Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – May 12, 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 has 5 entries in the list this week


#10 ) Address:179 FURRY CREEK DR, Furry Creek, West Vancouver

May 11, 2012 V949515 $1,980,000 $0 0%
May 30, 2013 V949515 removed after 384 days
June 29, 2013 V1015194 $1,628,000 $-352,000 -18%
May 08, 2014 V1015194 $1,500,000 $-480,000 -24%

 

v1015194_1

Current Days on Market: 732 (2.01years)
Current ‘Official’ Days on Market: 318
2013 Assessment: $1,394,000
Desperation Score: 15.7

Villa Kulangsu, a most unique landmark home at Furry Creek. Built w the finest materials: limestone floors, edge grain Fir window frames & trim. This home captures the Howe Sound experience from ocean to snow-capped mountains & glaciers. Designed by renowned architect Fook Weng Chan in a half-moon style, the home has been featured in the TV series Amazing Vacation Homes & Western Living magazine. Sky-lit foyer w slate floor, stone faced FP, open plan living rm & wall of windows. You will simply be awestruck by the panoramic views. 2 Ensuite guest beds + top floor master retreat, 4pc Ensuite & a rooftop deck. Below a custom spa built into rock. The architecture is dramatic, private, serene & respects nature & Feng Shui principles

“Feng Shui principles”


#9 ) Address:475 NEWLANDS RD, Cedardale, West Vancouver

August 11, 2011 V904361 $1,680,000 $0 0%
November 28, 2011 V904361 removed after 109 days
April 12, 2013 V1000617 $1,388,000 $-292,000 -17%
June 15, 2013 V1000617 $1,298,000 $-382,000 -23%
August 10, 2013 V1000617 $1,268,000 $-412,000 -25%
October 17, 2013 V1000617 removed after 188 days
October 23, 2013 V1032843 $1,268,000 $-412,000 -25%
May 06, 2014 V1032843 removed after 195 days
May 10, 2014 V1063007 $1,268,000 $-412,000 -25%

 

v1063007_1

Current Days on Market: 396 (1.08years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $1,240,900
Desperation Score: 19.8

A well kept 5 BR slit-level home featuring: updated kitchen, granite counter tops, wood floors in L/R and D/R; master bedroom with full enste bath; Dining room opens to a large covered side patio/ BBQ area and beautiful back garden. House sitting on a beautiful cul-de-sac lot of 12,399 sq ft with some fruit trees and lush mature landscape. Basement has a nice rec room and also can be easily changed to a nanny suite. A perfect location and easy access to great schools, Park Royal Shopping Centers, Ambleside Beach and amenities. Well priced for your showing, hurry.

“Well priced for your showing, hurry.” – listed at same price for almost a year


#8 ) Address:8311 DALEMORE RD, Seafair, Richmond

January 24, 2008 V684922 $668,000 $0 0%
February 09, 2008 V684922 $638,000 $-30,000 -4%
March 07, 2008 V684922 removed after 43 days
July 09, 2011 V898916 $1,098,000 $0 0%
July 29, 2011 V898916 $998,000 $-100,000 -9%
November 01, 2011 V898916 removed after 115 days
March 16, 2012 V937524 $938,800 $-159,200 -14%
May 17, 2012 V937524 $899,900 $-198,100 -18%
September 16, 2012 V937524 removed after 184 days
January 27, 2014 V1043543 $839,900 $-258,100 -24%
May 10, 2014 V1043543 $819,900 $-278,100 -25%

 

v1043543_1

Current Days on Market: 106 (0.29years)
Current ‘Official’ Days on Market: 106
2013 Assessment: $950,300
2011 Assessment: $1,128,300
Desperation Score: 11.6

4 bedroom, 2 full bath home on big 9,359 sq. ft. SW pie-shaped lot in Seafair. Open plan on main offers free flow between living, dining and kitchen areas. Recently renovated kitchen: granite countertops and food island with cooktop; ceramic backsplash; S/S appliances and tiled floor. Deluxe main bath: jetted tub with stone tile surround, double sinks with granite countertop, electric fireplace and hi-end Japanese toilet. Full bath down off bedroom. Elegant tiled fioor. Newly refinished cedar sundeck off kitchen with stairs down to large patio in backyard garden. Front yard balcony off living room to take inthe morning sun. Wonderful home with the artist in mind: loads of light, rich oak floorings, open and serene.

“Elegant tiled fioor”  “Wonderful home with the artist in mind” – nothing like a sentence that alienates most potential buyers who are not artists.  Assessment down 15% in 2 years


#7 ) 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%
May 10, 2014 V1056736 $539,000 $-200,000 -27%

 

v1056736_1

Current Days on Market: 269 (0.74years)
Current ‘Official’ Days on Market: 34
2013 Assessment: $603,000
Desperation Score: 26.6

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.

