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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
So this is the situation. We met up with an old friend and I drove by her parent's house a while back as they were building a brand-new house. So I asked Bonnie about the new house. She told me that her brother, Clyde is developing the property by himself (he's putting up all the money). Clyde will stay with his family in the main unit and the parents will stay in the basement, there is no laneway.
I didn't think much of it until quite a bit later. I was wondering what the circumstances would be once the parents passed away. I'm assuming they will divide assets equally between Bonnie and Clyde. But, in 20 years, how the heck would you divide the house up?
I don't know who will be on the title of the property, I do not know if the parents will be paying Clyde any rent.
I would think the only fair way is if Clyde paid out Bonnie right now, 50% of what the value of the property is, but Clyde doesn't have $1M to pay out to Bonnie (assuming the land is worth $2M), nor would Clyde get the financing for additional $1M loan to give to Bonnie.
Do you guys have any idea regarding this situation?
The way we do it in CRE is take land and improvements separately. I think it kinda make sense here.
In this case, assuming the house is under parents' name, the way it works is:
First assumption
Land=2M
House=1M (or whatever it cost to build)
When parents pass away and title is transferred to Bonnie&Clyde
Land now worth 3M
House= 700k or whatever the valuation is given.
Bonnie & Clyde only divide the land portion. So, if they sell the house for 3.7M, Bonnie gets 1.5m (for half of the land, but none of the house). Or Clyde can choose to buy Bonnie's share of land for 1.5M and become the full owner of the property.
My brother in law is on title and lives with my mother in law. We're not exactly hand-wringing and overly concerned about "getting out piece" once my mother in law passes away....
The $2 billion funding announced Tuesday comes from the federal government’s apartment construction loan program, and is on top of the more than $2 billion announced last week by the B.C. government.
Looks like 4 bil for "10,000" homes, 400k a piece, 450sqft 1 bedrooms is feasible
The days of 800sqft feasible "homes" are gone, expect to see more and more micro units. Hong kong micro lofts are next
My useless opinion: 10k homes is a good addition, but if you want to boost construction the only way to do so: is to reduce the amount of red tape, permits, and standards.
The people of vancouver want safety, regulation, etc, and that comes at the cost we see today to build
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I lived in a ~450 sq. ft. apartment in downtown Toronto for a while. As a single guy it was totally fine. As a couple, it's manageable if no more than 1 person WFH - and assuming you like each other. We'd need much smarter layouts for a 450 sq. ft. home to be feasible for a couple + a child.
I lived in a ~450 sq. ft. apartment in downtown Toronto for a while. As a single guy it was totally fine. As a couple, it's manageable if no more than 1 person WFH - and assuming you like each other. We'd need much smarter layouts for a 450 sq. ft. home to be feasible for a couple + a child.
I'm with you, i moved from BC to Toronto with wifey and man, ~495 sq is tough. This is mine.
WFM with myself barely making it as I don't have a real room.
When both of us WFM, we either have to take turn doing zoom in bathroom or in bedroom. I need my space before we kill each other.
My useless opinion: 10k homes is a good addition, but if you want to boost construction the only way to do so: is to reduce the amount of red tape, permits, and standards.
The people of vancouver want safety, regulation, etc, and that comes at the cost we see today to build
The more I delve into zoning rules (and I'm quite deep into it) the more the rules look like make work projects for city planners - rules that are disconnected from reality, provide no value to the community, and which only increase the complexity of building housing.
My latest adventure with this is when I inquired with Burnaby about extending my 2nd floor balcony beyond the current 4' that it is. I was told that because my house is 60' long that I'm not allowed to do this but that if my house was under 60' long then I could extend the balcony so that my house and balcony were a total of 60'.
My lot is 30x192 so my 60' long house is not unusual - it's still only a 2400sf house and that length limit means my house is built below the size limit that is allowed by zoning and I'm left with my backyard being more than half the size of my lot (which I do like). The 60' limit is some random arbitrary number a planner came up with that serves no value and makes building a house more complicated than needed (this rule explains why my attached garage is only 18' long - they made it as short as they could so I could have more "house").
The number of stupid zoning (and "building standard") rules is crazy - most of it detached from any reality.
The $2 billion funding announced Tuesday comes from the federal government’s apartment construction loan program, and is on top of the more than $2 billion announced last week by the B.C. government.
Looks like 4 bil for "10,000" homes, 400k a piece, 450sqft 1 bedrooms is feasible
The days of 800sqft feasible "homes" are gone, expect to see more and more micro units. Hong kong micro lofts are next
My useless opinion: 10k homes is a good addition, but if you want to boost construction the only way to do so: is to reduce the amount of red tape, permits, and standards.
The people of vancouver want safety, regulation, etc, and that comes at the cost we see today to build
They obviously will not be all 1br /bachelor suites though, even though from value/providing housing stand point that would make the most sense.
People will cry there are no 2/3br for families and then cry when the market rate for those units are too expensive.
Also, whatever portion of this is awarded within Vancouver, keep in mind no more gas appliances or heat. A substantial cost savings lost
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Last edited by Hondaracer; 02-21-2024 at 09:21 AM.
