Quote:
Originally Posted by Jasper and one o nin
then what is it Auditor. you think the developers in this City are too dumb to know better.? I dont think so. This City buys crap, so developers build crap.
If you had the capital to build something "upscale" you would lose your shirt.
Frankly, developers dont use their own capital when they develop a building. they sell half first, use 25% of their own dough and leverage the rest.
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Too lazy not enough confidence in the Edmonton market? You make it sound like its impossible to build nice condos in Edmonton- Look at Icon, Illuminada and Century Park projects all are upscale for Edmonton and all will take 2-3 years to complete.
So now why would these developers keep developing if they are losing $$$. Buyers here buy crap because they don't have much else to choose from,
I am aware people leverage but you still need capital to purchase the land and acquire the financing.
Even some wood buildings are giving 2 year completion periods now.
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