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Fivepoint Communities CEO Emile Haddad on the growth in planned communities in California.
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I'm not -- Signet but -- hills are alive with the sound -- housing recovery of Hollywood Hills to be exact.
The number of homes sold.
45 million dollars or more hitting a record in California last year.
A record Robert -- is -- Hollywood hills California right now Robert.
Palin -- maybe a little homesick perhaps you -- see downtown LA over my shoulder your hotel Beverly Hills just.
Off camera here and I'm pleased to be joined by and they'll have -- is -- largest developer in Southern California and you specializing planned communities thank you so much for joining us thanks for having -- these communities are both mixed residential and of course there's some strategic commercial and there -- we're talking about -- and aggression stores and cafes -- -- These can take decades.
And you have a couple that are coming online now that you started and when you're that chief investment officer -- -- -- -- talk to us about who is buying into these communities as they start to come online.
Well I think right now the market is that a little law body.
-- chilled demand coming from both of job growth.
You have household formation a lot of pent up demand you have a very strong -- environment markets as well.
So that's that he would demand is there is coming got a problem now.
-- -- second as I mentioned a couple of decades and we we had we talked to.
A commercial real estate expert earlier from CB -- and he was talking about you know there's not a lot of demand for new commercial developments.
How are you convincing the likes of of some of these -- -- stores and cafes to you know taken a leak and build and be -- lease or buy a property in your communities when they're not necessarily finding a better deals elsewhere.
-- all of communities are mixed use communities driven -- -- presidential saw a big commercial component becomes an amenity and complementary to the residential components so we are not purely.
-- commercial development resident as it is all about.
You know both people who would be in this -- in the non residential.
Would you solve because of the rooftops and because of the warm -- that view of housing demand for the houses.
That's her husband's in that -- this one place in the very remains extremely strong right now.
As -- said before you they have based strong job market that's looking to build.
We have a household formation that -- Benny Boston right now.
And and on the other side.
You have a short residential libel and standing inventory it would -- about two and a half months of available inventory.
And and -- availability of that so those two are driving element of our -- And exactly all right well until the -- -- they too much for joining us and and -- he's also finding -- investment partners than usual and in some cases.
He's got universities -- -- -- some other pension plans are joining in everyone's looking to get in on the action out here.
I only want California's a lot of parking that can tell -- that because everybody surprised they think you Robert very much are the.
