REAL ESTATE :Vancouver Price Drop Oct. 2012 ( Part 1 )

REAL ESTATE :Vancouver Price Drop Oct. 2012 ( Part 1 )

******* NOTE: My COMMENTS in BLUE  below ********

Documenting Vancouver real estate price movements

The Weekly Drop – October 1, 2012

5 Comments Posted by on October 1, 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:

  • 46 listings dropped to a cumulative total of 20%+ this week (beating the previous record of 45), 22 hit 25% (smashing the previous record of 14) and 9 hit 30% this week (tying the record)
  • For the first time ever there are homes that have dropped 25% cumulative this week and yet still did not make the top 20!
  • West Vancouver back in front with 4 in the top 20 followed by Vancouver West and Langley with 3 each and Kent with 2
  • 9  of  18 listings with assessments are listed below assessment

#20 ) Address:1490 LUPIN ST, Pemberton, Whistler Pemberton

March 09 V927019 $399,000 $0 0%
April 12 V927019 $379,000 $-20,000 -5%
April 18 V927019 removed
June 28 V959044 $359,900 $-39,100 -10%
September 11 V959044 removed
September 29 V974211 $299,900 $-99,100 -25%

Assessment: $448,000

Currently listed at over 30% BELOW assessment.  ”Bargain Hunters delight!!”  ”This is a handyman special”   “Sold as is.. Where is.”  That’s three different ways to say that this house is a bulldozer special

Bargain Hunters delight!! This is a handyman special, so bring all of your offers on this 4 bedroom home in the Glen in sunny Pemberton. This is a nice floor plan with some vaulted ceilings, master bedroom with ensuite and a 1 bedroombasement suite. Nice Mount Currie views and a close to the Village. Bring your offers! Sold as is.. Where is.

COMMENT: I agree…..and as I noted in a past post, these”Handymen specials” often  turn out to be someones broken dream…they went in with good ambitious intentions and got in way over their heads. It may be salvageable….aka the building shell may be sound….its the mechanical and electrical that may have concerns. Not sure why they kept a large tree so near the house…one good windstorm and that house is toast. IF I was going to place an offer, I would look at LOT value only, and consider the rest bonus.


#19 ) Address:# 69 14550 MORRIS VALLEY RD, Lake Erock, Mission

February 18 F1203321 $109,000 $0 0%
March 14 F1203321 $99,000 $-10,000 -9%
July 11 F1203321 $89,000 $-20,000 -18%
August 28 F1203321 $85,000 $-24,000 -22%
September 26 F1203321 $81,900 $-27,100 -25%

Assessment: $111,000

2 sales last year for an average of 4% ABOVE assessment and this listing is currently 27% BELOW assessment!

Fully serviced, READY TO BUILD, on this 6800+ sqft lot in River Reach Estates. Located next to the very popular Sandpiper Golf Resort and the majestic Harrison River, just 20 minutes to Hemlock Valley Ski Resort. Enjoy year round recreation that surrounds this beautiful area with Golfing, Skiing, Boating, Fishing, Bird watching and much much more. Build your dream home now or hold onto this piece of paradise for your future Recreation or Retirement Plans. CALL NOW you won’t be disappointed.

COMMENT: This one I recall from past posts…..still not sold after 8 months. Its only a Building LOT….but not  a very big one. Always kick the tires…the vibes I get from just reading it is too many restrictions aka in a controlled subdivision, likely a crappy lot ie slops and valleys? Its not like they are asking a million dollars…so….???

#18 ) Address:# 2900 1280 RICHARDS ST, Yaletown, Vancouver West

March 09 V935549 $2,648,800 $0 0%
April 03 V935549 $2,548,800 $-100,000 -4%
April 14 V935549 $2,395,000 $-253,800 -10%
July 26 V935549 removed
August 09 V965537 $2,380,000 $-268,800 -10%
Open House: Aug 10, 11, 12, 17, 24, 26
September 25 V965537 $1,980,000 $-668,800 -25%
Open House: Sep 28, 29

Assessment: $2,462,000

7 sales in this apartment for an average of 1% BELOW assessment.  This unit is currently almost 20% BELOW assessment!  I doubt the owner could have imagined listing this for under $2 million just 6 months ago.

This is the entire 29th floor Of the Grace Residence. With 360 degree city, ocean and mountain views, this beautiful 1 bedroom and den 3 bath home comes with 3 parking and a locker. Has 200 yr old reclaimed pine floors from Quebec. A hand carved limestone gas fireplace that fills the room with warmth. Air conditioning to keep you cool on those hot summer days. Bright & spacious living and dinning area, 48 inch Sub Zero fridge, doublewall ovens and a 5-burner gas cooktop makes this home perfect for entertaining. Amenities include an indoor-outdoor lap pool, a hot tub and sauna a play ground and gym facility. With biometric security systems (thumb print fobs) and a concierge this is a one of a kind wonderful home.

COMMENT: A yes…” YaleTown”…THE place to be for savvy smart sophisticated people ….so WTF ishappened ?  Like many others, they swallowed the Kool Aid…and now are feeling quite ill ?!?. Even with loose lending practices and easy credit, there are only a limted number of WEALTHY people…..it is a very limited market. Obviously, there are not enough wealthy people to pay even the reduced asking price. Its strata, hence you know the program..aka due diligence.


