Vancouver Price Drop

Documenting Vancouver real estate price movements

Spotlight Vancouver West Detached – July 4, 2014

 


#10 ) Address:3591 W 11TH AV, Kitsilano, Vancouver West

March 30, 2014 V1054888 $2,040,000 $0 0%
April 14, 2014 V1054888 $1,899,000 $-141,000 -7%
May 01, 2014 V1054888 $1,799,000 $-241,000 -12%
June 02, 2014 V1054888 removed after 64 days
June 16, 2014 V1069502 $1,699,000 $-341,000 -17%

 

v1069502_1

Current Days on Market: 97 (0.27years)
Current ‘Official’ Days on Market: 19
2013 Assessment: $1,412,800
2012 Assessment: $1,417,100
2011 Assessment: $1,426,000
Desperation Score: 23.6

Down 17% in about 3 months and still about 20% over assessment

Extensively renovated circa 1928 3 level character home. The house was completely gutted in 2007 with approx $300,000 spent in upgrades all done with permits. Upgrades includes: roof, wood windows, plumbing, electrical wiring, gas boiler, radiant in floor heating, insulation, drywall, upper floor raised, vaulted & dormered, kitchen with new granite counters & appliances, updated bathrooms with claw foot tubs, hardwood flooring and solid wood interior doors. Future laneway home potential. All measurements are approx & to be verified if important.


#9 ) Address:6789 SELKIRK ST, South Granville, Vancouver West

May 01, 2011 V885611 $3,550,000 $0 0%
June 16, 2011 V885611 removed after 46 days
February 21, 2014 V1048335 $3,000,000 $-550,000 -15%
February 22, 2014 V1048335 $3,780,000 $0 0%
March 25, 2014 V1048335 $3,580,000 $-200,000 -5%
May 28, 2014 V1048335 $3,180,000 $-600,000 -16%

 

v1048335_1

Current Days on Market: 134 (0.37years)
Current ‘Official’ Days on Market: 134
2013 Assessment: $3,128,000
2011 Assessment: $3,345,000
2011 Last Sale: $3,450,000 on 13/Jun/2011
Total Loss IF sold for list price: 166,640 transaction costs and 270,000 loss on sale = LOSS of 436,640
Desperation Score: 25.4

Newly renovated and yet still looking at close to a half million dollar loss if it sells near asking

Great corner lot, newly renovated, well maintained elegant home features rich heritage detailing. Porch, patio & professionally landscaped yards connected with most desirable, quiet neighborhood. Walking distance to South Granville shopping area & parks, restaurants. Great public schools catchment. Must see. Open House: Sat, Feb. 22nd, 1:30-4:00pm.


#8 ) Address:3219 W KING EDWARD AV, Dunbar, Vancouver West

May 04, 2011 V885731 $1,870,000 $0 0%
May 17, 2011 V885731 $1,798,000 $-72,000 -4%
June 06, 2011 V885731 removed after 33 days
June 09, 2011 V893046 $1,728,000 $-142,000 -8%
June 23, 2011 V893046 $1,649,000 $-221,000 -12%
July 26, 2011 V893046 removed after 47 days
August 24, 2013 V1023765 $3,688,000 $0 0%
September 14, 2013 V1023765 $3,638,000 $-50,000 -1%
September 20, 2013 V1023765 $3,438,000 $-250,000 -7%
October 09, 2013 V1023765 $3,338,000 $-350,000 -9%
January 17, 2014 V1023765 removed after 146 days
January 23, 2014 V1043090 $3,298,000 $-390,000 -11%
March 19, 2014 V1043090 $3,098,000 $-590,000 -16%
April 21, 2014 V1043090 removed after 88 days
April 24, 2014 V1059784 $3,088,000 $-600,000 -16%
April 28, 2014 V1059784 $3,076,000 $-612,000 -17%

 

v1059784_1

Current Days on Market: 315 (0.86years)
Current ‘Official’ Days on Market: 72
2013 Assessment: $2,810,000
2011 Assessment: $1,612,000
2011 Last Sale: $1,550,000 on 12/Jul/2011
Total Profit IF sold for list price: 125,728 transaction costs and 1,526,000 profit on sale = Profit of 1,400,272 (not including build costs)
Desperation Score: 25.7

“Similar house 1 block in sold $4.2M!” – I’m going to go out on a limb and say that it wasn’t that similar…  Even after $600K in drops there is quite a bit of profit in this build

