Vancouver Price Drop

Documenting Vancouver real estate price movements

Category Archives: Lowered Expectations

Lowered Expectations For Eagle Ridge – July 4, 2012

Last week I listed the “Lowered Expectations” which show that currently at least 38% of listings have lowered their asking price.  This could be higher since we only go back to March 9th and there are plenty of listings that have been on the market for more than 4 months, many of which likely had previous price drops.  Regardless, even the 38% is much higher than the 20% recently reported by Global TV and the reason is the practice of removing and immediately relisting properties that has been running rampant here in the Vancouver area.  When a home is pulled and relisted it makes price drops less obvious and completely skews the days on market stat.

Earlier today someone commented that I should have provided references for the data in that chart in order to make it credible but the problem is that there are no references…  The only way to pull this information and most of the other information I share on this blog is through number crunching.  If you are able to determine listing price history for a single address across potentially multiple MLS numbers then you can use the same information to put together that “Lowered Expectations” chart, of course on a larger scale.

So, posting the raw data from every listing as verification isn’t an option but taking the area that had the highest % of price drops (Eagle Ridge in West Vancouver with 8/10 for 80%) and posting those properties will hopefully add credibility to the overall numbers.  If you check whatever listings site you use for Eagle Ridge you will find 10 properties (1 of them is a lot) which matches what I am showing.  Here are the details for those 10 properties and you will notice that 1) 8 of the 10 have dropped in price and 2) the other 2 that have not dropped in price have been listed since before March 9th so they both potentially could have already dropped before then.

Address:5830 FALCON RD, Eagleridge, West Vancouver

March 09 V926731 $1,729,000 $0 0%
March 28 V926731 $1,698,000 $-31,000 -2%
May 01 V926731 removed
May 03 V947001 $1,698,000 $-31,000 -2%

A Hideaway in West Vancouver. Falcon Road one of the best kept secrets around. A rare location with underground services. NO WIRES! Immaculate contemporary view home on the southside of this very pretty street. Absolute quiet can be enjoyedfrom the multiple decks overlooking The Fisherman’s Cove Marina and the Islands beyond. Stunning new designer kitchen with high-end finishes and appliances. Newer hardwood floors and top quality materials used on the generous sized deck enjoying all day sun and light.The property boarders the popular and flat Seaview Walk and is two minutes from both the Highway and Marine Drive. The house is very current in its style and decorwith huge walls for art.A fabulous view office upstairsopen to below

Address:5950 FALCON RD, Eagleridge, West Vancouver

March 09 V918697 $1,878,000 $0 0%
March 26 V918697 removed
April 02 V940586 $1,815,000 $-63,000 -3%

Absolutely spectacular Southwest ocean views from this fantastic lot of approximately 14,400 square feet offering both beautiful sunrises and breathtaking sunsets. This 3500 square home is located in the popular Eagleridge area, close to Eagleridge Elementary School, Rockridge Secondary School and Caulfeild Village Shopping Centre. This is a great opportunity at this price to renovate the existing home or to build a new dream home with the most wonderful views imaginable. Showings are by appointment only.

Address:5890 FALCON RD, Eagleridge, West Vancouver

April 26 V945519 $2,100,000 $0 0%
May 11 V945519 $1,999,000 $-101,000 -5%

Stunning views! This gorgeous west coast style home is situated on a completely private and flat level 12,410 sq ft property and cul-de-sac. Offering over 3,000 sq ft of living space on 3 levels, 2 bedrooms, and partly finished basement. Enjoy the Eagle Harbour views in this very private south east facing backyard boasting of beautiful gardens, pool and decks. This is a very special property with views from each main room. Home is in excellent condition and awaiting your ideas. The basement level includes a hot tub, sauna, and room for a potential games room or rec room with lots of space for storage. Truly an incredible neighbourhood just minutes away from marinas, trails, recreation, schools and golf.

Address:5907 – 5929 MARINE DR, Eagleridge, West Vancouver

March 09 V923186 $2,650,000 $0 0%

Stunning Eagleridge parcel totaling 81,515 sq ft of land. The ocean views from this site are spectacular and look past the marina and Eagle Island. A rock outcropping offering 4 lots to be sold as one package with the sea view walk bordering the rear of the property. The lots vary in size from 17,000 sq ft to over 23,000 sq ft. This is a rare opportunity to build your private view estate or develop this site with new homes!

