The offer may be appropriate for what the value that the developer is expected to bring to the organization.

Not all organizations get lots of value from developers.

It also means they're not losing a lot by not having a developer, so they're perfectly ok with having the position open until someone takes it.

If they are offering so little money that noone even applies for a position in a year, then clearly it is not a real job offer.

If I want to hire a top proffeshional for minimum wage, its not a job offer, its just wishfull thinking.