“In the fall of 2007, he closed on the Costa Rica lots, for almost a million dollars. He knew that the land was overvalued, but he expected it to become even more so.”

“Connaughton ignored the warnings. In the fall of 2007, he closed on the Costa Rica lots, for almost a million dollars. He knew that the land was overvalued, but he expected it to become even more so. “It was Greed,” he later said.”
– from ‘Washington Man’, a profile of the “public servant” and “rich lobbyist” Jeff Connaughton, by George Packer, New Yorker, 29 Oct 2012

5 responses to ““In the fall of 2007, he closed on the Costa Rica lots, for almost a million dollars. He knew that the land was overvalued, but he expected it to become even more so.”

  1. Where abouts in Costa Rica did he buy? Los Suenos?

    • From the article:
      “He kept hearing about a paradisiacal stretch of beach in Costa Rica called Mal Pais. The supermodel Gisele Bundchen had built a house there, and prices were soaring. He flew down and looked at two spectacular lots with views of the Pacific. He decided to build a house on one lot, sell it, and, with the profit, build a villa for himself on the other lot.”

      • So this rich “public servant” spent 1mil to buy a lot in a third world “paradise” so that he can sell it for profit and afford building a villa for himself. Sounds like a winner.

  2. Increasingly Bitter

    Irrational Exuberance!

  3. Went to an open house yesterday on the north shore at Berwick Ave.
    The development was disgusting to say the least, no privacy and asking 800K + HST for a 1700 sq ft duplex of questionable quality. The selling agent was an older persian looking guy.

    The interesting part happened when we said good bye and walked back over the plank (yes a 2″ x10″ plank) that separated the property from the sidewalk. A woman walking her dog stared in horror as we made our way over, she said this is breaking all kinds of codes and the realtor should be ashamed.

    She said she knew the bylaws well, why ? because of course she was a realtor too ! hah !

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