Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – May 19, 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 has 5 entries in the list this week


#10 ) Address:3416 W 41ST AV, Southlands, Vancouver West

May 10, 2014 V1063406 $1,558,000 $0 0%
May 13, 2014 V1063406 $1,198,000 $-360,000 -23%

 

v1063406_1

Current Days on Market: 11 (0.03years)
Current ‘Official’ Days on Market: 11
2013 Assessment: $1,115,000
2011 Assessment: $1,153,700
Desperation Score: 18.9

Charming and well maintained 3 bedroom, basement bungalow with walk-out basement. Close to all amenities & Kerrisdale shopping. Live in and hold for future development or build your dream home now. GREAT OPPORTUNITY FOR BUILDERS & INVESTORS

At least they quickly realized their initial price was mental


#9 ) Address:1157 PARK DR, South Granville, Vancouver West

June 18, 2012 V957179 $1,699,000 $0 0%
October 31, 2012 V957179 removed after 135 days
March 26, 2014 V1054250 $1,580,000 $-119,000 -7%
April 14, 2014 V1054250 $1,450,000 $-249,000 -15%
April 25, 2014 V1054250 $1,350,000 $-349,000 -21%
May 14, 2014 V1054250 $1,300,000 $-399,000 -23%

 

v1054250_1

Current Days on Market: 56 (0.15years)
Current ‘Official’ Days on Market: 56
2013 Assessment: $1,095,500
2011 Assessment: $1,043,500
Desperation Score: 29.8

45′ x 120′ lot in South Granville area. South facing on the high side of the street. Shopping, restaurants, banks nearby. Easy access to Richmond City Centre, Airport and UBC. Land value only. Lloyd George Elementary and Churchill Secondary School Catchment.

Keep on going


#8 ) Address:10 SENNOK CR, University, Vancouver West

May 09, 2007 V645896 $538,000 $0 0%
May 30, 2007 V645896 removed after 21 days
March 02, 2011 V872463 $880,000 $0 0%
May 25, 2011 V872463 removed after 84 days
June 22, 2011 V895556 $880,000 $0 0%
December 15, 2011 V895556 removed after 176 days
April 25, 2014 V1059982 $688,000 $-192,000 -22%
May 16, 2014 V1059982 $668,000 $-212,000 -24%

 

v1059982_1

Current Days on Market: 26 (0.07years)
Current ‘Official’ Days on Market: 26
2013 Assessment: Unknown
Desperation Score: 20.6

UBC leasehold home with nearly 5,000 sq ft of spacious living on gorgeous 1/4+ acre lot backing onto prestigious Shaughnessy Golf & Country Club. Upstairs features 3 spacious bedrooms & formal dining room, vaulted ceiling in living room, renovated kitchen with stainless appliances & large family room. This solid home features hot water radiant heat throughout. Walking distance to UBC, Pacific Spirit Park & Point Grey Golf & Country Club.


#7 ) Address:1513 W 68TH AV, S.W. Marine, Vancouver West

March 13, 2007 V634971 $938,000 $0 0%
August 01, 2007 V634971 removed after 141 days
March 15, 2012 V937203 $1,580,000 $0 0%
April 24, 2012 V937203 removed after 40 days
April 28, 2012 V946366 $1,368,000 $-212,000 -13%
May 30, 2012 V946366 removed after 32 days
May 15, 2014 V1064236 $1,188,000 $-392,000 -25%

 

v1064236_1

Current Days on Market: 6 (0.02years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $1,033,200
2011 Assessment: $1,103,600
Desperation Score: 12.4

Very conveniently located on West 68th Avenue, just west of Granville Street, Vancouver. Close to bus stops, stores, banks, UBC and Vancouver Airport. The house is facing south. Motivated Seller. The property will be sold as is where is. Lot size, age, floor areas and room measurements are all approximate and buyers must verify.

“Motivated Seller. The property will be sold as is where is.”