My brother in law is on title and lives with my mother in law. We're not exactly hand-wringing and overly concerned about "getting out piece" once my mother in law passes away....
That's the thing, I don't think Bonnie is concerned about it at all. It was just me scheming in the background in my own mind. She didn't express any of these concerns, it was just be thinking about them on my own and wondering how I would handle the situation if it were me.
Quote:
Originally Posted by Manic!
Clyde is putting up all the money for the house and taking care of the parents. Why would Bonnie get 50%
I was also considering this as well, but wasn't sure how to value taking care of the parents? Especially, if Clyde isn't charging the parents rent, I guess that should be taken into account long term as well.
I guess the main thing is if there is no discussion about this early on, it can get really messy in 25 years.
They should come up with a system to quantify the care side.
Likely whatever they end up agreeing to will never cover the actual work that goes into it. My dad was largely responsible for taking care of my grandma later in life and one of my cheap fucking loser uncles had the gall to ask where his share of her 2001 ford escape was..
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That's the thing, I don't think Bonnie is concerned about it at all. It was just me scheming in the background in my own mind. She didn't express any of these concerns, it was just be thinking about them on my own and wondering how I would handle the situation if it were me.
How in the world do you have the energy to worry, be concerned, or think about other people's personal issues (especially if they themselves are not even concerned)? I barely have enough mental energy to figure out my own life!
Didn't have time to respond properly yesterday so I didn't. Making my coffee right now and just sitting down
Quote:
Originally Posted by AstulzerRZD
Thinking about the place feels like a very Canadian mindset.
+ Columbia city is like comparing east van by the docks or north surrey ... ur in the wrong part of town
Thing is, living in the States has always been about what tradeoffs you're willing to accept to make some sort of a dream happen.
LA is way sketchier and actively dangerous compared to Seattle/Portland, but if you want to be in acting / music / dance, that's where you gotta go to chase that dream.
If you are in your 20s, the freedom to travel, take up your space and figure out who you are living alone, experience Cap Hill nightlife and try a bunch of different hobbies is way easier in Seattle where every new grad's desperate to make friends and find themselves too.
+ people don't spend time in downtown/SLU, nor do they spend time in DTLA. It's all about the neighbourhoods around them.
Seattle's Fremont/Ballard/Greenlake area IMO combine Point Grey beaches with neighbourhood feel of Main Street/Commercial drive. Amazing for early 30s couples with kids.
I don't think people here really think about the roads or whatever, but the single family zoning definitely makes the budget management worse. Thank god the way that Vancouver's zoning for density and development lowers infrastructure costs per capita.
FWIW I drove a lowered S2000 40k km in a year through very hilly parts of Seattle and it was fine ... but I was full throttle a LOT in my mum's RAV4 to keep up with changing traffic patterns.
Healthcare wise, the quality and speed of care was like 10X better than what I could get in Canada. Yes, you have to pay for it and deal with medical billing but you eventually get the hang of it. Just wait till you hit 65 and medicare takes care of you.
You have to be chasing something (maybe it's financial stability, maybe it's a career) for all these tradeoffs to be worth it compared to living in Vancouver... sometimes this leads to unhealthy opinions (i.e. trump supporters) but if you play your cards just right, you can be around very very interesting people.
Again with tradeoffs, where you live here and what's walkable matters a ton. I will judge someone who lives in Cap Hill vs. SLU very differently in Seattle ... same with West LA/WeHo vs. Pasadena mans. Most people live within a 15-20 minute radius ... what's available dramatically changes who you are
Fair point about being in the wrong part of town, Bellevue did feel very different. Bellevue gave a very Coquitlam feel to things when we went to Kids Quest and also Bellevue Square. These really aren't things I thought about 10 years ago. Just part of getting old.
The hills weren't really the problem, but rather just the overall quality of roads and the distinct non-care of making ramps useable for anything that's not a SUV. If I stuck with Bellevue DT then my lowered M3 would work. If I lived in Columbia City then it's a definite no.
Every healthcare system has it's caveats, it's just whether if the caveats works for or against you immediate needs.
I will admit I know nothing about Seattle neighbourhoods, but the whole housing stock observation is just that, an observation. I understand that there are probably areas where there are huge mansions etc, but it doesn't change the observation that nowhere in the world seem to do things like Vancouver does with highrises scattered all over the city and SFH that are really 4 units crammed into a plot.
Quote:
Originally Posted by AstulzerRZD
RE: High rises
Depends on if you consider Bellevue / Redmond to be outside of the core .... most people would consider it to be like the Brentwood of Seattle.
The mansions took some time to find - they're in Montlake/Aboretum, Laurelhurst by the water, lakeside by Leschi, and all the way up the west side from Golden Gardens to Edmonds. Again .... local areas and beaches I wouldn't expect tourists to know. I lived in 4k sq ft with water views by UW for about a year.
