Vancouver Price Drop: The Weekly Drop – June 11, 2012

Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – June 11, 2012


Could this week be some sort of inflection point in the weekly drop?  

In previous weeks the highest % recorded for the 10th place property in the list was a 21% drop and this week we have 17 properties above that level with 10th place coming in at a 23% drop…  In previous weeks we have averaged 3 properties hitting the 25% drop mark and this week we have 7…  

So the message is that if you plan on making this top 10 list in the future you better do more than just drop a few 8′s from the price.


#1) Address:# 216 6359 198TH ST, Willoughby Heights, Langley

May 31 F1214188 $338,800 $0 0%
June 06 F1214188 $238,800 $-100,000 -30%

One sad thing about properties today is that it is very hard to tell if the price is a typo.  Realistically you could make a claim that most prices on the MLS must be a typo due to their disconnect with reality.  In this case I’m not sure – the $338K price was there for a week, you figured they would fix that a little quicker if it was indeed a typo.

Assessment: $219,000 and sold October 14, 2011 for $225,000

No Picture Available

This Rosewood beauty is rarely available! Renos include high end flooring, stainless steel appliances & fresh paint. An exceptionally large, completely private, patio is ready for your new garden. Other features include two secure parking stalls and storage. Excellent location across from Superstore, minutes to bus and shopping mall. A MUST SEE!


#2) Address:815 ANDOVER CR, British Properties, West Vancouver

April 09 V942024 $2,798,000 $0 0%
April 24 V942024 $2,498,000 $-300,000 -11%
May 07 V942024 removed
May 11 V949361 $2,198,000 $-600,000 -21%
Open House: May 26
June 07 V949361 $1,988,000 $-810,000 -29%
Open House: Jun 09, 10

This property is our first returning entry into a top 10 as they hit number 10 spot back in May!  Set your goals higher and aim for #1 spot next time around.

Assessment: $1,589,000

Amazing opportunity to acquire this almost 17,000 sq ft of view property in a prime British Properties location. Outstanding views of City & ocean from almost every essential room. Over 3,200 sq ft of lovely family home has 3 large bedrooms, 3 bathrooms, spacious & bright high ceiling living/dining opening on to a large south facing balcony to enjoy the views and an updated kitchen up & a large family/recreation room, huge nanny/guest room & 2 bathrooms on the lower level. Close to Hollyburn Country Club, Capilano Golf Club & best schools in town. Do not miss this rare opportunity to own this highly sought after property.


#3) Address:# 217 6420 BUSWELL ST, Brighouse, Richmond

May 05 V947909 $189,900 $0 0%
June 07 V947909 $134,900 $-55,000 -29%

Assessment: No assessment available

INVESTORS – this is the perfect apartment as 100% RENTALS ARE ALLOWED. Bright, west facing home with sliding doors to the balcony. Under building parking and storage on the same floor. Maintenance includes management fee, property tax, utility bill, garbage, heat and hot water. Pre-paid lease until 2073. Exceptional location close to shopping, recreation, restuarants and the Canada Line. Immediate possession possible.


#4) Address:# 434 1909 SALTON RD, Central Abbotsford, Abbotsford

March 09 F1205319 $149,900 $0 0%
March 10 F1205319 $139,900 $-10,000 -7%
April 14 F1205319 $129,900 $-20,000 -13%
June 01 F1205319 removed
June 09 F1214948 $109,000 $-40,900 -27%

Assessment: $127,200

Super 3 bedroom apartment investment for first time purchase or for the smart investor. Centrally located within easy walking of shopping, restaurants, recreation facilities, schools and the bus route. Top floor with lots of natural light and large size bedrooms. Master bedroom with walk-in closet and ensuite bathroom. At this price it will not be around for long.


#5) Address:# 22B 12849 LAGOON RD, Pender Harbour, Sunshine Coast

March 09 V918042 $289,000 $0 0%
June 06 V918042 $215,000 $-74,000 -26%

I believe this is our first time-share style property since they are only selling 1 week per month.  I think they have realized that their window of opportunity to sell this place is getting smaller and smaller

Assessment: No Assessment Available

For the time it takes to drive Whistler: Special penthouse unit close to golf, hiking and bike trails located at the “Painted Boat” Resort and Spa on the waterfront in beautiful tranquil Madeira Park, a 40min ferry from N. Vancouver. No worries, everything is taken care of by an experienced management team who offer 5 star service. Management handles rentals, cleaning and watching over your new investment. The resort includes an outdoor pool and hot tub overlooking the ocean, and a spa facility which rivals none. This top floor plus loft unit is comprised of two spacious bedrooms and two baths, large open plan with high vaulted ceilings, two patios overlooking the water and sunsets, west coast beams, hardwood floors with radiant infloor heating, granite countertops. quality bathroom fixtures and comes fully furnished with exquisite top of the line furnishings. Perfect for a large family (sleeps 8) or 2 couples who want to invest together. Quarter share: is 1 week a month. Call now to view.


#6) Address:# 205 15154 ROPER AV, White Rock, White Rock

March 09 F1201946 $395,000 $0 0%
April 09 F1201946 $375,000 $-20,000 -5%
May 02 F1201946 $345,000 $-50,000 -13%
June 09 F1201946 $295,000 $-100,000 -25%

30% below assessment, ouch!