This home shows for itself! Unparalled custom built home in most prestigious Dunbar location. 50×122 lot, over 4200 SF. Spectacular main flr features an enormous front entry with lvng, dining, kitchen, chef’s kitchen, family rm & office flow concept. Gourmet kitchen offers high end stainless steel appliances & maple cabinetry. Enjoy comfortable living with 6 bedrooms & 6 baths. Yoga, hobby, theatre rm, lounge with adjoining bar & wine cellar down. High ceilings, open concept, built with steel beams, A/C, HRV, Automated irrigation, surveillance system & much more. Top schools – UBC, St Georges, Crofton House, Lord Byng, Prince of Wales, Lord Kitchener, Dunbar Shopping Village, transit. NO GST! Similar house 1 block in sold $4.2M!


#7 ) Address:4885 NARVAEZ DR, Quilchena, Vancouver West

July 20, 2013 V1018572 $4,980,000 $0 0%
September 25, 2013 V1018572 removed after 67 days
September 28, 2013 V1029524 $3,480,000 $-1,500,000 -30%
October 14, 2013 V1029524 $4,980,000 $0 0%
November 07, 2013 V1029524 removed after 40 days
March 07, 2014 V1050803 $4,788,000 $-192,000 -4%
June 04, 2014 V1050803 $4,500,000 $-480,000 -10%

 

v1050803_1

Current Days on Market: 350 (0.96years)
Current ‘Official’ Days on Market: 120

2011 Assessment: $3,703,000
Desperation Score: 25.8

Listed at $3.5 million back in September for a month and then a $1.5 million price increase…  Maybe looking for a bidding war that never happened

Purchase exclusivity in the hills of Quilchena on Narvaez Drive. European built 6 bdrm & 6 bath home offers 4000 SF of living space w/a phenomenal floor plan. 6875 SF lot features gorgeous views of Downtown Vancouver, Beautiful Northshore Mountains views. Quality & craftsmanship are the cornerstones of this home. Features a spacious wok kitchen, radiant heating & HRV. Top floor features 4 generous sized bedrooms while the basement features 2 bedrooms, very spacious living area & your very own wine cellar. 3-car garage & a low maintenance backyard are bonuses. School catchments Prince of Wales High School & Trafalgar Elementary. A quick stroll to Arbutus Club.


#6 ) Address:1092 W 58TH AV, South Granville, Vancouver West

April 03, 2008 V698149 $1,338,000 $0 0%
April 12, 2008 V698149 $1,430,000 $0 0%
May 17, 2008 V698149 $1,400,000 $-30,000 -2%
June 10, 2008 V698149 $1,360,000 $-70,000 -5%
July 17, 2008 V698149 $1,340,000 $-90,000 -6%
August 31, 2008 V698149 removed after 150 days
September 05, 2008 V731184 $1,300,000 $-130,000 -9%
October 17, 2008 V731184 $1,050,000 $-380,000 -27%
January 21, 2009 V731184 removed after 138 days
January 23, 2009 V749448 $1,049,000 $-381,000 -27%
March 06, 2009 V749448 removed after 42 days
January 27, 2010 V805997 $1,388,000 $-42,000 -3%
February 01, 2010 V805997 removed after 5 days
July 20, 2013 V1018314 $1,900,000 $0 0%
August 09, 2013 V1018314 $2,280,000 $0 0%
September 17, 2013 V1018314 $2,150,000 $-130,000 -6%
December 21, 2013 V1018314 removed after 154 days
January 31, 2014 V1044483 $2,180,000 $-100,000 -4%
March 25, 2014 V1044483 $2,050,000 $-230,000 -10%
April 08, 2014 V1044483 $1,980,000 $-300,000 -13%
June 27, 2014 V1044483 removed after 147 days
July 02, 2014 V1073252 $1,925,000 $-355,000 -16%

 

v1073252_1

Current Days on Market: 350 (0.96years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $2,244,400
2011 Assessment: $2,231,500
Desperation Score: 26.2

More than $300K below assessment

Terrific 6 bedrm home on a 62 x 152.24 foot property w/huge, south-facing backyard located on a quiet, tree lined street in South Granville. Perfect to hold, imprint your personal style or build. Main level has spacious principal rms & 3 large bedrms. Lower level: 3 bedrm suite w/separate entrance & laundry. Relax on your sundeck while overlooking your park-like garden. This energy star rated home offers dbl-paned windows, 5 y/o roof, air purification system w/hepa filter & UV disinfectant light, HE furnace & tankless hot water heater. Convenient location, close to shops, restaurants, parks w/easy access to transportation (Canada Line), downtown & Richmond. Great schools: Lloyd George Elem., Churchill Sec., Langara College & UBC.


