139,000 $-51,000 -27%

 

f1327094_1

Current Days on Market: 558 (1.53years)
Current ‘Official’ Days on Market: 143
2013 Assessment: $165,700
Desperation Score: 37.0

Large 1 bedroom unit in well maintained concrete building. Adult oriented building, age restriction of 19 plus. Close to shopping, public transportationn, recreation facilities. Unit comes with a secure underground parking stall & storage locker.


#3 ) Address:3088 FIRESTONE PL, Westwood Plateau, Coquitlam

September 23, 2013 V1028385 $1,299,000 $0 0%
October 23, 2013 V1028385 removed after 30 days
November 11, 2013 V1035448 $1,399,000 $0 0%
December 05, 2013 V1035448 $1,365,000 $-34,000 -2%
January 22, 2014 V1035448 $1,360,000 $-39,000 -3%
January 31, 2014 V1035448 removed after 81 days
February 08, 2014 V1045968 $1,359,800 $-39,200 -3%
February 16, 2014 V1045968 $1,338,800 $-60,200 -4%
February 19, 2014 V1045968 $1,318,800 $-80,200 -6%
February 21, 2014 V1045968 $1,289,800 $-109,200 -8%
March 26, 2014 V1045968 $1,279,800 $-119,200 -9%
April 17, 2014 V1045968 removed after 68 days
April 21, 2014 V1059348 $1,269,000 $-130,000 -9%
May 08, 2014 V1059348 $1,198,000 $-201,000 -14%

 

v1059348_1

Current Days on Market: 228 (0.62years)
Current ‘Official’ Days on Market: 18
2013 Assessment: $1,247,000
Desperation Score: 38.3

Must Sell!! Don’t miss this great opportunity to own in this amazing neighbourhood of Hampton Green. Home is over 5000sq ft enter thru the lovely foyer with the dble spiral staircase, continue to the room & dining room & then the amazingoversized kitchen for the cooks out there & family room, 4 bedrooms up & a 2 bedroom bsmt suite down. Enjoy the private backyard backing on to greenbelt. Open house April 26 and 27th, 2-4pm . To view or book private showing call listing agent.


#2 ) Address:# 1626 34909 OLD YALE RD, Abbotsford East, Abbotsford

December 01, 2006 F2626519 $167,500 $0 0%
February 22, 2007 F2626519 removed after 83 days
September 01, 2007 F2722676 $199,500 $0 0%
September 13, 2007 F2722676 removed after 12 days
November 29, 2013 F1326298 $184,000 $-15,500 -8%
January 04, 2014 F1326298 $173,900 $-25,600 -13%
February 04, 2014 F1326298 $159,900 $-39,600 -20%
March 17, 2014 F1326298 $149,000 $-50,500 -25%
March 28, 2014 F1326298 $138,900 $-60,600 -30%
May 04, 2014 F1326298 $129,900 $-69,600 -35%

 

f1326298_1

Current Days on Market: 161 (0.44years)
Current ‘Official’ Days on Market: 161
2013 Assessment: $150,800
Desperation Score: 40.0

Top floor corner unit, 2 bedroom 2 bath in east Abbotsford. Close to shopping, schools, recreation, fitness centre, freeway access. Better than new home has a well designed floor plan with spacious master bedroom, main living area features quality laminate flooring. Light fixtures, beautiful maple kitchen cabinets, new bathrooms include new tile, vanity & fixtures, new window coverings approx 7 years ago. Huge sundeck accessible from living room and master bedroom. Close to entrance providing easy access to street, comes with 2 conveniently located parking stalls and close to the complex pool. Backyard with lots of green space. Nothing to do but move in and call it home. This is a must see!


