Bizarro World

A reader brought to my attention this land sale on 42 Richmond Hill, which I’d missed: five-acre lot, asked $2.2 million, closed yesterday for $2.7 million. WTF?

Back in the 80s and early 90s my practice included the representation of a handful of local contractors and, after some years of success, they always came up with the brilliant idea of going all-in on some huge spec project that was going to make them rich. I’d plead with them not to over-extend themselves because, I’d tell them, I hated to lose them as clients and I didn’t do bankruptcy law. They always did it anyway, to their ruin.

That certainly may not be the case with this buyer; I don’t even know who he is, let alone his financial situation, but Richmond Hill has been the graveyard of large spec homes for at least the past twenty years. A $7-$9 million house might sell these days, who knows? This time is different, after all, but had he asked me, and I’m sure he’s glad he didn’t (not as happy as the fortunate seller, though), I’d have advised him to look elsewhere to lose his money.

Perhaps he was just looking for an easier, faster way to accomplish that.