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...