Address:5935 MARINE DR, Eagleridge, West Vancouver

March 09 V930233 $4,298,000 $0 0%
April 12 V930233 $3,998,000 $-300,000 -7%

A gorgeous estate w/approx 5000 sqft of elegant living on 3 levels. This spectacular hm feat breathtaking ocean views. Sit on a 14000 sqft gated, sunfilled estate. Lg gourmet Chef’s kit, SS appl, pantry, adj EA/ & elegant FR w/media centre. Grand foyer, high ceilings, custom mudrm, priv study. Up feat 4 ensuited bedrooms incl a gorgeous master w/sitting area, stone F/P, priv balcony & breathtaking ensuite. Down has state-of-the-art theatre rm, custom wine cellar & guest bdrm. Priv terraces & sparkling O/D negative edge pool. Air-conditioning, video security, state-of-the-art media system, 2-car garage, 5 bthrms. Mins to Gleneagles Golf Course, Community Centre, Thunderbird Marina & Caulfeild Village. Total luxury!

Address:5968 MARINE DR, Eagleridge, West Vancouver

March 09 V917255 $8,550,000 $0 0%
March 31 V917255 removed
April 05 V941399 $7,900,000 $-650,000 -8%

The essence of Westcoast OCEAN FRONT. This magnificent waterfront home faces sparkling ocean views and amazing sunsets. Built in 2000 & completely updated in 2010, this home shows like brand new. 3 floors of luxurious living with indoor elevator & extra high ceilings. Four bedrooms all with en-suites. Professional landscaping with easy access to 114ft of private beach front with new outdoor kitchen with fireplace, built-in heater & water feature & hot tub facing the active marine life. Level driveway with gated entry & security cameras. No expense was spared in this spectacularhome!

Address:5825 MARINE DR, Eagleridge, West Vancouver

March 09 V931597 $2,398,000 $0 0%
April 27 V931597 $2,198,000 $-200,000 -8%

This spectacular semi-waterfront family res enjoys brilliant southern ocean views & is sit on a stunning ? acre ppty offering total privacy. Gorgeous vistas open across to Eagle Island & the Gulf Islands. Located in exclusive Sea Breeze Estates. Beautifully appointed w/a bright open flrpln on 3 levels & over 5000 sqft incl sensational entertaining areas, large living and dining areas, high ceilings, rich H/W flrs, lg picture windows, fabulous island kit w/adj FR, stunning master suite, 5 ensuited bedrooms, 7 bthrms, priv den & rec rm down – all opening out to sundrenched verandas & intimate garden patios. Lush, mature vegetation. Mins to all amenities. 3-car garage. Ample storage. Level entry & driveway. Exquisitely maintained!

Address:5960 MARINE DR, Eagleridge, West Vancouver

March 09 V919880 $5,000,000 $0 0%

Opportunity of a lifetime to own this magnificent waterfront estate that has been lived in and loved for over 50 years. Situated in the Eagleridge area on private 19,000 +/- sqft property with breathtaking, unobstructed views of the ocean, Passage & Bowen Island, the Georgia Strait to Vancouver Island & beyond.. This 3,700 +/-sqft 4 bed, 4 bath 2 level residence is quietly elegant & naturally beautiful with each of the principle rms all with extraordinary waterfront views. Matured trees, beautifully appointed cut-stone landscaped pathways & walking area’s. 2 level, quaint Oceanside studio/workshop, perfect for any hobby enthusiasts! This property offers a waterfront lifestyle that cannot be duplicated. Approx House Size: 3,718 sqft, Approx Studio Size: 646 sqft. The Buyer(s) are aware that all house measurements, & total square footage are taken by MEASURE MASTERS. Lot size + all dimensions & age of property are approx & not guaranteed & definitely should be verified by the Buyer(s) to their satisfaction

Address:5851 MARINE DR, Eagleridge, West Vancouver

April 05 V941477 $2,438,000 $0 0%
May 24 V941477 $2,198,000 $-240,000 -10%

This spectacular, semi-waterfront hm enjoys breathtaking ocean & coastline views and is surrounded by Fisherman’s Cove to the south, cliff-top privacy to the east, parkland & Seaview Trail on the north. This family hm feat a bright, open flrpln w/lg entertainment sized rms incl spacious LR & DR w/lg picture windows, elegant foyer, custom kit w/bkfst bar & adj E/A, cozy FR with roaring FP and priv office. Up feat 4 bedrooms incl a stunning Master ste w/sep sitting area and spa-like ensuite. Down is a child’s paradise w/lg rec rm & games rm, addt’l guest bdrm & ample storage. Outdoor living areas incl a sun filled level yard w/ koi pond, over 1500 sq ft patio space & mature gardens. Simply Magnificent!

