Yes I remember that. I also remember how SFH prices plunged in lockstep with condos at that time (between July 2008 and March 2009), it was ugly! Kinda strange don't you think? With the big oversupply of condos, their price-drop was understandable, but Imagine how much lower those SFH prices would have dropped if there hadn't been such a big developer buying frenzy to slow the crash.In a hot market the developer will extract as much as one of the many desperate buyers can bare. In a falling market the few buyers will extract whatever one of the many desperate developers can bare. Believe it or not, prices go up and prices go down.
1.3M home sits on 50x122 lot
-divide into two 25x122 lots
-new SFH erected on each new smaller lot
-each new home sells for 1.2M
value of the same 50x122 lot in the neighbhood now worth 1.8 to 2M
I see this happen over and over again in the areas that allow this kind of redevelopment.
It's not that the new homes on smaller lots will get more affordable - you're basically trusting
that the developer will pass the cost savings on to the consumer. Doubt that very much
I can only tell you what I noticed during the last correction of 2008-09
Developers were discounting condos - big discounts. You probably remember the huge promotions by Bosa etc.
At the same time this was happening there were developers out there buying detached homes with land.
I know because I was out there competing against them with offers.
SOLID CLEAN character home close to shopping, restaurants, schools, parks & transit. Features 3 good sized bedrooms on main floor, plus a 2 bedroom SUITE POTENTIAL in the fully finished self contained basement that features a spa bathroom. Enjoy the Mountain Views & Sunsets from your kitchen and entertainment sized sundeck, large private fenced backyard is great for kids & pets. Build a laneway house and increase the value of this desirable corner property. Sold firm Listed By: RE/MAX CITY REALTY
They followed a virtually identical downtrend as condos. Check it out:I think sfh suffered, but nothing like condos. But I can't remember that far back.
Prime Killarney area rare property on 41x141 large level LOT. (laneway house potential)! Investor's and builder's alert! Close to school, recreation centre and transportation. Large sundeck, brick exterior, double garage. This is a nice house, sit on a beauty street with 2 kitchen. Listed By: MAGSEN REALTY INC.
This house is looking for a caring new owner. Very little has changed since it's original construction in 1964 so your opportunity is waiting. A fantastic building lot on the corner of 60th + Ontario, a new house could potentially have south-facing views, a laneway house, as well as an address on Ontario (all with city approval). With good bones intact, there is a tremendous opportunity to bring out it's 1960s style for a potential buyer that has vision + isn't afraid of significant work. A block from Sexsmith Primary School, two blocks to Langara Golf Course/Trails, a short walk to Langara college + in Churchill Secondary catchment the location is extremely desirable. OPEN HOUSE CANCELLED. Listed By: ROYAL LEPAGE WESTSIDE
Builders Alert! 66 x 89 RT11 two family dwelling zoning in the heart of Collingwood. Level lot with lane access. Land value only! House sold "As is where is" condition, please do not walk on property without appointment. Priced way below city assessment $1,050,000. The biggest lot on the block! First Showing Open House Saturday Feb 7, 2-4pm. All offers please email to firstname.lastname@example.org by 5pm Sun Feb 8th. Listed By: RE/MAX METRO REALTY
Every once in a while, you come across a home that has been meticulously pampered; it's HERE! Custom built for the present owners and now on the market for the first time. Front entrance with 11ft ceiling, beautiful engineered Oak hardwood floors throughout living, dining, and kitchen. The living room offers stylish Squamish rock wood burning fireplace with 2 speed heatilator and a picturesque Bay window. Amanzing Country kitchen with plenty of windows and skylights bringing in loads of natural light. Family gatherings around centre island with breakfast bar, or sip on that morning latte while looking at the wonderfully landscaped fully fenced yard. Fully finished basement could be easily suited. Double garage/lane access. Listed By: COLDWELL BANKER WESTBURN RLTY.
It's great if you are retiring and need to downsize so you can cash in. Otherwise, it wouldn't make a difference if you property is worth 1.3, 2 million or 500k. When you sell to buy another place in Vancouver, it's all relative.yes, my property is worth 1.3M now
Huge jump in value the last 4-5 months