With Sufficient Thrust...
Day Two of getting my head around the numbers on a couple of development sites. Friends tell me there is a lot of capital around, but clearing the mirrors and smoke surrounding a deal to get to a real number is still difficult--the amount of capital sloshing around actually makes getting a deal done harder. The saying "With sufficient thrust, pigs fly just fine!" comes to mind.
Surprises are for birthday parties, one of my clients says. Imagine my surprise today to find a groundlease on top of the fee advertised for sale. Not disclosed, and they want an offer tomorrow. oops. Still waiting for the answer on why this was not disclosed.
Tips to brokers:
- Get the facts straight.
- Don't lie.
- Leave nothing out.
- Take the all-cash offer.
