MAPLE RIDGE / PITT MEADOWS Jun 19, 2015 Real Estate Weekly
4
REAL ESTATE WEEKLY MAPLE RIDGE PITT MEADOWS FRIDAY, JUNE 19, 2015 info@rew.ca • 604-435-7977 GO TO REW.CA /NEWS TO READ THESE STORIES AND MUCH MORE REAL ESTATE NEWS AND ADVICE Foreign Buyers Have “Insignicant Impact” on Vancouver Market: BCREA Ask the Expert: Concerns over Condo Building s Rundown Common Areas Mortgage and Title Fraud and How to Protect Against Them: Two-Part Series M etro Vancouver is grow- ing... we’re expecting an additional million people to move here over the next 25 years. To prepare, the region’s municipalities are adding den- sity. Neighbourhoods that have traditionally been zoned for sin- gle-family detached homes are being transformed into commu- nities with condominiums and townhouses. It’s a trend that has visions of dollar signs dancing in some homeowners’ eyes. Many neighbours are banding together to sell their properties as land assembled lots. While this is happening throughout the region, it is especially apparent along several major arteries in Vancouver including Cambie, Oak, Granville and 41st where the for-sale signs are lining up, row upon row. The assumption is that when owners sell together, they will receive a higher price for the assembled land than they would individually. But how realistic is it to think that the value of your home could double or even triple because of potential redevelop- ment? SEEKING UNSUSPECTING BUYERS “The City has an overall plan that will allow some single-family lots to be redeveloped as apart- ments,” says local architect and planner Michael Geller. “In some cases, developers tried to quietly assemble these sites themselves. Residents thought they might get better deals if they worked together. “Now we have a situation where lots are being assembled, but the city plan isn’t to rezone all of them. It’s startling to me to see rows of Realtor signs in loca- tions I know the City has no plans to rezone now or in the immedi- ate future. Realtors are hoping to find unsuspecting buyers who think it is logical for these places to be redeveloped.” FURTHER EAST While Vancouver’s West Side is the area where most land assembly real estate speculation is taking place, there are pock- ets in East Vancouver too. The Norquay Village community is an 18-unit townhouse complex that will replace torn-down detached homes. Further down Slocan Street, another four properties have been assembled. Jackson Ng is the agent who helped put together the latter deal. “The first four lots are zoned for an apartment building,” he said. “The buyers purchased the first house four or five years ago and held onto it as an invest- ment property. I listed the three homes next to it as part of a land assembly. The owners received offers substantially over their assessed value because they worked together.” TRICKY NEGOTIATIONS Ng cautions that land assem- blies do not come together over- night. The number of stakehold- ers makes negotiations signifi- cantly more difficult than a single transaction. Each owner needs to find a new home to go to, which Ng describes as the hardest part of the transaction. “It definitely requires team- work,” he advised. “You need an agent who is working for you – not the buyers. Some Realtors are over-promising and under-deliv- ering in order to get your busi- ness. My advice is to work with someone who’s realistic about what you’ll be able to achieve.” NOT JUST THE SUBURBS Densification is also happening at a fast pace in the city’s down- town core. In the Hornby Slopes neighbourhood, Grosvenor Americas is taking a rezoning proposal to the city for parcels of land at Hornby and Pacific. The site includes the former Il Giardino restaurant and heri- tage Leslie House, which will be restored as a community amenity building. Michael Ward, senior vice-president and general man- ager, anticipates the redevelop- ment will eventually see a resi- dential tower between 30 to 40 storeys plus a handful of town- houses. “There’s a renewed sense of interest in Hornby Slopes,” said Ward. “[But] there are a lot of unknowns around construction and marketing costs and there’s also uncertainty about density when you have to rezone a prop- erty. The profits are commensu- rate with the risks but probably far less than people think.” Regarding land assemblies, Ward notes they have been hap- pening “forever” and warns that homeowners are taking the chance that the City will “upzone” the properties. “Speculation is not a great way to run a development business,” he said. “Those can be dangerous games to play.” Densification in Vancouver: Some (Land) Assembly Required
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Transcript of MAPLE RIDGE / PITT MEADOWS Jun 19, 2015 Real Estate Weekly
R E A L E S T A T E W E E K L Y
MAPLE RIDGE PITT MEADOWS FRIDAY, JUNE 19, [email protected] • 604-435-7977
GO TOREW.CA /NEWS
TO READ THESE STORIESAND MUCH MORE REAL ESTATE
NEWS AND ADVICE
Foreign Buyers Have “Insigni� cant Impact” on
Vancouver Market: BCREA
Ask the Expert: Concerns over Condo Building s
Rundown Common Areas
Mortgage and Title Fraud and How to Protect Against Them:
Two-Part Series
Metro Vancouver is grow-ing... we’re expecting an additional million people
to move here over the next 25 years. To prepare, the region’s municipalities are adding den-sity. Neighbourhoods that have traditionally been zoned for sin-gle-family detached homes are being transformed into commu-nities with condominiums and townhouses. It’s a trend that has visions of dollar signs dancing in some homeowners’ eyes.