#6 ) Address:2483 W 19TH AV, Arbutus, Vancouver West

June 13, 2010 V836056 $3,189,000 $0 0%
December 31, 2010 V836056 removed after 201 days
January 16, 2011 V863755 $3,368,000 $0 0%
February 17, 2011 V863755 removed after 32 days
December 07, 2011 V921719 $4,388,000 $0 0%
January 14, 2012 V921719 $4,180,000 $-208,000 -5%
March 15, 2012 V921719 removed after 99 days
March 19, 2012 V937858 $3,950,000 $-438,000 -10%
May 02, 2012 V937858 removed after 44 days
May 05, 2012 V947746 $3,798,000 $-590,000 -13%
May 29, 2012 V947746 $3,690,000 $-698,000 -16%
November 26, 2012 V947746 removed after 205 days
January 06, 2013 V983855 $3,690,000 $-698,000 -16%
March 13, 2013 V983855 $3,500,000 $-888,000 -20%
May 28, 2013 V983855 removed after 142 days
June 06, 2013 V1010762 $3,500,000 $-888,000 -20%
December 28, 2013 V1010762 removed after 205 days
January 16, 2014 V1040421 $3,580,000 $-808,000 -18%
February 28, 2014 V1040421 removed after 43 days
March 05, 2014 V1050177 $3,580,000 $-808,000 -18%
April 01, 2014 V1050177 $3,495,000 $-893,000 -20%
May 19, 2014 V1050177 $3,298,000 $-1,090,000 -25%

 

v1050177_1

Current Days on Market: 896 (2.45years)
Current ‘Official’ Days on Market: 77
2013 Assessment: $3,446,000
2012 Assessment: $3,351,000
2011 Assessment: $3,655,000
2011 Last Sale: $3,017,857 on 15/Feb/2011
Total Profit IF sold for list price: 161,301 transaction costs and 280,143 profit on sale = Profit of 118,842
Desperation Score: 24.1

Priced BELOW TAX value. This SOUTH facing 3-story custom built house with NEW home warranty in QUIET street with a handful of natural sunlight shining into the HIGH ceiling foyer through BIG windows and skylights. Located in famous Arbutusof Van West. Occupied & well-maintained by the pride of owner. High End Appliance with Double Chinese Kitchen.Just steps away from Trafalgar Elementary, Prince of Wales Secondary, 5 min drive to Lord Byng Secondary, shopping mall & Trafalgar Park. The 4058 SF living space with 6 bedrooms, 4 full & 2 half bath, & 5 backstreet PARKINGs are designed with more spacious,comfortable & functional layout.The half-basement features home theatre,recreation room & a BRIGHT suite. Priced to sell fast.

So these cretins actually purchased this home for a good price at least when compared to the assessment at the time.  They then list it less than a year later for an additional $1.3 million.  It’s taken two and a half years to drop $1.1 million and they are now below assessment.  It pains me that they might still get out of this with a profit.  Now for the pathetic description: “with a handful of natural sunlight shining into the HIGH ceiling foyer through BIG windows and skylights”, “Located in famous Arbutusof Van West”, “Occupied & well-maintained by the pride of owner”, “High End Appliance”, “5 backstreet PARKINGs”, “are designed with more spacious,comfortable & functional layout” – might as well quote the entire piece of crap description and once again it is brought to you by “Wonderful life starts in the Morning” Morning Yu.  I actually figured it was her even before I clicked on the link.  Sad, sad, sad…


#5 ) Address:6560 FRANCIS RD, Woodwards, Richmond

January 07, 2010 V802397 $1,498,000 $0 0%
January 07, 2010 V802397 removed after 0 days
January 13, 2010 V803383 $1,688,000 $0 0%
January 27, 2010 V803383 $1,498,000 $-190,000 -11%
February 25, 2010 V803383 removed after 43 days
August 18, 2011 V905616 $2,188,000 $0 0%
October 18, 2011 V905616 $1,998,000 $-190,000 -9%
February 15, 2012 V905616 removed after 181 days
May 21, 2013 V1006645 $1,799,000 $-389,000 -18%
June 26, 2013 V1006645 $1,699,000 $-489,000 -22%
August 07, 2013 V1006645 removed after 78 days
August 12, 2013 V1021964 $1,599,000 $-589,000 -27%
November 29, 2013 V1021964 removed after 109 days
May 19, 2014 V1065087 $1,595,000 $-593,000 -27%

 

v1065087_1

Current Days on Market: 365 (1.00years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $1,729,000
2011 Assessment: $1,953,000
Desperation Score: 18.0

A must see! 4,500 sq ft dream home on a rare huge 11,288 sq ft lot (83′ x 136.5′) in Woodwards. Power gated custom design/built by European builder with top craftsmanship, Crystal chandelier, maple cabinets and granite countertop, wok kitchen w/ crown mouldings throughout. 1 block to best school: London Secondary. Has separate nanny suite; stable rental income $850/month. Decent tenant, could be rented for $1,200/mo. 24 hrs notice to show.