#17 ) Address:16535 TIMBERLINE RD, Pender Harbour, Sunshine Coast

June 01 V953784 $230,000 $0 0%
June 30 V953784 $210,000 $-20,000 -9%
August 10 V953784 $200,000 $-30,000 -13%
August 30 V953784 $180,000 $-50,000 -22%
September 27 V953784 $170,000 $-60,000 -26%

Assessment: $169,400

This one bedroom one bath property offers a peaceful get away from the big city. It is minutes from the Earls Cove ferry, and the treed lot provides all the privacy you could ever want. A view corridor could be opened up to the ocean as the property is bordered on one side by an undeveloped road allowance. Perfect for the couple or family who want a rural retreat without the big price tag.

COMMENT: Again, another one we have seen before. I read BC Ferries are going to increase their fares each year for the forseeable future . Believe me, even a few bucks on Fares  turns people off,  especially vehicular traffic. IMHO, another nail in the coffin on Non Mainland Real Estate


#16 ) Address:25978 60TH AV, County Line Glen Valley, Langley

May 29 F1213898 $1,988,000 $0 0%
July 24 F1213898 $1,700,000 $-288,000 -14%
October 01 F1213898 $1,455,000 $-533,000 -27%

Assessment: Building Unfinished

Half a million and counting knocked off this new build

STEP THROUGH 81/2ft DOUBLE MOHOGANY DOORS INTO LATEST ISSUE OF VERANDA MAGAZINE WHERE OLD WORLD CHARM MEETS MODERN SOPHISTICATION AND ELEGANCE.Two storey 4120sq.ft. on main plus entertainment floor above with 12′ ceilings throughout and stunning beautiful open floor plan.High end kitchen with furniture style recessed doors, 6 burner gas range, thermador fridge,builtin Fisher Paykel double drawer fridge/freezer and double drawer d/w,Blanco deep sinks, Carrera marble counters, entertainment size island and pantry.Huge master with private patio,dream ensuite with Kohler 6 head glass shower,dual vanity,Bain Ultra Tekura spa tub and more.Doors are 8′ and solid wood,floors are 18×24 tumbled Egyptian limestone with pebbled inlay border and carpets are wool. LUXURY On 4.2 USABLE ACRES WITH TWO ROAD FRONTAGES. READY FOR YOUR DREAM LIFESTYLE.

COMMENT:  If this is  a new build, then they are likley underwater already ie below the cost of building(unless they bought the land cheaps years ago. ) The features advertised are over -the- top of the higher -end degree. This type of rural home tends to appeal to country squire types in mid life after making a bundle in the City. That said, I think this type of demographic is in decline, too “old school”.


#15 ) Address:# 212 5375 205TH ST, Langley City, Langley

June 14 F1114953 $219,900 $0 0%
November 04 F1114953 $209,900 $-10,000 -5%
February 10 F1114953 $204,900 $-15,000 -7%
March 30 F1114953 $199,900 $-20,000 -9%
April 20 F1114953 $189,900 $-30,000 -14%
May 23 F1114953 $184,900 $-35,000 -16%
August 01 F1114953 removed
August 21 F1221159 $176,900 $-43,000 -20%
September 27 F1221159 $159,900 $-60,000 -27%
Open House: Oct 07

Assessment: $210,000

Currently listed at 24% BELOW assessment.  Their “PRICED FOR QUICK SALE” dropped another 10% but they didn’t bother to update the description.  Now this is where things get really odd – they indicate it was sold in March for $205K…    It was listed in March for $205K but it continued to list under the same MLS number until August which I don’t think is possible if it actually sold.  If anyone can dig into this further I’d be interested to know the details.  Sounds mighty fishy.

PRICED FOR QUICK SALE $176,900 Last sale $205,000 March 2012. Tax assessment $210,000. Vacant. Sought after Glenmont Park 55+ solid complex, beautifully maintained overlooking quiet COURTYARD. Shows wonderful with neutral decor, crown mouldings, custom drapes, laminate floors, new carpet and new lino throughout. Open floor plan with lots of natural light. Walk to Seniors Center, shopping, banking, bus and coffee shopsd. New roof, so no worries here! RV parking on site, guest suite, workshop, storage room on same floor + exercise room. Maint fees include gas fireplace, gas, hotwater plus hydro. 55+ complex. * PREC – Personal Real Estate Corporation

COMMENT:  Quick One: Once is see any building clad in stucco…..my radar goes off.  Quality stucco is a decent barrier to the weather….but modern stucco is a nightmare. It was simply a quickie exterior cover trying to give the illusion of a hot climate like California. I have yet to see one of these post 1980’s stucco buildings that did not require restoration. One would have to spend a lot of time going over minutes and seeing if the Strata Council has had an engineering report  . In summary, I would basically stay away…PERIOD….these buildings were never desinged for our wet coastal climate.


