Idle Speculation

Back in July of 2007 I predicted that, "prices will peak in Vancouver before end of 2008."

What's my point? None really, just that I was right.

Anyways, while I'm on the topic of speculation, here's an amusing marketing flyer release from a local real estate developer (via Vancouver Condo Info).

From the flyer:

"$150 million portfolio of prime completed real estate located throughout the Lower Mainland will be sold, at prices far below market value."

...

"What are the homes being discounted??
Aggressive speculators lined up overnight at launches to scoop up prime units and then could not flip them before completion. Many could not afford to complete and lost 15% deposits. Much of the available inventory is made up of these homes."

Ouch.