Thirty Two Westside Sales and Relists

3725 37th Ave W

2,650 sqft 1915 SFH on 50x130lot
Sold 15 Dec 2011 $2,100,000
“Gorgeous heritage B house with many original old charm features along with modern updates. 9′ ceilings, wainscoting, stained glass, pocket doors, fir floors, large modern kitchen… High undeveloped attic awaits your creative ideas. New roof and a beautifully landscaped yard.”
Above home knocked down, and this now under construction:

4,086 sqft 2013 SFH on 50×130 lot
Listed for sale 7 Aug 2012 Asking price $3,890,000
“..a modern and sustainable custom Henry + Glegg designed luxury home located on a south facing property in the West Dunbar neighbourhood. Features include 5 bedrooms, 6 bathrooms, automated heating, cooling and lighting controls, temp controlled wine cellar, media room, nanny suite with a walk out patio and a three car garage. This home is available now with an opportunity for interior design customization and occupancy Spring 2013.”

3771 11th Ave W
2,946 sqft SFH on 50×122 lot
31 May 2011 Sold $1,958,000
23 Aug 2012 Identical house relisted for sale for $2,680,000
“..guest accommodation down, rented for $1,500 per month.”

4540 13th Ave W
33×122 lot
3 Mar 2012 Sold $1,844,000
25 Sep 2012 2769 sqft New Build Listed for $2,892,000
“Situated on a pretty, tree lined street on a 33 x 122 ft lot.”

3672 15th Ave W
2,520 sqft SFH on 33×122 lot
1 May 2011 Sold $2,099,000
23 Apr 2012 Identical house relisted for sale for $2,538,000
“Renovated to the stud in 1990..”
Now listed as 2,637 sqft

4063 16th Ave W
1,907 sqft SFH on 33×122 lot
2 May 2011 Sold $1,375,000
Painted and relisted 23 Oct 2012, ask price $1,488,000

3528 17th Ave W
2,240 sqft SFH on 33×110 lot
Sold 22 Feb 2011 $1,200,000
Resold 3 Mar 2012 $1,300,000

3804 19th Ave W
1,469 SFH on 33×122 lot
Sold 14 Jun 2011 $1,598,00
Resold 26 Oct 2011 $1,662,000
“This house hasn’t been spoiled by successive renovations and is ready for an update or a rebuild.”

3741 23rd Ave W
2,440 SFH on 33×122 lot
Sold 26 Oct 2011 $1,550,000
Resold 31 Mar 2012 $1,685,000
“Ideal for builders due to the desirable 33×122 lot and the highly rentable 2400 square foot house for investment, but also for family living-in…”
[Good for everybody in fact; especially good for punters wanting to take a chance at flippin'. -ed]

3475 26th Ave W
2650 sqft 20043SFH on 33×130 lot
Sold 26 Jun 2011 $2,410,000
Relisted 12 Sep 2012 $2,448,000
Price change 5 Oct 2012 $2,348,000
Price change now $2,248,000
Failed flip.
“Showing better than new..”

3383 27th Ave W
1,700 sqft 1931 SFH on 33×130 lot
Sold 5 Jun 2011 $1,601,000
3005 sqft new build listed 24 Sep 2012 $2,798,000
“Air conditioned throughout.”

1575 29th Ave W
3,544 sqft SFH on 66×150 lot
Sold 11 Oct 2011 $3,560,000
Relisted 22 Jun 2012, ask price $4,480,000

3677 30th Ave W
1,437 sqft SFH on 33×130 lot
Sold 9 May 2011 $1,651,000
3005 soft new build listed 23 Oct 2012 $2,990,000
“Fully equipped 2 bdrm legal suite with separate entrance in basement can be a mortgage helper…”

3985 30th Ave W
3,200 sqft 1981 SFH on 42×130 lot
Sold 14 Jul 2011 $1,950,000
‘Upgraded’ and relisted 15 Jun 2012 ask price $2,560,000
“Better than brand new! TOTALLY upgraded with high-end finish in 2012.”

3288 32nd Ave W
2,784 sqft 1938 SFH on 48×130 lot
Sold 12 Mar 2012 $2,250,000
Lot divided in two, and redeveloped into two SFHs:
(1) 3288 32nd Ave W
1,778 sqft SFH on 24×130 lot
For sale $1,988,000
(2) 3292 32nd Ave W
1,819 sqft SFH on 24×130 lot
For sale $1,988,000
“A Brand New Home at an affordable price.”

