There are many developers that made “fatal” errors. A fatal error for a real estate project is the wrong location and the wrong product. Many developers did not retrench and kept launching a product that had no demand. These developers are now realizing that even at significant discounts this product cannot move. This “dead inventory” does not affect the micro demand story of our target strategy. In some cases, the inventory is so out of place and out of the cost range that it will not sell at almost any price. Sadly, some of these developers have no recourse and will leave the market.
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