On occasion a remarkable land sale gets remarked upon on these posts. This one is particularly egregious, my new favourite phrase. Given the carrying costs of land and the cost to build, these deals appear to appeal only to the most cash rich builders who also have the highest tolerance of risk and the most optimistic outlook. In my view these highly optimistic scenarios don’t often unfold according to the schedule of how they’d need to in order to justify such investment exuberance. Nevertheless I’ve been wrong and right plenty.
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