REAL ESTATE :Vancouver Price Drop Oct. 2012 ( Part 2 )

REAL ESTATE :Vancouver Price Drop Oct. 2012 ( Part 2 )

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


REAL ESTATE :Vancouver Price Drop Oct. 2012 ( Part 2 )


#10 ) 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%
September 24 V956324 removed
September 26 V973380 $1,698,000 $-682,000 -29%

Assessment: $1,716,000
Last Sale: $1,920,000 on 30/May/2011

Total Loss IF sold for list price: 94,544 transaction costs and 222,000 loss on sale = LOSS of 316,544

They tried to flip it for a $350K profit but instead are looking at a > $300K loss.  Ridiculous greed being punished is the kind of stuff that puts a smile on my face and I’m loving the CAPS!

BEAUTIFUL BIG LOT AT CORNER of W 29TH AVE & Blenheim in PRESTIGEOUS 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:  I recall this one…..a very nice area…..but greed is kicking in. “Strategy’ of removal from listing …then a new price….probably to avoid the stigma of ” REDUCED ” ??? Interesting that they are willing to sell at a loss…..perhaps deep pockets ?!?

  Regardless that’s why they call it “risk”..sometimes you win,…..sometimes you loose..its all proportional to the GREED factor.

#9 ) Address:1402 HIGHLANDS BV, Harrison Mills, Kent

No Picture


March 09 H1200111 $285,000 $0 0%
March 31 H1200111 removed
September 26 H1203938 $199,900 $-85,100 -30%

Assessment: $86,800

Picture yourself in the beautiful surroundings of Harrison Highlands, an area of exclusive living with views to match. Close by is the renowned Sandpiper Golf Resort, Hemlock Valley Ski Resort and the pristine environment of Harrison Lake.

COMMENT:  Perhaps GOOGLE MAPS can provide a view….If it was assessed at $86,000 last year…that’s probably peak price….PERIOD….now they are getting stupid and still asking double + ?

#8 ) Address:15438 ROYAL AV, White Rock, White Rock


March 30 F1207945 $2,000,000 $0 0%
May 01 F1207945 $1,850,000 $-150,000 -8%
May 05 F1207945 $1,580,000 $-420,000 -21%
July 19 F1207945 removed
July 21 F1218905 $1,480,000 $-520,000 -26%
September 25 F1218905 $1,398,000 $-602,000 -30%

Assessment: $983,000

Initially listed at over double assessment…  Down 30% and I wouldn’t be surprised if we see this one at a 50%+ drop

Beautiful ocean view property on very desirable street in sunny White Rock. Located on the south side of Royal, this large 5,850SF lot has sweeping unobstructed ocean, mtn & island views & neighbours multimillion dollar homes. Spacious &bright kitchen, SS appliances, new Thermador oven, new plumbing & light fixtures, hdwd flooring, 2 gas f/p & private fenced yard. French doors open from kitchen to lrg sundeck, great for entertaining friends & family. Fully finished w/o bsmt w/lrg partially covered sundeck. Access to Dbl garage from lane driveway. Ample parking, front & back. Flat, quiet street. Walk to beach, restaurants, shops, library, schools & transit. Live in now, renovate/build later! 5 min to US Border, 42km to YVR.

COMMENT: Looks like another FLIP job…..again the indicator of ASSESSED Value (2011) versus asking price. Notice how what we would normally consider PRIME property is certainly not in demand…..


#7 ) Address:3033 LOUGHEED HY, Agassiz, Kent

No Picture


March 30 H1201249 $695,000 $0 0%
September 25 H1201249 $469,900 $-225,100 -32%

Assessment: $401,000

Fraser River views! Awesome privacy with this gated 12.13 acre estate, nestled privately amidst towering cedars! Sit out on your south west facing deck and soak in the sun, the Fraser and valley views! 2400 sq. ft. custom 4 bedroom home. Great room concept with floor to ceiling windows to capitalize on the spectacular views. Only minutes to great golf (and dining) at Sandpiper Golf Course, fishing, hiking, parasailing, boating and skiing at Hemlock Valley. This is an ideal private retreat! Call today for details. * PREC – Personal Real Estate Corporation

COMMENT:  Again…GOOGLE MAP for a photo. I don’t understand why some listings do NOT have  a photo, its the norm for  most almost sends a subliminal message there is something to “hide”.

#6 ) 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
July 27 V952953 removed
July 29 V964285 $2,000,000 $-998,000 -33%
Open House: Aug 05, 11, 19, 26
Open House: Sep 01, 08, 16, 23, 30
September 26 V964285 removed
September 28 V974014 $2,000,000 $-998,000 -33%

Assessment: $1,836,000

“Become an exclusive member of ‘P.P.O.A.’”  Does that stand for Please Purchase Over Assessment?  Don’t think anyone will be joining that club, sorry

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 Horseshoe Bay ferries and minutes to Eagle Harbour Elementary and Rockridge Secondary!

COMMENT: Again…the wealthy are becoming an endangered species. Also check the devil in the details….shared roadway ?…Perhaps more than meets the eye with covenants etc..

#5 ) Address:21353 40TH AV, Brookswood, Langley


March 30 F1207888 $2,250,000 $0 0%
June 13 F1207888 $1,988,800 $-261,200 -12%
June 29 F1207888 $1,788,000 $-462,000 -21%
September 24 F1207888 removed
September 25 F1223832 $1,500,000 $-750,000 -33%

Assessment: $975,000

Apparently the owners put $1.2 million into this in renovations including a $900K on an indoor pool complex and is now “Priced 1 million below sellers cost”.  Ouch.

