>20% capital loss in 24 months...ouch!!Tidbit form the "Post":A...

>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.