Vancouver Price Drop The Weekly Drop – August 27, 2012

Vancouver Price Drop

Documenting Vancouver real estate price movements

The Weekly Drop – August 27, 2012

11 Comments Posted by on August 27, 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:

  • 30 listings dropped to a cumulative total of 20%+ this week, 13 hit 25% and 9 hit 30% this week (previous record was 5!)
  • One home that did not make the list is MLS F1211519.  This home in Mission was purchased in 2007 for $540,000 and is now listed for $452,900.  What makes this even more remarkable is that it recorded 8 price drops in August (7 of those were $1K drops) and 11 price drops overall.
  • Region breakdown is Richmond, Mission, New Westminster, Vancouver East and Vancouver West all with 2 listings
  •  10 of 16 listings with Assessment information are now listed below assessment
  • 2 newly built homes on the list
  • #1 “WILL ACCEPT TRADES”…  seriously?
  • #2 in an effort to omit potential buyers decided to say “The Vendor will not accept any offers to purchase from any individual that is an employee of Toronto Dominion Bank or any of its subsidiaries or affiliated corporations”.  There could be legal reasons for this, I would hope this is the case!
  • #5 starts off with “finish this home” and is sold as-is where-is
  • #6 “Bring your offer, must sell!”
  • #7 is a lease hold
  • #15′s building had 3 units sold last year for an average of 4% below assessment.  #15 is currently listed at 22% below assessment.
  • #16 “WANTED: CREATIVE BUYER”
  • #19′s complex had 7 units sold last year for an average of 2% below assessment.  #19 is currently listed at 36% below assessment
  • #20 “**Note original property size has been eroded by river.**”.  Nice to know that you’ll likely see your future home floating down the Fraser on the news one day

#1 ) Address:9267 188TH ST, Port Kells, North Surrey

March 09 F1129462 $1,788,000 $0 0%
March 17 F1129462 removed
May 29 F1213865 $1,399,000 $-389,000 -22%
July 24 F1213865 $1,150,000 $-638,000 -36%
August 24 F1213865 $1,089,000 $-699,000 -39%

Assessment: $1,171,000

INVESTOR ALERT! IN THE PORT KELLS NCP FOR FUTURE DEVELOPMENT. Over an 1.22 acres of flat and usable land. In the mean time, a huge, gorgeous home perfect for the property owner and their family, or a terrific revenue property to rent out. Many updates to the house include flooring, paint, etc and 3 generously-sized rooms with an additional, massive rec room. Very quiet area with tons of yard for kids, entertaining, hobbies or your landscaping dreams. Double garage for working on the car(s), woodworking and all your other activities. WILL ACCEPT TRADES.


#2 ) Address:18700 RIVER RD, East Richmond, Richmond

April 26 V945639 $1,210,900 $0 0%
May 23 V945639 $1,139,750 $-71,150 -6%
June 21 V945639 $1,110,900 $-100,000 -8%
July 24 V945639 $779,900 $-431,000 -36%
August 23 V945639 $756,900 $-454,000 -37%

Assessment: $841,800

2.26 AC (99,752 sq ft) acreage on River Rd in North Richmond. Easy access to Vancouver via Knight Street Bridge & Hamilton (East Richmond) featuring all amenities & large shopping centre. Excellent holding property, 3 bedroom house tenanted. Hold now or build your dream home. The Vendor will not accept any offers to purchase from any individual that is an employee of Toronto Dominion Bank or any of its subsidiaries or affiliated corporations”


#3 ) Address:# 404-D 2020 LONDON LN, Whistler, Whistler Pemberton

December 23 V922939 $115,000 $0 0%
March 09 V922939 $90,000 $-25,000 -22%
June 06 V922939 $79,000 $-36,000 -31%
August 25 V922939 $72,900 $-42,100 -37%

Assessment: $74,100

No Picture

The newest and most modern of all quarter-share in Whistler…Short walk to ski-lifts, restaurants and stores. Fantastic amenities, including pool, steam, sauna, jacuzzi. All the luxury and convenience for a quarter of the cost. Clean modern, functional with that ‘new’ feeling to this spacious condo in Whistler’s Creekside neighbourhood. This one-fourth interest allows owners to use or rent out their property for one week per month throughout the year with a 2-week bonus every four years at Christmas.


