10 condo price drops Dec 2006

Here’s an updated list of condo price drops in Vancouver. The previous price drop list was for October 2006, all but one of those listings has been sold or expired and was removed from the market. This list is being updated on December 27th 2006.

Criteria for being included on the list: There must be a greater than $10,000 dollar reduction in asking price, extra points for listings over 90 days. If there is more than one unit with a price reduction above $10k in the same building I’ll list only the one that has been on the market for the longest. For instance: I see a minimum of 25 units listed with price drops ranging from $10,000 up to $70,000 located at 1082 Seymour st, but I’m only listing the one that has been for sale the longest.

There is only one listing from the original list that hasn’t sold or expired from active listing and thats the first one on this updated list.

1099 E BROADWAY – Original price: $349,900 | Asking: $308,000
“Faces Broadway but quiet inside”

4868 Fraser St. – Original price: $269,900 | Asking: $249,000
“Close to everything.”

2238 Kingsway – Original price: $305,000 | Asking: $289,000
“Hurry! All meas approx, buyer to verify”

1082 Seymour St. – Original price: $322,800 | Asking: $299,900
“Brand new 1 bedroom unit”

1328 W 73rd – Original price: $293,000 | Asking: $278,000
“unit on ground level with small patio”

1420 E 7th Ave – Original price: $368,000 | Asking: $310,000
“Short walk to popular commercial drive & skytrain”

5380 Oben St. – Original price: $349,900 | Asking: $319,888
“Oversize 1 bdrm & den, 722 sq ft.”

1155 Homer St. – Original price: $344,900 | Asking: $324,900
“Feels larger than 644 sq ft.”

711 E 6th– Original price: $349,000 | Asking: $319,800
“Recently renovated with new paint & laminate”

2388 Kingsway– Original price: $259,900 | Asking: $215,000
“Recently renovated with laminate floors”

Depending on who you talk to this could be your last chance to get a good deal, or it could be the beginning of further price drops in Vancouver real estate. I’ll leave the predictions up to you.

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Anonymous
Anonymous
12 years ago

why does it seem like 1082 seymour building is a bad building to buy??

shylocks-a-plenty
shylocks-a-plenty
13 years ago

MLS®: V612550 A/P= a whopping $660kbought end 2001 around $268ktower roof now leakingsome insuite sprinkler heads also leakyremember the 1930s in Germany just be4 ww2

Anonymous
Anonymous
13 years ago

I wonder if “gloriaandjack” have paid taxes, I wonder if they are on EI?I wonder if the RCMP Commercial Crime Squad monitors these sites.

Anonymous
Anonymous
13 years ago

anon 09:37 I share the same view.Oben St/Joyce – 'gloriaandjack' flipped in craiglist about 10 units there; if they're down to one now, they're not doing to bad.

Anonymous
Anonymous
13 years ago

The Joyce Street condos I think are the prime late in the game flippers. They don't have enough for downtown Van so they got units there but without any intention of actually living there and too much to rent out for – they don't have the guts to rent out at negative cash flow. The people trying to rent are asking roughly the same amount as downtown and thats too much (downtown is too much and thus joyce requests are too much)When the down turn picks up speed I think the price drops will hit big here

moronman
moronman
13 years ago

I am following 3660 vanness ave., completed Nov. 2006; my friend has a unit in it and it is not for sale yet. 30 units are for sale already and 3 reductions in prices.#308 from 279,900 to 269,800#707 from 289,900 to 286,000#1202 from 395,000 to 375,000go figure!

Anonymous
Anonymous
13 years ago

I like the 2238 Kingsway one. "Hurry, or will have to drop the price further!"And how much did the flipper at Freesia pay for that unit?

Jesse
Jesse
13 years ago

Slightly relevant Tyee article. Food for thought.

Anonymous
Anonymous
13 years ago

prices are up up and will be 1000per sqfeet around 2008Is this in Canadian dollars?

Anonymous
Anonymous
13 years ago

Whata joke(negetive)Keep living in La La Land. Prices are coming down.

bc_cele
bc_cele
13 years ago

Anonymous said… Whata joke(negetive)The first line of your post says it all.

Anonymous
Anonymous
13 years ago

Whata joke(negetive)Dear sir this reduction is to low for the said area.Price's are up all it takes location's let me show you the truth.1099 is leaky condo is under re construction.Fraser st.one is very close to cremation center.Kingsway one is in RED ALERT cluster area.Seemore is (SEEMOREBUTT)Homer st.is old condo almost own its way to go.Don't fool us 711 east6th have value what prices for that unit is already too much thats actualy minor drop for correction……so that does not apply all those price drop are false actualy prices are up up and will be 1000per sqfeet around 2008

realtor88888888
realtor88888888
13 years ago

Price reductions always lag sales declines.Sales have bee declining for several consecutive months.The crash is coming. I will not shed a tear for the flippers.I wonder how many creative financing schemes will be renamed with a legal name?You bought a 600sf dump and you are stuck with 30k in reno bills, the price is dropping like a rock, and pretty soon you will have to rent the place for less than the mortgage payment, and soon you are going to have to tell the Mortgage Broker you will default because the fake paycheck stubs issued by your partner exaggerate your earnings, in fact you don’t even have a real job

vineland
vineland
13 years ago

Hi, I noticed the W73rd unit for sale – from 2002-2004 (spring) I lived in that building (as a renter) and there were always about 4-7 units for sale. That place, although not facing the bridge (Arthur Laing) gets all the noise from across the alley. Used to be a leaky condo and it is on a very, very small lot. Getting into and out of their parking garage was nightmare. I think everyone trying to sell a unit in that place has needed to drop their prices – even during the peak years unitss weren't moving.

Clarke
Clarke
13 years ago

These drops are just the beginning. With all the new supply coming on, as well as the normal seasonal increase in listings, by the end of spring this train wreck is really going to pick up speed……

ReductiMat
ReductiMat
13 years ago

Hey guys, I'm selling a table. Leg missing, top scratched and stained, otherwise, like NEW!

Anonymous
Anonymous
13 years ago

I have noticed that a lot of new developments offer apartments with a very small living room, so small that you can hardly watch TV, and almost no dining area, or so small that you cannot sit more than 4 people. Does that mean nowdays people are not expected to party or to invite a few friends/family over for a good meal? Of course if you work two jobs to repay your mortgage, you don't have time for anything like it.

Gianni33
Gianni33
13 years ago

$308k for a 2 bedroom in East Van with a $250/mo condo fee? built during the leaky condo period (perhaps why the condo fee is so high)? Ground floor? Close to skytrain, meaning druggies shooting up in the alley? Or perhaps in your backyard? With all the new listings about to flood the market, I don't see how prices will climb again in the new year.

bc_cele
bc_cele
13 years ago

I really love the phrase on # 2709 5380 Oben St. that claims that it is 'oversized' at 722sft. I suppose they mean that it's oversized compared to the typical Yaletown rabbit cage. I also couldn't help, but notice the juxtapositioning of the listing under it (1155 Homer St) that claims that 'it feels larger than 644sft'. Perhaps, it feels like 722?