House Price Drop Porn: Richmond/Vancouver

Yesterday we talked about how declining sales were leading to declining prices despite the Hopium being spewed by the real estate industry.

So today we give you a little house price drop porn to counter the 'asset protection' mantra.  Today's offerings are from Richmond and Vancouver courtesy of faithful reader 'HAM'.

5940 No. 1 Road, Richmond

Assessed at $831,000 the house last sold in January 2011 when it was listed for $758,000 but an intrepid flipper picked it up for $735,000.

The 'flip' was attempted several times but the writing was on the wall for this speculator.  It recently sold for $699,000 and the speculator walked away for over $100,000 in losses after all costs are factored in.

11060 Bamfield Gate, Richmond

2,950 square foot home, 5 bedroom 3 bathroom on a 5,312 sq ft lot.

Listed for 699,000. Assessed at $649,000.  It sold for $599,000.

Unit 10-8433 Bennett Road, Richmond

2 bedroom, 2 bathroom, 1,134 sq ft Townhouse.

It was purchased on September 10th, 2012 for $423,000 (which was below the listed price of $428,000).  It's assessed at $427,000.

But it appears to be another case of failed speculative fever.  Recently listed for $450,000, it was reduced to $436,000 and it finally just sold for $405,000.

Ouch!

4063 W. 16th Ave, Vancouver

Another failed flipping venture.

Bought for $1,375,000 in May 2011.  It's currently assessed at $1,370,000.

Re-listed for 1,488,000.  Reduced first to $1,450,000 then to $1,399,000.

It sold a few weeks back for $1,300,000.

2300 Kingsway, Vancouver

Our last offering for you is the condo development at 2300 Kingsway.  This is the site of the old Eldorado Hotel and Mulhern's Irish Pub.

Ya gotta feel for the Mulhern's, the simply waited too long to make the real estate play here.

The townhouse at 4858 Nanaimo (1228 square feet) was listed for $499,000 and sold for $395,000.  

Another at 4878 Nanaimo (40 square feet smaller) listed for $499,000, reduced to $449,000 and sold for $401,000.

With over 50 units left to clear out in this development, it's fire sale time.

Meanwhile some tidbits from our friend, real estate agent Alphabet Arnie Shuchat.

First up are the largest price declines in Richmond for the first week of March (click on image to enlarge):

As well as the top 57 price declines in the Lower Mainland: 

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