Vancouver Price Drop

Documenting Vancouver real estate price movements

Category Archives: Whoops

Whoops White Rock Spotlight – September 14, 2012

Here is the new report I mentioned back a few days ago.  I’m calling it the “Whoops” report since it shows listings that would lose money if they were to sell at the current list price compared to what they purchased for a year ago.  I’d say most people, when selling a home for say $500K that they paid $490K for a year earlier would probably say they made $10K on the place but they’d be very wrong.  Between the two transactions they paid over $30K in costs for a loss of over $20K!

Please note that this is a time consuming report with a lot of manual effort.  There could be homes that did not make the list that should have been on it.  Also note that transactional costs are calculated as follows: PTT of 1% on first $100K and 2% on remainder for the original purchase + standard realtor fees of 6.5% on the first $100K + 2.5% on the balance (plus HST) + $4000 for various fees for the two transactions.  It is possible that discount brokerages were used or sellers negotiated better rates.

South Surrey is interesting since there are a lot of completely unrealistic sellers at the moment, much more so than probably anywhere.  There are numerous un-renovated homes that are relisted at $600K+ higher than they were purchased for a year ago.  Of course people are allowed to choose any price and these homes definitely are not moving.  As you can see from this list, lots and attached units are already in the red from a year ago.

#1 ) Address:# 66 14655 32ND AV, Elgin Chantrell, White Rock

March 09 F1202940 $759,000 $0 0%
March 30 F1202940 $754,000 $-5,000 -1%
April 27 F1202940 $748,000 $-11,000 -1%
May 31 F1202940 $737,000 $-22,000 -3%
June 14 F1202940 removed
June 21 F1215982 $719,000 $-40,000 -5%
July 19 F1215982 $698,000 $-61,000 -8%
Open House: Aug 11
September 09 F1215982 $686,000 $-73,000 -10%

Assessment: $659,000
Last Sale: $700,000 on 07/Apr/2011
Total Loss IF sold for list price: 41,808 transaction costs and 14,000 loss on sale = LOSS of 55,808

Elgin Pointe. Well appointed corner end unit Town home located perfectly in the development near the back, very quite and serene. Approximately $30,000 in upgrades!!! Upgrades include; patio area (including new concrete, landscaping and grassy area, all new light fixtures, entirely repainted, all new appliances and all new carpeting. This town house is priced to move as it is available right away. Master and 2nd bedroom on the upper floor with two full baths and another bedroom w/ ensuite in the basement lower level and a games room & den area. All of the living is on the main floor with 9′ ceilings, granite counter tops, loads of kitchen cupboards (large kitchen area) and a breakfast nook and adjoining family room. Wide open plan

#2 ) Address:2779 163RD ST, Grandview Surrey, White Rock

May 15 F1212615 $499,000 $0 0%
August 17 F1212615 $485,000 $-14,000 -3%

Assessment: $472,000
Last Sale: $492,800 on 29/Jul/2011
Total Loss IF sold for list price: 32,036 transaction costs and 7,800 loss on sale = LOSS of 39,836

4565 SF Building lot, ready for BP application. Great area with limited supply of building lots.

#3 ) Address:# 703 1581 FOSTER ST, White Rock, White Rock

September 04 F1122283 $929,000 $0 0%
March 14 F1122283 $899,900 $-29,100 -3%
July 31 F1122283 removed
August 03 F1219976 $899,000 $-30,000 -3%

Assessment: $609,000
Last Sale: $885,000 on 25/Feb/2011
Total Loss IF sold for list price: 51,472 transaction costs and 14,000 profit on sale = LOSS of 37,472

Sub Penthouse in luxurious concrete building, Sussex House. Located uptown in ideal location with North West exposure and over 1200 sqft of private patio. Enjoy the views of ocean, North Shore Mountains and the Hazelmere Valley. 1566 sqft of luxury living with 2 bedrooms, family and living room with floor to ceiling windows. New bamboo flooring and new paint throughout. Kitchen has granite counters, stainless steel appliances and eating area. Quick possession possible.

#4 ) Address:# 81 2738 158TH ST, Grandview Surrey, White Rock

July 24 F1219017 $599,000 $0 0%
Open House: Aug 19

Assessment: $555,000
Last Sale: $598,000 on 13/Jun/2011
Total Loss IF sold for list price: 37,332 transaction costs and 1,000 profit on sale = LOSS of 36,332

Built by Polygon, similar to duplex. Open floor plan. Next to Greenfield. Very private and safe corner unit. Across from new Grandview Heights Elementary school (open 2013). Walking distance to Walmart, Home Depot, Futureshop, London drugs and Morgan Crossing shopping Mall. Short drive to Morgan Creek Golf Course. 7500 sf clubhouse has swimming pool, whirlpool, gym, lounge with billiards, theatre room, party area, meeting room & guest suites.

