Vancouver Price Drop (PART 1)

Vancouver Price Drop (PART 1)

NOTE:   I will COMMENT on each of these individually. Note these are my “opinions” only.

Documenting Vancouver real estate price movements

The Weekly Drop – August 6, 2012

Leave a Comment Posted by on August 6, 2012

Here are the 20 properties that dropped their price the previous week AND have dropped the largest percentage overall from their original asking price.

Some highlights for this week:

  • 24 listings dropped to a cumulative total of 20%+ this week and 8 hit 25% this week
  • Region breakdown is an amazing 6 in Vancouver West, and 2 in Vancouver East (both in the top 6 overall), Mission, Sunshine Coast and New Westminster
  • 6 of 16 with assessment info are listed below assessment
  • #4 is a court ordered sale with extensive mold
  • #9 is an estate sale and is listed about 30% below assessment – how many of these are we going to see in the coming years wanting quick sales regardless of price
  • #11, after coming down $542,000 and 23% in price, is now listed for $82,000 below what they paid for it one year ago
  • #14 is so motivated that they put MOTIVATED SELLER twice in the description

#1 ) Address:12395 STAVE LAKE RD, Durieu, Mission

March 09 F1127786 $429,000 $0 0%
April 24 F1127786 $399,999 $-29,001 -7%
July 25 F1127786 removed
August 02 F1219781 $221,000 $-208,000 -48%

Assessment: $400,066

29.42 Acres: Rural 3 Zone. Not in ALR – McConnel District. Valley and Mountain View. Paved Road Access – excellent building sites available. Former home: Well water & septic. Year round trout filled creek. Include tree and mineral rights.

COMMENT:  Almost 1/2 price sale.  There is always a romanticized lure for Rural property..away from the rat-race. Always walk these properties….see the terrain..much of the land could be useless. Keep in mind you may need to dig a well, no sewers….access to power may be expensive.  Go to City Hall and seek out any/all permits issued, or any lingering issues. notes “former” house…why did they not build a new home ?

#2 ) Address:14120 TRITES RD, Panorama Ridge, Surrey

March 09 F1203674 $1,980,000 $0 0%
March 22 F1203674 removed
March 23 F1207274 $1,189,900 $-790,100 -40%
June 23 F1207274 $1,139,000 $-841,000 -42%
August 02 F1207274 removed
August 04 F1220063 $1,089,000 $-891,000 -45%

Assessment: $1,017,000

PANORAMA RIDGE – Private Estate – 5191 sqft, 1.41 ACRE 2 storey w/basement. Great STREET APPEAL. Situated on a very private treed road. Spacious floor plan with 20′ vaulted ceilings in both family & living room (features grand stone fireplace), hardwood & tile flooring throughout main. Large ‘gourmet’ kitchen + additional spice kitchen & large W/I pantry. Up – Large master with private patio, full ensuite & soaker tub, an additional 4 oversized bedrooms are also located upstairs. Down – Is currently partially finished, potential for optional media/recreation and/or gym. Back – Features a very private view of the valley + densly treed location. Call now to arrange a viewing.

COMMENT: Looks quite new, yet almost 1/2 price ?  Dropped $800,000 in 2 weeks? This is a nice area of Surrey .  However, the lot looks like it is quite sloped. Assessment , made in mid 2011 was likely  lot value at the time. Likely a “spec house”  that the builder got stuck with.

#3 ) Address:31834 BENCH AV, Mission BC, Mission

March 09 F1118831 $1,150,000 $0 0%
June 13 F1118831 removed
June 14 F1215554 $829,900 $-320,100 -28%
July 12 F1215554 $799,900 $-350,100 -30%
July 31 F1215554 $769,900 $-380,100 -33%

Assessment: $758,000

Stunning mountain and valley views, this Mission home is situated high on a hill in a super quiet neighborhood of exclusive properties and Mission Golf & Country Club. Lots of house here with over 5300 sqft, 8 bdrms, 7 bathrms plus office with separate entrance, perfect for home based business! Triple car garage, spice kitchen, huge covered (3) sundecks are a few of the many extras in this home. Fabulous layout with great room, huge kitchen perfect for entertaining and loads of window for the amazing views. There is room for everyone here, very unique home!