#5 ) Address:4825 OSLER ST, Shaughnessy, Vancouver West

April 24, 2008 V703285 $3,300,000 $0 0%
April 30, 2008 V703285 $3,050,000 $-250,000 -8%
July 01, 2008 V703285 removed after 68 days
August 16, 2008 V728611 $2,800,000 $-500,000 -15%
September 09, 2008 V728611 $2,650,000 $-650,000 -20%
October 14, 2008 V728611 removed after 59 days
March 12, 2009 V756339 $2,600,000 $-700,000 -21%
July 17, 2009 V756339 $2,900,000 $-400,000 -12%
September 19, 2009 V756339 removed after 191 days
November 22, 2009 V798735 $2,900,000 $-400,000 -12%
January 23, 2010 V798735 removed after 62 days
March 13, 2010 V814900 $3,000,000 $-300,000 -9%
March 15, 2010 V814900 removed after 2 days
July 23, 2010 V843107 $1,799,900 $-1,500,100 -45%
October 05, 2010 V843107 $1,848,000 $-1,452,000 -44%
October 26, 2010 V843107 removed after 95 days
December 13, 2013 V1038716 $4,780,000 $0 0%
March 12, 2014 V1038716 removed after 89 days
March 17, 2014 V1052413 $4,560,000 $-220,000 -5%
April 10, 2014 V1052413 $4,380,000 $-400,000 -8%
May 26, 2014 V1052413 $3,990,000 $-790,000 -17%
June 27, 2014 V1052413 removed after 102 days
July 02, 2014 V1073087 $3,990,000 $-790,000 -17%

 

v1073087_1

Current Days on Market: 204 (0.56years)
Current ‘Official’ Days on Market: 3
2013 Assessment: $3,757,000
2011 Assessment: $3,482,400
Desperation Score: 26.3

The $3 million pricing back in 2010 was most likely for a new build on the lot but then they switched it to a lot sale.  Down about $800K

The absolute quality brand new luxury home in Shaughnessy neighborhood is designed by well-known interior designer. It is built with almost 4300 sqft in total space under a professional, thoughtful layout. 705 sqft living space lane way house. 4 bedrooms on the upper level and two of them have a spectacular view of mountains. Guest bedrooms on basement, along with modern high technology equipped media room. Big BONUS – 730 SQFT living space LANE WAY HOUSE with all high end finishing 1 bedroom, living room, kitchen and full bath loft. This home provides a truly comfortable combination of outdoor and indoor space for family living and gathering! Conveniently located to schools, Downtown, parks and more!


#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: 159 (0.44years)
Current ‘Official’ Days on Market: 62
2013 Assessment: $2,876,000
2011 Assessment: $2,982,000
Desperation Score: 26.4

Why bother with a description when you can simply post an open house that passed a month and a half ago… Sarina Han is the stupendously lazy realtor of the day award winner!

Open house at 2-4pm on Sunday May 25, 2014


#3 ) Address:3771 W 11TH AV, Point Grey, Vancouver West

September 19, 2008 V733867 $1,579,000 $0 0%
October 23, 2008 V733867 $1,489,900 $-89,100 -6%
December 09, 2008 V733867 removed after 81 days
May 11, 2011 V887582 $1,998,800 $0 0%
June 07, 2011 V887582 removed after 27 days
August 25, 2012 V968036 $2,680,000 $0 0%
May 22, 2013 V968036 removed after 270 days
July 20, 2013 V1018620 $2,380,000 $-300,000 -11%
October 07, 2013 V1018620 removed after 79 days
October 11, 2013 V1031182 $2,380,000 $-300,000 -11%
December 28, 2013 V1031182 removed after 78 days
January 16, 2014 V1041427 $2,380,000 $-300,000 -11%
March 10, 2014 V1041427 $2,238,000 $-442,000 -16%
March 25, 2014 V1041427 removed after 68 days
March 28, 2014 V1054732 $1,880,000 $-800,000 -30%
April 25, 2014 V1054732 $2,188,000 $-492,000 -18%

