It seems another new blog charting the perilous condition of our Vancouver Real Estate bubble has emerged.
Titled Vancouver Flippers in Trouble, the site purports to set out to document real estate losses during the bursting of the bubble.
It's appears to have surfaced about a week ago and offers us such treaties as 2603-8 Smithe Mews:
This 2 bedroom, 2 bath, 1577 sq ft sub penthouse in Coal Harbour was purchased for $2,000,000 in a 2007 pre-sale.
It's currently on the market. Asking price: $1,670,000.
That's quite the drop from the original purchase price. Factor in the GST paid at the time of the purchase ($100,000), the Property Transfer Tax ($39,000), the Real Estate Commission ($61,950) and it means this seller is already looking at a loss of loss of - $530,950, assuming he/she gets the current asking price.
That's quite the drop from the original purchase price. Factor in the GST paid at the time of the purchase ($100,000), the Property Transfer Tax ($39,000), the Real Estate Commission ($61,950) and it means this seller is already looking at a loss of loss of - $530,950, assuming he/she gets the current asking price.
Ouch!
And if misery loves company, then solace can be found in the plight of the seller of 2106-8 Smithe Mews:
This 1 bedroom, 2 bath 1055 sq foot condo was purchased in a 2007 pre sale for $1,030,000.
Currently it's listed with an asking price of $799,900. Once GST on the original sale is factored in ($51,500), Property Transfer Tax ($19,600) and Real Estate Commission ($51,500), this seller is looking at a loss of -$332,697.
Should be interesting to keep our eyes on this site and see if they can continue to provide such interesting examples in the coming months.
We've also added it to the reading list on the sidebar.
We've also added it to the reading list on the sidebar.
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