Real Estate Vancouver Price Drop West Vancouver Spotlight – July 20, 2012

Vancouver Price Drop

Documenting Vancouver real estate price movements

West Vancouver Spotlight – July 20, 2012

1 Comment Posted by on July 20, 2012

Here are the top 10 properties currently listed in West Vancouver with the largest overall drop in asking price since early March

Some Highlights

  • It takes a 19% drop to make this top 10, the same as last month and higher than the 15% from two months ago
  • Last month the #1 drop was 29% and this week top spot is 31%
  • British Properties is the top area in the list with 3 listings in the top 10 drops
  • 2 of the 10 listings are now listed below assessment

Address:5347 KEW CLIFF RD, Caulfeild, West Vancouver

March 09 V906191 $12,980,000 $0 0%
April 11 V906191 $9,980,000 $-3,000,000 -23%
June 14 V906191 removed
June 23 V958265 $8,998,000 $-3,982,000 -31%

Assessment: $8,286,000

A magnificent luxury Waterfront home situated on one of West Vancouver’s most sought after streets. Offering over 5,300 sq. ft. of outstanding luxury & detail throughout on all 3 levels. Large entertainment size rooms including a feature curved staircase with wrought iron railings, all French doors leading onto spacious walk-out patios with wonderful outdoor swimming pool & jacuzzi. This beautifully appointed luxury home features a World Class International kitchen, separate den or office, theatre room, wine cellar & a simply gorgeous Master suite. Fully gated & landscaped with breathtaking views!


Address:4611 WOODBURN RD, Cypress Park, West Vancouver

March 15 V937107 $3,388,000 $0 0%
April 11 V937107 $3,188,000 $-200,000 -6%
April 24 V937107 $2,888,000 $-500,000 -15%
May 01 V937107 $2,688,000 $-700,000 -21%
Open House: May 20, 27
Open House: Jun 03, 10, 24
June 29 V937107 removed
July 02 V959849 $2,398,000 $-990,000 -29%

Assessment: $2,279,000

This 58,806 sq.ft. (1.35 acre) property offers total privacy with awesome ocean views. The gated entrance leads to a private rock bluff setting overlooking the views from Lion’s Gate Bridge to Vancouver Island. This spacious 5615 sq. ft home offers 3 bedrooms, 3 bathrooms, vaulted ceilings, sun drenched decks and a master bedroom with spa like ensuite. Perfectly located near Caulfeild Village, Rockridge High School and Caulfeild Elementary. This home offers a 3 car garage and indoor swimming pool to complete the package.


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

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.


Address:5339 MONTE BRE CR, Upper Caulfeild, West Vancouver

April 30 V946490 $2,598,000 $0 0%
May 01 V946490 $2,398,000 $-200,000 -8%
Open House: May 20, 27
May 24 V946490 removed
May 26 V952477 $2,198,000 $-400,000 -15%
Open House: Jun 03, 10, 17, 20, 24
Open House: Jul 01
July 05 V952477 $1,998,000 $-600,000 -23%
Open House: Jul 08, 15

Assessment: $1,699,000

A stunning 3600 sq ft, completely renovated, 3 level home with breathtaking views, on a landscaped, easy care property just blocks to schools and mall. A bright open floor plan showcasing the views while creating a fabulous entertaining conditioning, custom designed chef’s dream kitchen with an 8 ft square island, as well as formal spaces for every king of entertaining! Upstairs features a large and gracious master bedroom with spa-like ensuite, as well as two other generous sized bedrooms. Downstairs media room boasts wall to wall oak cabinets, a custom fireplace, bedroom and storage room. See you at the open on Sunday!


Address:2922 PARK LN, Altamont, West Vancouver

March 09 V911708 $12,800,000 $0 0%
March 22 V911708 removed
May 10 V949010 $9,980,000 $-2,820,000 -22%

Assessment: $4,863,000

WATERFRONT VILLA situated on a private bluff with panoramic water views. Offering three spacious floors, all with direct water views, and a wonderful open floor plan providing access to outside terraces, manicured gardens and your own private beachside oasis..featuring five generous Bedrooms incl. a large top floor Master suite and stunning Bathroom. A full Gourmet Kitchen, entertainment size Dining & Living room. Music Room and Family room. On the lower garden level an Office and Exercise Gym easily convert into 4th & 5th Bedrooms and a fully equipped Media/Games room.


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%
Open House: Jun 16

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!