#14 ) Address:1388 21ST ST, Ambleside, West Vancouver

April 25 V945353 $2,480,000 $0 0%
Open House: May 20, 27
Open House: Jun 09, 10
June 12 V945353 $2,090,000 $-390,000 -16%
Open House: Jun 17, 24
Open House: Jul 01, 08, 15
July 11 V945353 removed
July 14 V961936 $2,090,000 $-390,000 -16%
Open House: Jul 22, 29
July 31 V961936 $1,990,000 $-490,000 -20%
Open House: Aug 05, 19
Open House: Sep 09, 16
September 12 V961936 removed
September 15 V971460 $1,990,000 $-490,000 -20%
Open House: Sep 23
September 24 V971460 removed
September 30 V974315 $1,799,000 $-681,000 -27%
Open House: Sep 30

Assessment: $1,602,000

Absolutely amazing fully & newly renovated family home w/spectacular unobstructed ocean views from Vancouver’s Inner Harbour to UBC & Vancouver Island, centrally located “walking” distance to schools, shopping & West Van Rec Center! Thisamazing home has been exquisitely renovated top to bottom. The main floor features living room & family room, each w/fireplace & overlooking the stunning view, Gourmet kitchen with new cabinets, s/s appliances & counter tops, and formal dining room & den. The top floor features a huge master bedroom with vaulted ceilings, en-suite & dressing area, plus 3 additional bedrooms, while the lower level floor features a large rec room, 2 bedrooms and spa area with dry & steam sauna, plus hot tub.

COMMENT: Another listing trying to sell way above assessment, but now trying to cash out near assessment. Again, wealthy clientele is a limits pool of buyers. Views ARE overrated….over time, its like looking at the SAME picture…..


#13 ) Address:7612 ARVIN CT, Simon Fraser Univ., Burnaby

April 30 V946544 $1,798,000 $0 0%
May 19 V946544 $1,599,000 $-199,000 -11%
Open House: May 26
August 15 V946544 $1,498,000 $-300,000 -17%
September 27 V946544 $1,298,000 $-500,000 -28%
Open House: Sep 29

Assessment: $1,329,000

Stunning Simon Fraser University Residence. Panoramic city & mountain views. Enjoy hot tub, patios and fireplace of this 5 bedroom, 5 bathroom character home in this highly desirable location. It’s custom built with quality throughout, nice open floor with marble floor entry. Basement is easy to have a mortgage helper. Very well kept. Move in condition. Close to schools and bus station. Open house Saturday September 29th, 2-4pm.

COMMENT: “New price” doesn’t seem outrageous….comparatively speaking, but again, “kick the tires” aka on- site tour. Perhaps its more  a reflection of a very slow and collapsing market overall.


#12 ) 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%
September 25 V944692 $2,998,000 $-1,190,888 -28%

Assessment: $3,412,000

Nice home in West Van listed for almost half a million below assessment…

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…

COMMENT:  Nice = what ? These North Shore home tend to be waaaay over the top…..8 bathrooms ???? Over dose on window glass….poor energy efficient = high heating bills. However, the price drop is huge from March listing= the market doesn’t  agree with the price and likely the design as well.

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

#11 ) Address:3390 THE CRESCENT, Shaughnessy, Vancouver West

 

October 27 V917626 $31,900,000 $0 0%
September 25 V917626 removed
September 27 V973696 $22,800,000 $-9,100,000 -29%

Assessment: $15,788,000

$9 million dollar price drop yet still $7 million over assessment!  Only in Vancouver!  A poster indicated that this home was purchased in 2004 for $6 million, relisted in 2010 for $17.9 million then did not sell and was then relisted for almost $32 million…  But the master suite has 3 dressing rooms which probably comes in handy.

Location! Location!! Location!!! In the heart of the 1st Shaughnessy! Rare find 10,516 sf Mansion sets on over One acre in the city’s most exclusive enclave of ‘The Crescent’. The finest and the most prestigious area. Beautiful huge front yard like a private park. Totally rewired with new pipes. The main floor has a grand entry w/a sweeping staircase to second floor. Wok Kitchen, massive living room, & dining room all overlook the garden & pool area. The paneled den, family room & breakfast room open to the large deck which access the garden & pool. The master suite has three dressing rooms, a fireplace. A large recreation room in basement. 5 car garages, a greenhouse & a outdoor pool w/large cab and more.

COMMENT: Ah yes,……”toney” Shaughnessy, where the uber- wealthy go to live. Actually its  a nice area to drive through…an old CPR lands development with one acre and 1/2 acre estates. Again there is only a very limited pool of wealthy buyers . This current seller is quite amusing. The information above implies the seller bough it 8 years ago for $6 Million…..tried to TRIPLE there money in 6 years…..and then JACKED up the price almost double again last year ? I would pass even if I had the money…how stupid do they think people are ?  Now, approx one year later….its 30% off the highest listing price? Hard to tell, but via the wording and the picture the home look old and original. (ie had some retrofitting)….that would imply closer to “lot value” with few exceptions, hence the premium asked is not justified,    it is simply Going Fi$Hing.

Location is overrated…..moreso nowadays. My guess?   if this person is a motivated seller…I doubt they will even get $10 million.

( To Be Continued )

 

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