Real Estate : ” Richmond Spotlight ” Vancouver Price Drop blog

Real Estate : ” Richmond Spotlight ” Vancouver Price Drop blog

Vancouver Price Drop

Documenting Vancouver real estate price movements

Richmond Spotlight – November 4, 2012

2 Comments Posted by on November 4, 2012

It’s been a month so once again here are the top 10 properties currently listed in Richmond with the largest overall drop in asking price since early March.

Some Highlights

  • It now takes a 25% drop to make this top 10.  The previous 4 months were all at 23%

  • 4 of 9 listings are now below assessment

#10 ) Address:# 4W2 8191 RIVER RD, West Cambie, Richmond

September 01 V968804 $238,800 $0 0%
September 22 V968804 $198,900 $-39,900 -17%
Open House: Sep 29
October 27 V968804 $178,800 $-60,000 -25%

Assessment: $162,600

Lovely little one bedroom and office float home in like new condition. Two patios, one covered, both face south towards the Olympic Oval and swans and ducks on the river. Lots of windows and light in this charming home. Appliances, Fisher/Paykel French door fridge, Maytag 3000 series washer and dryer, range, and microwave are all like new. Relaxed float home community is very friendly and safe. Location is handy to the Vancouver International Airport, River Rock Casino, rapid transit to Downtown Vancouver on the Canada Line and local shopping in Richmond. Open House: Sat, Sept 29th, 1-3 PM.

#9 ) Address:# 8 23740 DYKE RD, Hamilton, Richmond

March 09 V867144 $2,527,000 $0 0%
April 28 V867144 removed
May 04 V947680 $1,842,800 $-684,200 -27%

Assessment: No Assessment

BLUE HERON MARINA ESTATES! New WATERFRONT Detached South Facing Executive Homes with your own concrete dock. As part of Strata Community and Marina, you will have the peace of mind that the Marina services include overseeing your property & boat. Located in the banks of the South Arm Fraser River, in a calm protected channel with deep fresh water moorage. Imagine, living on the water’s edge in your own waterfront home and enjoying the magnificent view of the water and mountains with your own Yacht moored on your own private dock. High end finishing with a elevator in each of 9 homes! Ground flr has very large garage for 4 cars & large Flex area.Maintenance strata fee $ 145.

#8 ) Address:# 212 14200 RIVERPORT WY, East Richmond, Richmond

March 09 V934864 $498,500 $0 0%
April 12 V934864 removed
April 14 V943239 $459,900 $-38,600 -8%
April 28 V943239 $449,900 $-48,600 -10%
May 11 V943239 $435,000 $-63,500 -13%
June 09 V943239 $424,500 $-74,000 -15%
June 19 V943239 $415,000 $-83,500 -17%
July 10 V943239 $399,900 $-98,600 -20%
July 28 V943239 $389,900 $-108,600 -22%
September 05 V943239 $372,500 $-126,000 -25%
October 11 V943239 $362,900 $-135,600 -27%

Assessment: $432,000

4 units sold in this apartment last year for an average of 6% ABOVE assessment and this unit is now listed 16% BELOW assessment.


#7 ) Address:# TH6 8160 LANSDOWNE RD, Brighouse, Richmond

March 24 V939119 $788,000 $0 0%
April 05 V939119 $686,000 $-102,000 -13%
Open House: May 20
Open House: May 26
June 06 V939119 $598,000 $-190,000 -24%
Open House: Jun 17
June 25 V939119 removed
August 10 V965739 $659,000 $-129,000 -16%
Open House: Aug 11
Open House: Aug 12
Open House: Aug 18
Open House: Aug 19
October 02 V965739 removed
October 04 V974895 $588,000 $-200,000 -25%
November 02 V974895 $568,000 $-220,000 -28%

Assessment: $603,000

Located in Central Richmond, steps to skytrain, Lansdowne Mall, Kwantlen University. This building offers: concierge service, 2 guest suites, pool table & games room, exercise center & steam room & sauna. Located within easy distance to skytrain, shopping & restaurants. Beautiful front patio with trees, flowers & plants. Recent renovation on flooring & bathrooms. Perfect condition & ready for quick possession.

#6 ) Address:4840 FISHER DR, West Cambie, Richmond

March 09 V923733 $1,350,000 $0 0%
June 04 V923733 removed
October 14 V976718 $950,000 $-400,000 -30%

Assessment: $919,000

Quality, bright & spacious 3429 sf home with 5 bedrooms + den, 5 bathrooms & 2 kitchens, (separate entrance for suite down). Well kept. South facing. Convenient location. All measurements are approximate. Buyer to verify.