 

v1054732_1

Current Days on Market: 679 (1.86years)
Current ‘Official’ Days on Market: 99
2013 Assessment: $1,968,000
2012 Assessment: $1,993,000
2011 Assessment: $1,984,000
2011 Last Sale: $1,958,000 on 31/May/2011
Total Profit IF sold for list price: 109,024 transaction costs and 230,000 profit on sale = Profit of 120,976
Desperation Score: 28.0

The lot is 50 width and 122 Depth. Clean lot, flawless. Many updates home with 3 bedrooms up & 3 bedrooms down with separate entrances. The best location in Point Grey area!! You can move in with you luggage and also to build your dream home in this most preferable location. All the best schools are around, Lord Byng, UBC, and the amenities are step away from here!!

“You can move in with you luggage and also to build your dream home”  Doesn’t sell for $1.88 million so they raise the price by $300K.  This one will sell for a loss


#2 ) Address:27 W 17TH AV, Cambie, Vancouver West

November 12, 2009 V797172 $898,000 $0 0%
November 13, 2009 V797172 $988,800 $0 0%
February 09, 2010 V797172 removed after 89 days
April 12, 2013 V1000578 $2,588,000 $0 0%
May 07, 2013 V1000578 $2,399,000 $-189,000 -7%
August 07, 2013 V1000578 removed after 117 days
September 07, 2013 V1025681 $2,299,000 $-289,000 -11%
October 29, 2013 V1025681 $2,248,000 $-340,000 -13%
January 23, 2014 V1025681 removed after 138 days
January 29, 2014 V1044187 $2,128,000 $-460,000 -18%
March 20, 2014 V1044187 $2,099,000 $-489,000 -19%
April 15, 2014 V1044187 $1,988,000 $-600,000 -23%
June 02, 2014 V1044187 removed after 124 days
June 18, 2014 V1070725 $1,988,000 $-600,000 -23%

 

v1070725_1

Current Days on Market: 449 (1.23years)
Current ‘Official’ Days on Market: 17
2013 Assessment: $2,026,000
2012 Assessment: $1,902,000
2011 Assessment: $2,004,000
Desperation Score: 29.9

New build down $600K and 23%

Impressive 8 bdrm & den, 6 bath home on lovely, landscaped property in sought after Cambie neighbourhood. Main level features open concept living w/Brazilian h/w, 2 gas f/ps & spacious principal rooms w/tons of natural light. Fabulous kitchen w/Wolf gas range, accesses your large covered deck w/mountain views & your fully fenced backyard, perfect for bbqs & relaxing. Upper level offers 4 large bedrooms, all have skylights w/solar powered blinds, & 3 baths. Main & up boasts Sonos sound system, video intercom, radiant heat + a/c. Lower level offers a 4 bdrm, 2 bath suite w/own laundry & separate entrance. Energuide rating of 80 & remainder of 2-5-10yr warranty. Popular locale, walk to Main & Cambie Street’s trendy shops & restaurants.

 


#1 ) 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%
June 02, 2014 V1060490 $3,288,000 $-1,002,000 -23%

 

v1060490_1

Current Days on Market: 476 (1.30years)
Current ‘Official’ Days on Market: 68
2013 Assessment: $2,748,000
2012 Assessment: $2,650,000
2011 Assessment: Building Unfinished at time of assessment
Desperation Score: 31.1

Beautiful, gracious & spacious this 8 bedroom & den home w/ 8 bathrooms has been meticulously designed & built w/ 4917 square feet of luxury perfect for your large family.There are 4 large bedrooms upstairs & the master bedroom has a sweeping mountain view.Stunning kitchen, w/ top of the line Miele Stainless Steel appliances, wok kitchen,granite countertops & is perfect for entertaining family, friends & business associates. Downstairs there is a large media room & 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, & Eric Hamber Secondary School.