Address:3529 MATHERS AV, Westmount, West Vancouver

March 09 V924752 $4,188,888 $0 0%
April 12 V924752 removed
April 21 V944692 $3,980,000 $-208,888 -5%
May 26 V944692 $3,688,000 $-500,888 -12%
June 29 V944692 $3,288,000 $-900,888 -22%

Assessment: $3,412,000

A Sensational, almost new 5500 SQ FT, 5 bedroom, 8 bathroom home in sought after West Bay with good City and Ocean Views. Walk to Erwin Park Elementary School & the Beach. This luxury home features a large gourmet kitchen, large family room and elegant living and dining areas. The upper level features four bedroom suites including a lavish Master Suite with private patio overlooking the ocean. Enjoy a fully finished lower level with Games Room, Wine Room and Gym plus bedroom for nanny. Other features of this finely detailed home include beautiful hardwood floors, state-of-the art security system, hot tub, exercise room, wine cellar, triple garage, heated driveway. Best value in the Westmount/West Bay area…


Address:369 MOYNE DR, British Properties, West Vancouver

March 09 V928600 $3,998,000 $0 0%
March 28 V928600 $3,688,000 $-310,000 -8%
May 19 V928600 $3,498,000 $-500,000 -13%
June 30 V928600 removed
July 05 V960032 $3,199,000 $-799,000 -20%

Assessment: $2,593,000

A spectacular custom res sit on a level estate in Lower BP’S with over 6700 sqft on 3 levels. Beautifully appointed w/4 lg bedrooms & an amazing plyrm up incl a sensational master suite w/high ceilings, separate S/A, lg W/I closet & spa-like ensuite. Mn level feat rich H/W flrs, lg picture windows, elegant foyer, Chef’s island kit, brkfst bar, dry pantry & custom cabinets, adj FR w/built-in media centre – all opening out through French & Eclipse drs to patio w/outdoor BBQ & sunfilled priv gardens. Down has fabulous media/theatre rm, lg rec rm w/wet bar, games area & guest bdrm. Soaring ceilings, S/S system, skylights, 3 roaring F/P’s, level motorcourt & 2-car garage. Child’s paradise! Simply stunning! Irreplaceable value!


Address:2785 CHELSEA CS, Chelsea Park, West Vancouver

March 09 V927538 $2,488,000 $0 0%
March 16 V927538 removed
April 04 V940862 $2,280,000 $-208,000 -8%
June 12 V940862 $1,998,000 $-490,000 -20%

Assessment: $2,154,000

Huge 35,153 sqft property with spectacular panoramic ocean view from Downtown, Lions Gate Bridge to Kits & UBC! Wanting to build your dream home? Or is a major renovation more to you liking? Live on the comfortable renovated lower levels while your plans take shape, or rebuild the top floor to create a truly spectacular home. Situated on a magnificent 35,000+sq ft property with panoramic ocean views of the City, Lions Gate Bridge, Stanley park & UBC. It doesn’t get better than this. This is a wonderful opportunity to buy that large view property where you can one day build your dream home!


Address:340 SOUTHBOROUGH DR, British Properties, West Vancouver

March 09 V919542 $4,088,000 $0 0%
April 03 V919542 $3,698,000 $-390,000 -10%
May 10 V919542 removed
May 19 V951089 $3,695,000 $-393,000 -10%
Open House: May 24, 27, 31
Open House: Jun 03, 10
June 13 V951089 $3,495,000 $-593,000 -15%
Open House: Jun 17, 24
July 05 V951089 $3,295,000 $-793,000 -19%
Open House: Jul 08, 12, 14, 15
July 17 V951089 removed
July 20 V962823 $3,295,000 $-793,000 -19%
Open House: Jul 22

Assessment: $2,292,000

Gorgeous Hollingsworth Home on a 21,000 sq ft private property overlooking Capilano Golf & Country Club. Thoughtful open plan ideal for entertaining featuring a wall of sliding doors connecting the interior with patios, decks, & mature landscaping beside the 17th Green & 18th Tee of Canada’s finest Golf Club! The energy, beauty, & quality of this British Properties estate must be seen to be truly appreciated. Fabulous modern finishing masterfully designed for all principle rooms to face the golf course/gardens & flood with natural light throughout the day. Downsize without compromise or customize, add square footage, & create your dream family home. Here is your opportunity to own a renowned Russel Hollingsworth Home in an irreplaceable setting.

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COMMENT:

When one looks at % drops in these High End areas, one is talking about  a L-O-T of money.

West Van has always been an interesting enclave. The North Shore has been predominantly a Caucasian population.

North Van was usually middle class and upper middle class.

West Van, however , had this wealthy high – roller reputation. Many who lived there where nouveau riche, the type that made it big on some stocks they bought etc. Several years ago I met  a fellow who was a tradesman, a drywaller. As we chatted he said that one of his ventures was to find homes in West Van whereby these nouveau riche’ types had gone belly up, and then  buy the foreclosed house, at  below market price. He would then go in and spruce it up and flip it.

What I foresee now is that West Vancouver is simply far too pricey…(and believe me you do get bored of the water /ocean view after a while,….not worth the premium…only a good selling point to the next sucker). Demographically, we are seeing  an older crowd desperate to sell and them slowly realizing that the Offshore money is GONE……. and there are no buyers in other demographic groups that will pay these prices..which the major price drop reflects. The prices ranges are at quite a spectrum….

This one @Address:815 ANDOVER CR, British Properties, West Vancouver is the cheaper one, and has cut almost a $1 million of its asking price…..in 2 months.

Many of the  other properties are seeking a very limited clientele which may no longer exist.

What does the future hold ? Hard to say, but don’t be surprised if West Van becomes a major league victim of this Housing bubble.

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