Real Estate:New Price Changing Champion – May 29, 2012

New Price Changing Champion – May 29, 2012

4 Comments Posted by on May 29, 2012

We have a new price changing champion who in a little more than 2 months has changed their price seven times, six drops and one increase, and is now on their 3rd MLS number.  The second entry was highlighted last time as an honourable mention with five drops in five weeks and three already half way through May and now they are up to six drops in seven weeks and four in the month of May.

#1) Address:# 208 5388 GRIMMER ST, Metrotown, Burnaby

March 09 V927330 $304900 $0 0%
March 13 V927330 $299900 -$5000 2%
March 29 V927330 removed
March 31 V940335 $294900 -$10000 3%
April 13 V940335 $291000 -$13900 5%
April 17 V940335 $287000 -$17900 6%
May 02 V940335 $283000 -$21900 7%
May 14 V940335 removed
May 17 V950692 $287000 -$17900 6%
May 26 V950692 $279900 -$25000 8%

Assessment: $248,200

The PHOENIX – Brand NEW ready to move in, HST Paid. Quiet END unit with mountain view located in Metrotown area. Open concept layout with 9′ ceilings. Finishing include granite countertops, undermount cabinet lighting, stainless steel appliances, laminate flooring, insuite laundry. Parking & storage. Just a short walk to the skytrain, 20 minutes to DT or 2 minutes to Metrotown, next to Fitness World & close to shopping & restaurants. 2-5-10 warranty. All sizes & ages are approx only. Buyer to verify.

#2) Address:# 125 3 RIALTO CT, Quay, New Westminster

March 31 V940336 $369900 $0 0%
April 12 V940336 $359900 -$10000 3%
April 21 V940336 $350000 -$19900 5%
May 02 V940336 $340000 -$29900 8%
May 12 V940336 $334900 -$35000 9%
May 17 V940336 $329900 -$40000 11%
Open House: May 21
May 24 V940336 removed
May 28 V952824 $328900 -$41000 11%

Assessment: $322,000

The Rialto at the Quay. Lovely, spacious East facing garden apt. 2 bed/2 bath with tons of upgrades(surrounded by lagoon & serene landscaping) Open floor plan great for entertaining. Stunning kitchen with granite back splash & counter tops, stainless steel appliances, new lighting, island with huge pantry for storage, plus breakfast area. Nicely renovated bathrooms. Living room with cozy fireplace in living/dining room. Laminate flooring in living area with tiled flooring in kitchen and bathrooms. Great location. No rentals & pets allowed with restrictions. Walk to Quay market, shuttle bus next door. Open House: Saturday, May 26th & Sunday, May 27th 2-4pm.

The Weekly Drop – May 28, 2012

16 Comments Posted by on May 28, 2012

Here is the latest edition of the Weekly Drop and only two of the properties are listed below assessment although I suspect that in the coming months you’ll see more and more properties listing below assessment.

Update: The #1 listing was actually a different property using the same address so has been removed



#2) Address:1526 CHARTWELL DR, Chartwell, West Vancouver

April 27 V945860 $3,890,000 $0 0%
May 23 V945860 $2,800,000 $-1,090,000 -28%
Open House: May 26, 27

Assessment: $2,388,000 and sold Feb 7, 2011 for $2,188,000

showing May 25 ,May 26 1:30PM-4:00 PM offer start Monday

#3) Address:13878 30TH AV, Elgin Chantrell, White Rock

March 09 F1204060 $1,788,000 $0 0%
April 18 F1204060 $1,680,000 $-108,000 -6%
May 16 F1204060 removed
May 26 F1213708 $1,339,000 $-449,000 -25%
Open House: May 26

Assessment: $1,292,000

LOCATION, LOCATION! Nestled in a cul-de-sac shared with only one other home. On the edge of a protected forest in West Elgin. As you enter a warm two sided fireplace greets you and beyond that through the large windows all you see is private greenspace. The large master with an exceptional ensuite is on the main floor. Up is a huge games room with separate entrance (great for a nanny or older family member). All bedrooms are a generous size. A custom built home with a great family friendly layout with loads of storage space! A 3 car garage plus lots of extra parking. This is an idyllic location in an excellent neighborhood. Chantrell Creek and Elgin Park school catchments. A stunning property!

#4) Address:8140 SUNNYWOOD DR, Broadmoor, Richmond

March 09 V915995 $1,680,000 $0 0%
May 14 V915995 removed
May 24 V951819 $1,288,000 $-392,000 -23%
Open House: May 27

Assessment: $1,506,000

Solid house nestled in sought-after Sunnymede Subdivision – most exclusive & tranquil neighbourhood. Surrounded by million $$ homes. Centralize location, close to all amenities: school, public transit, shopping malls & recreation center. Beautiful corner & rectangular lot, not to be missed! Live in or bring in your renovations ideas; hold for investment or build later. School catchment – Ferris Elementary & Richmond High. All meas are approx & buyer to verify if important. Open House: Sun, May 27th, 2-4 PM.

