Vancouver Price Drop

Documenting Vancouver real estate price movements

Category Archives: Weekly Flip Flop

The Weekly Flip Flop – June 15, 2012

We’re back with the weekly flip flop tracking homes that were increased by the largest percentange over the past week.  The absurdity continues!

#1) Address:5156 SIDLEY ST, Metrotown, Burnaby

March 28 V939651 $849,000
April 08 V939651 removed
June 14 V956496 $1,228,000 $379,000 45% 45%

This one is a little confusing – is this a re-flip after an April purchase?  Or did they receive a lot of interest at 849K at that time and thought they had underpriced it but you wouldn’t expect them to not wait 2 months to relist.  Regardless, 1.2 million dollars for an 8000sqft lot in a dodgy area of Burnaby sure doesn’t seem like value to me.

Assessment: $832,300

No Picture

Wow! Large lot in Metrotown area. 59×132. Build your dream home in the best location, close to transit, schools, shopping and recreation centre. Don’t miss out on this opportunity!

#2) Address:9674 137TH ST, Whalley, North Surrey

March 12 F1206174 $670,000
March 14 F1206174 removed
June 14 F1215559 $828,888 $158,888 24% 24%

Only listed for a couple of days initially then relisted 3 months later at a 24% increase and a whopping five 8’s in the price!!!  Is this another short term flip? 

Assessment: $371,500

No picture

Investor Alert!!! Great holding property. OCP for the area leaning towards development and rezoning, eg office building/medical building. This could be a land assembly with the other homes in the area.

#3) Address:13564 87A AV, Queen Mary Park Surrey, Surrey

June 06 F1214711 $399,900
Open House: Jun 10
June 14 F1214711 $489,900 $90,000 23% 23%

Assessment: $438,500

7399 SF LUC LOT – GREAT FOR INVESTORS AND FIRST TIME BUYERS. 3 Bedroom plus den 1098 SF rancher. Well cared for. Huge covered deck, big fully fenced backyard. Double detached garage also includes BIG SHOP! Kitchen with oak accents/cabinets. Wood burning F/P. Great for investors or first timers. Steps to Bear Creek Park and shops! Will not last. DON’T BE DISAPPOINTED. SHOWN BY APPOINTMENT ONLY!

#4) Address:4237 CASTLEWOOD CR, Garden Village, Burnaby

March 29 V939858 $998,000
May 17 V939858 removed
June 15 V956584 $1,188,000 $190,000 19% 19%

Assessment: $1,026,700

Prime Garden Village area on a very quiet street. This 3,000 SqFt two-storey house is perfect for first-time buyers or investors. 6,600 SqFt lot with double detached garage and lane access. Total six bedrooms with four full bathrooms. Downstairs has a separate accommodation with kitchen, great mortgage helper! Nice backyard ideal for gardeners or for entertaining. Conveniently located, walking distance to both levels of schools, BC Institute of Technology, Metrotown and skytrain. Great investment for both move-in or rebuild.

#5) Address:2508 WHATCOM RD, Abbotsford East, Abbotsford

March 14 F1205680 $729,900
April 09 F1205680 $649,900 $-80,000 -11%
May 11 F1205680 $624,900 $-105,000 -14%
June 15 F1205680 $739,900 $10,000 1% 18%

Can’t sell for 3 months so let’s raise the price by 18%…

Assessment: $513,000 (building unfinished at time of assessment)

This brand new 2 storey w/bsmt home features a great room floor plan with 7 bedrooms and 5 baths. The main floor has a functional bright and open plan, with hardwood throughout, marble counters and pantry. Upstairs features a spacious master bedroom with a beautiful ensuite bath. Stand on the heated patio off the master bedroom and enjoy beautiful views of Mount Baker. Located close to all amenities including shopping, restaurants, schools, transportation, parks and golf course.

The Weekly Flip Flop – June 8, 2012

We’re back with the weekly flip flop tracking homes that were increased by the largest percentange over the past week.  This weeks first place entry is another typo apparently or maybe not.  I’ve seen a bunch of these where an extremely low price is entered and left for many days before being corrected.  Personally, I think this is another dishonest trick used by some realtors to generate interest.