2574 33rd Ave W
1,874 sqft SFH on 66×127 lot
Sold 5 Jun 2011 $1,710,000
Sold 4 Dec 2011 $1,850,000

2753 33rd Ave W
1,500 sqft SFH on 33×133 lot
Sold 4 Nov 2011 $1,250,000
Relisted 18 Oct 2012 Ask Price $1,375,000

3441 33rd Ave W
2,556 sqft 1936 SFH on 56×130 lot
Sold 30 Jan 2012 $1,958,000
Relisted 12 Jun 2012 Ask price $2,080,000
Sold 25 Sep 2012 $1,933,800
“Investor or Builder Alert!”

2606 34th Ave W
3,378 sqft 1912 Craftsman SFH on 60×130 lot
Sold 28 Apr 2012 $2,600,000
Relisted 20 Jul 2012 $2,798,000

3341 34th Ave W
3,470 sqft 1925 SFH on 60×140 lot
Sold 7 Jun 2011 $2,550,000
Relisted 12 Apr 2012 Ask price $2,799,000
Ask price drop to current $2,680,000
“Basement has 2-bedroom suite. Hold, renovate or build your dream home up to approximately 5,800 SqFt.”

2633 36th Ave W
4,808 sqft 1995 SFH on 60×134 lot
Sold 24 Jun 2011 $3,420,000
Relisted 23 Jul 2012 Ask price $3,660,000

3657 36th Ave W
2,200 sqft SFH on 50×130 lot
Sold 21 Nov 2011 $2,210,000
Relisted 25 Sep 2012, after apparent reno:
3,455 sqft SFH
Ask price $2,698,000
“Beautiful Dunbar Home! Completely restored to its original charm & elegance!”

3692 36th Ave W
2,393 sqft SFH on 50×130 lot
Sold (or ? taken off market) 30 Jul 2011 $2,200,000
Relisted 3 May 2012
Sold 19 My 2012 $2,165,000

3981 36th Ave W
4,123 sqft 1937 SFH on 66×130 lot
Sold 3 Aug 2011 $3,100,000
Relisted 14 May 2012 at $3,798,000
Price reduced $3,698,000
“The owner paid $400K to completely renovate the whole house with high quality material such as granite counter, real hardwood floor, stainless appliances. Better and more beautiful than new. Looking out from the master bedroom you can view the ocean, Gulf Island, trees and flowers. All other houses are below yours, south-facing bright home and hardly found big 66′x130′ lot make it more worth buying it, living in for a long time, enjoy the designer’s gorgeous work and it never loses the value. Decade trees circle the yard and makes it more private. Close to all famous schools, UBC, community centre, library, shopping and transit.”

3025 39th Ave W
2,830 sqft SFH on 50×130 lot
Listed 11 Jun 2012 Ask Price $2,180,000
Sold 30 Jul 2012 $1,800,000
Relisted 17 Sep 2012 Ask price $2,237,000
[Relisted with identical MLS blurb/copy, but different realtor. -ed.]

3175 39th Ave W
3,650 sqft 2005 SFH on 50×130 lot
Sold 12 Mar 2012 $2,528,000
Relisted 24 Sep 2012 Ask price $3,080,000
“Owner spent over $200k to upgrade outside & inside, with City Permit.”

2972 42nd Ave W
2,818 sqft 1993 on 35×135 lot
Sold 20 Dec 2011 $1,970,000
“This is not a drive-by.”
Relisted 29 Feb 2012 at ask price $1,980,000
Sold 14 Mar 2012 $1,850,000
“Great value! Move in anytime!”

2005 43rd Ave W
3,545 sqft 1898 SFH on 50×118 lot
Sold 12 Apr 2011 $2,205,000
Relisted 23 Jun 2012 Ask price $2,298,000

2828 43rd Ave W
5,449 sqft 1997 SFH on 66×120 lot
Sold 18 Oct 2011 $3,258,000
Relisted 30 Oct 2012 Ask price $3,598,000
“Beautifully renovated kitchen faces south out over a private landscaped yard.”

2540 45th Ave W
3,901 sqft 2004 SFH on 49×122 lot
Sold 1 Mar 2012 $3,100,000
Relisted 2 Oct 2012 Ask price $3,380,000

1139 46th Ave W
4,345 sqft 1994 SFH on 59×122 lot
Sold 9 Jul 2011 $3,680,000
Relisted 28 May 2012 Ask price $3,680,000

1307 46th Ave W
4,660 sqft SFH on 62×122 lot
Sold 28 Jun 2011 $2,968,888
Relisted 21 Aug 2012 Ask price $3,280,000
Reduced to current $3,180,000

1455 46th Ave W
3,899 sqft SFH on 59×122 lot
Sold 15 Jan 2012 $2,530,000
Relisted 29 Aug 2012
Current ask price $2,588,000

[many thanks to 'westsidefrank' for gathering the data -ed.]