#1 ) Address:# 212 14993 101A AV, Guildford, North Surrey

August 30, 2007 F2722428 $231,898 $0 0%
September 04, 2007 F2722428 removed after 5 days
December 06, 2012 F1228372 $239,900 $0 0%
February 08, 2013 F1228372 removed after 64 days
May 30, 2013 F1312755 $239,900 $0 0%
August 13, 2013 F1312755 $232,900 $-7,000 -3%
October 30, 2013 F1312755 removed after 153 days
November 03, 2013 F1324963 $217,499 $-22,401 -9%
December 28, 2013 F1324963 removed after 55 days
January 19, 2014 F1401197 $226,000 $-13,900 -6%
February 03, 2014 F1401197 $224,600 $-15,300 -6%
February 16, 2014 F1401197 $219,000 $-20,900 -9%
February 27, 2014 F1401197 removed after 39 days
March 03, 2014 F1404876 $199,000 $-40,900 -17%
April 03, 2014 F1404876 $189,000 $-50,900 -21%
May 02, 2014 F1404876 $179,000 $-60,900 -25%

 

f1404876_1

Current Days on Market: 519 (1.42years)
Current ‘Official’ Days on Market: 67
2013 Assessment: $217,000
2011 Assessment: $229,000
Desperation Score: 43.6

Optimally located 2 bed, 2 bath condo across from the revitalized Guildford Town Center. This very well maintained and bright east facing home provides a very large and open floor plan with large bedrooms and plenty of natural light. Excellent walking access to all major amenities with transit right outside the door. Fantastic value here with gas fireplace and hot water included in the maintenance fee. Court ordered sale. Sold as is. Subject to Court approval.

 

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20 responses to “Weekly Desperation Score Suburbs – May 7, 2014

  1. anon May 9, 2014 at 9:48 am

    wow, the sub is very weak. All asking prices are lower than 2013 ass. But boy, E VAN, and North Van are hot.

    • South_Surrey May 10, 2014 at 9:13 am

      Unfortunately Surrey and White Rock are always much above assessment. Even last week we saw 2 houses and a lot we were interested in and they were sold only $10k below asking price and much above assessment.

  2. Alexcanuck May 10, 2014 at 7:52 am

    10: Occupied by messy renters who don’t care that it is actually kinda attractive inside. Watch out for special assessments though, all those architectural details pasted on to the basic box tend to be pasted on with library paste that melts in the rain. Also brutally hot in the summer.

    9:Perfect for a grow-op! All the prep work is done for you.

    8: Weirdly unfinished inside. Did the builder run out of money with 5 square feet of floor and some appliances left to go? Did the first tenant trash and loot it or start to build the grow-op?
    Vancouver RE is a mystery all right.

    7: Professionally staged by amateurs. C’mon, you can make sure the flowers are rearranged and swapped between vases so it’s not obviously the same vase of flowers carried to a different room, also some people would remove the number cards indicating where the props are to be placed.

    6: Empty and staged on a lower budget but with better care for details than #7.

    5: Empty.

    4: Occupied, somewhat staged by a decent effort by the realtor and owners.

    3: No pictures other than one outside shot.

    2: Occupied. If you lower your expectations enough it could be called liveable. Expect faint musty smells.

    1: Occupied until the bailiffs arrive. Court ordered sale. Sold as is. Subject to Court approval. Not much closet space as witnessed by the clothes rack in the bedroom.

  3. iVictoria May 10, 2014 at 1:58 pm

    An Observer – snark or no snark, it would be nice to get a fresh opinion of what’s happening in the Vancouver/Fraser Valley real estate markets from someone with “boots on the ground.” I get that some sellers overprice their homes and are forced to drop their asking price as you demonstrate in your regular posts which we all enjoy. However, the real estate boards do a good job playing with statistics to make it sound like prices are firm and sales are going up. This reader would love to know what’s really happening out there. Are sellers getting their asking prices? Are there really multiple offers on condos and homes? Should I allow my wife to bully me into buying a home in the next 12 months (she’s fed up renting, which is what I want to continue to do until the market fully corrects). Are you able to give us some direction – without snark is fine with me so long as you give it to us straight. Thanks for your interesting posts and your snark. Cheers

    • kathy May 12, 2014 at 6:20 pm

      I considered myself a bear, but after 8 yrs of waiting for a crash I gave up. We sold our attached property and bought a detached — Van West. My experience has altered my view for the Van West market. We sold for well over asking with 4 offers. Three offers were cash deals, including a first time buyer who’s parents were purchasing it for her. The detached market is soft but properties still selling for 93-95% of list. 9 out of 10 properties are garbage (unsafe renos, musty basements etc) and there are lots of people on the sidelines ready to pounce on good listings.
      My 2 cents.

