Vancouver Price Drop

Documenting Vancouver real estate price movements

Weekly Drop Metro Vancouver Detached – May 26, 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.

West Vancouver and Richmond have 3 listings each and interesting to note that 6 of the 10 are either on the water or have prominent views of the water


#10 ) Address:6131 NO 5 RD, McLennan, Richmond

April 17, 2011 V882966 $2,698,000 $0 0%
October 05, 2011 V882966 $2,668,000 $-30,000 -1%
June 07, 2012 V882966 removed after 417 days
June 23, 2012 V958308 $2,595,000 $-103,000 -4%
January 01, 2013 V958308 removed after 192 days
January 26, 2013 V987365 $2,248,000 $-450,000 -17%
April 07, 2013 V987365 $2,090,000 $-608,000 -23%
December 28, 2013 V987365 removed after 336 days
May 22, 2014 V1065294 $2,098,000 $-600,000 -22%

No Picture

Current Days on Market: 1137 (3.12years)
Current ‘Official’ Days on Market: 6
2013 Assessment: $2,247,000
2011 Assessment: $2,314,000
Desperation Score: 11.8

Custom built 5,970 sf home on 38,104 sf lot. This luxury mansion features designer’s kitchens, granite counter-tops, delux appliances, video surveillances security, home theatre, crown mouldings throughout & lots more. Spacious 8 bedrms, 9 baths, 4 dens, one legal suite, a loft style suite & potential to build a detached coach house in backyard. Perfect for extended family or potential for B&B business. Balance of 2-5-10 warranty.

Listed for over 3 years yet they still try a price increase!


#9 ) Address:# 6 23740 DYKE RD, Hamilton, Richmond

February 03, 2011 V866782 $1,850,000 $0 0%
December 29, 2011 V866782 $2,515,000 $0 0%
April 28, 2012 V866782 removed after 450 days
May 04, 2012 V947657 $2,085,800 $-429,200 -17%
May 30, 2013 V947657 removed after 391 days
July 06, 2013 V1015798 $1,950,000 $-565,000 -22%
December 28, 2013 V1015798 removed after 175 days
February 24, 2014 V1048904 $1,950,000 $-565,000 -22%
May 16, 2014 V1048904 removed after 81 days
May 26, 2014 V1065981 $1,950,000 $-565,000 -22%

 

v1065981_1

Current Days on Market: 1210 (3.32years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $1,602,000
Desperation Score: 12.6

These riverfront homes have been listed for over 3 years and they sure do not look like the artists renderings! 


#8 ) Address:6506 ANGUS DR, South Granville, Vancouver West

October 06, 2006 V612662 $1,199,000 $0 0%
January 01, 2007 V612662 removed after 87 days
February 16, 2007 V630880 $1,098,000 $-101,000 -8%
June 05, 2007 V630880 removed after 109 days
June 04, 2011 V892329 $2,288,000 $0 0%
June 15, 2011 V892329 $2,159,000 $-129,000 -6%
July 08, 2011 V892329 removed after 34 days
July 18, 2013 V1018153 $1,889,000 $-399,000 -17%
October 14, 2013 V1018153 removed after 88 days
April 28, 2014 V1060624 $1,788,000 $-500,000 -22%
May 26, 2014 V1060624 $1,748,000 $-540,000 -24%

 

v1060624_1

Current Days on Market: 30 (0.08years)
Current ‘Official’ Days on Market: 30
2013 Assessment: $1,273,000
2011 Assessment: $1,486,000
Desperation Score: 19.2

The best value in South Granville for this fabulous contemporary home! Enjoy a meticulous renovation that features a new gourmet kitchen of Pro-series S/S appliances including 6 burner gas stove, beautiful new cabinetry, Corian countertops, new lighting & durable cork flooring. Move seamlessly into your huge living/family room area that features built in speakers, floating fire place & neatly set wine cooler. Huge windows & french doors open to your beautiful backyard that features plenty of patio space & a hot tub. Beautiful 4 level home offering tons of space with a full exterior paint in 2011. Magee & Maple Grove Catchments.


