I haven't been following this thread, and I may be sticking my nose in
something I shouldn't... but I read this quote,
"The beachfront redevelopment had its first condo closing last week.
$825,000.00 unit. That's reality."
I have spent a few years investigating untoward realty transactions
including predatory lending, and mortgage origination and appraisal
fraud... as well as some time working as a managing partner in a
waterfront redevelopment project. I even had a few ocassions to bid
against MDSass at muni tax lien auctions, and had a E-Confrontation
with L. Fishman as his company was evicting an elderly woman from a
home MDSass had purchased via tax lien foreclosure. So, nothing
surprises me. In fact,my wife calls me a conspiratorial theorist.
Historically, when a housing development is first exposed to its
market, it isn't uncommon for the first few units to be sold at less
than an arms'length transaction... these early sales set values upon
which other units are compared.
Not saying this is happening here... but I wouldn't be too surprised.
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