>20% capital loss in 24 months...ouch!!
Tidbit form the "Post":
A rear home unit in the new Steve's Hotel development at the river end of Broadway sold after auction for $1.5 million this week.
The sale followed an unusual auction in the new unit on Saturday attended by a big number of real estate agents, owners of other properties in the development and prospective buyers.
The only bid at the auction was $1.05 million.
Unique features of the auction included the disclosure of the buying price of the unit "off the plan" two years ago for $1.9 million.
Auctioneer Greg Rossen also disclosed the seller's desire to obtain a cash offer by June 30 to offset any loss on the unit with a profit on the sale of a house earlier in the same financial year...
Two years ago, 37 units in the development were snapped up in what was described at the time as a frenzy.
Prices ranged up to $4.3 million.
Buyers were due to settle on the properties in early June this year.
Fourteen properties, priced from $1.9 to $4.5 million, were advertised for sale this week.
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