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Return to the Fray

In a bear market, most developers are not inclined to hibernate like bears as a strategy for selfpreservation. Be they a Macklowe, Zeckendorf, Trump or Barnett, their modus operandi borrows from feline superstition: if they have nine lives, they’re going to spend them all building or go bankrupt trying. According to Kelly Kennedy Mack, President of Corcoran Sunshine, today’s market “has little or nothing in common with what went on before, and that’s probably a good thing.” She explained: “It brought an end to gimmicks; credibility is being rewarded, and although we’re seeing a new generation of development trading for the highest prices ever, it’s rooted in a rationality that didn’t exist in the last cycle. People understand that in a market with so much more transparency and such tighter lending restrictions, only the best developers are still able to play the game.”

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