Saturday, March 16, 2013

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):




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8 comments:

  1. I have read that some 40% of the Lower Mainland jobs are related to re/constructiion...does anybody have any good links? If true, I wondering about economic impact of the bursting bubble. I'll check back later

    AB

    ReplyDelete
    Replies
    1. Have a look through this non-spinny, data-rich post. http://www.theeconomicanalyst.com/content/how-might-canadian-housing-correction-weigh-provinces and elsewhere on that sight is much more info. The author is in TO, so it's not BC centric, but he sure does cover BC.

      40% of LM jobs related to RE might be bit of a stretch, certainly not directly related, but when you add up everything from furniture stores, massive pick-up trucks sold to construction workers, restaurants, rub-n-tugs for developers stressed by the latest sales figures and so on, 40% is believable.

      Delete
  2. Here is another flip that won't work out: F1303065 bought July 31 2012 for $535,000 2012 assessment $487,600 Listed for $600,000. They will be lucky to get assessed value for this property.

    ReplyDelete
  3. 4063 W.16th Ave current assessment $1,387,000 not $1,370,000

    ReplyDelete
  4. I walk through the Olympic Village every day and I NEVER see any realtor For Sale signs anywhere. But there are units FS on MLS so they must have some restriction on advertising re-sale units.

    ReplyDelete
  5. Anon: About the OV.

    I completely agree.

    ReplyDelete
  6. HAM:

    Lol, those were my post on RET!

    ReplyDelete
  7. Is 1o,000 out of 1,387,000 a big deal ? It is less than 1% . Asian has no concept when it comes to size (of penis)

    ReplyDelete