#1) Address:# 74 2450 161A ST, Grandview Surrey, White Rock

March 09 F1205407 $423,777
June 01 F1205407 removed
June 02 F1214398 $239,777 $-184,000 -43%
June 06 F1214398 $399,777 $-24,000 -6% 67%

Assessment: $357,000

Glenmore townhouse by Intracorp. 3 bedroom, 2 bathrooms up and a 2pc powder room on main. Located in the beautiful Morgan Heights in Sunny South Surrey, this home features laminate flooring, composite stone countertops in both kitchen and ensuite and stainless steel appliances. Fenced patio perfect for BBQ. Steps from fine shopping, great restaurants and walking trails.

#2) Address:# 401 789 DRAKE ST, Downtown, Vancouver West

March 09 V934322 $219,900
March 23 V934322 removed
June 04 V954160 $275,000 $55,100 25% 25%
Open House: Jun 09

I used to live in this building as a renter about 15 years ago.  My unit was one below the penthouse with incredible views and 50% larger than this suite and cost me $600/month but after having my car broken into 3 times in 4 months I decided it was time to move on.  How they expect nearly $700/sqft for this unit is mind blowing.

Assessment: $166,800

COMPLETELY RENOVATED, bright, NE garden view, CORNER UNIT studio w/balcony in the recently RAINSCREENED & INTERIOR RENOVATED (exterior wall replacement, new windows & deck membranes under warranty, new lobby, hall carpet & paint) INVESTOR FRIENDLY Century Towers. Features include grey laminate & smooth ceilings throughout, a sleek kitchen w/high gloss white cabinets, quartz counters, under mount sink, glass tile backsplash & Amana S/S appliances & a bathroom w/designer tile work, rain shower fixture & floating vanity. This is the perfect CENTRAL city home (with 5% down a monthly payment of $1100 on a 5 year fixed rate)! Parking available for $50/month from strata.

#3) Address:# 1602 1835 MORTON AV, West End, Vancouver West

March 09 V921674 $1,388,000
March 26 V921674 removed
April 04 V941051 $1,388,000 $0 0%
June 06 V941051 $1,750,000 $362,000 26% 26%

Assessment: No Assessment Available

This English Bay suite is luxurious 1100 sq ft 1 bedroom & den on the 16th floor situated literally across the street from the waterfront. Boutique living with only 4 units per floor. This suite was completely redone to include hardwood & tile floors, quartz & marble countertops, high end fixtures & appliances, windows & lots of storage. Kitchen is stunning with beautiful soft closing drawers & cabinets, high end appliances including a dishwasher & an island with a waterfall countertop. Many added features but too many to list. We are loc next to the historical Sylvia Hotel & our front yard is English Bay. Just steps to walking, biking, roller blading & running trails. Close to all amens. Amazing view, shows fantastic!

#4) Address:8280 ROBINSON RD, Garden City, Richmond

April 20 V944443 $1,968,000
May 18 V944443 removed
June 08 V955275 $2,388,000 $420,000 21% 21%

Assessment: $1,769,000

No Picture

Customs built top quality 8 years young deluxe house on large 66 X 141 sf lot with south exposure back yard. Bright and spacious 4508 sf house, 2 staircases, 5 bedrooms plus large game room, 6.5 baths with unique design of each bathroom. High ceiling entry, living and dining room. Granite foyer and all counter tops, hardwood floors, expensive and classic stained maple cabinets in 2 kitchens.Beautiful moldings thru out. Imported stone fireplaces, top of line appliances,Steam shower,Kohler fixtures, huge crystal chandeliers. Media room with wet bar and built in cabinets, security system, electric gates, lawn sprinkler system, fully hedged South facing backyard with huge patio. Close to City Centre,Best Value House in the area.

#5) Address:# 249 13604 67TH AV, East Newton, Surrey

March 09 F1202905 $169,900
April 03 F1202905 removed
June 06 F1214584 $204,900 $35,000 21% 21%

Assessment: $182,800

HYLAND CREEK – Great, quiet location for this totally reno’d home – Over 25k spent recently for new flooring (hardwood, tile, carpet), stainless appliances in brand new kitchen, electric fireplace, new bath (tub, floor, vanity), lighting, paint, bifolds & hardware, baseboards, etc! Looks out into trees from the back. Private fenced patio, lots of visitor parking, extra parking spots available to rent. 2 pets allowed. Kids welcome. Walk to Hyland Elementary and play with friends in outdoor pool! Investors – Rentals allowed! Low maintenance fees – $111.45/month. Vacant – Move in right away!