#4 ) Address:29939 LOUGHEED HY, Mission, Mission

March 09 F1203459 $749,000 $0 0%
May 09 F1203459 removed
May 16 F1212737 $739,000 $-10,000 -1%
July 13 F1212737 $699,000 $-50,000 -7%
July 19 F1212737 $625,000 $-124,000 -17%
August 11 F1212737 $560,000 $-189,000 -25%
August 22 F1212737 removed
August 23 F1221363 $499,000 $-250,000 -33%

Assessment: $487,000

Very private setting for this home on almost 1 acre in the Silverdale area. Second home on property along with 5 bay detached garage with loft area (heated, water and 200 amp service). Updated kitchen, huge master bedroom and nice patio area.


#5 ) Address:5995 BARNACLE ST, Sechelt, Sunshine Coast

March 09 V900099 $699,000 $0 0%
March 09 V900099 removed
May 10 V949122 $749,000 $0 0%
August 22 V949122 $499,000 $-250,000 -33%

Assessment: Building Unfinished

Finish this home – Panoramic Views of the Strait and Trail Islands from this 2 storey executive home with bonus rm over the garage. Home is currently under construction and is being sold as is. The home features a spacious open plan, kitchen with granite counter tops are installed roughed in for a gas f/p, drywall is 99% complete, baseboard and crown mouldings installed, 5 ensuite with spacious Master bdrm, one bedroom fully self contained suite with private entrance, concrete drive and landscaping. Just waiting for your finishing touches, flooring, plumbing and electrical fixtures Short walk to shopping, rec center and schools


#6 ) Address:232 11TH ST, Uptown, New Westminster

June 22 V958012 $429,000 $0 0%
July 17 V958012 $319,000 $-110,000 -26%
August 21 V958012 $288,000 $-141,000 -33%

Assessment: $319,000

No Picture

Vacant lot in the brow of the hill. 30.5′ x 108.0′: 3300.1 sq ft. Legal: Lot 4 & 5 Except: Firstly: Parcel “A” (Explanatory Plan 8684); Secondly: Parcel “B” (J25408E) of Lot 43 Suburban Block 5 Plan 2620. Priced below assessments $319,000!!! Bring your offer, must sell! Full brochure available.


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

May 05 V947909 $189,900 $0 0%
June 07 V947909 $134,900 $-55,000 -29%
August 25 V947909 $129,900 $-60,000 -32%

Assessment: No Assessment

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, water, garbage, heat and hot water. Pre-paid lease until 2073. Exceptional location close to shopping, recreation, restuarants and the Canada Line. Immediate possession possible.


#8 ) Address:2888 PANORAMA DR, Deep Cove, North Vancouver

March 09 V892989 $12,998,000 $0 0%
April 24 V892989 $10,998,000 $-2,000,000 -15%
August 22 V892989 $8,990,000 $-4,008,000 -31%

Assessment: $5,947,000

This magnificent WF estate on over 1/2 acre above Indian Arm’s most dramatic cliff & rock formations. This res is wrapped in 270 degrees of coastline vws. Exquisitely crafted, taking 6 painstaking yrs to perfect offering 12,922 sqft w/milled beams, slate roof, crafted w’dwork, natural stone & hardw’ds, vaulted ceilings, timber & steel beam constr, stone FP’s, Chef’s kit w/breakfast bar, EA, adj FR, grand DR priv study. Kids paradise down w/custom I/D bsketb’ll ct, state-of-the-art theatre, fabulous billiard rm w/wet bar, games rm w/professional dart board & air hockey arena. Most incredible hidden passage to a Old World wine cellar & guest accomm. BBQ centre, manicured lawns/gardens & OD F/P. A stunning work of art!


