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Northpoint


Ground Engineer

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GE is, I think, correct -- Northpoint will be finished (not sure it will be in 2010, but certainly within my lifetime). The "risks" are two (at least) -- If you pay pre-completion and the property is involved in a bankruptcy of Raimon Lands, what are the legal rights of the purchasers in the property -- do you have an ownership interest in the property or are you just a creditor of Raimon Lands? If it is the latter, you may have serious problems. Second, the property is simply "over priced" on a square foot basis. If you buy and take possession and within 2 or 3 years want/need to sell, there is no way you will be able to get back (or even close to) what you paid for the property. Obviously, thorough due diligence can mitigate this last risk, but it is a real one. So, as Prospero said buy "AYOR". Cheers,

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