Threeplex project is complete

Finishing a multi-family site in Calgary is a marathon of a project. It requires considerable effort to achieve not just construction completion but all of the sales necessary to truly finish the project.  Once the sales stage is complete there remains a warranty phase and also preparing the condo board to take over the building financial management. 

Our threeplex is now officially sold out and as of the end of March the building will be fully occupied. 

Right now we are starting a serious land hunt as a few solid property leads and offers made to buy land have collapsed. We are also engaging with our local community to see if they are interested in supporting any row house type projects that we'd like to develop.  

As soon as a land deal is made we will update the blog site with details. 

Landscaping in February

With possession of our first two homes complete we can turn out attention to landscaping.  Odd as it sounds we are able to finish some landscaping in February due to the warm temperatures and lack of snow. 

Cedar patios are being installed at the front outdoor amenity space.  These will be ready long in advance of bbq season. 

Trade turnover

With every project we take the time to reflect on what crews we liked best and what contractor gave us the most trouble. 

Needless to say that leads to someone being cut from our A team each project. It also gives us a chance to constantly locate newer and possibly superior trades. 

We brought on new painters and electricians this project. They both did well and have been approved for future use. We had some trouble with a few other individuals and they won't be back. Let's hope our next job is crafted even better! 

Second sale complete - what comes next?

Our second new owner has not taken the keys to his new house.  Last weekend we had an open house in our last and final unit at the threeplex to be completed. 

This means we are hearing the same question from a lot of our trades and clients - what's next ?  

Right now we don't have a project in the ground because the frenzied marked of the last few years raised land prices beyond a sensible level. We didn't buy another townhouse site (luckily) in part because supply was so limited. 

Now that the market has cooled significantly we haven't seen many properties priced to reflect our reality of what it costs to build a project.  Until we do we cant acquire more land.  Sellers have proven highly resistant to dropping their land prices. In fact most land appears to be in builder inventories and the are perhaps the most stubborn bunch when it comes to taking a loss on raw land...