Evolution Sales - Massive Losses for Investors

I have written in the past about Evolution, and how Citimark sold these apartments off-the-plan at high prices.  It is not the greatest quality building in my opinion.  Most of the original buyers from Citimark were Korean.  Evolution opened in 2008.  Here is some recent sales evidence:

• Apt 245, sold off the plan in 2006 for $767,500.  Resold in November 2011 fully furnished for $605,000.
• Apt 184, sold off the plan in 2006 for $660,500.  Resold in November 2011 for $460,000.
• Apt 153, sold off the plan in 2009 for $570,000.  Resold in October 2011 for $410,000.
• Apt 276, sold off the plan in 2006 for $701,000.  Resold in September 2011 for $620,000.
• Apt 163, sold off the plan in 2007 for $649,500.  Resold in September 2011 for $435,000.
• Apt 194 sold off the plan in 2006 for $512,720.  It is currently listed for sale for $510,000.  Based on the above, it will be lucky to be sold for above $460,000.

This shows massive capital losses for each of these buyers.  Take care when buying from developers off the plan.  Take extra care if buying from Citimark!