51 responses to “Thirty Two Westside Sales and Relists

  1. Preposterous.

  2. Westside anecdote extravaganza!!!!!

    A few anecdotes from other regional munis might show different pricepoints and movements over the past five years. Dude at Scienceworld said bubbles need to be homogeneous to form. The analogy only goes so far I guess.

  3. Thai-born Chinese Canuck

    Even if you can afford these houses with cash, it still doesn’t make any sense. It is not an investment anymore, but a high-risk game. It distorts the market mechanism.

    Clearly both the buyers and sellers don’t intend to live in these houses. Looks very much as if the government is allowing Vancouver to be used by somebody to launder their money.

    When will the provincial or federal government start to seriously rein in and probe into these activities?

    • Buying with cash does not distort the market mechanism. Government backed CMHC does.

    • UBCghettodweller

      Hey, some of those Westside houses have reasonably priced, non-crappy, basement suites that are rented out to us students. The landlords drop the rent price below going Vancouver rates in exchange for us taking care of the property while they are away at their second or third properties elsewhere in the world. It’s a perverse form of subsidized housing.

    • Rusty brought his suitcases

      We all know they will never explore that avenue – I’ve been assured of this by my broker!

  4. Imagine the realtor commission on these deals!!!

    • Future Porsche owner

      That’s why I’m taking my realtor courses!

      I’m gonna make so much money, enjoy your trade jobs, suckers!

    • Funny thing, I just saw that and was going to post the link….

      Great article. Nice to see our guberment is taking care of the banks on the backs of the taxpayers. Not like we didn’t know that we will be squeezed for every penny in the near future through nasty tax increases to pay for all the foolishness that has been going on for the last 10 years. Oh yeah, and if you are a saver you can probably expect to get a negative return on most investments for the foreseeable future.

    • Rusty' design team at gyprock and plywood

      Yeah but it has a din sum kitchen, now

      And the new design keeps ghosts away.

    • Wow! The bafflegab! Here’s a beaut: “A building which is listed on the Heritage Register can be altered on the exterior, and may even be demolished. However, when considering alterations, the way in which the exterior is treated should not depend on whether it is an “A”, “B” or “C”. In other words, the heritage value of each building on the Heritage Register is formally recognized and the elements that define its character should be afforded the same level of respect.” In other words, show some respect before you obliterate your heritage structure.

  5. Thanks for these. Looking forward to a “Vancouver’s Biggest Loser” series for the discerning speculator.

  6. “I must admit the pool of greater fools in Vancouver and Toronto was far, far bigger than I thought possible, but at long last the pool seems to have dried up. A crash awaits.”
    - Mike Shedlock on his blog Global Economic Analysis, 4 Nov 2012

  7. Real Estate Tsunami

    It just disgusts me to see how we can let these beautiful heritage building be torn down.

    • Rusty hates to be reminded of local heritage

      Hey, you’re just jealous! Go back to your basement! Make my latte, honkie – imma be all busy catchin these knives over here.

    • The sad thing is that the new home that replaced the old heritage home will not last as long as the heritage homes. The new homes are built quickly and the quality is lacking.

  8. This is an important observation:
    Look at the asking prices relative to sale prices on these properties. In almost every case the list price is higher than the previous sale price. We can deduce some thought processes of the owners from this, namely they want to sell at a paper profit and want to recoup their capital after transfer fees and taxes.

    Some questions to ponder:
    1) If prices become weaker and the ask prices are higher than recent sale prices, what will be the reaction of these owners?
    2) If prices become weaker what will be the reaction of owners whose entry point is lower? Will they attempt to exit (sell) before prices fall below their entry point?
    3) What should be the normal days on market for properties at this pricepoint? (In most parts of the world multimillion dollar “luxury” property days on market can be measured in quarters, not months.)

    I cannot stress enough that a prolonged bear market and its consequences are something that are seen as inconceivable right now. Think of it like (so I’m told) the pain during childbirth — you cannot fathom it until you experience it.

  9. The old blue heritage house was gorgeous. The new house sucks, it’s faux heritage, what it the point, a few more square feet to jack up the price??? . How could someone rip down such a beautiful house? Disgusting.

    • Rusty put some 8s in the price = advanced sales technique

      Faux heritage?

      The first would be an Edwardian craftsman home, is it not?

      The second would be a washing machine for a naked official.

    • I agree. It actually made my stomach hurt. The old heritage house would have been all that wonderful old wood and good construction too. Ugh.

  10. RETsunami, darwind -> In the end it’s a good example of misallocation of resources. A perfectly good solid home is destroyed in order for a developer to attempt a quick profit.
    All sorts of possible ironies in this example:
    - the new home may well eventually change hands for less than $2M at some point in the coming deflation (less than the price paid for the lot),
    - which of these homes is more likely to leak in 20 years time?

