2808 W 21st Ave, Vancouver Westside (V971425)
New build 2800sqft SFH on 33×123 corner lot
Offered now for $2,888,000
Hat-tip to Rob for this example of shrinking profit margins. He also writes: “Another good example of west side drop. This had been listed at 3.3 million for about the past 8 months…..now this week dropped to 2.88 million.”
It sounds like the plan was for two new builds on one old ‘double’ lot, a project where we’d imagine projected profit margins were quite generous. Even at $412K ‘off’, $2.888M still represents preposterously poor value for a buyer.
At what price levels does this deal become untenable for the developer?