“this home caters to the all tastes”


#6 ) Address:8251 FAIRDELL CR, Seafair, Richmond

March 08, 2013 V994557 $2,398,000 $0 0%
March 27, 2013 V994557 $1,988,800 $-409,200 -17%
May 10, 2013 V994557 removed after 63 days
June 07, 2013 V1010976 $1,820,000 $-578,000 -24%
November 27, 2013 V1010976 $1,698,000 $-700,000 -29%
January 04, 2014 V1010976 removed after 211 days
January 31, 2014 V1044299 $1,738,000 $-660,000 -28%
May 01, 2014 V1044299 removed after 90 days
May 10, 2014 V1063257 $1,738,000 $-660,000 -28%

 

v1063257_1

Current Days on Market: 431 (1.18years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $1,614,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 25.0

Best street in Seafair area. Walking distance to the dyke, school and public transit. Contemporary designed home with stunning views of the water and mountains. Italian wood flooring, tiles and solid wood door; unique lighting throughout the house; high efficiency furnace. Dream kitchen with quartz counter top. Patio with ocean view. Don’t miss the opportunity to own a fabulous house!

Still listed higher than it was late last year


#5 ) Address:3451 PACEMORE AV, Seafair, Richmond

March 05, 2011 V873442 $1,380,000 $0 0%
March 22, 2011 V873442 removed after 17 days
May 10, 2014 V1063044 $998,000 $-382,000 -28%

 

v1063044_1

Current Days on Market: 3 (0.01years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $982,800
2011 Assessment: $1,058,500
Desperation Score: 17.3

Excellent opportunity to acquire a prime Seafair building lot in West Richmond. At 9088 square feet, this is the largest lot on the block, in an area with many new homes. A central location close to Seafair Mall, recreation and transit, near to Steveston and a 5 minute walk to the dyke. Walk to French Immersion Gilmore Elementary and Hugh Boyd IB Secondary School. Offering views of the North Shore Mountains from the back deck. With some TLC, this could be a great 6 bedroom family home with hardwood floors, large kitchen with gas stove, gas fireplace in the living room and vinyl double glazed windows with UV protection. Renovate or rebuild in this great area.

Based on the previous listing lasting only 17 days I’m guessing this sold for over $1.3 million in 2011 and now listed under $1 million


#4 ) Address:2491 W KING EDWARD AV, Arbutus, Vancouver West

March 11, 2010 V814072 $1,368,000 $0 0%
March 23, 2010 V814072 $1,338,000 $-30,000 -2%
March 29, 2010 V814072 removed after 18 days
October 15, 2011 V915722 $3,860,000 $0 0%
November 19, 2011 V915722 $3,488,000 $-372,000 -10%
January 12, 2012 V915722 removed after 89 days
January 19, 2012 V926419 $3,486,000 $-374,000 -10%
February 04, 2012 V926419 $3,389,000 $-471,000 -12%
August 01, 2012 V926419 removed after 195 days
January 27, 2014 V1043257 $3,160,000 $-700,000 -18%
February 19, 2014 V1043257 $3,060,000 $-800,000 -21%
March 24, 2014 V1043257 $2,980,000 $-880,000 -23%
April 14, 2014 V1043257 $2,880,000 $-980,000 -25%
May 01, 2014 V1043257 removed after 94 days
May 04, 2014 V1061972 $2,880,000 $-980,000 -25%
May 10, 2014 V1061972 $2,780,000 $-1,080,000 -28%

 

v1061972_1

Current Days on Market: 106 (0.29years)
Current ‘Official’ Days on Market: 9
2013 Assessment: $2,876,000
2011 Assessment: $2,982,000
Desperation Score: 30.9

Open house at 2-4pm on Sunday May 11, 2014

Sarina Han still not bothering with silly things like descriptions.  Now down almost $1.1 million and below assessment


#3 ) 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%
May 08, 2014 V1042624 $2,387,500 $-1,100,500 -32%

 

v1042624_1

Current Days on Market: 883 (2.42years)
Current ‘Official’ Days on Market: 114
2013 Assessment: $1,749,000
Desperation Score: 32.3

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!