  11. YVR/jesse -> All part of the shift away from the ‘prices always go up’ premise.
    As you know, I believe that once it becomes established knowledge that prices are falling, and expectations shift to the fear of prices falling further, many sellers will bail and many buyers will evaporate. Sales will drop further, inventory will climb, and then we’ll see price drops that (as you say) many now see as ‘inconceivable’. (I’m repeatedly reminded of the individual who is on record as saying that the idea of 40% drops is ‘farcical’… well, wait for it, a farce is coming to your town, soon..)
    The vast majority of buying, for many years now, has been based on the expectation of future price gains. Once that premise disappears, look out below.

  12. BC NDP will likely eviscerate the Housing Speculator, come day after May 13, 2013. Interesting to read the entrails.

    • Rusty is a jerk

      Everyone’s favorite whipping boy – the big money has already thrown its weight behind the NDP as mentioned by AlexT on his web blog last week – no doubt the media will spin this as a result borne most of govt intervention than a mix of the former and people’s basic greed combined with their financial illiteracy.

      Watching global these days is .. Surreal?

      What would WAC Bennett say about all this? About christie? Gordo? Steve?

      The last 10 years in Vancouver has been an exercise in patience and hearty, mirthless laughter. I want to taste your tears!

      Now would be a great time to go into bankruptcy law, wouldn’t it?

  13. 3005 soft new build listed 23 Oct 2012 $2,990,000
    “Fully equipped 2 bdrm legal suite with separate entrance in basement can be a mortgage helper…”

    What ? the buyer held back from dropping the full $3M because he wanted to have renters in his basement paying the $1000 per month!

    Desperation or just pure stupidity!

  14. Below is a portion of an email newsletter from Sam Wyatt a real estate agent http://www.samwyatt.com/

    Here is the juicy bit.

    “Some of the most costly neighbourhoods have seen steeper declines. Shaughnessy is down 12% since April 2012. Point Grey’s high point was $2,683,400 in September of 2011 and it now sits at $2,064,900 in October 2012 – down 23%!”


    You will likely be used to me sending dire news about the state of the Vancouver Westside real estate market and so I am pleased to be able to share what might be described as “good” news.

    Well, good and bad news:

    The Months of Inventory (MOI) metric for Westside Vancouver Detached homes appears to have crested. It had risen from 4.39 in February to over 13 months in August, fell to 12.14 in September and now to 9.23 in October. The fall in the MOI resulted from both an increase in the number of sales and a drop in active listings. The MOI also dropped for both Apartments and Attached homes to 7.92 and 6.90 respectively. Months of Inventory may have crested but home prices are falling.

    Remember that although the MOI has declined slightly, it has been elevated above 8 months for a period of six months for Detached homes, 2 months for Attached homes and 3 months for Apartments. It is above 9 months for houses at present and it is unlikely that the months of November or December will see a significant further decline in the MOI because even while active listings will decline in these months, sales will most certainly be reduced as well. The effect of a protracted period of a high supply that has been met with comparatively little demand has been lower prices and the psychology for this kind of trend is self-reinforcing.

    I have been using average sales pricing in my newsletters but with so few sales and vast pricing differences in individual Westside neighbourhoods the average prices can be misleading about the actual price trend. The Real Estate Board of Greater Vancouver’s HPI index which tracks the value of a “typical property” in a given area shows that the price of a Detached Westside house has steadily fallen from its high point of $2,255,100 in April 2012 to $2,061,400 in October representing a 9% drop in the past 6 months. Some of the most costly neighbourhoods have seen steeper declines. Shaughnessy is down 12% since April 2012. Point Grey’s high point was $2,683,400 in September of 2011 and it now sits at $2,064,900 in October 2012 – down 23%!

    Unfortunately, I do not subscribe to the wishful thinking that the Spring market will bring with it a change in the present market dynamics. On the contrary, I suspect that we will see a new glut of listings hit the market from February through May and that in spite of increased sales volumes of the freshly lower priced properties, the MOI will likely remain high.

    I am sure the rest of it is on his website at http://www.samwyatt.com/

  15. Well, one small bright side, 3725 W 37th wasn’t torn down, it was moved to Vancouver Island by someone intelligent enough to appreciate it’s design and the sustainability of reusing the building:
    http://www.vancouversun.com/1915+home+makes+incredible+journey+from+Dunbar+Vancouver+Island/6997199/story.html

    Such intelligent buyers aren’t to be found in the big city, where the chief requirement is making sure the new limestone clad house has a plethora of carriage lamps and a design that keeps the boogeyman away.

  16. muchas gracias senor western frank … but maybe you are not only one putting small hummage in odd place … http://tinyurl.com/a6lp3cw

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s