Assessment: $438,000

Best located unit in THE SAND DOLLAR! S.side, great SW ocean view & Mt Baker to E. HDWD flrs on main, open plan kitchen. Bed on main + master up. Rec.room.up is ideal for TV/family room. Hot water/gas FP inc. in maint. fee. Steps from 5 corners, bus, school & shops.


#7) Address:# LT 18 ORCA RD, Pender Harbour, Sunshine Coast

March 09 V932788 $97,000 $0 0%
April 27 V932788 $88,000 $-9,000 -9%
June 09 V932788 $72,900 $-24,100 -25%

Assessment: No Assessment Available

Large, level, sunny 1/3 ac +/- lot, all services includes sewer at lot line in desirable Daniel Point area. Very close to the swimming lakes, ocean trails. Fully serviced under $100,000 on the Sunshine Coast is great value. No HST.


#8) Address:11760 MELLIS DR, East Cambie, Richmond

April 25 V945449 $2,199,000 $0 0%
May 01 V945449 removed
May 03 V947093 $1,988,000 $-211,000 -10%
May 23 V947093 $1,799,000 $-400,000 -18%
June 04 V947093 removed
June 07 V954891 $1,679,000 $-520,000 -24%

Does anyone understand the “Absolutely no showings to Builders pls” comment?  This place has “Maple cabilnets”, “full honme theatre”, “sound ptoof suites” and is close to “Vaneouver”…

Assessment: $1,532,000

Absolutely beautiful home built by reputable builder Heritage Lane Homes. This home is on a Picture Perfect Tree lined street in one of the nicest neighborhoods of the East Cambie area. Maple cabilnets, top of the line appliances, granite counters, gorgeous finishings throughout This home comes with all the bells and whistles including A/C, HRV system, 120 inch screen with full honme theatre, designer colors with open concept layout. South facing backyard with your very own putting green and 2 sound ptoof suites generating $1500/month. Show with confidence as this is one of the nicest houses in the entire Cambie area and is a stones throw from Vaneouver. Absolutely no showings to Builders pls. Serious buyers only.


#9) Address:# TH6 8160 LANSDOWNE RD, Brighouse, Richmond

March 24 V939119 $788,000 $0 0%
April 05 V939119 $686,000 $-102,000 -13%
Open House: May 20, 26
June 06 V939119 $598,000 $-190,000 -24%

Assessment: $603,000

Three level, three bedroom townhouse with home office on the ground floor. Best place to start your home business. Across from popular Lansdowne Mall and Skytrain, steps to Kwantlen University, PRADO, built by Appia, reputable builder & developer. Balance of 2-5-10 New Home Warranty. Amenities include Fitness Centre, Sauna, Steam Room, Games Room & Guest Suite. Open Saturday May 26. 3:30-5:00 pm.


#10) Address:13452 25TH AV, Elgin Chantrell, White Rock

March 09 F1201705 $2,588,000 $0 0%
April 03 F1201705 removed
April 12 F1209006 $2,288,000 $-300,000 -12%
June 09 F1209006 $1,998,000 $-590,000 -23%

Assessment: $1,996,000

French Country Home, Simply*Wonderful lot. Steaming with sunshine 39,901 sqft South Facing*Tennis Court, lots of lawn, for children..soccor or playgrounds, in a quiet cul-de Sac.5 minute walk to Elgin Secondary and Chantrell Creek Elementary. Big home with 7 bedrooms, Space for a nanny on the third floor or in-Laws, visitors*Roof top deck for sunbathing in privacy. 5 full bathrooms located with bedrooms. Main floor 1800 sqft. is All family living space, office, den, music room, formal dining room, Big Country Kitchen-eating area and family room. Easy to view*good workshop in Bsmt 200 amp service. Backs onto green belt, very sunny, and bright property south facing.

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COMMENT:

Listing # 3  :   I used to live near these, built in late 1960’s. The price was already cheap, relatively speaking but has declined further. 100% rentals allowed ? Implies it is run -down and will be subject to  much wear and tear…a full time owner would not want to live in this scenario, as most multi family units either prohibit or restrict rentals. Or, it will tend to attract lower income residents . The wording also seems to imply it is LeaseHold.  Coming full circle that likely explains the asking price…its not just the money but other factors.

Listing # 8 : People should learn to draft and edit and S-P-E-L-L. This is quite the (bad) invite to come and look at this house. The asking price was way over assessment.  Also……  LOCATION ….LOCATION….. LOCATION !!!   This will come back to haunt many. The MacMansions are built in just about every neighbourhood that exists in Metro Vancouver. They are literally a dime a dozen..overpriced . In a housing bust, these will end up rooming houses, people will want mansions in exclusive areas. Again, another result of speculation in a boom market.

Listing # 9 : Original asking price was way over 2012 assessment, current asking price is below 2012 assessment. Buyer appear to be in sheer panic, likely a speculator.  This area , in one of the higher density areas of Richmond, has far too much competing product available or potentially available within close proximity.

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