White Rock Condo – Paid $315K (2008), Sold $170K (2011), Loss $145K

Garth Turner at greaterfool.ca 16 Mar 2011 relays an anecdote from White Rock – “Garth we have accepted an offer on my mom’s condo.
Here’s the details:
– March 2008 – bought new condo in retirement complex. Total $315 taxes in.
– Currently 5 comparable units for sale in the same complex and 1 has been sitting 12 months.
– Jan 2011 – listed 229K – 30 days 1 showing, no offer. Price reduced to 209K – 30 days no showing, no offer. Price reduced to 199K – 1 showing, 1 offer, sold for 180K (minus move, commission, legal = 170K)
– Paid $315, Sold $170, Loss $145K”

10 responses to “White Rock Condo – Paid $315K (2008), Sold $170K (2011), Loss $145K

  1. Not possible. White Rock is full of Rich Asians.

  2. Probably one of those ‘no-rental’ complexes, and maybe age restrictions as well, otherwise you could have rented this and picked up at least a 7% cap return instead of swallowing a 50% loss in equity.

    No-rent/age restrictions sound good in theory but they limit your flexibility when you need it.

    • “No-rent/age restrictions” – Agreed.
      However, many sponsored parents and grandparents do live separately from their sponsoring families. There is definitely a market there unless people opt for garages.

  3. Maybe a hospice opened up next door?

  4. Post is obviously fake as we all know RE never goes down.

  5. give me the MLS# please. I can verify the data. Data don’t lie.

  6. fake information! this was a bait for bears.

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