Address:5955 MARINE DR, Eagleridge, West Vancouver

April 30 V946586 $1,479,000 $0 0%
June 23 V946586 $1,398,000 $-81,000 -5%

Beautiful SW ocean views from this contemporary 3 bedroom, 2 1/2 bath family home. Sunny bright open plan with vaulted ceilings, skylights, outdoor terraces, entertainment size living and dining rooms, large bright kitchen with eating area,lovely master suite, two large bedrooms and rec room. Truly a very private location with lush landscaping & just steps to the Seaview Walk, marina and golf course just minutes away.


Lowered Expectations – June 30, 2012

You won’t believe this but Global TV got their facts wrong in a “news” segment about real estate.  Before consulting “experts” who said there was nothing to worry about they highlighted the sad state of affairs our real estate market is currently in.  Among the points was that 20% of sellers have reduced their asking price!  If you haven’t been following this blog then that seems very high but it is wrong.  The number is actually 38% because Global’s numbers did not include the rampant practice of delisting and then relisting with a lower price.  Additionally, if you exclude very recent listings then these numbers will of course grow even higher.

Here are some highlights:

Region Listings Dropped Dropped %
Ladner 151 76 50.3%
Tsawwassen 208 103 49.5%
North Vancouver 1095 466 42.6%
Chilliwack 162 68 42.0%
Vancouver West 3740 1566 41.9%
New Westminster 650 271 41.7%
White Rock 1557 645 41.4%
Port Moody 406 165 40.6%
Richmond 2777 1104 39.8%
Burnaby 2027 805 39.7%
Cloverdale 671 266 39.6%
Coquitlam 1137 443 39.0%
Langley 1530 597 39.0%
Maple Ridge 1117 432 38.7%
Vancouver East 1426 535 37.5%
Abbotsford 1525 567 37.2%
North Delta 285 106 37.2%
Port Coquitlam 466 168 36.1%
Pitt Meadows 192 67 34.9%
Mission 765 263 34.4%
Surrey 1693 575 34.0%
West Vancouver 725 241 33.2%
North Surrey 1159 376 32.4%
Hope and Region 177 54 30.5%
Kent 193 58 30.1%
Sunshine Coast 1284 354 27.6%
Squamish 483 131 27.1%
Whistler Pemberton 874 206 23.6%

Here are some interesting results from individual spots within the regions:

Area Region Listings Dropped Dropped %
Eagleridge West Vancouver 10 8 80.0%
Westlynn North Vancouver 13 10 76.9%
Upper Delbrook North Vancouver 18 12 66.7%
Queen’s Park New Westminster 20 13 65.0%
Pemberton Heights North Vancouver 14 9 64.3%
College Park Port Moody 27 17 63.0%
Beach Grove Tsawwassen 31 19 61.3%
Queens West Vancouver 23 14 60.9%
Hawthorne Ladner 45 27 60.0%
Murrayville Langley 80 48 60.0%
Upper Eagle Ridge Coquitlam 15 9 60.0%
Woodland Acres Port Coquitlam 10 6 60.0%
Cliff Drive Tsawwassen 49 29 59.2%
Cariboo Burnaby 39 23 59.0%
Delta Manor Ladner 24 14 58.3%
Boundary Beach Tsawwassen 19 11 57.9%
S.W. Marine Vancouver West 38 22 57.9%
Ladner Elementary Ladner 21 12 57.1%
Dollarton North Vancouver 14 8 57.1%
Indian River North Vancouver 14 8 57.1%
Forest Hills Burnaby 25 14 56.0%
Kitsilano Vancouver West 327 183 56.0%
Hamilton Richmond 54 30 55.6%
Riverdale Richmond 121 67 55.4%
Westridge Burnaby 20 11 55.0%