#9 ) Address:1537 E 5TH AV, Grandview, Vancouver East

March 09 V923259 $895,000 $0 0%
April 08 V923259 removed
April 12 V942434 $793,000 $-102,000 -11%
June 07 V942434 removed
June 09 V955548 $789,000 $-106,000 -12%
June 15 V955548 $759,000 $-136,000 -15%
June 30 V955548 $729,000 $-166,000 -19%
July 24 V955548 $699,000 $-196,000 -22%
August 11 V955548 $679,000 $-216,000 -24%
August 24 V955548 $629,000 $-266,000 -30%

Assessment: $686,000

25×122 / 3050sq.ft. lot just half a block to Commerical Drive on 5th Ave. Fantastic location. Duplex property with RM-4 zoning. For sale by court order. All measurements are approx. Buyer to verify. Property sold as-is where-is. Restore the duplex home (circa 1912) or build new. Vibrant community. Easy transit connect to UBC, downtown. Call to discuss your new home opportunities!


#10 ) Address:5358 KEW CLIFF RD, Caulfeild, West Vancouver

March 09 V922782 $4,870,000 $0 0%
March 13 V922782 $4,380,000 $-490,000 -10%
April 03 V922782 $3,990,000 $-880,000 -18%
Open House: Jun 03
June 16 V922782 $3,750,000 $-1,120,000 -23%
July 14 V922782 removed
August 25 V968044 $3,468,000 $-1,402,000 -29%

Assessment: $2,437,000

Unique, sophisticated, quietly elegant, handcrafted, naturally beautiful- you’ll be captivated by this home & the lifestyle! Kew Cliff known as one of West Vancouver’s most sought after waterfront cul-de-sac. Situated on a private gated 20,000 sqft fully landscaped estate, this classic heritage style custom built residence has been designed using the highest attention to detail quality & finishing. Boasting over 6000? sqft on 3 levels, where all principal rooms open onto entertainment size concrete patios with amazing sunsets unobstructed ocean views of Passage Island, Bowen Island and out the mighty pacific to Vancouver Island & Nanaimo.


#11 ) Address:3403 W 41ST AV, Dunbar, Vancouver West

February 03 V929605 $3,688,000 $0 0%
June 23 V929605 $3,399,000 $-289,000 -8%
July 18 V929605 $3,350,000 $-338,000 -9%
August 23 V929605 removed
August 25 V967928 $2,688,000 $-1,000,000 -27%

Assessment: $2,469,000

Well appointed custom European design home approx 6000 SF. Double lot 66×169′ south facing in prime Dunbar area! This is not a cookie cutter home. European builder using very best European meter & throughout. A newly renovated chef’s dream kitchen w/granite countertops, commercial grade stainless steel appliances, solid hickory wood cabinets & pantry plus too much to mention. Total 12 bedrooms including a legal suite & loft. 8 bathrooms, 3 car garage with 5 uncovered parking spaces. Lifetime warranty on metal roof! Beautiful solid granite water fountain welcomes you to this very special property & classic home! Public open Sun Sept 9, 2-4pm or call for your very private viewing. Thank you!


#12 ) Address:212 GIFFORD ST, Queensborough, New Westminster

January 20 V926966 $1,300,000 $0 0%
April 05 V926966 $1,150,000 $-150,000 -12%
August 15 V926966 removed
August 26 V968185 $968,000 $-332,000 -26%

Assessment: $746,000

Another fine new luxury home! Built in 2008 over 6000 SF lot boasts with 3400 SF house, total 6 bedrooms, 5 bathrooms. Still within 2-5-10 new home warranty. You can count on granite counter top, hardwood floors, jet tubs, intimate showering stall, oriental kitchen, wired surround audio system and a 2 bedroom legal suite. Great location! Guaranteed you will love this home.


