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19 examples of Metro Vancouver homes listed and sold at shattering losses (PHOTOS)

Kenneth Chan
Kenneth Chan
|
Feb 12 2019, 6:13 am
19 examples of Metro Vancouver homes listed and sold at shattering losses (PHOTOS)
1429 Hope Road, North Vancouver. (Twitter / MLS)

All good things must come to an end… eventually. In the case of homeowners in Metro Vancouver, that tipping point has been reached.

Regular reports from the real estate industry and analysts have reported significant consecutive drops in home sales and values over the past year, and for some time a Twitter account by the handle name of @mortimer_1 has been tracking some spectacular losses in assessment value, listings, sales flip flops.

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Some properties, seemingly purchased for investment purposes, during the peak of the real estate market in 2016-17 are now being sold at losses in the six figures. In other cases, homeowners have even resorted to leasing out their multi-million dollar properties (got to avoid the Empty Homes Tax, right?).

Here is a rundown of some of the biggest belly flops in assessed values, listings, and sales flip flops identified by Mortimer:

1. 4213 West 14th Avenue, Vancouver

Bought in 2016 for $2.88 million, recently sold for $1.98 million — a market value loss of $900,000. It was 233 days on the market, and the listing price was originally $3.03 million.

2. 5649 Angus Drive, Vancouver

This large heritage Shaughenssy home was bought for $5.27 million in 2016… and it is now renting on Craigslist for $5,490 per month. There are six bedrooms and five bathrooms over 4,409-sq-ft of living space.

3. 1429 Hope Road, North Vancouver

In October 2017, the newly-built property was acquired for $1.809 million. And it was just sold for $1.682 million.

4. 1159 West 32nd Avenue, Vancouver

The homeowners have lived at this Shaughnessy property for quite a while, but the recent sale price of $3.6 million was far below the 2018 assessed value of $4.535 million. Still a net gain, however.

5. 875 Greenwood Road, West Vancouver

There has been a bit of flip-flopping with this property; sold in 2015 for $2.78 million, sold again in 2016 for $3.3 million, and recently sold at just $2.88 million — a $420,000 loss. The 2018 assessed value is $3.028 million, down from the 2017 assessed value of $3.896 million.

6. 7789 11th Avenue, Burnaby

Built in 2016, it was bought in 2017 for $2.175 million and just sold again for $1.925 million — a $250,000 loss. Its assessed value is $1.917 million.

7. 3414 West 44th Avenue, Vancouver

This Vancouver Westside property was bought in 2016 for $5 million, but its assessed value has plummeted below that price. The three-bedroom, 2.5-bedroom property is now renting for $4,500 per month.

8. 2384 Mathers Avenue, West Vancouver

This tear-down was recently sold for $2.315 million — below its previous sale price of $2.351 million in 2015.

9. 5830 Sperling Avenue, Burnaby

This home near Deer Lake was sold at a loss of about $700,000; bought in 2016 for $2.8 million, and just sold for $2.114 million. Its assessed value is $2.465 million.

10. 341 West 46th Avenue, Vancouver

Within the span of two years, this four-bedroom property near Oakridge Centre was sold for $3.75 million and recently sold again $3.798 million… and it is now renting for about $5,000 per month.

11. 2911 West 34th Avenue, Vancouver

Yes, this house is only half-built and it is on the market. In fact, the seller has no intention on completing construction. The asking price is $430,000 higher than the 2016 sale price of $2.25 million.

12. 4288 Cypress Street, Vancouver

Another new, luxurious Shaughnessy property on the market for about $11 million. And it is also listed on Airbnb for $1,499 per night (it comes with five bedrooms, seven bathrooms, gourmet kitchen with high-end appliances, home theatre, indoor swimming pool and hot tub, and steam room).

13. Unit 902 – 1200 Alberni Street, Vancouver

This condominium in downtown Vancouver was flipped five times since 2016. The latest sale in December 2018 was a loss of $40,000 over the previous sale.

14. 845 West 17th Avenue, Vancouver

This teardown has been on the market since 2016. It was acquired in 2015 for $1.767 million, and its current asking price is $1.999 million — more than $300,000 below the latest assessment value.

15. 4625 Connaught Drive, Vancouver

Purchased in 2016 for $8.18 million, its asking price of $7.48 million risks a loss of about $700,000.

16. 258 W 62nd Avenue, Vancouver

This townhouse was sold in the 2015 pre-sale for $1.397 million then flipped in 2017 for $1.8 million. Its asking price of $1.589 million is a loss of more than $200,000.

17. 4448 Chaldecott Street, Vancouver

The property was bought about a year ago for $6.06 million, and it’s on the market now for $5.99 million.

18. 7215 Dumphries Street, Vancouver

This Vancouver Eastside home recently sold at a loss of nearly $300,000. It was bought in 2016 for $2.288 million and just sold for only $2 million.

19. 3946 West 30th Avenue, Vancouver

This home in the Dunbar neighbourhood was just sold for $3.55 million. That is a $565,000 loss from its last sale in 2016 with a price of $4.115 million. Apparently, a building permit for a new 4,000-sq-ft home has been submitted to the municipal government, but it has been tied up in the two-year permit approval backlog.

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