#5 ) Address:17372 3RD AV, Pacific Douglas, White Rock

May 01 F1211135 $369,000 $0 0%
June 09 F1211135 $355,000 $-14,000 -4%
June 13 F1211135 removed
June 19 F1215886 $354,900 $-14,100 -4%

Assessment: $356,000
Last Sale: $364,000 on 16/May/2011
Total Loss IF sold for list price: 25,817 transaction costs and 9,100 loss on sale = LOSS of 34,917

No Picture

Build you dream home on this Lot. Only lot available that has the Popular South Facing back yard and Green space. Complete Privacy in your back yard. Immediate possession is available and Lot is ready to build. Situated perfectly for the future for access to the Future Park and School. Available with or without Building contract.

#6 ) Address:1436 NICHOL RD, White Rock, White Rock

March 09 F1202799 $382,900 $0 0%
April 27 F1202799 $369,900 $-13,000 -3%
May 24 F1202799 removed
May 29 F1213891 $369,000 $-13,900 -4%
August 01 F1213891 removed
August 03 F1219913 $364,900 $-18,000 -5%
September 11 F1219913 $354,900 $-28,000 -7%

Assessment: $303,400
Last Sale: $364,000 on 02/Apr/2011
Total Loss IF sold for list price: 25,817 transaction costs and 9,100 loss on sale = LOSS of 34,917

Ocean Ridge Town home, Granite surfaces, stainless appliances, Natural gas fireplace, Sleek laminate flooring. Living space streaming with sunlight. Two sliding doors lead out to large patio. 4.5 acre development with 36 homes ON PRIME WHITE ROCK LAND, Siding on Coldicut ravine 3.5 acre City park with Beach access…2 pets welcome…19 yrs + please. Wonderful Opportunity.

#7 ) Address:# 12 15151 34TH AV, Morgan Creek, White Rock

June 30 F1216877 $449,000 $0 0%
September 07 F1216877 $439,000 $-10,000 -2%

Assessment: $397,000
Last Sale: $442,000 on 11/Mar/2011
Total Loss IF sold for list price: 29,732 transaction costs and 3,000 loss on sale = LOSS of 32,732

Sereno’s Best Backing onto Greenbelt & Barber Creek. This 1614 sq.ft 3 Bedroom, 2 1/2 bath Designer townhome is Spectacular. Townhouse living with acreage feel. High end finishing with granite, custom built in Cabinets, S/S Appliances with gas, Rec room down, Your own yard, Split stair-case. This must be viewed.

#8 ) Address:17394 1A AV, Pacific Douglas, White Rock

June 14 F1111942 $749,900* $0 0%
July 30 F1111942 removed
August 02 F1219867 $360,000 $0 0%
August 22 F1219867 $349,900 $-10,100 -3%

Assessment: $365,000
Last Sale: $347,200 on 05/Mar/2011
Total Loss IF sold for list price: 25,341 transaction costs and 2,700 profit on sale = LOSS of 22,641

RF12 lot in SUMMERFIELD. South Surrey, South facing backyard, corner lot. Plans are available. Close to the US Border, beach, golf courses and access to Hwy 99. Quiet street. Great location for strolling.

#9 ) Address:# 2 3109 161ST ST, Grandview Surrey, White Rock

August 14 F1220656 $864,000 $0 0%

Assessment: $811,000
Last Sale: $836,000 on 23/May/2011
Total Loss IF sold for list price: 49,512 transaction costs and 28,000 profit on sale = LOSS of 21,512

Rare opportunity to own the only A1 unit in the complex. All upper bedrooms have exterior access to a deck. One of the largest, brightest units in a most convenient location. 5 bedrooms, 5 baths with 10′ ceilings on main floor and 9′ ceilings upper and lower floors. Excellent appliances in wide open kitchen, tons of cupboards, a gourmet island for food prep, bathrooms and ensuite closets must be seen! You can choose sun or shade all day long. Lower level has extra large spare bedroom, rec room for any games, huge media room, room for wet bar or wine cellar and perfect storage room. Families are enjoying the new pool and exercise center. Custom blinds on all windows. The geo-thermal heat and central air conditioning make the environment comfortable in any weather.

#10 ) Address:# 50 2450 161A ST, Grandview Surrey, White Rock

August 04 F1219989 $364,900 $0 0%

Assessment: $350,000
Last Sale: $357,000 on 14/Jan/2011
Total Loss IF sold for list price: 25,957 transaction costs and 7,900 profit on sale = LOSS of 18,057

Glenmore at Morgan Heights. Upscale showhome. Better than new 2 bdrm, 2 bath corner end unit townhome with big yard and lots of sun. Beautiful home is loaded with upgrades, stone counters, brand new upgraded stainless appliances, custom island extension with microwave and wine cooler, maple cabinets, ceramic tiles and screens and more. Bright open floor plan. THIS UNIT HAS MORE SUN AND YARD THAN MOST UNITS! Resort like Recreation facility has exercise center, swimming pool/hottub, playground and more. Huge tandem garage with custom shelving and cabinets. Award winning extraordinary townhome. Call for your private showing.