Weird, the price increase did not work.  Still a long way to go for this one


#2 ) Address:8520 SIDAWAY RD, East Richmond, Richmond

March 29, 2013 V997758 $2,500,000 $0 0%
September 30, 2013 V997758 removed after 185 days
October 06, 2013 V1030735 $2,250,000 $-250,000 -10%
February 05, 2014 V1030735 $1,999,000 $-501,000 -20%
March 13, 2014 V1030735 $1,799,000 $-701,000 -28%
May 08, 2014 V1030735 $1,688,000 $-812,000 -32%

 

v1030735_1

Current Days on Market: 410 (1.12years)
Current ‘Official’ Days on Market: 219
2013 Assessment: Assessment: Farm Land
Desperation Score: 31.4

Ideal 2 Acres beautiful and rarely on the market land, which you can either hold as investment or to build a dream home with no blocked mountain view!!! Rarely found this kind of clean land, no poll around. This is the top land in Richmond area. You can build up to 10.000 Sf of luxury home only can see in the Hollywood Movie, you could have your truck, boat, trailer all fit in this mansion! First time ever on the market for sale!

“no poll around” – I think they are referring to pollution but maybe Lay La Yang should spell it out for dumb people like me.  “You can build up to 10.000 Sf of luxury home only can see in the Hollywood Movie”, “you could have your truck, boat, trailer all fit in this mansion!”, “First time ever on the market for sale!” – except for all of last year.  Lay La Wang wins crappy listing of the week even beating out a property with no description!  Good for you!


#1 ) Address:1518 LAURIER AV, Shaughnessy, Vancouver West

October 06, 2006 V597021 $1,569,000 $0 0%
January 26, 2007 V597021 removed after 112 days
March 19, 2008 V695559 $2,798,000 $0 0%
April 16, 2008 V695559 $2,988,000 $0 0%
April 24, 2008 V695559 removed after 36 days
May 17, 2008 V709362 $2,798,000 $-190,000 -6%
June 04, 2008 V709362 $2,725,000 $-263,000 -9%
June 10, 2008 V709362 $2,699,000 $-289,000 -10%
June 19, 2008 V709362 $2,599,000 $-389,000 -13%
August 02, 2008 V709362 $2,798,000 $-190,000 -6%
September 12, 2008 V709362 removed after 118 days
October 05, 2008 V737736 $3,800,000 $0 0%
February 15, 2009 V737736 $3,400,800 $-399,200 -11%
March 10, 2009 V737736 removed after 156 days
March 25, 2009 V758271 $3,388,000 $-412,000 -11%
April 15, 2009 V758271 $3,199,000 $-601,000 -16%
April 21, 2009 V758271 removed after 27 days
April 29, 2009 V763612 $3,199,000 $-601,000 -16%
June 02, 2009 V763612 removed after 34 days
June 04, 2009 V769847 $2,698,000 $-1,102,000 -29%
June 19, 2009 V769847 $2,498,000 $-1,302,000 -34%
September 01, 2009 V769847 $2,100,000 $-1,700,000 -45%
September 03, 2009 V769847 $2,200,000 $-1,600,000 -42%
October 01, 2009 V769847 removed after 119 days
October 08, 2009 V791744 $2,599,900 $-1,200,100 -32%
November 13, 2009 V791744 $2,380,000 $-1,420,000 -37%
March 16, 2010 V791744 removed after 159 days
March 18, 2010 V815825 $1,788,000 $-2,012,000 -53%
July 01, 2010 V815825 removed after 105 days
August 11, 2010 V845450 $1,659,000 $-2,141,000 -56%
September 18, 2010 V845450 $1,388,999 $-2,411,001 -63%
November 07, 2010 V845450 removed after 88 days
December 18, 2010 V861291 $1,888,000 $-1,912,000 -50%
December 21, 2010 V861291 removed after 3 days
May 15, 2011 V888551 $2,388,000 $-1,412,000 -37%
May 19, 2011 V888551 $2,988,000 $-812,000 -21%
August 06, 2011 V888551 $3,098,888 $-701,112 -18%
August 31, 2011 V888551 removed after 108 days
October 07, 2011 V914524 $3,198,888 $-601,112 -16%
November 02, 2011 V914524 $3,098,800 $-701,200 -18%
January 16, 2012 V914524 removed after 101 days
January 20, 2012 V926710 $3,388,000 $-412,000 -11%
March 27, 2012 V926710 $3,168,000 $-632,000 -17%
May 01, 2012 V926710 removed after 102 days
May 24, 2012 V951913 $3,388,000 $-412,000 -11%
June 09, 2012 V951913 $3,238,000 $-562,000 -15%
September 22, 2012 V951913 $2,999,999 $-800,001 -21%
November 19, 2012 V951913 removed after 179 days
January 04, 2013 V983339 $2,980,000 $-820,000 -22%
October 30, 2013 V983339 removed after 299 days
May 08, 2014 V1062496 $2,380,000 $-1,420,000 -37%