The Weekly Flip Flop – June 1, 2012

We’re back with the weekly flip flop tracking homes that were increased by the largest percentange over the past week and some of these are even more bizarre than typical on this list

#1) Address:# 1101 8111 ANDERSON RD, Brighouse, Richmond

May 21 V951358 $269,000
May 26 V951358 $380,000 $111,000 41% 41%

I suppose the initial price might have been a typo but it was left for 5 days and realistically $269K is probably what they’d get for the place.  That doesn’t stop them from raising the price by over 40%

Assessment: $317,000

Beautiful view of the mountain & city! Quality circular building with 4 units per floor & garbage chute. There are only 36 units in the building & it is very secure & safe. Newly renovated with laminate flooring, newer designer painting. Rental & pet are OK. Walking distance to Brighouse Skytrain Station, Richmond Center, Richmond High & General Currie Elementary. A pleasure to show. 2 parking stalls including 516 & 1 stall on 4th level & storage locker #21. It has loads of visitor parking.

#2) Address:504 HERMOSA AV, Upper Delbrook, North Vancouver

March 14 V936837 $1,139,000
March 21 V936837 removed
May 30 V953296 $1,498,000 $359,000 32% 32%

This property sells itself!!!  No need for silly things like a photo or a description even 2 days after the listing appeared at $360K and 32% over what it last failed to sell for!  I’ll give this a shot… “Buy now or be priced out forever, rarely available, priced to sell!!!”

Assessment: $1,149,100

No Photo

No Description

#3) Address:4875 SKYLINE DR, Canyon Heights, North Vancouver

March 21 V938400 $1,595,000
April 19 V938400 removed
April 21 V944869 $1,498,000 $-97,000 -6%
May 04 V944869 $1,458,000 $-137,000 -9%
Open House: May 19, 20
May 23 V944869 removed
May 28 V952821 $1,750,000 $155,000 10% 20%

This is an amazing listing.  They buy the place less than a year ago for $960,000 and do a renovation.  I’d be shocked if they put $100,000 into it based on the description and pictures and they then list it for $635K above what they paid for it.  No interest and multiple price drops over a period of 2 months.  They then pull the listing, raise the price by $300K and almost $800K over what they paid for it and they have the nerve to put “priced to sell fast” in the description!  Good luck.

Assessment: $1,094,100 and sold Aug 11, 2011 for $960,000

Panoramic view of Lions Gate Bridge, city & water. Enjoy this gorgeous fully renovated stylish home. New roof, new kitchen, new floor &new bathrooms. Infloor radiant heating with heat recovery ventilation system, double glazed brand windows, hardwood floors, too many details to mention here. Beautiful open plan great for your parties. This house present 4 bdrms, 3 full baths, living room & rec room. Entertain your family & your guests here. Family friendly & one of the most prestigious area in North Vancouver. Come & See it for your self. The property is gated with a FLAT driveway & giant grassy yard for the children to play in. Very quiet area. Handsworth Sec School catchment area. Call LS for showing. Priced to sell fast.

#4) Address:# 211 1166 MELVILLE ST, Coal Harbour, Vancouver West

April 28 V946151 $499,000
May 16 V946151 removed
May 26 V952478 $590,000 $91,000 18% 18%

Assessment: $565,000

Exceptional Value 2 bedroom townhome in Coal Harbour! Perfect for investor or first-time buyer. Spacious 947 sqft with 2 bedrooms, 2.5 baths, with private patio & secure entry from courtyard. Updated with laminate floors, freshly painted, window blinds, new washer/dryer. Steps to Robson St shopping, Burrard Skytrain, community centre, seawall & parks. Well maintained building has exercise room, sauna & hot tub, entertainment room, on site manager. 1 Parking & 1 Storage. Pets & rentals welcome.

#5) Address:11820 97TH AV, Royal Heights, North Surrey

May 12 F1212435 $350,000
May 29 F1212435 $410,000 $60,000 17% 17%

Assessment: No assessment

Fully serviced lot. No HST. Build your dream home. Check with City Hall for all the details. All measurements are approximate, buyer to verify.

#5) Address:11808 97TH AV, Royal Heights, North Surrey

May 12 F1212437 $350,000
May 29 F1212437 $410,000 $60,000 17% 17%

Assessment: No assessment

Fully serviced lot. No HST. Build your dream home. Check with City Hall for all the details. All measurements are approximate, buyer to verify.

