Developer claims THEY DID NOT KNOW THE MARKET WAS COOLING!!?!?!?
Started by jason10006
over 17 years ago
Posts: 5257
Member since: Jan 2009
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Lots of these developments WAY overpaid for land. Digs has a chart somewhere that shows what happened to Manhattan land prices in recent years. Based on that, it will be unlikely that Johnny-come-latelies will be able even to meet their costs. Bankruptcy is the next step. This story is just one of the early ones.
good time to be a real estate attorney
Of course they overpaid, why give a shit when you borrow and spend someone else's money with no collateral.
Developers,
Said RE only appreciates and now is the time to buy.
Well, the develop was apparently listening to the "expertise" of the brokers, who at that time were saying Manhattan Re would be going up...
Who do you think knows more about real estate? Your typical developer or your typical broker?
I'm going with C.