So what are replacement costs in the Bay Area and why do you think we are below them now? Are you factoring in the plummeting value of land in your equation? Just because Toll Brothers and others spent 3x what they should have for land in 2004-2005, doesn't mean the land is actually worth that.
Are Home Prices Still Too High? [View article]
So what are replacement costs in the Bay Area and why do you think we are below them now? Are you factoring in the plummeting value of land in your equation? Just because Toll Brothers and others spent 3x what they should have for land in 2004-2005, doesn't mean the land is actually worth that.