It's an asset that will continue to grow as more and more people and institutions begin to adopt it as a safer hedge against inflation than precious metals. 

LC already had a tight inventory due to an instituted CAP.

we do the same thing Jay but we look at this as return on entitlement spend and return on land purchase. we separate the two measurements. for return on entitlement spend its the total value of the land gain proven through either an appraisal pre and post entitlement from an institutional level appraiser by Berkadia or sale price divided by all of the soft costs needed to get the site to the finish line. we look for sites that are at least a 5x and typically focus more on single parcel sites that aren't assemblages and do it by going vertical not horizontal. as many have said there is much more risk in this strategy that you are doing that led to a lot of bankruptcies. also focusing on the luxury in my opinion isn't a scalable strategy. 

The local economy is anchored by institutions such as the University of New Mexico (UNM), Sandia National Laboratories, and Kirtland Air Force Base.

@Casey GrahamAggregating 100 doors in a growing market could create significant value for an institutional buyer.

A hard money or institutional lender my be anywhere from 65%-100% LTV.

Switch over to a standard financial lending institution.  

Unfortunately the photo did come through with Ja and Desmond...i'm sure that was a fun experience.Have you heard of the REDI program sponsored by ULI, the Urban Land Institute?

Most institutions have a 70% limit. 

No (institutional) lender will finance 100% of your purchase price as a purchase, all lenders want "skin in the game".