Bugs, thank you for that analysis, the point about the pre-construction pricing made a lot of sense.
Since PC brought up the Fraudera Ranch case, let me ask your opinion on that. Say you have a condo in a complex you are appraising. you know that 5 condos in that complex were involved in fraud, ie, the prices were due to sales to straw buyers. would you just toss the 5 sales out on your appraisal of that condo?
what about a situation where the 5 condos are now REO’s. does that factor into your analysis?
