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That's fair, but still the price of a whole electric of gas oven and cooktop.
by ch4s3 5y ago
That's fair, but still the price of a whole electric of gas oven and cooktop.
- acchow 5y agoOk, but I'm addressing this argument: > Induction cook tops cost nearly $4k. A whole electric stove and oven for about $600. In NYC you need an expected profit margin of 5% to get a development loan, and that quite high for large real estate projects. Slapping and extra $3-$4k onto each unit just isn't going to work for most projects. the cost of the cooktop and oven is not increasing by $3600. It's actually only increasing by $500. Also 5% of a 800k condo unit is 40k. Also your 5% profit margin is a bare minimum. In reality, I doubt any developer would do start any project unless they expected at minimum 15% margin.