#7 ) Address:2187 GISBY ST, Altamont, West Vancouver

March 13, 2007 V632793 $3,295,000 $0 0%
May 07, 2007 V632793 removed after 55 days
January 25, 2013 V986744 $7,900,000 $0 0%
May 21, 2013 V986744 $7,390,000 $-510,000 -6%
August 24, 2013 V986744 removed after 211 days
September 18, 2013 V1027655 $7,900,000 $0 0%
January 22, 2014 V1027655 $6,900,000 $-1,000,000 -13%
February 12, 2014 V1027655 removed after 147 days
February 16, 2014 V1047207 $5,900,000 $-2,000,000 -25%
May 22, 2014 V1047207 $5,800,000 $-2,100,000 -27%

 

v1047207_1

Current Days on Market: 488 (1.34years)
Current ‘Official’ Days on Market: 101
2013 Assessment: $4,204,000
Desperation Score: 29.0

Stunning architect designed contemporary work-of-art in an Altamont. Created at a cost of over $9m and featured in “Vancouver Home Magazine”, this 4 bed/4.5 bath home is spread over nearly 7,000 sq ft and is set upon a spectacular 2/3 acre ocean view swath of land. Jaw-dropping 20 ft ceilings, gleaming polished concrete floors & fully automated Blum kitchen. Other state-of-the-art features include geothermal heating system, temp controlled 1,200 bottle wine cellar. A separate building linked by a glass breezeway houses a three car garage plus a one bedroom suite & separate gym with its own audio visual system. Fully landscaped by Space 2 Place. Never before has a home of the caliber been offered for sale.

“Created at a cost of over $9m”


#6 ) Address:3153 PARKER ST, Renfrew, Vancouver East

August 11, 2012 V965971 $1,288,000 $0 0%
October 02, 2012 V965971 $1,130,000 $-158,000 -12%
July 29, 2013 V965971 removed after 352 days
August 05, 2013 V1020723 $988,000 $-300,000 -23%
December 28, 2013 V1020723 removed after 145 days
February 10, 2014 V1046514 $988,000 $-300,000 -23%
May 22, 2014 V1046514 removed after 101 days
May 26, 2014 V1066405 $938,000 $-350,000 -27%

 

No Picture

Current Days on Market: 655 (1.79years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $901,000
2011 Assessment: $884,000
Desperation Score: 18.2

Completely renovated Vancouver Special with top quality. Granite entry and staircase. Main floor features all quality wood floor throughout, ornate crown mouldings & painted ceiling. Gourmet kitchen with big eating area and french doors leading to big covered sun deck. Completely re-done ground legal one bedroom suite ( Could be 2 bedrooms). Big rec room & 2 bathrooms. Granite counter tops & oak kitchen cabinets. Walking distance to transit, school & T&T Market. Easy access to skytrain. Possible lane way house above garage. Deep lot 33×146 ft.


#5 ) 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%
May 26, 2014 V1059982 $638,000 $-242,000 -28%

 

v1059982_1

Current Days on Market: 33 (0.09years)
Current ‘Official’ Days on Market: 33
2013 Assessment: Unknown
Desperation Score: 26.8

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.

“UBC leasehold” – not sure how much time is left on the leasehold but given the price likely not much


#4 ) Address:6220 ST GEORGES PL, Gleneagles, West Vancouver

August 09, 2013 V1021476 $3,500,000 $0 0%
November 19, 2013 V1021476 removed after 102 days
November 23, 2013 V1036976 $2,800,000 $-700,000 -20%
February 22, 2014 V1036976 $2,600,000 $-900,000 -26%
May 20, 2014 V1036976 removed after 178 days
May 26, 2014 V1066388 $2,488,000 $-1,012,000 -29%

 

v1066388_1

Current Days on Market: 292 (0.80years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $2,324,000
Desperation Score: 26.1

Nestled at the end of a private cul-de-sac on one of the most desirable streets in West Vancouver, this majestic home opens up to extensive & spectacular ocean views from every room! Your outdoor entertainment includes relaxing in a glorious pool & hot tub with a flowing waterfall as well as sharpening your putting skills on the mini putting green all in complete privacy while soaking in the incredible views. The open concept kitchen, dining & living ara is fabulous for entertaining or preparing the family meals while keeping an eye on the kids. This home includes a separate suite to use as a mortgage helper, inlaw or nanny accommodation.