#5 ) Address:3120 SATURNA PL, Quilchena, Richmond

June 07 V955043 $2,590,000 $0 0%
Open House: Jun 09
Open House: Jun 10
Open House: Jun 23
Open House: Aug 19
Open House: Sep 08
October 02 V955043 $2,390,000 $-200,000 -8%
October 24 V955043 $1,799,990 $-790,010 -31%
Open House: Oct 27

Assessment: $1,277,000

Distinguished brand new home just finished! Nearly 9400 sq ft lot with 4143 sq ft super solid house sitting in quiet cul-de-sac along prime Quilchena Golf Course in West Richmond. Thoughtful planning on strength and durability plus extra attention to enduring craftsmanship. Reinforced concrete foundation, carved metal entrance door & sound-proof insulation between each room makes this home special. Wood circle stairs & remote controlled electronic curtains are just other additions to the must haves: 5 bedrooms & 5 bathrooms (4 ensuite), huge chandelier, sauna & gym room with exposure to private backyard. Security TV, HRV, radiant heat, air-conditioning, outdoor sprinkler, huge deck & triple car garage. Open House Sun Nov 4th, 2-4pm.

#4 ) Address:# 507 5911 MINORU BV, Brighouse, Richmond

May 26 V826361 $98,000 $0 0%
June 14 V826361 $89,000 $-9,000 -9%
May 01 V826361 $66,000 $-32,000 -33%

Assessment: $58,400

3 units sold in this apartment last year for an average of 1% ABOVE assessment.  This unit is currently listed at 13% ABOVE assessment

Investors should take note!! A fully furnished hotel suite in the Hilton Vancouver Airport Hotel at the heart of DT Richmond!! Effluent Richmond is the Pacific Gateway to Canada, and with its well-educated and skilled work forces, attracts myriads of mega multi-national business establishments. Hilton Vancouver Airport Hotel is close to YVR International, large shopping malls, schools and university, banking facilities, library, sports centres, and other major Downtown essentials like fine ethnic and gourmet restaurants, fine arts, entertainment attractions, convenient public transportation, and the new Canada Line Rapid Transit System which connects to Downtown Vancouver in a mere 20 minutes or so. This is a good piece of real estate investment with steady return on investment. Seller is motivated, and will look at all reasonable offers. Be part of the clean lifestyle or environmental friendly Richmond. Don’t miss out!!

#3 ) Address:4219 FRANCIS RD, Boyd Park, Richmond

March 09 V923921 $1,349,000 $0 0%
March 24 V923921 removed
May 30 V953229 $1,068,000 $-281,000 -21%
October 01 V953229 removed
October 05 V975209 $899,000 $-450,000 -33%

Assessment: $851,000

Well kept rancher with marble tiled entrance and cedar vaulted ceilings throughout. Bright and spacious floor plan. All rooms are large and spacious. The rec room opens onto an enormous deck, perfect for family gatherings. The home is situated right across the Hugh Boyd School. Close to transportation, shopping and recreation. A pleasure to show.

#2 ) Address:7980 GOLDSTREAM PL, Broadmoor, Richmond

May 19 V951161 $1,498,000 $0 0%
August 14 V951161 $1,298,000 $-200,000 -13%
October 12 V951161 removed
October 14 V976621 $998,000 $-500,000 -33%

Assessment: $1,198,600

Well maintained 3 bdrm 2.5 bath rancher with games room over the double garage in desirable Maple Lane subdivision, home has been lovingly cared for and is perfect to live in now and rebuild later. Original hardwood floors, 2 fireplaces, nice sprawling plan on one level. Private and huge 11622 sq ft lot in quiet cul de sac, this park like lot is a great place to build your dream home. Great location close to all amenities. Exclusions are drapes in liv/din, light fixture in family room, chandelier in dining room. More photos at realtor’s website.

#1 ) 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%
October 25 V945639 $719,900 $-491,000 -41%


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 an




I posted this FYI:

Vancouver Price Drop does “Spotlight Focuses” on certain cities, in this case Richmond.

Fairly good sample base from all over Richmond.

In the SFH class, many people no longer have illusions they live in “Million Dollar” Homes, more like in the High(5) figures homes.

Re: #4 ) Address:# 507 5911 MINORU BV, Brighouse, Richmond,…..I recall this project, it was advertised at the time as having a guaranteed return 10+ % , … the buyer was buying / investing in a  Hotel Room and having a management  company run it. How this has worked out would be based on buyers own  due dilgence.

#2 ) Address:7980 GOLDSTREAM PL, Broadmoor, Richmond……This is in a  nice neighbourhood….older executive homes ie 30+ years old . My guess is that it has either an original owner…or a long term owner ….who now wishes to dowsize, but has decide to sell into a collapsing market. However, such parties shouldn’t necessarily say “woe is me”…as if and when they downsize, what they tend to purchase will also have dropped in price, it becomes a game of relativity.

#5 ) Address:3120 SATURNA PL, Quilchena, Richmond.     This is an example of a spec house….probably irrational exuberance trying to cater to the small niche of eligible aka wealthy buyers. Built to a rather grand scale of excesses….the price drop seems indicative of panic.

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