COMMENT: When I see such a large discrepancy between Assessment and Asking…good sign its a quick -flip speculative buyer.  As a rule, I would find out what the last owner paid and when. Then perhaps correlate market history over the last 5-10 years. I may suggest that one use the lowest prices in the last 10 years be used as a base reference, the increases are simply speculative.

#4 ) Address:12470 BLUE MOUNTAIN CR, Northeast, Maple Ridge

April 02 V940681 $698,000 $0 0%
August 03 V940681 removed
August 06 V965433 $475,000 $-223,000 -32%

Assessment: $526,000

CAPE COD ON 1 ACRE! Nice curb appeal to this home with upstairs bedroom dormer windows. Lots of parking, double enclosed garage, nifty brickwork at the front, large covered sundeck at the back, off the dining and living room areas. Main floor has huge living and dining rooms, family room with gas fireplace, kitchen with wood cabinets and island, large laundry room. Two half baths on this level. Upstairs are 4 bedrooms, a full bathroom, and a full ensuite off the master. The basement is part and unfinished. Court Order Sale, as-is, extensive damage to home throughout, mold, etc. view photos on Realtor website before requesting a viewing. Check with your bank for financing first, as the home is without an occupancy permit.

COMMENT: Mould may be indicator of a grow -opp….as there is also no occupancy permit. May be a good buy if the buyer drives a hard bargain and the cost of renovation/restoration is below what an undamaged house would sell for. Or, the property may only be worth LOT value aka  a new home would cost less than fixing it up. 

#5 ) Address:1925 E 49TH AV, Killarney, Vancouver East

July 08 V960968 $980,000 $0 0%
August 02 V960968 $699,000 $-281,000 -29%

Assessment: $654,400

Excellent location and back lane access great neighborhood. One bus to UBC & easy access to downtown, Richmond & Burnaby. Good for first time buyer & investment. This is a great home in great area price to sell so call your personal viewing today. All sizes and ages are approx only. The Buyer should not rely upon listing information without Buyer independently verifying the information.

COMMENT:  Another large drop.However, I like the Killarney area, quite a nice area in East Van. Price for SFH is approaching that of a condo. The house looks like an old timer with renovations, at least on the exterior. However, it is on 49th ave..a main arterial street.

#6 ) Address:3390 E 46TH AV, Killarney, Vancouver East

March 29 V939819 $1,250,000 $0 0%
April 09 V939819 $1,150,000 $-100,000 -8%
June 16 V939819 $1,030,000 $-220,000 -18%
July 30 V939819 removed
August 02 V964701 $899,000 $-351,000 -28%
Open House: Aug 05

Assessment: $906,700

Meticulously kept by proud owner of 36 years. This sparkling home features gleaming Hardwood floors in the Livingroom with border inlay, wood burning fireplace and continued oak flooring in hallway and bedrooms. Cozy, open kitchen and 4 pc bathroom. Full basement with almost 8′ height can easily be suited. Situated in prime Killarney on a large, south exposed rear yard (46.5 x 122). Please allow minimum 24 hours notice. Open House August 5th, Sunday 2-4pm

COMMENT: I like  “occupied by owner” for several years…often a hidden gem , well – maintained . Older home….seems much is original(ie windows). Old homes usually indicate lot value(most of value is in the lot) ..the house is a bonus,and if well maintained, even better. The photo is bit deceiving , taken at an angle, to give the lot appearance of being larger.

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

November 01 V918042 $289,000 $0 0%
June 06 V918042 $215,000 $-74,000 -26%
August 03 V918042 $214,500 $-74,500 -26%

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.

COMMENT: No thanks….its a time share. Even  if it was fee simple strata, its cheaper in the long term to ” rent” , and walk away,  and not be paying all the extra carrying costs. Do the math to see what it costs to own ie share  for only 1/4 of the year.

