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... sn’t actually high. If no one bids against it, getting the land at the starting price would be no different from buying it for pennies.

In fact, at today’s land auctions, although the starting prices are considerably higher than in 2008, they’re still not very high.

The problem is that the market conditions now are nothing like they were back in 2008. At every land auction, major real estate developers aggressively bid against each other, and the final transaction prices often en ...

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