It seems like the owners of #403 3911 Cates Landing Way have had quite the real estate rollercoaster. Purchased during the peak of the market frenzy in February 2022 for a whopping $2 million—an eye-watering $362,000 over the asking price—this North Vancouver condo is now finally selling at a significant loss.
After multiple attempts to sell, with listing prices hovering around $1.8M to $2M, the final sale price came in at $1.78M in September 2024. That’s a loss of over $300K after factoring in Property Transfer Tax (PTT) and commissions. Ouch.
This 1,463 sq. ft. waterfront apartment, nestled in the desirable Roche Point area, has seen its fair share of price fluctuations over the past two years. With a Zealty Azzessment pegging the property at $1.928M, the owners likely hoped for a better outcome, but the market had other plans.
Despite boasting 2 bedrooms, 3 bathrooms, and stunning views, this condo struggled to move. Listed several times throughout 2024, including listings at $1.89M and $1.999M, each attempt was terminated until the eventual sale at $1.78M—a far cry from the initial 2022 excitement.
This case serves as a cautionary tale for buyers who jumped into the market at the height of FOMO. Sometimes, even the most beautiful views can’t shield you from the harsh realities of the market.