#8 ) Address:1909 TRAFALGAR ST, Kitsilano, Vancouver West

March 09 V931179 $1,880,000 $0 0%
March 13 V931179 $1,790,000 $-90,000 -5%
March 26 V931179 removed
March 31 V940272 $1,790,000 $-90,000 -5%
April 18 V940272 $1,688,000 $-192,000 -10%
May 18 V940272 $1,628,900 $-251,100 -13%
Open House: May 19
Open House: May 26
Open House: Jun 02
June 13 V940272 $1,574,500 $-305,500 -16%
Open House: Jun 21
Open House: Jun 24
June 23 V940272 $1,499,000 $-381,000 -20%
Open House: Jun 26
Open House: Jul 07
July 14 V940272 $1,449,900 $-430,100 -23%
Open House: Jul 14
August 04 V940272 $1,398,000 $-482,000 -26%

Assessment: $1,208,800

Legal Duplex Home w/ Three (3) Suites has been Meticulously maintained & Upgraded. Improvements too numerous to list, incl Major Compontents, drain tiles to roof, wiring, plumbing, furnace, h/w tanks (2) etc. Each suite has own bike/storage locker.The Top Suite: 2 Bdrm & Den on 2 levels / incl private balcony (w/ Water & Mountain Views) & fireplace. The Main floor: 1 Bdrm & Den w/ X-Large Deck & Fireplace. Third Suite: 2 Bdrm Garden Level (Above Ground). This is a ’10′ for the savvy INVESTOR Excellent Revenue Over $5,000 per mth. Great Tenants! A truly rare find. Steps to the Beach, Transit to Downtown & University, Shops & Resutrants Too. Call Lisa for Pixilink Floorplans & Brochure with Full Details. Open House Saturday July 14th 2:00 – 4:00 pm.

COMMENT:   Again, another asking price much higher than assessment, but major drop close to last assessment. If its a rental, even with good tenants, it could still be a headache. Would you live here? or are you the landlord type? May be good for large extended family. Are they “LEGAL suites”..that could be another hassle.

#9 ) Address:# 214 815 4TH AV, Uptown, New Westminster

February 23 V933454 $158,500 $0 0%
March 20 V933454 $154,900 $-3,600 -2%
April 20 V933454 $149,900 $-8,600 -5%
May 12 V933454 $148,000 $-10,500 -7%
June 01 V933454 $139,900 $-18,600 -12%
June 21 V933454 $129,900 $-28,600 -18%
July 31 V933454 $119,900 $-38,600 -24%

Assessment: $172,100

Norfolk House in Uptown New Westminster. Spacious layout with renovated kitchen and wheelchair-friendly bath, laminate wood floors and outdoor balcony. Huge living room can take the big screen TV and a formal dining room. Great building amenities like indoor pool, shared laundry, central hotwater heat, and covered parking. Well maintained building recently re-plumbed and re-roofed. Note the large size for a 1 bdrm suite : 767 sq ft. BC Assessment value for 2012 is $172,100 . Great value estate sale. Quick possession. Move-in condition. And convenient location close to transportation, shopping, schools and library.

COMMENT:  “One bedrooms” are not that popular, though even the original asking price is less than assessment.  For someone looking to call anything home..this sits at approx. $120,000. Must be more than meets the eye..perhaps high – cost repairs due soon ?  Many of us call such small square footage less than 900 sq.ft as shoe boxes…just enough room to live, but not much more.

#10 ) 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%
Open House: Jun 09
Open House: Jun 16
July 31 V952738 removed
August 06 V965295 $265,888 $-84,012 -24%

Assessment: $259,200

OPEN HOUSE: SUNDAY AUGUST 5TH, 2-4. Beautiful spacious 1 bdrm corner unit with its own private entrance and 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 appliances, newer hot water tank, in suite laundry. Complex has a very nice recreation facility with indoor pool, weight room, two theatre rooms & party room looking out to landscaped green area. This kind of unit rarely becomes available.

COMMENT: Another condo……which should make one wary re the leaky condo syndrome.

Latest asking price approaching Assessment. IMHO, even “repaired” leaky condos won’t last…..simply poor design in a wet climate.

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