Quote:
Originally Posted by Steely Dan
i'm sorry, but i didn't see any "mindless villainizing" in pianowizard's post.
he merely expressed his opinion that the developers over-reached on this project, trying to charge ultra-luxury condo prices in a non-ultra-luxury location.
if they had aimed lower, they might've sold more units, and thus gotten the project funded.
but here we are........
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You, me, Pianowizard, and "I always knew it" Mr. SamintheLoop don't know how excessively greedy or how "unrealistically high" the profit margins of this project were, and we probably never will.
Again, I don't disagree that they shot for too high a price and failed--the market didn't support it--this venture was a costly failure for the development team.
But questioning the developer's motives, insinuating that they had more than acceptable levels of greed, or shooting for "higher than typical" profit margins, as Pianowizard did, was not necessary. Unless somebody can pull out a calculator and run the numbers, and determine that once construction costs, debt service, permits fees, marketing fees, etc etc are accounted for, the developer was aiming for a profit margin far in excess of his peers. If that can be demonstrated, then I will be the first to agree that "excess greed" was the case.