Our remodel is of a house that was built in the 70s - there is nothing to salvage from what was demoed - and we are less constrained by a cap than the Blazers are. (As in, we are probably going to go about 30% over the initial estimate - which I would treat as the cap, the Blazers going 30% over the cap given their repeater tax offender would be like 60%).
I think that your valuation of the stuff that was demoed was higher than the valuation that the organization had - and they were not willing to risk being stuck with these assets trying to pursue what they considered less likely deals.
As I said, I am just happy there is a real plan and action to achieve it. We can argue from here until forever how close the execution is to optimal - but without more details, it is just speculation.