#4 ) Address:1280 OTTAWA AV, Ambleside, West Vancouver

May 28, 2013 V1009273 $2,499,000 $0 0%
June 04, 2013 V1009273 $2,498,000 $-1,000 0%
August 22, 2013 V1009273 $2,298,000 $-201,000 -8%
November 29, 2013 V1009273 $2,198,000 $-301,000 -12%
February 13, 2014 V1009273 $2,098,000 $-401,000 -16%
March 05, 2014 V1009273 $1,980,000 $-519,000 -21%
May 01, 2014 V1009273 removed after 338 days
May 19, 2014 V1064694 $1,799,000 $-700,000 -28%

No Picture

Current Days on Market: 358 (0.98years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $2,282,000
Desperation Score: 33.6

Extra large size lot in Ambleside, huge house with 3 bedrooms & 3 bathrooms, spacious family room off kitchen on the main & 5 bedrooms & 3 bathrooms, 2 full size new kitchens down stairs needs some TLC to become an entertaining property, enjoy the south facing sun decks with some city & water views.

“needs some TLC to become an entertaining property”


#3 ) 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%
May 15, 2014 V1052745 $707,900 $-281,900 -28%

 

v1052745_1

Current Days on Market: 382 (1.05years)
Current ‘Official’ Days on Market: 65
2013 Assessment: $837,000
Desperation Score: 41.9

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.


#2 ) Address:7156 BROADWAY, Montecito, Burnaby

September 23, 2013 V1028544 $2,798,000 $0 0%
January 22, 2014 V1028544 $2,298,000 $-500,000 -18%
April 14, 2014 V1028544 removed after 203 days
April 28, 2014 V1060296 $2,368,000 $-430,000 -15%
May 14, 2014 V1060296 removed after 16 days
May 19, 2014 V1064813 $1,888,000 $-910,000 -33%

 

v1064813_1

Current Days on Market: 240 (0.66years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $1,301,000
2011 Assessment: $1,291,000
Desperation Score: 31.5

Come view this Stunning Dream Home, 7209 sqft, 3 Level Custom Built Family Home, over $550,000., in upgrades in the past 4 years. Major Upgrades, Include New Tiled Roof, New Paint, New Window Coverings, 2 New Hot Water Tanks, Walnut h/wflrs, Top of Line Stainless Steel Appliances and the list goes on. Two Master Bedrooms, 6 &1/2 Baths. Gourmet Kitchen Open Style to Eating and Family Room, Perfect for Kids Play. Basement includes home theatre, games room with pool table, hot tub room and an one bedroom self contained nanny suite. Triple Garage. Close to Montecito Elementary, Ecole Sperling Elementary, Burnaby North Secondary, SFU, Skytrain, Bus Transit, Lougheed Mall, Han Nam Supermarket, Brentwood Mall, All Rec Centres.

So they renovate a $1 million house with with $550K in upgrades(sure ya did) then list it for $2.8 million… yeah makes sense.  Down $910K and 33% and still way overpriced


 

