Prices going off a cliff at The Fairmont?

For anyone who still believes that the Vancouver real estate market and The Fairmont in Coal Harbour "are different", below is the latest listing to post a significant price reduction. Unit # 2409 is a NW corner unit that initially listed for $5,088,000, reduced its price to $4,880,000 and has now reduced to a stunning $4,300,000. Wow, that's $1585/sq ft - a long way from the reputed prices north of $2000/sq ft that have defined the Fairmont to date. This is bad news for anyone else selling at The Fairmont and could theoretically cause a stampede of panic amongst other sellers.

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