Real Estate Investing Sunshine Coast Style: Life's a Wakefield Beach.

[Skook]

September 12, 2013 Update

Two days ago, the duplex unit at 5391 Wakefield Beach Lane was relisted (V1026794). This unit (#19 on site map) is owned by Rashida Abdulrasul Samji, the Vancouver investor now in bankruptcy and under BCSC and RCMP investigation (see last section of first post in above).

The unit has been relisted at $554,990. This list price represents a drop of 32.7% (-32.7%) from the 2006 purchase price of $825,000.

How will this bankruptcy fire sale impact the value of all other units in the complex?

September 19, 2013 Update:

6490 Ember Place (V985854), the townhome also owned by Samji, has dropped in price, again, this past week.

It actually has had two price drops but I missed the first in July where it went from $469,900 to $449,900 - for some reason this drop was missed by my usual source of listing data (perhaps because it is listed under 'homes' and not 'condo/townhome'). This past week it has dropped again to $429,000.

Therefore, if I use the purchase price of $679,000 (which could be on the low side - see original post above), then this townhome is now listed at 36.8% (-36.8%) below purchase price.

October 11, 2013 Update:

There has been another listing price reduction for the duplex at 5391 Wakefield Beach Lane. Today, the unit's September 10th relist price of $554,990 was lowered to $535,000. This new price reduction now represents a drop of 35.2% (-35.2%) from the original purchase price of $825,000 and you have to wonder how low they will go to move this unit.