THE BUY OF A LIFETIME! SPECTACULAR Resort Style Oasis on totally private, gated & fenced 1.28 acres on one of Langley’s finest streets. Approx $300,000 spent in last 2 yrs in renovations & landscaping plus $900,000 on a new Whistler Resort Style 60 x 40 indoor pool complex with Nano wall windows, 40 x 15 swim jet freshwater pool, sauna, hot tub, change rms & bath rm. Expansive patios, beautiful manicured lawns & gardens, feature pond with waterfall. Heated 42×21 RV garage/workshop with 10’6 door. Tudor style castle 2 level. Formal living & dining rms, gourmet custom maple kitchen with large granite island & high end appliances. LUXURIOUS master suite with sitting area, walk-in closet, balcony & magnificent ensuite with oversize shower, jetted tub and double sinks. Family, games & rec rms & a nanny suite over the garage with a private entrance. Priced 1 million below sellers cost – You will not find a better value. Call now. * PREC – Personal Real Estate Corporation

COMMENT: In the good old days…people would by a slightly run down home, fix it up a bit ….ie paint it, minor repairs…then re-sell it.  As someone once pointed out to me …you cannot make a new house out of an old house, but this appears to be what the seller is trying to do. What I don’t understand is if the owner has put in $1.2 Million in renovations, how can the assessment only be $975,000 ? I would say this persons savviness is quite low…or watched way too much HGTV.  This one could be a real disaster re: return on renovation investment. People that would want such a  home would usually build it NEW.

#4 ) Address:1049 MILLSTREAM RD, British Properties, West Vancouver


March 09 V931437 $2,980,000 $0 0%
March 16 V931437 removed
March 19 V937982 $2,680,000 $-300,000 -10%
Open House: May 19, 27
Open House: Jul 07, 15
August 02 V937982 removed
August 04 V965166 $2,480,000 $-500,000 -17%
September 11 V965166 removed
September 27 V973552 $1,888,000 $-1,092,000 -37%
Open House: Sep 29, 30

Assessment: $2,209,000

Sold Feb 3, 2011 for $1,575,000

Total Profit IF sold for list price: 92,964 transaction costs and 313,000 profit on sale = hoping for PROFIT of $220,036

This one is listed over $300K below assessment but also over $300K above what they paid for it a year ago.   Lots of spelling and grammar mistakes in the description… I’m thinking I’ll be seeing you again soon

BC assessment $2,200,000! View,view, view! This unbelievable value plus view home locates in the quiet and private British Property area. Breathtaking city, ocean & mountain views from almost every room. Sunny bright south facing. Tastefully renovated with deisgner’s colors, granite tiles throughout living, dining, family room & foyer. S/S appliances, granite counter tops, 2 gas fireplaces, 3 laundry rooms. High quality fininshing in a setting of total tranquility on 0.47 acres (20365sqft). Private yard onto the greenbelt. 4 bedrooms up plus a 2 bedroom & den self contained suite on ground level. You can’t miss out this one! Great public and private school catchment. First Open Sat/Sun Sept 29 & 30 2-5pm.

COMMENT: Again, another West Van property thinking the “view” is worth a premium. Well maybe it is…but their seems to be too many “view” properties for sale.  maybe one day someone will invent a device with -D glasses and a BIG Screen to give anyone a reproduced “view” of any place they choose.Also, try to proof read….looks so UNprofessional otherwise.

#3 ) Address:# BLK A PARADISE VALLEY RD, Squamish, Squamish


March 09 V880170 $119,000 $0 0%
May 09 V880170 $109,000 $-10,000 -8%
June 08 V880170 $95,000 $-24,000 -20%
September 01 V880170 $87,000 $-32,000 -27%
September 28 V880170 $75,000 $-44,000 -37%

Assessment: No Assessment

Lease land lot – can’t be a desirable thing.  ”Vendor willing to help clear building site and build on property. Vendor motivated to sell!”,  I bet you are!

2.99 Acres of beautiful forested land along the Cheakamus River. Build your dream home and live full time or use as get away. Access is by foot or ATV over footbridge. Power at lot line . Vancouover 1 hr. south, Whistler 45 min. north. Renewable Crown Land lease. Vendor willing to help clear building site and build on property. Vendor motivated to sell!

COMMENT: Recall this one as well….you actually rent the do NOT own it . You pay the annual taxes and pay rent to the Gov’t. What you put into it is a  gamble….rules can change , your lease ends..and you may come out with squat ie no compensation. I mentioned the Pitt Lake area and those that built cabins on leased First Nations Land, the lease was up….and the renters  lost it all.

#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%
September 25 V945639 $734,900 $-476,000 -39%

Assessment: $841,800

2.29 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”

COMMENT: Another one we’ve seen before.  Price is below assessment. Asking approx $400,000 acre….looks cheap   .Curious what it will sell for….intriguing details……wonder if more than meets the eye…ie lawsuits; liens ……etc.?  If anything is Months OLD fish…..something stinks.

#1 ) 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%
September 27 F1220063 $1,039,000 $-941,000 -48%

Assessment: $1,017,000

Almost a 50% drop and #1 yet again but still above assessment if you can believe it!

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. * PREC – Personal Real Estate Corporation

COMMENT: I am getting this “strong vibe” that anything over $1 Million is TOXIC to most buyers..maybe the psychology has been inverted…everyone in a hot market wanted to be a Millionaire….but in a collapsing market, its like a millstone around ones neck…aka implies bad fiscal karma…how much can you LOOSE is the new reality ?!?

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