The Weekly Flip Flop – May 25, 2012

We’re back with the weekly flip flop tracking homes that were increased by the largest percentange over the past week. Special honours go to realtor Ken Xu who shows great consistency with his two properties coming in at #4 and #5 and his hopefully soon to be famous “Bonus:price sell.” slogan.

#1) Address:4571 PENDLEBURY RD, Boyd Park, Richmond

May 11 V949535 $1,088,000
May 24 V949535 $1,398,000 $310,000 28% 28%

This one won’t last… offers will be received before 11:59am on May 14th if there is any… Nope… nothing… ok, let’s raise it by $300K…  Good one Nancy Li.

Assessment: $1,103,100

Fantastic redevelopment opportunity in Boyd Park. This huge, 8,910 square foot property on prestigious Pendlebury Road, one of West Richmond’s most exclusive addresses, presents the perfect opportunity for a high end builder or descent purchaser wishing to build a custom dream home. Pendlebury Road, a quiet street close to schools, community centre, shopping and golf, is home to some of Richmond’s most luxurious residences and building lots here are in high demand. Value is in the land, sold “as is, where is.” This one won’t last. Open Sunday, May 13th, 12-2pm. All offers will be received before 11:59am May 14th if there is any.

#2) Address:1549 W 59TH AV, South Granville, Vancouver West

March 14 V936996 $2,188,000
April 23 V936996 removed
May 02 V946851 $1,790,000 $-398,000 -18%
May 14 V946851 removed
May 21 V951528 $2,138,000 $-50,000 -2% 19%

Assessment: $1,738,200

South Granville – move in ready! Recent updates include high-efficiency furnace & A/C, brand new hot water boiler, insulation, Ethernet in rooms and full renos on main & upper floors. Perfect home for a growing family. This lovely home features 6 bedrooms: 3 up, 1 on main and 2 down, 5 skylights that open for extra fresh air, laminate over original hardwood, italian faucets, stainless steel appliances, big deck and yard, separate laundry up and down and 2 car garage. Same tenant for over 10 years, Magee Secondary/McKechnie Elementary School catchment.

#3) Address:6777 145B ST, East Newton, Surrey

May 12 F1212480 $554,000
May 25 F1212480 $654,000 $100,000 18% 18%

Assessment: $640,000

Big lot & house w/2 Suites (2+1) in Basement. Spacious home with 4 Bedroom and 3 bathroom up & 1 Bedroom and 1 bathroom on main. Double staircase with expensive chandeliers and open concept. Bonus 2nd spice kitchen on main. Ample parking infront. Large backyard. Quiet location & yet within walking distance to temple (gurudwara) & bus.

#4) Address:6671 AZURE RD, Granville, Richmond

March 09 V920542 $1,880,000
March 14 V920542 removed
March 19 V938069 $1,880,000 $0 0%
May 12 V938069 $1,550,000 $-330,000 -18%
Open House: May 19, 20
May 23 V938069 $1,780,000 $-100,000 -5% 15%

“Bonus:price sell”…  Offers on May 20… no offers?  ok, raise price.  Ken Xu took this right out of Nancy Li’s playbook and this was so brilliant that he did it with the #5 listing as well

Assessment: $1,649,000

Bonus:price sell.Open house on SAT19th & SUN 20th.1:00-3:00PM.all offer present before sunday(May20)5PM. New house with 5 bedrooms and 5 bathrooms. Walking distance from main library, Minory Park, skytrain and Richmond Centre shopping mall.

#5) Address:3651 BLUNDELL RD, Quilchena, Richmond

March 15 V937282 $1,888,000
May 05 V937282 $1,830,000 $-58,000 -3%
May 12 V937282 $1,550,000 $-338,000 -18%
Open House: May 19, 20
May 23 V937282 $1,790,000 $-98,000 -5% 15%

More “Bonus:price sell.”  Ken Xu has the winning formula

Assessment: $1,817,000

Bonus:price sell.Open house on SAT&SUN. 1:00-3:00PM.all offer present before this sunday (May.20tBRAND NEW LUXURY HOME in Quilchena with Top Quality!! Featuring 3,621 SF of High Standard of Workmanship & Finishing. 5 Bedrooms are ensuited!! Two vaulted ceiling that one is the living room and other is the family room, rarely designed like this! Grand foyer w/ beautiful chandelier. Gourmet kitchen w/ granite island, wok kitchen, built-in cabinets, beautiful H/W floor. Central air-cond, HRV, radiant heating, central vacuum, & electric gate, 2-5-10 warranty. Walk to the dyke. Do not be fooled by “on Blundell”. This is a very quiet & less traffic area!! Drive by to prove it! Show with Pride!! Open House Sat & Sun,

