“Here comes the death spiral at Cosmo 161 W Georgia St:
I am in the market for a 2 bedroom condo as first time buyer in downtown for the past few months. My budget is 500k. I have been watching this building closely.
There are 6 units that are exactly the same layout on MLS. Unit 807, 1608, 1708, 1808, 2108, 2208. Asking price from 575k to 629k.
807 had open house two weeks ago (I viewed) and was the lowest priced at that time. Now 2208 entered the market last week and priced lowest. 807 (V949770) just reduced it’s price to beat 2208 (V962354) this week.
At this rate, I hope they will drop to $500k by Nov. this year.”
– G at VCI 20 Jul 2012 10:14pm
If a ‘death spiral’ is beginning (as may indeed be the case), why plan to buy in November?