The market gets solid and competitors want a piece of it. Competition intensifies. Underwriting gets lax and observers wring their hands. Lather, rinse, repeat.

LOS ANGELES—The joint venture between Foremost Communities and Starwood Capital Group purchases the parcel to build 314 luxury homes, which, once sold, will generate $500 million in revenue.

AUSTIN, Tex.—Austin-based multifamily developer Oden Hughes has broken ground on the second phases of its Landmark Southpark and Landmark Double Creek communities in South Austin.

SAN FRANCISCO—Mayor Edwin Less has signed an ordinance that will stipulate parameters of arrangements, with enforcement falling to planning department.