That type of "investing" is actually called speculating, and is not much different than gambling.

That holding company that is listed as manager is offshore in the Bahamas.

In this market, investing and paying market prices hoping for appreciation is gambling.

The people who are bringing their offshore money here have a lot of it and it won't take much to find a good lawyer who can steer them clear of these taxes if it is a concern.I think the government has been planning this tax for months, but has just introduced it now as sales have begun to slow.

Sorry, but what you describe reads more like gambling.  

These will all be walking distance from the property.My hope would be that the chance for appreciation would be enough to make the lower numbers make sense, especially seeing how property values have risen in the surrounding neighborhoods where the walking path is already completed.My question is, is it worth the gamble to solely rely on future appreciation to make the deal make sense?

I know betting on appreciation is a gamble but it is a bet I am willing to take.

I have considered them before as I like Vegas but I think you have to go there a lot to get your money's worth and most people that go there a lot are gambling and thus getting comped rooms anyway so they don't need to pay for a room.  

Some of my clients lack the patience to find a good deal and would rather gamble in single stocks than something they have more control over.

A $400 gamble is always worth it.