According to at least one north shore developer, those pesky “Eastern Europeans” are buying high, and selling low, and making it hard to make an honest killing.
Yo’s unnamed source reports that the Eastern Europeans — note the exquisite politesse of the north shore phrasing — are paying $800,000 for lots that sell for $750,000, and that went for $625,000 two years ago. And then, they’re selling the homes they build on those lots at a profit of $150,000 instead of the $450,000 that the traditional north shore developer considers his due.
Sounds like a bubble that needed bursting.
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