#3 ) Address:# 1 23740 DYKE RD, Hamilton, Richmond

January 23, 2011 V864981 $1,700,000 $0 0%
December 29, 2011 V864981 $2,338,000 $0 0%
April 28, 2012 V864981 removed after 461 days
May 04, 2012 V947622 $1,905,000 $-433,000 -19%
May 30, 2013 V947622 removed after 391 days
July 06, 2013 V1015803 $1,700,000 $-638,000 -27%
December 28, 2013 V1015803 removed after 175 days
January 19, 2014 V1042396 $1,488,000 $-850,000 -36%
May 16, 2014 V1042396 removed after 117 days
May 26, 2014 V1066002 $1,580,000 $-758,000 -32%

 

v1066002_1

Current Days on Market: 1221 (3.35years)
Current ‘Official’ Days on Market: 2
2013 Assessment: $1,666,000
Desperation Score: 19.0

Another one of the Richmond dyke homes, this one with a much more entertaining price history


#2 ) Address:25 BRIGHTON BEACH, Indian Arm, North Vancouver

July 24, 2012 V930447 $568,000 $0 0%
November 01, 2012 V930447 removed after 100 days
May 09, 2013 V1005838 $478,000 $-90,000 -16%
August 24, 2013 V1005838 $428,000 $-140,000 -25%
October 30, 2013 V1005838 removed after 174 days
May 22, 2014 V1065552 $375,000 $-193,000 -34%

 

v1065552_1

Current Days on Market: 6 (0.02years)
Current ‘Official’ Days on Market: 6
2013 Assessment: Unknown
Desperation Score: 23.4

Nestled in Brighton Beach on Indian Arms pristine private water paradise location, 10 minutes by boat from Deep Cove. This 1600 SF home has it all. Move in easy living condition, one level with the best views ever up Indian Arm to Vancouver, mountains & Islands. Newer roof, vaulted ceilings, lots of light from many windows, newer appliances. A no worry home to come home to after your scenic boat ride, perfect place to getaway from it all!


#1 ) Address:6010 GLENEAGLES PL, Gleneagles, West Vancouver

June 26, 2008 V718723 $6,995,000 $0 0%
July 09, 2008 V718723 removed after 13 days
September 13, 2008 V733248 $5,980,000 $-1,015,000 -15%
September 01, 2009 V733248 removed after 353 days
January 15, 2010 V803873 $5,980,000 $-1,015,000 -15%
July 01, 2010 V803873 removed after 167 days
August 06, 2011 V903684 $5,888,000 $-1,107,000 -16%
August 16, 2011 V903684 $5,388,000 $-1,607,000 -23%
October 01, 2012 V903684 removed after 422 days
January 19, 2014 V1042538 $4,988,000 $-2,007,000 -29%
May 26, 2014 V1042538 $4,488,000 $-2,507,000 -36%

 

v1042538_1

Current Days on Market: 129 (0.35years)
Current ‘Official’ Days on Market: 129
2013 Assessment: $3,475,000
Desperation Score: 16.5

This spectacular waterfront residence is situated on a quiet cul-de-sac & overlooks breathtaking ocean views to Passage Island, Bowen Island & beyond. Beautifully remodelled, this home offers a bright open flr plan w/large entertainment sized rooms enhanced by a casual elegance. Features include 4 spacious bedrooms including a fabulous master & ensuite, rich hardwood flooring, picture windows, a custom island kitchen, rooms open out to intimate sun drenched patios overlooking the sparkling ocean, views & breathtaking coastline. Truly exquisite, this home offer the finest West Coast Living.

Down $2.5 million since it’s 2008 listing price

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22 responses to “Weekly Drop Metro Vancouver Detached – May 26, 2014

  1. Exurban May 28, 2014 at 10:43 am

    #7 “Never before has a home of the caliber been offered for sale.”

    I would like to believe that is a subtle realtor dig at the insanity of the owner. I really would like to believe that.

  2. Real Estate Tsunami May 28, 2014 at 3:12 pm

    I’ve been saying that Richmond RE is toast.
    Even A.Shuchat now agrees.

    …..ready to pop.

    5331 Jaskow Dr. which was purchased for $1,300,000 in February of 2011 has just come up for sale as a court ordered foreclosure and is listed at $1,158,00,  The neighbouring property was sold for less than $1,000,000 in  2013.  Recent sales in the neighbourhood have come in below the $1,000,000 mark as well.  It does not bode well for this situation and there are a good many more like this one, ready to pop….

