Vancouver Price Drop (PART 2)

Vancouver Price Drop (PART 2)

 NOTE: Again, as in PART 1, these are my” Opinions”

#11 ) Address:4490 BLENHEIM ST, MacKenzie Heights, Vancouver West

March 09 V924620 $2,380,000 $0 0%
May 14 V924620 removed
June 14 V956324 $1,998,000 $-382,000 -16%
Open House: Jun 16
August 03 V956324 $1,838,000 $-542,000 -23%

Assessment: $1,716,000 and sold May 30, 2011 for $1,920,000

BEAUTIFUL BIG LOT AT CORNER of W 29TH AVE & Blenheim in PRESTIGIOUS MacKenzie Heights area! Lot Size 56.10X122, UPDATED home with newer kitchen & S/S appliances, newer flooring & bathrooms, newer double-glazed windows, functional layout with 4 generous sized bdrm up, elegant living & dining rm, 2 bdrm suite in bsmt is great for mortgage helper. CLOSE TO ST. GEORGE’S & CROFTON HOUSE PRIVATE SCHOOLS, PW HIGH SCHOOL, UBC, shopping & transit. To hold or build a 4790 sf new home, MUST SEE!

COMMENT: Bought in May 30, 2011 for $1,920,000 ? Then attempt to flip for $2,380,000 in March 09 2012  ? Greater Fool Award?….looks like panic…major price cut….be lucky IF they even “break even”.

#12 ) Address:# 5 1483 BEACH AV, West End, Vancouver West

March 09 V903565 $7,500,000 $0 0%
April 08 V903565 removed
April 18 V944049 $6,900,000 $-600,000 -8%
May 30 V944049 $5,999,000 $-1,501,000 -20%
June 20 V944049 $5,899,000 $-1,601,000 -21%
July 31 V944049 $5,799,950 $-1,700,050 -23%

Assessment: $3,967,000

Imagine an Italian Penthouse villa on Beach Avenue & private rooftop terrace overlooking Sunset Beach & English Bay… Boutique style luxury designed by Paul Merrick with giving you a sense of intimacy, privacy & security un-paralleled in Downtown Vancouver. A true work of art — Offering the epitome of world class living that exudes the utmost quality, high end finishes, craftsmanship, custom millwork & attention to detail throughout. Located minutes from English Bay, Vanier & Stanley Park, Sunset Beach, gourmet restaurants and shops.

COMMENT:  Water-views, locations and Architects are over-rated.

A short walk and a short drive will get you there to something similar here in BC  ….and enjoy for free , albeit short term, without paying outrageous prices. Obviously a speculator….has dropped the asking price but is still asking approx. $2 Million over assessment. Classic ” more money $$$$  than brains”.

#13 ) Address:# 207 436 7TH ST, Uptown, New Westminster

March 09 V935146 $154,900 $0 0%
May 17 V935146 $138,800 $-16,100 -10%
Open House: May 21
Open House: Jun 03
Open House: Jun 09
Open House: Jun 16
Open House: Jul 01
June 30 V935146 removed
July 05 V960072 $129,900 $-25,000 -16%
Open House: Jul 15
August 04 V960072 $119,900 $-35,000 -23%

Assessment: No Assessment Available

Nicely renovated 461 sf, 2nd floor bachelor suite in Prime Uptown New Westminster location close to parks, shopping, recreation & transit. This lovely suite features open plan, laminate floors, newer paint, updated kitchen, appliances,& bathroom & lovely balcony. Built-in Murphy bed included. Storage & assigned parking included. Pets & rentals allowed with restrictions.Easy low cost living.

