Great news our ongoing land search is temporarily over, because our project pipeline is now full for at least a couple construction seasons. After a fruitless spring where we simply couldn't find a property to buy, we have, over this autumn season, been constantly finding leads to deals. We have on three occasions been on the losing end of multiple offer scenarios, which has been frustrating, having to compete for land in the middle of a recession.
Since we are really focussed on a specific type of property that allows the redevelopment of our townhouse product, we reduce the scope of the land we want to buy to just certain streets in our preferred neighbourhoods. These properties are often owned by the original owners or their children who lived in the homes in the 70's and 80's and now use them as rentals. They tend to be paid off and the owners are extremely disinclined to sell.
This most recent purchase is in Shaganappi, we wont be more specific until the deal closes other than to say it is footsteps to the train station. We really like the area, it is an up and coming inner city SW location with massive upside development potential. In conjunction with the westbrook transit oriented development policy there has been massive public investment in the underground train station and library project, and a new area redevelopment plan that has rezoned many properties to MC2.
As an added bonus the project location is within five minutes of our house and only six blocks from our daughters elementary school. This makes it pretty easy to keep a close eye on the property.
Huge apples growing in the yard of our new development site. We picked this one today.