Are we finally seeing a mild pullback in the sky high valuations of Killarney development land?  Anecdotal evidence does seem to suggest that builders are behaving a little more rationally lately (i.e less like idiots) than they were through the winter.  

I suggested that $700k was just too high for land value and would lead to builders losing money or building at margins that make little sense. Occasional premium lots may still quickly sell, but the momentum clearly has settled down.  The market has created a lot of supply out of those sellers who didn’t want to put product on the market during the recession.  Perhaps next year it will escalate again?

Sellers reluctant to drop prices but if they need to sell and the builders are slowing land purchases then more price cuts are in order.