#13 ) Address:946 GATENSBURY ST, Harbour Chines, Coquitlam

June 08 V955283 $1,054,900 $0 0%
August 23 V955283 $794,600 $-260,300 -25%
Open House: Aug 25

Assessment: $711,900

Updated home on an Estate sized lot in sought after Harbour Chines! This 4 bedroom, 2 bathroom Bungalow with basement sits on a 12,369 sqft park like property. A very short walk and your enjoying the ammenities of popular Como Lake! Need a suite? Separate basement entrance makes it possible! Also within walking distance; public, French Immersion, Catholic schools and public transportation. Bring your family to view this terrific home with a perfect yard for kids. New Rapid Transit, all levels of shopping and recreation just minutes away.


#14 ) Address:13019 14TH AV, Crescent Beach Ocean Park, White Rock

March 09 F1203072 $1,688,900 $0 0%
April 08 F1203072 removed
April 23 F1210355 $1,658,000 $-30,900 -2%
June 08 F1210355 $1,558,000 $-130,900 -8%
June 19 F1210355 removed
August 09 F1220334 $1,300,000 $-388,900 -23%
Open House: Aug 11
Open House: Aug 18
August 23 F1220334 $1,280,000 $-408,900 -24%

Assessment: Building Unfinished

Own this Ocean Park luxury brand new home with an AFFORDABLE PRICE. Move in anytime. Beautiful Hardwood floors throughout. Top of the line appliances, upgraded moldings, french country style kitchen with separate pantry. Master suit with a door to a private deck for ocean view; and a huge walk-in closet, huge shower, jetted tub and double sinks. Two bedrooms share a Jack & Jill bath and the fourth bedroom has a full bath only steps away. Each full bath has bright windows. A rock wall in private yard and a private deck off the dining room. You will definitely find lovely surprise everywhere.


#15 ) Address:# 402 8775 CARTIER ST, Marpole, Vancouver West

May 18 V950887 $299,900 $0 0%
Open House: Jun 16
July 17 V950887 $268,000 $-31,900 -11%
Open House: Aug 19
August 24 V950887 $229,000 $-70,900 -24%

Assessment: $291,400

Asking below assessment. Cartier House – quiet and well maintained complex with recent updates to roof, plumbing, boiler, hot water tank, laundry room and lobby area. Spacious top floor SE corner unit facing Marpole Park. Good view from living room, dining room and enclosed balcony. Unit renovated in the past few years with new paint, carpet, cork floors, bathroom fixtures and new kitchen appliances. It also features gas fireplace, double storm windows, 2 skylights, vaulted ceiling hallway, locker room and secured parking. Convenient location to school, shopping centers, restaurants and public transit to Richmond, Airport, UBC, Golf clubs and downtown. Quick possession. All measurements approx.


#16 ) Address:25590 BOSONWORTH AV, Thornhill, Maple Ridge

April 14 V943202 $889,000 $0 0%
May 05 V943202 $759,000 $-130,000 -15%
May 30 V943202 $729,000 $-160,000 -18%
August 17 V943202 $699,000 $-190,000 -21%
August 25 V943202 $679,000 $-210,000 -24%

Assessment: $788,000

WANTED: CREATIVE BUYER – Let your imagination run wild in restoring this home to the showplace it once was. Great price, private setting with a majestic view of the Golden Ears, a huge rec room perfect for the pool table & the kids to play, a games room for your exercise equipment and to top it all a home theatre. A bargain for the do-it-yourself buyer! All measurements are approximate, buyer/buyer’s agent to verify if deemed important. Call today to arrange a personal tour of this property.


#17 ) Address:36436 ENG RD, Dewdney Deroche, Mission

September 23 F1123854 $399,900 $0 0%
July 05 F1123854 $324,900 $-75,000 -19%
August 25 F1123854 $307,800 $-92,100 -23%

Assessment: $402,000

Build your dream home on this flat, private 10 acre parcel. Two paved road frontages, backs on to park land, R-2 Zoning, water licence on property. Sign on property.