#5) Address:2529 264 ST, Otter District, Langley

March 09 F1116719 $1,295,000 $0 0%
May 26 F1116719 $995,000 $-300,000 -23%

Assessment: $737,000

A large family would love this home. Close to all amenities of city yet private with rural feel. 2.37 acres double and single garage. Beautiful Aldergrove rural home. Family custom-built, one owner, set well back from the road with gated entry. Quiet, peaceful, private. Large 2 bdrm unauthorized suite. Custom cabinets throughout, large room, lot of space.

#6) Address:# LOT 1 COSY COVE, Belcarra, Port Moody

March 09 V903884 $390,000 $0 0%
May 02 V903884 removed
May 25 V952163 $299,900 $-90,100 -23%

Assessment: No Assessment Available

Wow! Very rare one plus acre waterfront lot in Balcarra’s Cozy Cove, a development of 10 nature lots. Great western exposure with lots of sunshine and trees. Water access only with possible dock share, but you can hike in on the Jug Island trail – only 20-30 minutes. Great place for an almost in the city wilderness cottage. Not often can you find secluded local waterfront for under $300K.

#7) Address:5540 PARTHENON PL, Eagle Harbour, West Vancouver

March 09 V930920 $2,998,000 $0 0%
April 04 V930920 $2,750,000 $-248,000 -8%
May 02 V930920 $2,498,000 $-500,000 -17%
May 25 V930920 removed
May 28 V952953 $2,349,000 $-649,000 -22%

Assessment: $1,836,000

Enjoy stunning views from this semi-waterfront 4 bedroom family home! This West Coast contemporary home features over 4,000 sq ft of spacious living area on 3 levels, walls of windows and balconies across each floor. Become an exclusive member of ‘P.P.O.A.’ and be a ‘participant owner’ of approximately 1/2 hectare of incredible waterfront property, in addition to this property. This is the only lot of the 15-lot subdivision that touches the private waterfront retreat. Access the property by a private roadway shared with only one neighbour. A great location close to many amenities, the Horseshore Bay ferries and minutes to Eagle Harbour Elementary and Rockridge Secondary!

#8) Address:# 47 3960 CANADA WY, Burnaby Hospital, Burnaby

March 14 V936828 $349,900 $0 0%
March 28 V936828 $328,800 $-21,100 -6%
April 28 V936828 $314,900 $-35,000 -10%
Open House: May 20
May 23 V936828 removed
May 28 V952738 $275,900 $-74,000 -21%

Assessment: $259,200

Beautiful, spacious 1 bedroom corner unit with it’s own private entrance & large patio, rarely becomes available in Lodges in popular Cascade Village. Nicely kept unit.Wood burning fireplace gives a country style feeling to this cozy apartment. Top of the line new appliances, newer hot water tank & in suite laundry. Complex has a very nice recreation facility with indoor pool, weight room, 2 theater rooms & party room looking out to landscaped green area. This kind of unit rarely becomes available.

#9) Address:35021 FISHER PL, Hatzic, Mission

March 09 F1202526 $480,000 $0 0%
April 18 F1202526 $410,000 $-70,000 -15%
May 01 F1202526 removed
May 23 F1213391 $380,000 $-100,000 -21%

Assessment: $452,000

is priced over $70,000 Below Assessed Value and offers immediate possession. 3 Huge Bedrooms up plus Big landing for library/office. Main floor has big family room off kitchen plus sep. living/Dining area. Lots of parking and access tobackyard. Garage almost 34′ Deep with Separate access to full unfinished Bsmt, 2 x 6 const. Shows very well.

#10) Address:7333 BARNET RD, Westridge, Burnaby

April 21 V944674 $999,999 $0 0%
May 05 V944674 $869,900 $-130,099 -13%
May 24 V944674 $795,000 $-204,999 -20%

Assessment: $673,700


As is usually the norm..the High End homes will suffer the biggest% drop.  Historically, areas like West Van can be the hardest hit…as other nouveau riche type tend to buy there and mix in with the old money. However many of the nouveau riche can also go broke overnite.
Duly note the SFH listed have taken 20%+ haircuts(ie lower asking prices)  over 2 months…in the peak buying season.
Regardless, across the board, bidding wars appear over, and the roller coaster ride is now past the peak.
The only question now is how loooowww will it go before it stabilizes.
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