After looking at the high prices mansions were commanding in Shaughnessy (a house that sold in 2010 on Angus Drive for $5.7 million was assessed in 2011 at $9 million), the owners jacked their asking price from $17.9 million to $31.9 million.
The seller was asking $28 million but when there were no takers, the agent listing the property gained world wide attention when the house was portrayed as Canada's most expensive listing (asking price raised to $38 million).
To help drive attention, images of a mansion that doesn't even exist were posted with the the listing and the property went viral on the internet.
As Observer notes, this property might well now lay claim to the biggest price drop in Canadian history - $18 million and counting. Chop another $10 million from the price and it just might sell.
Observer is now out with his top 10 price drops of the week and the list provides more evidence that sellers are begrudgingly accepting reality. You don't even make this week's list of price drops unless you have chopped $4 million from your asking price! A statistic which, in and of itself, is just too bizarre for words.
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