The Weekly Flip Flop – May 18, 2012

We’re back with the weekly flip flop tracking homes that were increased by the largest percentange over the past week and we’re tracking a new little nugget of information, the open house.  This will make it easier to see price manipulation as it relates to open houses and also generally open houses indicate that the seller is more anxious to sell when compared to someone who throws on a listing at some price hoping to catch something.  Open house information is as of yesterday so previous open houses will not appear.

#1) Address:# 208 5430 201ST ST, Langley City, Langley

March 09 F1129385 $365,000
May 12 F1129385 $256,900 $-108,100 -30%
May 15 F1129385 $356,900 $-8,100 -2% 39%
Open House: May 19

Assessment: $359,000

CORNER STAIRFREE 3 bdrm condo is the ultimate in space & features at award winning Sonnet. 1501 sqft and loaded with extras: full size independent Double Garage, huge storage locker a few steps away, open style kitchen & living room with large granite island, wine rack, eating bar & deep drawers. High quality Italian fixtures, Plus wet bar or veggie sink with granite counter & additional cabinets. 2 balconies each with retractable screen door. Air conditioning. Luxurious ensuite with rain shower & almost new walk-in jetted (safe step) tub. Spacious foyer for gatherings or wheelchairs. 9′ ceiling. State of the art gym with 3 plasma TVs, library, party room. One level living with space you need, luxury you deserve.

#2) Address:8168 SELKIRK ST, Marpole, Vancouver West

May 04 V947485 $1,680,000
May 16 V947485 $2,280,000 $600,000 36% 36%
Open House: May 19

Assessment: $1,652,000

Prime Location! Well kept quality over 3400 sqft home in desirable Marpole area. Great family floor plan & 4 large bedrooms up with 3 full baths (2 ensuites). Spacious main floor with formal LR and DR, office, large family room and sunny kitchen. Bright basement can be one bedroom suite with separate entrance. Bonus 3 car garage. School catchment: Churchill Secondary School. Open House on SAT 2-4pm

#3) Address:19400 SILVERHOPE RD, Hope Silver Creek, Hope and Region

March 09 H1104241 $199,000
May 02 H1104241 $219,900 $20,900 11% 11%
May 18 H1104241 $249,900 $50,900 26% 26%

Raising the price until he gets a taker?  Brilliant…

Assessment: $155,000

Build your dream home on this private secluded 4+ acre forest of majestic cedar, Douglas fir and hemlock. Flat plateau for building site with most services including water, power, gas and telephone. Septic site has been approved and geotech report available. Large acreage yet close to town ready to build with driveway in.

#4) Address:630 E 19TH AV, Fraser, Vancouver East

March 09 V935623 $959,000
March 16 V935623 removed
May 17 V950628 $1,199,000 $240,000 25% 25%
Open House: May 17 and May 19

Assessment: $1,037,600

Opportunity knocks! Unbelievable double lot price and location in Vancouver Hot Main-Fraser area. Approved sub-dividable two 24.75’x122′ lots. RS-1 zoning. Selling At Lot Value Only! This property is perfect for builders, developers – with potential upside, as well as custom home owners, very affordable lot in central location of Vancouver! At this price, you can afford to build your dream home! Note: House is livable. Open House Sat May 19th, 2-4pm.

#5) Address:2351 W 34TH AV, Quilchena, Vancouver West

March 21 V938134 $2,998,800
April 30 V938134 removed
May 02 V946713 $2,480,000 $-518,800 -17%
Open House: May 6
May 17 V946713 $2,998,800 $0 0% 21%

Assessment: $2,718,000

Excellent value! Exceptionally well-maintained 7 bedroom character home in prestigious Quilchena, sitting on a 60x 130 SF lot. Floor plan available. No oil tank, certificate available. Mountain & City view potential with new build.Central location close to shopping, transit and the best schools Vancouver, has to offer! OPEN HOUSE .Sat, May 06, 2012 from 2:00 – 4:00pm.