#18 ) Address:7039 MAIN ST, South Vancouver, Vancouver East

June 21 V957696 $1,428,000 $0 0%
Open House: Jul 14
Open House: Jul 15
July 24 V957696 removed
July 26 V963792 $1,269,000 $-159,000 -11%
August 21 V963792 $1,100,000 $-328,000 -23%

Assessment: $1,116,000

Rarely available Triplex on 2 legal lots on Main and 54th, Van. 3 kitchens, 2 hot water tanks, 2 furnaces, 3 electric meters. Live in one of the suites and rent the 2 other units. Catchment area of Sexsmith Elementary School and Sir Winston Churchill Secondary School. All sizes and ages are approx only. The Buyer should not rely upon listing information without Buyer independently verifying the information.


#19 ) Address:# 101 3160 TOWNLINE RD, Abbotsford West, Abbotsford

May 14 F1212534 $244,900 $0 0%
June 23 F1212534 $234,900 $-10,000 -4%
August 03 F1212534 $224,900 $-20,000 -8%
August 07 F1212534 removed
August 25 F1221519 $189,900 $-55,000 -22%

Assessment: $294,000

Southpointe Ridge, End unit with 1231 sqft on main floor plus a basement. Double car garage, 2 1/2 bathrooms and 3 bedrooms and a gas F/P. Close to all amenities and all this at a great price…… Easy to show.


#20 ) Address:61599 YALE RD, Hope Silver Creek, Hope and Region

April 28 H1201772 $125,000 $0 0%
August 23 H1201772 $97,000 $-28,000 -22%

Assessment: No Assessment

Prime recreational lot on Fraser River. Adjoining property also for sale. **Note original property size has been eroded by river.**

============================================================================

COMMENT/S

I was going to comment on each of these 20 listings…but that can get tedious…(and as well many of these are repeats that have been noted before). There are some good comments already noted above by the author.

If I had to choose “one” of these…I may have a closer look at # 2…in Richmond , based on my premise that it is  a larger parcel of land, the house is old and likely depreciated to lot value  aka if its 1/2 decent you are effectively getting a free house. This is a rural area, but surrounded by a lot of urban accoutrements..ie with a 10-15 minute drive one can be in Central Richmond…Burnaby….Vancouver, New West….

What is intriguing is the text-descriptions  of these….which probably never would exist if not for a declining market…aka people can get desperate and reveal themselves…a bit too much ?

 

# 20 is interesting…the problem with this is erosion…aka implication is land (and area) is being lost daily . However, given Gov’t rules and regulations, it may not be a simple matter to prevent this (ie add a lot large rocks to the riverbank) without a lot of red tape…you would be surprised !!!

 

Overall, when I see a stale listing, on the market for weeks if not months…it is either overpriced …….and/or the the buyers are simply non – existent (bubble has burst)……….and/or the the building as problems(physical , legal etc.) ……and/or the surrounding neighbourhood .

#  16 ….looks like a party that built too large  house in too rural an area, which is almost always a VERY  bad idea. The buyer may get a deal…but not the seller..there is almost always a greater fool in the chain that gets stuck .

#15 and # 7 seem affordable aka strata, yes….but at least a roof over ones head…but large % price cuts. Wonder what gives? …MUCH more than meets the eye.

 

# 9 and # 14 are unfinished and/or halted reno projects. My experience ?  When we were house shopping several years ago…came across (2) Richmond  homes that were being renovated. One of them was literally gutted with rough plumbing exposed …another was quite amateurish ie “very unique” . Both owners had been working on their home  for years as they had other day jobs. Ultimatelyy  both homes were sold and TORN DOWN..ie the owners work was all for naught.

 

As the saying goes…BUYER Beware….do your homework …develop a good 6th sense (often honed via kicking a lot of tires)…. and one tip to be gleaned is ask ” How long has this property been on the marke … and the prices asked ” ?

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