A controversial Vancouver developer has had to slash prices of his unsold inventory by as much as by a third after failing to attract buyers to his infill project which had been languishing on the market for nearly three years.
Three out of the four units at architect and developer Michael Geller’s ‘Vinson House Cottages’ in the luxuriously restored heritage home in West Vancouver’s Ambleside neighbourhood had been on the market since January 2017.
1421 Gordon Avenue finally sold last month for $1,752,380, a whopping 33% below the January 2017 asking price of $2,598,000 and 25% below its assessed value.
1419 Gordon Avenue sold a week later for $2,150,000, a somewhat less painful 24% below the January 2017 asking price of $2,798,000 and 13% below its assessed value.
The original house 1425 Gordon Avenue is still on the market for $2,480,000 – a discount of 25% of the original asking price of $3,300,000 and 13% below its assessed value.
The garden suite unit 1423 Gordon Avenue was pre-sold for $1,870,000 in 2016.
The project has so far garnered $5,772,380 in sales – not enough to even cover the $6 million dollar mortgage obtained to fund the construction.
Geller had earlier told the media that he was ‘desperate’.
Geller has been very vocal on social media about housing issues in Vancouver but has courted controversy for some of his outbursts on twitter.
“If only SNC Lavalin had been owned by one of the First Nations,” Geller tweeted while tagging Prime Minister Justin Trudeau and former Attorney General Jody Wilson-Raybould. “We wouldn’t be having this discussion.”
Wilson-Raybould, Canada’s first indigenous Attorney General, once served as the BC Assembly of First Nations’ Regional Chief.
Geller was forced to take down the tweet following a public outcry.