Pat Helgeson, a representative from Province Group, said the mobile home park's land is in escrow and "would be sold, one way or another". According to Helgeson, the land is worth about $478,000 and, with the apartment complex, the value would escalate to nearly $50 million.
Property values escalated so rapidly that the investor, Steven C. Witkoff, was able to sell the 29-story tower at 100 Wall Street last October for $58.5 million, or $128 a square foot, only five months after buying it for $37 million, or $81 a square foot.
The condominiums were followed by waves of single-family houses that kept increasing in size as the population grew and land values escalated.
For decades landowners have enjoyed an unearned windfall as land values escalated largely through public investment in roads, utilities, schools and so forth.
At the beginning of this period, values escalated rapidly in the bubble, fueled by financial speculation, subprime lending and an abiding national faith in homeownership as a sure-fire source of wealth.
There was the other burgeoning receiver, Antonio Brown, being signed to a new six-year contract before his value escalated further.
Jeter's value escalated since the Yankees walked away from a seven-year, $118.5 million agreement last year, and it would presumably rise if he became a free agent.
(Prices escalate to $2,995).
"It is very difficult for a developer to put a product on the market below $500,000 because land values have escalated, so that to find a decent buildable lot, one has to pay close to $200,000.
"If you look at how property values have escalated, curb appeal has a lot to do with the value of a property," said Joyce Robinson, an agent with William Raveis Real Estate in Westport, "and stone walls in general are a very appealing part of Connecticut".