 

v1062496_1

Current Days on Market: 5 (0.01years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $2,391,100
2011 Assessment: $2,641,100
Desperation Score: 18.1

Best value in First Shaughnessy District. Prime 13,200 sq ft lot at the corner of Laurier Avenue & Granville Street. A potential beautiful home awaits your action. No need to wait for 2 years and go through a long and arduous process; plans approved by the city and building permit is ready to go – all can be obtained at buyer’s costs. House buildable area is 5,900 sq ft (living area of 5,380 sq. ft. and a detached 3 car garage of 580 sq. ft). Close by Shaughnessy Elementary, Little Flower Academy, York House & South Granville shops and eateries. Call for information package. Offer presentation by 2pm May 13th, 2014.

 This home has a crazy past including drugs, multiple arson’s, murder and intrigue

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12 responses to “Weekly Drop Metro Vancouver Detached – May 12, 2014

  1. heartbreak ridge May 13, 2014 at 10:10 am

    Lay La Wang, thank you! Your description has put me in a joyful mood. Thanks again!
    Observer, it occurred to me that the “poll” Wang is referring to might be meant as “prole” or “proles” as in proletariat? I’ve been told our wealthy Mainlander friends like to distance themselves from the proles, whenever possible.

  2. youtoldus.so May 13, 2014 at 10:20 am

    Excellent comments. Thanks.
    Looks like the North Shore and Richmond are falling out of favour.
    Apparently Dunbar is in now- http://www.cbc.ca/news/canada/british-columbia/vancouver-s-most-expensive-teardown-1.2640603
    I’ve been told by a reliable source that in spite of 10% “fees” to get money out of China, Vancouver real estate is considered a secure place to park wealth. It is then out of the grasp of government officials.
    There are 2 adjacent new builds on Vancouver’s North West Marine Drive with a combined finished cost of about 24 million. One will be owned by the still teenage son.

  3. RFM May 13, 2014 at 11:54 am

    And, the winner of the coveted Governor General’s cup of the Ping Pong Pricing Protocol is…………….drum roll!
    #1!
    Price increased 13 times
    Price decreased 20 times
    Re-listed at same price 1 time.

    Well done. Now where did I leave my mug of Feng Shui pilsner?

  4. Joe May 13, 2014 at 12:30 pm

    #10: the realtor is too busy to type out the word ‘with’… instead types ‘w’

  5. Seeking Knowledge... May 13, 2014 at 1:24 pm

    I’m surprised no one commented on the “hi-end Japanese toilet” in the description of #8. Maybe it’s just me who find toilet humour funny in the context of selling a house.

    Furthermore, with the CBC story of the $3M tear-down and Investor’s Group reportedly offering variable mortgages at 1.99%, there’ll be more flipping by ambitious Vancouverites. There’s still steam in this Ponzi game.

    Thanks Observer for your posts. One of my weekly must-reads. Please keep it up.

  6. PhM May 13, 2014 at 2:54 pm

    #7 is impressive. 800 sq ft, 1 bed, 1 bath, no basement to speak of. but ‘high end’ fixtures. And it’s on a busy (for the North Shore) street. Is it really 7 years old or is it an extensive reno of an old shack? At least you don’t have to pay strata fees.

  7. lovelife May 14, 2014 at 12:36 am

    #10 seen it, the outside looks likes the woods falling off with peeling paint. plus it has a really bad access road up a ramp past other homes. IMO better value in the area.

  8. grrrrr May 14, 2014 at 9:11 am

    polls=power poles? People of polish heritage? Polling places for voting? The mystery deepens.

  9. an observer May 14, 2014 at 9:16 am

    perhaps no polygamists, poltergeists or pole vaulters? I wouldn’t want any of those on my Hollywood Movie luxury home

  10. Real Estate Tsunami May 14, 2014 at 10:44 am

    Pole dancers?

  11. iVictoria May 14, 2014 at 2:02 pm

    Police maybe – in case there are Hollywood parties with gangs and drugs … just saying.

    So Observer … what’s happening in South Surrey/Langley? I see lots of houses for sale but few sold signs. Are prices softening or are sellers not hurting enough? With the new 1.99% interest rates there may not be enough pressure on sellers to lower prices. Too bad.

    • an observer May 14, 2014 at 8:11 pm

      I see a lot of very old inventory with delusional sellers who could knock 30% off their price and still not have it sell.

      I also see reasonably priced homes sell pretty quickly especially those under about $1.2 million

      A mixed bag really

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