#1 ) Address:8260 GILBERT RD, Broadmoor, Richmond

February 14, 2007 V630318 $649,000 $0 0%
June 13, 2007 V630318 removed after 119 days
March 13, 2008 V694070 $718,000 $0 0%
October 01, 2008 V694070 removed after 202 days
April 21, 2010 V823712 $920,000 $0 0%
July 15, 2010 V823712 removed after 85 days
July 22, 2012 V963270 $3,180,000 $0 0%
September 24, 2012 V963270 removed after 64 days
September 29, 2012 V974169 $2,888,000 $-292,000 -9%
December 11, 2012 V974169 removed after 73 days
January 27, 2013 V987440 $2,788,000 $-392,000 -12%
March 02, 2013 V987440 removed after 34 days
March 27, 2013 V997538 $2,813,000 $-367,000 -12%
June 19, 2013 V997538 $2,748,000 $-432,000 -14%
July 20, 2013 V997538 $2,680,000 $-500,000 -16%
September 02, 2013 V997538 removed after 159 days
October 18, 2013 V1032313 $2,488,000 $-692,000 -22%
January 27, 2014 V1032313 removed after 101 days
January 31, 2014 V1044398 $2,488,000 $-692,000 -22%
March 24, 2014 V1044398 removed after 52 days
March 28, 2014 V1054792 $2,180,000 $-1,000,000 -31%
May 08, 2014 V1054792 removed after 41 days
May 16, 2014 V1064651 $1,998,000 $-1,182,000 -37%

 

v1064651_1

Current Days on Market: 668 (1.83years)
Current ‘Official’ Days on Market: 5
2013 Assessment: $1,858,000
2011 Assessment: $1,849,000
Desperation Score: 40.8

RARE GEM on Gilbert Road!! A designer’s masterpiece with exceptional workmanship. Amazing QUIET thanks to the architectural layout. Open concept layout on the main floor – well ventilated interior. High end SS appliances!! Tremendous lighting allocation inside out – detailed ceiling, mouldings plus natural lighting within the house make this property BRIGHT and FUN! Heavy use of expensive/unique tiles throughout the house. Huge outdoor sundeck equiped with gas BBQ stove, colourful LED lights in the family room & media room with WET BAR provides countless opportunities for parties & gathering. Media room can be easily converted into an in-law or guest suite. Steps away to Ferris Elementary & Richmond High School.

37% in drops and yet still above assessment

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11 responses to “Weekly Drop Metro Vancouver Detached – May 19, 2014

  1. youtoldus.so May 20, 2014 at 4:31 pm

    These property descriptions are priceless.
    #5- Suite rented at $850/mo. to a decent tenant. But you could get $1200.
    From who? An indecent tenant? A crack dealer?
    And thanks Morning Yu. You made my whole day wonderful.

  2. Diane May 20, 2014 at 4:50 pm

    #5 – the rental is the nanny suite, I think, not the whole house as your commentary seems to suggest.

  3. Ronny May 20, 2014 at 6:46 pm

    My morning starts by taking a large dump.

  4. Real Estate Tsunami May 20, 2014 at 6:56 pm

    Richmond is sooo toast.

  5. Alexcanuck May 20, 2014 at 8:42 pm

    #5: Look at it this way: Although the rental income does of course refer to the suite, yet still the rest of the house is actually empty and sorta not used at all, becoming not new on its way to demolition despite having never really been used. The rental income of that 1.595K house is indeed $850.

    Not long ago a condo perhaps 8 years old was featured here, with the Energuide stickers still on the appliance doors. 8 years is a long time to pay strata and taxes with no return at all and depreciation due just to age.

  6. JulinCR May 20, 2014 at 9:03 pm

    Went to West Van today. I swear each 5th house is for sale. How many “sold” signs? Just ONE. I think West Vancouver is toast, too.

  7. Janek May 20, 2014 at 9:06 pm

    #10 ) Address:3416 W 41ST AV, Southlands, Vancouver West…..I love it !!! – where else can you get a sad looking, old home like that for $1.2 mill ? It summarises BC real estate in one picture….now Google : Santa Monica CA home for $1.1 mill ( reduced for exchange) and see what you get.

  8. West Van Tree Dweller May 21, 2014 at 9:41 am

    #2 – You gotta get yaself some MAH-BUL columns – people will ask, whose livin’ there? the Queen of Sheba?

  9. Vancouverbound May 21, 2014 at 2:47 pm

    Does anyone know the price history of this apartment: V1064641
    # 300 656 W 13TH AV, Fairview, Vancouver West, $1,298,000.00
    Seems to be a lot of yo-yoing going on. $1,398K, $1,449K, now $1,298K including taxes.
    Thanks

    • Vancouverbound May 21, 2014 at 2:52 pm

      Additional query – this building – Chez Nous – a new building built in 2013 – has 3 out of 4 units for sale – representing 75% of this project. What’s wrong with this building?
      Anyone heard anything?
      Thanks

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