COMMENT: Bachelor suite = NO bedroom…basically one big room….. with a separate bath “room”.       “Affordable”..but how easy to sell? The market ultimately determines the TRUE value and price

#14 ) Address:2793 W 20TH AV, Arbutus, Vancouver West

March 09 V928858 $1,688,888 $0 0%
May 16 V928858 $1,555,000 $-133,888 -8%
Open House: May 20
May 31 V928858 removed
June 09 V955499 $1,488,888 $-200,000 -12%
Open House: Jun 16
Open House: Jun 23
Open House: Jun 24
July 04 V955499 $1,355,000 $-333,888 -20%
Open House: Jul 14
Open House: Jul 15
Open House: Jul 21
Open House: Jul 22
July 31 V955499 $1,310,000 $-378,888 -22%

Assessment: $1,385,300

Well kept home in MacDonald/ W 20th Ave., renovated since 2001 with new windows and coverings, new water tank and a 2.5 year new roof, new deck, new H/W flooring on main. Close to PW Secondary & Trafalgar Elementary. Mortgage helper suitekitchen downstairs, separate entrance. Must see to appreciate. All sizes and ages are approx only. The Buyer should not rely upon listing information without Buyer independently verifying the information. MOTIVATED SELLER. Open House: Sat & Sun July 14th & 15th, 2-4 PM. BIG BLOWOUT SALE! MOTIVATED SELLER.

COMMENT:  The Capitalized letters MOTIVATED SELLER” …” BIG BLOWOUT SALE! ” etc….. reeks of desperation….aka another party who bought at the peak and thought they could flip it ? ……..even though the difference between Assessment  and March listing price is not huge compared to other examples.  This looks like a classic case of a live- in owner who fixed it up,(ie 2001 was a low point in the market)… put in a suite…and now wishes to cash in. Most likely buyer will be someone who will demolish the house and build new….aka I personally have seen this many times…ie the money invested in renovations is ultimately wasted..the house is purchased at LOT value.

#15 ) Address:2575 W 7TH AV, Kitsilano, Vancouver West

March 09 V933326 $1,790,000 $0 0%
May 01 V933326 removed
May 04 V947401 $1,689,000 $-101,000 -6%
Open House: May 19
Open House: May 20
Open House: May 26
Open House: Jun 03
Open House: Jun 10
Open House: Jun 17
Open House: Jun 24
Open House: Jul 07
Open House: Jul 14
July 16 V947401 removed
August 04 V965253 $1,398,000 $-392,000 -22%
Open House: Aug 04
Open House: Aug 05
Open House: Aug 07
Open House: Aug 11
Open House: Aug 12

Assessment: New at time of assessment

Brand new front unit in this beautiful 3 unit complex in Kitsilano with an exclusive south facing front yard, perfect for summer BBQs. Features an open floor plan with 1,721 sqft living area, 3 bedrooms upstairs, 2.5 bathrooms, and 1 underground parking with a unique turntable parking feature! This home features quality luxury finishes, excellent craftsmanship & woodwork throughout, high coffered ceiling, Wainscot panelling, and rich hardwood wide plank flooring. Gourmet kitchen features granite slab countertops and stainless steel Viking appliances. Convenient location, close to restaurants, shopping, schools, and beaches. Under 2-5-10 Home Warranty. Strata plan shows 1,628 sqft.

COMMENT: Note the details: You don’t get the whole house….it has been stratified. While it may not be clear, what often happens is older Single Family Homes (aka built in 1930’s or older) can be renovated and subdivided into a strata set -up, ie such as a “unit” on each level IF much of the exterior look and framing is retained.  The benefit is the owner-developer can achieve more square footage than if they demolished the home and started  a new..this retains the heritage aspects…..though barely.

#16 ) Address:# 31 5303 204TH ST, Langley City, Langley

April 20 F1209827 $229,900 $0 0%
May 11 F1209827 $219,900 $-10,000 -4%
June 06 F1209827 $209,900 $-20,000 -9%
July 04 F1209827 $199,900 $-30,000 -13%
August 04 F1209827 $179,900 $-50,000 -22%

Assessment: $245,100

Great starter home in Central Langley City, popular McMillan Place. 3 bedrooms, 2 bathroom with some updated laminate flooring. Fenced backyard with patio, good location in complex, does not back any roads. Roof is 7 yrs old. Close to schools, shopping and transit.

COMMENT: Another strata , and one of the larger ones ie (3) bedrooms. Another relatively cheaper unit (as opposed to new), yet continual price drops. Note the latest asking price is less than last assessment.

Someone is bailing,…..the reasons are numerous ( ie divorce?….estate sale?….job relocation…. ??? etc.)

