The Oracle Broadbeach

One trouble with off-the-plan marketing is that the apartments are often oversold.  The Oracle at Broadbeach was marketed as a beach apartment complex, but in fact, is not that close to the beach and many apartments do not have good beach views.  Even though the apartments are large, the values have dropped.  Dramatically.  Two examples:

Apt 2003, 2 bedrooms, now listed for $825,000, originally sold for $1,495,000 off the plan.
Apt 1605, 1 bedroom, sold off the plan for $710,000, resold in January 2012 for $530,000.

Here is another 2 bed listed for $800,000.