The inglewood project, being fairly unique, seems to have put a bullseye on the market demand for larger, well equipped homes on great locations in the inner city. It didn’t take much marketing effort for the houses to sell, indicating that, without any hype, the product needs to speak for itself, and when it does it will attract buyers. Is this a function of pandemic lead cabin fever? Partially, but also could be the start of a long term trend. I am certainly considering acquiring more similar land to do multiple detached builds on large parcels. The advantage of detached home building vs multi family building is really quite profound, it gets a far easier ride at the City permitting level, the disadvantage is the material required to build detached is very expensive. On balance, I think detached home building is much preferred to squeezing four units on a 50 ft lot. 2021 is off to a quick start and we hope to continue the momentum as we launch the parkdale project in a couple months.
Building continues at the Inglewood project now with client involvement.