The current owners bought the home in April 2004 for $6 million.
Last year they listed it for sale for $17.9 million... but there were no takers at that 'bargain' price.
The home they bought for $6 million had failed to sell for $17.9 million... so they doubled the asking price to $31.9 million.
Who says there's a disconnect in our real estate market?
Well it seems something resembling reality (if you can call it that) is starting to enter our market.
Yes... the outrageous has morphed to the merely obscene.
As Observer (from the blog Vancouver Price Drop) notes the sellers revoked their $31.9 million listing on September 25th, 2012 and have relisted the property on September 27th for $22.8 million.
That's a reduction of 29%.
Will this become the City's largest price drop vis-a-vis price reductions from highest listing price by the time all is said and done?
Chop 60% off that original asking price and you would come down to $13.3 million. An amount that would still be more than twice what they paid for it in 2004.
Slash a further 75% from that and, in my opinion, $4 million would still be overpriced.
Such is the current state of the market.
More on this later this week.
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