      • Astly May 13, 2014 at 7:11 am

        You sound suspiciously like a realtor…

      • kathy May 13, 2014 at 8:21 am

        Understand your suspicion. Definitely not a realtor. the 93-95% stats though do come from my realtor. Before putting in offers I got him to pull sold comparables and during the search I asked for sold prices on places I had seen. Wrt mine going for over asking — it was priced aggressively as my realtor thought he could illicit multiple offers. I didn’t think he could but went along with it — he was right. that’s my story. certainly doesn’t reflect the whole market but popular neighborhoods remain popular.

      • an observer May 13, 2014 at 8:46 am

        Don’t forget that the 93-95% is based on current list which could have already come down 10% or more. It’s a really deceiving stat, just like days on market which could show 5 days for a home that has been listed for a decade.

        That being said, timing a crash / correction is difficult and you were already in the market – every situation is different.

      • kathy May 13, 2014 at 9:53 am

        Agree, observer. Every situation is different. I am no longer convinced there will be a substantial correction in my neighborhood in my price range. But, I could very easily be wrong. I also think outlying areas and condos may still come down.

  4. bailinginbc May 10, 2014 at 5:57 pm

    iVictoria You should not allow your wife to bully you into anything. That is not how it works. She will not respect you for it and in the event of a real estate correction she will hate you for it.

  5. ?destined to rent forever? May 10, 2014 at 9:58 pm

    I am tired of renting as well but do not want to have a mortgage until I am 85. I am wondering if all of us sitting on the sidelines could interest the media on doing an expose on this ridiculously priced housing market instead of perpetuating it. If they could enlighten buyers to realtors tactics which induce hype, and show how stretched families are with their mortgages and credit, and the number of empty homes. If they could question why realtors fill their add pages with pictures of sold homes with listed rather than actual selling price banners (if the gov’t had any interest in bringing down prices, this may be an easy place to start with regulations requiring actual selling price disclosure). The problem is, even if the prices drop somewhat, they will still be bought by out of country buyers because no one who lives here will have saved enough to purchase. The only answer is to limit or tax foreign ownership, and allow Vancouverites to buy in their own city.

  6. RFM May 11, 2014 at 9:34 am

    Renters, keep it up!
    The lower mainland will not have a housing collapse like the US did, where all 4 tires fall off the car and it hits a brick wall.
    Instead, given the factors I see at play, the car is now leaving drips of oil on the garage floor, it spews blue smoke when you start it in the morning and ‘diesels’ when you turn it off. There’s no ‘tune up’ that will fix this puppy, it’s just gonna continue to deteriorate until it won’t start one morning and you will have to call the tow truck to haul it away.
    I’m sticking to my prediction that in 2015 it will crank and crank and crank and finally turnover but in 2016 it will blow a head gasket and leave you stranded!
    BTW, I am now viewing all this from the ‘sidelines’ having moved to Southern California where I bought property in 2007-2009 and sold everything in BC by last year…….

  7. VAM May 11, 2014 at 7:04 pm

    3 years will be a good time to buy. These house prices will come down quite a bit, that’s what my gut tells me.

  8. Real Estate Tsunami May 12, 2014 at 8:49 am

    ESL Realtor speak:
    Location! Aberdeen Ctr. Close to all, few steps to Skytrain, Bus Station, Shopping mall. ten to twenty minutes to Air-Port, Downtown water front. One block walk to dyne and walking to Oval. Do not wait! Action. Bring your offer.

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