  3. Highway 91 Commuter May 28, 2014 at 3:22 pm

    Those places which you describe as Richmond waterfront homes on Dyke Road … not only do they not look so great, as you note, but they are in fact just inside east Richmond, near the New West boundary, and they look across at industrial Annacis Island. They must surely get the traffic noise from the overpass/bridge nearby. If I had $1.6 mil for a dwelling (going by the assessment here) that is not where I’d be spending it.

  4. youtoldus.so May 28, 2014 at 4:01 pm

    Listings #2, and #9 haven’t got any 8’s in the asking prices.
    C’mon realtors. Get with the program.
    Or, are they sensing a change in the market?

  5. Alexcanuck May 28, 2014 at 5:24 pm

    #9 & 3, the Blue Heron Marina Estates.

    Developers website shows only three sold out of nine built, and is still listing the price of #3 as 1.7 million (current MLS $1.580).

    Check out where it is! It sure ain’t Steveston!

    • Alexcanuck May 29, 2014 at 6:11 pm

      I crossed the Alex Fraser twice today, very oddly in the same direction. The sewage plant was wafting in full glory. Ahhh, what a romantic “atmosphere” for an intimate backyard BBQ.

      • Seeking Knowledge... May 29, 2014 at 9:00 pm

        I used to work on Annacis Island and it gets pretty ripe when you’re down wind from the plant. Also, the waterfront there is not exactly pristine. What was the developer thinking when he/she decided to build $1M+ homes a few hundred meters away? No amount of “8”‘s will offset the bad feng shui. By the way, if you Google feng shui, it translate to “wind & water”. There’s irony in there somewhere..

  6. Silverthrill May 28, 2014 at 8:10 pm

    I may be mistaken but I believe #5 is Musqueam non-prepaid leasehold not UBC leasehold land. Current lease payment is probably close to $2000/month extra.

  7. cash In hand May 31, 2014 at 12:24 am

    No detached or suburb list this week ?

  8. i3rdrock May 31, 2014 at 10:26 pm

    #3 & #9, Hamilton, Richmond. These houses are built on the wrong side of the Dyke Road. In time of floods, it can be dire for the homeowners and occupants, with no dyke to protect the homes from the raging river. During the last floods in Calgary, the Bow River eroded away the park opposite the houses at 8th Avenue S.E.
    http://blogs.calgaryherald.com/2013/06/22/military-comes-to-the-rescue-of-new-threat-to-inglewood/
    Thanks as always, Observer. Appreciate you sharing .your hard-work.

  9. cash In hand June 2, 2014 at 11:35 am

    For sure, your efforts are much much appreciated, only reason I asked thinking those might have been posted under wrong link…

  10. Bull! Bull! Bull! June 2, 2014 at 1:40 pm

    >Listed for over 3
    >listed for over 3 years

    these people don’t have to sell. these houses were made by builders, who made about $1 million profit every time they put up a richmond mcmansion. they are cash rich so they can let these things sit.

    compared to the profit they will turn the carrying cost on these is almost nothing.

    • an observer June 2, 2014 at 1:45 pm

      Definitely not the case in Richmond. 5 years ago that lot for #10 cost well over a million dollars. Even without the carrying costs they are in the red at $2.1 million

  11. Ricky June 3, 2014 at 2:23 pm

    Need more

  12. Natalie June 3, 2014 at 4:01 pm

    #5 is Musqueam the lease is $11,200/yr up in 2064

  13. Natalie June 3, 2014 at 4:19 pm

    I can tell you first hand, things have changed in the Valley. Something that has sat for 6 months with no offers and no price reductions, suddenly selling for over asking in competing offer situation. More and more competing offers on homes that are getting “silly” prices. It’s busier here for sure. Let’s see what the Fall market brings.

    • Skook June 3, 2014 at 7:02 pm

      Hey Natalie,
      Great to great your insight, as usual. I am sitting here looking at the April and May stats for the Sunshine Coast and the numbers are taking off, too. However, I’ve got a “bad feeling” over what I see that I just can’t explain. It is as if there is a disconnect from reality as there seems to be nothing underpinning the jump. Maybe, we are all going mad and jumping on the merry-go-round for one final ride before….what?

    • Real Estate Tsunami June 3, 2014 at 9:26 pm

      Been to Abbotsford this weekend for my son’s baseball game.
      Lot’s of young families.
      I talked to a couple of people.
      1 moved from Richmond and the other from Kits.
      They just love it.

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