IMO the prices acheived were fairly close to being about right
I think the reserves were priced to make this show/project/market appear more successful than the results should show
Like has been said before on this thread, the real profit on the 4 properties would be closer to .5mil than the 1.5 mil achieved.
Few people would have seen the amounts of trades on site, disputes with council etc, and time taken to make this show.
People probably would not realise the price history of this area, I have seen a single story house in nelson road go for over 4mil a few years ago, and an unrenovated house on 65sq meters of land go for circa 700k, so anyone think that these four would go even in this market for 1 to 1.1 is not being realistic.
IMO the first block in richmond paid over the odds for their properties, which left little or no profit.
These four were bought at a more realistic price, and hence the possibility for profit was enhanced, it a bit like the sharemarket saying that you make your money when you buy not when you sell.
PS.. I wouldnt like walk to Chapel street, but agree with the rest of your location, location post.
cheers grant
the above is opinion only and written without prejudice
