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Is Austin Spriggs getting what he deserves?

At the dizzying height of the real estate boom, Austin Spriggs had the equivalent of a golden lottery ticket: a downtown Washington townhouse on precisely the red-hot block where developers hoped to build hundreds of swanky condominiums and offices. In and out of his office the developers paraded, offering Spriggs millions for the building that had housed his small architecture firm since 1980. Each time, Spriggs told them no, holding out for more money.

Two months ago, after his bank threatened foreclosure, Spriggs put the property up for sale for $1.5 million, nearly half of what one developer had once hoped to pay him.

No offer has been made. Read the full article.

By Jodi Westrick  |  June 18, 2010; 8:12 AM ET  | Category:  Local Save & Share:  Send E-mail   Facebook   Twitter   Digg   Yahoo Buzz   StumbleUpon   Technorati  
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We are all fools for not selling in 2005

Posted by: jercha | June 18, 2010 9:36 AM

Getting what he deserves, but not in the punitive way one thinks. He simply overestimated the value and allowed emotions to make a poor business decision. Now he has to live with it.

Posted by: kahlua87 | June 18, 2010 10:17 AM

He's getting exactly what he deserves.
1. He found out what financial support he could raise, which wasn't much.
2. When the time was right, I'm confident he was shown, or could have seen what the surrounding developers intended to do.He ignored that.
3. If he is a bonafide architect, he has the advantage and experience of knowing that the developers can come up with an alternate design, if he holds out. They altered the building plans slightly, and kept on truckin.

Posted by: nosmiley | June 18, 2010 7:53 PM

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