Quote:
Originally Posted by sbrptree
A friend is part of the (new) sales team and says the project IS happening. The developer has deep pockets so pre-sale quotas not necessary for the project.
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Not to say this isn't true, but would just like to point out that the developers have a lot of incentive to push this narrative in an attempt to drive deposits and covert those to actual sales. Even with deep pockets, they're going to get debt financing for leverage (or necessity) and I haven't heard of a lender that doesn't require some sort of pre-sale requirement.
I've mentioned before, developers use a lot of tactics to make the project feel "real" to prospects - such as clearing dirt, but that doesn't mean they have the ability to go vertical. I question the depth of the luxury market and will be curious to see if Opus actually pushes through.
A better bet would be to focus on move ups and entry level condos, but the reality of construction costs is severely limiting at those price points.