Any Knifecatchers around?

Here's an 'opportunity of a lifetime'. Buy this condo for a steep discount as per this listing.
Never mind the fact that this condo went up by probably 300% in the last 3 years.
I just have a few thoughts related to this:

• This property will look like a good deal to some people.
• Etoys (remember anyone?) looked like a good deal to me at $40 and $20 on its downhill journey from $80. Of course, it ended up at zero a few months afterwards. Of course, real estate corrections never go that far, but we should not forget that this condo was selling for no more than $100k just over a year and half ago.
  
• If this sale does go through at this price, it will have some impact on the other units at market. The 'comps' will be badly impacted.
  
• The above ad could be put there to create a little 'awe and shock' in a market in which things have just stopped moving. May be they are hoping to generate sufficient interest to start a bidding war and get the top dollar for their client. Not a bad approach from a client perspective.
  
• There will be sellers who will need to sell due to numerous reasons-divorce, relocation, illness, estate taxes etc. In a slow market, these types of sales will bring the sale prices down for the overall market.
  

Your thoughts?

Is this it?

Perhaps. In Edmonton at least, the prices have fallen by around 14k.
And on the other side, our friend Bob Truman has brought back some memories from the past. Perhaps, he has a point. Last year too, bears were complaining that the sky is going to fall. This year is no different. But I think the biggest problem is that the wolf is sure going to come one day and based on a few casualties reported this month, the wolf (or the bear) just might have arrived!
What do I make of this situation? I'm very surprised with the speed with which prices have deflated in Edmonton. In pretty much all other places, it took a while and followed a pattern of slowing sales growth, build up of inventory and gradual price decreases. But Edmonton market has probably been the craziest of all, going up nearly 100% in last 2 years. So a dramatic fall won't be surprising. And let's not forget, there has been no external event causing this, except for a very mild increase in interest rates. How will this market respond when (heavens forbid), the price of oil were to fall, government spending were to be curtailed....that is if something were to go wrong.
But then, who knows, there are still some 'bigger fools' still lurking in some bus convoys ready to make their first million from the Alberta boom.