Many neighbours are banding together to sell their properties as land assembled lots. While this is happening throughout the region, it is especially apparent along several major arteries in Vancouver including Cambie, Oak, Granville and 41st where the for-sale signs are lining up, row upon row. The assumption is that when owners sell together, they will receive a higher price for the assembled land than they would individually. But how realistic is it to think that the value of your home could double or even triple because of potential redevelop-ment?
SEEKING UNSUSPECTING BUYERS
“The City has an overall plan that will allow some single-family lots to be redeveloped as apart-ments,” says local architect and planner Michael Geller. “In some cases, developers tried to quietly assemble these sites themselves. Residents thought they might get better deals if they worked together.
“Now we have a situation where lots are being assembled, but the city plan isn’t to rezone all of them. It’s startling to me to see rows of Realtor signs in loca-tions I know the City has no plans to rezone now or in the immedi-ate future. Realtors are hoping to fi nd unsuspecting buyers who think it is logical for these places to be redeveloped.”
FURTHER EASTWhile Vancouver’s West Side
is the area where most land assembly real estate speculation is taking place, there are pock-ets in East Vancouver too. The Norquay Village community is an 18-unit townhouse complex that will replace torn-down detached homes. Further down Slocan Street, another four properties have been assembled. Jackson Ng is the agent who helped put together the latter deal.
“The fi rst four lots are zoned for an apartment building,” he said. “The buyers purchased the fi rst house four or fi ve years ago and held onto it as an invest-ment property. I listed the three homes next to it as part of a land assembly. The owners received off ers substantially over their assessed value because they worked together.”
TRICKY NEGOTIATIONSNg cautions that land assem-
blies do not come together over-night. The number of stakehold-ers makes negotiations signifi -cantly more diffi cult than a single transaction. Each owner needs to
fi nd a new home to go to, which Ng describes as the hardest part of the transaction.
“It defi nitely requires team-work,” he advised. “You need an agent who is working for you – not the buyers. Some Realtors are over-promising and under-deliv-ering in order to get your busi-ness. My advice is to work with someone who’s realistic about what you’ll be able to achieve.”
NOT JUST THE SUBURBSDensifi cation is also happening
at a fast pace in the city’s down-town core. In the Hornby Slopes neighbourhood, Grosvenor Americas is taking a rezoning proposal to the city for parcels of land at Hornby and Pacifi c. The site includes the former Il Giardino restaurant and heri-tage Leslie House, which will be
restored as a community amenity building. Michael Ward, senior vice-president and general man-ager, anticipates the redevelop-ment will eventually see a resi-dential tower between 30 to 40 storeys plus a handful of town-houses.
“There’s a renewed sense of interest in Hornby Slopes,” said Ward. “[But] there are a lot of unknowns around construction and marketing costs and there’s also uncertainty about density when you have to rezone a prop-erty. The profi ts are commensu-rate with the risks but probably far less than people think.”
Regarding land assemblies, Ward notes they have been hap-pening “forever” and warns that homeowners are taking the chance that the City will “upzone” the properties.
“Speculation is not a great way to run a development business,” he said. “Those can be dangerous games to play.”
Densification in Vancouver: Some (Land)Assembly Required
•2 REW.ca » MAPLE RIDGE / PITT MEADOWS » FRIDAY JUNE 19, 2015
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REW.ca » MAPLE RIDGE / PITT MEADOWS » FRIDAY JUNE 19, 2015 3•
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•4 REW.ca » MAPLE RIDGE / PITT MEADOWS » FRIDAY JUNE 19, 2015
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