#17 ) Address:1243 DUCHESS AV, Ambleside, West Vancouver

May 05 V947868 $1,490,000 $0 0%
Open House: May 27
June 08 V947868 $1,430,000 $-60,000 -4%
June 21 V947868 $1,388,000 $-102,000 -7%
Open House: Jul 01
July 19 V947868 $1,288,000 $-202,000 -14%
August 04 V947868 $1,188,000 $-302,000 -20%

Assessment: $1,153,000

Fantastic, Ambleside view property, character older cottage home. Developers take note, move in or take down & build that dream home. Cannot beat this location. Large lot with back lane for another entry or garage. A very liveable home with 3 bedrooms, 2 baths & views out front of Lions Gate Bridge, Stanley Park & the ocean with beautiful views from backyard. Walking close by to Ambleside beach & parks, Park Royal Shopping, Marine Drive Shops, and the Pacific Ocean. Quiet property with tons of potential. OFFERS are encouraged. Price adjusted, now below appraised value.

COMMENT: Another “high” original sale price when compared to Assessment…as it is now listed close to last years assessment. Personally, I love these old homes, so much warmth, character and craftsmanship if only “mimimum” renovations. However….the sales pitch sounds a bit desperate.

#18 ) Address:3008 MARINE DR, Southlands, Vancouver West

June 28 V959053 $2,488,000 $0 0%
Open House: Jun 30
Open House: Jul 01
Open House: Jul 07
Open House: Jul 08
July 11 V959053 $2,280,000 $-208,000 -8%
Open House: Jul 21
July 31 V959053 $1,988,000 $-500,000 -20%

Assessment: $1,029,500

Fabulous Victorian-style residence built with exceptional quality of dry timber and finished with elegant British-style hardwood floors, wood panels and mouldings. Secure south facing extra large backyard has enough space to accommodate children’s soccer games and parents’ dream patio set. Below semi-attached garage for two facing the backyard located unique workshop space. This home is located in the center of prestigious neighbourhood area just steps away from parks and three golf courses, as well as only minutes away from Crofton House School, Kerrisdale Elementary and UBC. Must see to appreciate.

COMMENT: I have driven by this house on way to UBC  over the years, it always caught my eye. However… price wise,……the asking price is waaaayyyy over the assessed price. Indications are it was bought and a “flip” attempted…hope someone buys it that keeps and appreciates the old house.

#19 ) Address:6101 SILVERSTONE LN, Sechelt, Sunshine Coast

January 23 V927288 $499,900 $0 0%
August 01 V927288 $399,900 $-100,000 -20%

Assessment: No Assessment Available

Only 30 families will have the luxury of calling Silverstone their Home. Morning walks on the beach offer stunning ocean, island and mountain views. An adjacent park provides the perfect picnic spot. Late afternoon brings a gentle breeze off the Pacific accompanied by spectacular evening sunsets as dusk settles in. Immersed in a truly unique West Coast landscape of trees, rocks, mountains and water. Silverstone residents will be able to enjoy an oceanfront community found few places on earth – and establish a family legacy that can be passed down for generations.

COMMENT: Not much of a description….and the price drop does not “seem” that severe. However, one still needs to take a ferry, and I think more and more that people will shy away from real estate access dependent on Ferries. Believe me….one will get bored with the ocean and mountain views,…. after a while the novelty wears off…….it is much like staring at a picture.

#20 ) Address:18737 54TH AV, Cloverdale BC, Cloverdale

March 09 F1203187 $2,499,900 $0 0%
June 22 F1203187 removed
July 31 F1219669 $1,999,999 $-499,901 -20%

Assessment:  $1,352,000

6 Lot subdivision. Ready to go. View lots in an area of Million Dollar plus homes. This is the last large parcel in the area. Call for lot layout and info package. Passed 3rd reading.

COMMENT:  Doesn’t say the lot size, , but like all the other examples….obviously it is not that popular,as it hasn’t sold. I wouldn’t even consider buying  it until it passed 4th reading. These more rural areas with such high asking prices would appeal to some rich party who likes the rural lifestyle, hobby farmer… but such wealthy parties are a decreasing demographic.  If it is an entire UNsold 6 lot subdivision up for grabs…somebody is going to lose their shirt.

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