unicas wrote:Just read this on the Goodman report. preselling this 5 storey rental building. rentable area of about 50K sqft on 21k sqft land, for just under 26 million. it takes land assembly of 3-4 single family home which were sold for around 3.5 million each a few months back, lets say building cost of $150 per sqft, soft and hard combined, that would make the total costs of around 18-19 million, way to go to make cool 7 million.
We know owners of those old timers along Cambie made a killing of the sales. We know the agent Danny Deng lost track of how much he made in the Cambe area alone, would be interesting to know who is the taker of the final products.
This is Vancouver. We are special
by red_lantern » Fri Jun 08, 2012 11:35 pm
Look at a few of the 1 bedroom units at 728 West 8th the new Westbank Development for instance. Many original buyers trying to sell and not finding any buyers willing to pay the price which will ultimately have to be reduced (just wait and see)
5) it just averaged out to be $900 per sqft after taking account of tax and PTT, it is very expensive and it is not coal harbour
6) I am very surprised she can rent it for over 3k a month, actually cashflows
gse36 » Mon Jun 18, 2012 7:07 am
Thanks for sharing this information. $900/sq @ 900sq = $810k.
I suppose question is whether it cashflows to yield a decent return. b/c with 25% down, it looks like carrying costs are $3037.5 for mortgage + tax+maintenance fee. Porbably closer to $3700 or so.
I see unit 804 sold $975k for 1200sq back in april with view. = $812.5/sq.
702 sold $586k for 803 sq = $730/sq
604 asking $969k with view 1211sq. Probably can get for less since its been on market since April.
603 asking $998k with view 1309sq ft (2 parkings)
It looks like your friend is probably losing money on the unit (by at least $100k), so wants to rent out to hopefully make up the loss. I
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