Another price increase but still down over a million… I’m going to guess that this one goes lower

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18 responses to “Spotlight Vancouver West Detached – July 4, 2014

  1. Natalie July 5, 2014 at 7:01 am

    To ? destined to rent forever? . You wrote: “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).”
    I want to try and address two points from your previous reply (May 10th). I am not sure of the specific tactics you are referring to, but Realtors are marketers. It’s part of their job to create hype. If you were selling your home, would you want your realtor to try and sell it for as much as they could? Often, we (yes, I am a realtor) list homes that we know are higher priced than they should be, but the price is dictated to us by the seller. We advise them, but they are the ultimate decision maker. If we chose to take a “higher than should be” priced listing, then we know that we have to spend even more money trying to get it sold. Sometimes it sells, sometimes it doesn’t. When it doesn’t, we are out of pocket on all the advertising money.
    The reason realtors advertise their sold listings with the asking price rather than the sold price is a very simple one. They are not permitted to disclose the selling price of a listing in an advertisement until the property has actually been transferred to the new owner. This is when the transaction is officially complete. Before this, the transaction can still fall apart. Advertising a sold price before the transaction has completed is like advertising the price the seller is willing to accept on a home. As an agent of the seller, we have a fiduciary duty to protect the seller’s best interests. This would be contrary to that duty. After the transaction has completed, the selling price is public information and can be accessed at the Land Titles office, BC Assessment or through a Realtor with board MLS membership. Sometimes, you need to put yourself in the shoes of the seller to understand the answer to your questions.

  2. Kats July 5, 2014 at 9:27 am

    I mean, BC Assessment only come after January next year, I see very few information how much the “sold” property was actually sold for.

    • Natalie July 5, 2014 at 2:51 pm

      When I pull up a tax assessment it shows a short sales history at the bottom of the page. The assessment site I access may be different than yours, I don’t know for sure.

      • Natalie July 5, 2014 at 3:08 pm

        I just did a quick compare of my site to yours…the E-value on BC assessment seems to be lagging behind in documenting sale price. My access shows the sales history sooner, it would seem. Can’t answer as to why…we are under different hats.

      • Kats July 6, 2014 at 8:04 am

        Thanks Natalie, will take a look.

  3. dunbarfarmer July 5, 2014 at 6:12 pm

    Re: #6 – “similar house in sold $4.2 million” I’d bet that “similar house” was not on King Edward which is basically a freeway to UBC.

    • HowLowCanYouGo July 7, 2014 at 12:11 pm

      Realtor definition of “similar”: they both have walls and a roof. Not necessarily in the same condition.

  4. Carlk July 6, 2014 at 8:20 am

    The reason there is a discrepancy between actual sold price and the tax assessed value is
    1.Tax assessed value is a best estimate figure based on a complex mathematical equation using various inputs such as finished square footage, lot square footage, neighborhood etc. to determine how much property tax you pay and not the most probable price it will sell for.
    2.The data utilized in the above #1 calculation is derived once a year and if the market changes subsequently you’ll have larger discrepancies.
    Treat BC Tax Assessed value as a rough estimate of value and not as an appraised value. Only a real estate appraiser can determine the most accurate market value of a home and even then it is still an estimate albeit one which is based on current sales data and analysis.

  5. Natalie July 6, 2014 at 8:31 pm

    I have to disagree about the appraiser being the “most accurate”. Its probably the most detailed, but not the most accurate. I have seen three appraisers give the same property three drastically different values. The best estimate becoming the average of the three. This is for residential, of course….commercial property is much more formula based.

  6. Ricky July 6, 2014 at 10:46 pm

    This city sucks , politicians sucks , Real estate sucks , foreign Invester sucks , Real Estate sucks ,Mayor sucks , Burrad street Bridge traffic sucks & ………………………..

    • Trevor July 7, 2014 at 11:04 pm

      Learn to spell (or correct the words with the red underline) and how to write please… our education system sucks which is one reason why foreigners are coming here and doing quite well… that and our government is overly nice. I wonder the percentages of foreigners on BC housing subsidies???

      • Trevor July 7, 2014 at 11:08 pm

        Foreigners living on subsidies while working for cash; or ones that are too old to work and taking advantage of free healthcare that I’m willing to bet many did not pay into. 🙂

      • Ricky July 8, 2014 at 11:56 pm

        Where are you from Trevor ??? As far as I know everybody is Foreigner here except Native Indians???

      • Ricky July 8, 2014 at 11:58 pm

        As far as I am concerned , I am a immigrant too , and there are 2 Trevor families living in my paid off house .

      • Ricky July 10, 2014 at 1:22 am

        Trevor seems like you can’t afford even to rent in this city , try moving to some third world country where u can afford ( I really doubt) Try to earn some money by teaching other people English ( the only language that u know I guess ) . I guess that’s all you an do , bitching on net and doing spelling check .

  7. Joe July 7, 2014 at 10:04 pm

    It’s funny the vancouver sun says everything is going up up up talk about pumping the market up!

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