RE: Driving
I did maybe 5k kms in Vancouver last year ... I felt the driving was still quick relaxed since the road layout is pretty chill...
whereas in Seattle, a very common commute needs u to cut 7 lanes across the highway in quarter mile (520 west to Mercer St), cut 4 lanes just to stay on the highway (Mercer Street I-5 South), and certain onramps require full throttle to make it at the speed limit (405 south to 520 east). The drivers tend to be more aggressive and skilled because they must be to survive.
RE: Lowered Car
Don't think I scraped too much even living in Seattle's hilliest neighbourhood in a lowered s2k. You can't go too crazy with lowering and lip but I really love the car enthusiast scene down there with Avants group, Ferrari/Maserati/Alfa dealer run events, etc.
I group Bellevue/Redmond to be more regional centers ala Brentwood and Metrotown, but in Vancouver there's a bunch of highrises in White Rock, they are building it all along Cambie and Lougheed. Highgate was built to be a bunch of highrises before Metrotown was.
Vancouver is very un-North American in terms of layout. In that sense where you don't have to cut across 7 lanes of traffic yes it's more relaxed, but you deal with the 25% saturation of retards, which in turns creates assholes on the road because they are enraged by the retards. Not saying there isn't that in Seattle or San Diego, but overall they seem better at it. Wife did get stressed out even though she was not driving, on how you have to figure out which lane to be in and also cutting multiple lanes all the time.
Funny note how both of you live/d in Seattle and both drive lowered S2k.
Also, 10000 new homes when 600000 new people come to the province in the same time period is just pissing on a forest fire.
^^ This is exactly how I feel about Turd's housing initiative.
I will reiterate that I am not anti-immigration. I know full well that Canada's birth rate falls far short of replacement rate, and throughout modern history, an aging and declining population is generally associated with anything between (economic) recession to society collapse. But right now, Canada's immigration and TFW numbers are too high. We have exceeded our capacity to house everyone living in Canada, as well as our capacity to provide adequate medical care to these very same people. And there is no ambiguity in who screwed our immigration policy up.
Didn't have time to respond properly yesterday so I didn't. Making my coffee right now and just sitting down
and SFH that are really 4 units crammed into a plot.
Vancouver is very un-North American in terms of layout.
Funny note how both of you live/d in Seattle and both drive lowered S2k.
ay appreciate ya taking the time ... both responses were actually mine.
Lower was very mild ... 1 inch and the factory lip that doesn't really stick out.
I think in the coming decade on the west coast, you'll see LA and such dramatically move to be more like Vancouver
California's essentially forcing upzoning for a lot of the state via new housing element and builder's remedy if each city doesn't file a zoning plan that upzones enough.
Santa Monica's getting a ton of high rises and Seattle basically eliminated single unit SFH zoning
How in the world do you have the energy to worry, be concerned, or think about other people's personal issues (especially if they themselves are not even concerned)? I barely have enough mental energy to figure out my own life!
By chance, do you live with a lot of anxiety?
Hmm. Interesting point. I find that I always think about other people's scenarios if it involves finance/real estate, etc. I figured it's just because i'm interested in that space. If it's another personal issue I don't generally get involved, so I think my fascination is more with the finance/real estate side of things maybe?
In regards to anxiety, I am not sure, but I think it may be more possible as I get older. I'm not officially diagnosed and I do not take any medication. I hear about anxiety a lot these days, so I may have it and not know it?
edit; I'm going to see if there's an online test I can take to see if I have anxiety.
ay appreciate ya taking the time ... both responses were actually mine.
Lower was very mild ... 1 inch and the factory lip that doesn't really stick out.
I think in the coming decade on the west coast, you'll see LA and such dramatically move to be more like Vancouver
California's essentially forcing upzoning for a lot of the state via new housing element and builder's remedy if each city doesn't file a zoning plan that upzones enough.
Santa Monica's getting a ton of high rises and Seattle basically eliminated single unit SFH zoning
A builder I’ve been in contact with, his son is developing AI software to basicly nix all city planners lol. He’s currently testing in a couple places in California and I believe he said Vancouver was on the list.
It’s brilliant, but if you think they are bad now, imagine if a computer is making the decisions. Won’t be any common sense at all. lol.
CoV stole 250sq/f from my home sq/f as my garage is a tandem (which meets all their bylaws) it’s just not something they normally do. So they are taking it from the house. Like where the fuck is the logic there? I’m reducing cars on the street and your penalizing us.
Have they looked at the map? Aren't we like the second biggest land mass country in the world. All we need to do is to cut down some trees in North Van, sea to sky and there is plenty of land to build. All those forests along highway one? Just take a few acre's and build houses. Build a skytain along, down highway one and problem solved. There's no point of increasing density if you aren't willing to build the infrastructure to support it.
Have they looked at the map? Aren't we like the second biggest land mass country in the world. All we need to do is to cut down some trees in North Van, sea to sky and there is plenty of land to build. All those forests along highway one? Just take a few acre's and build houses. Build a skytain along, down highway one and problem solved. There's no point of increasing density if you aren't willing to build the infrastructure to support it.
If everyone could succeed there would be no one to oppress.
Honestly like the doctor shortage is the most blatant example of this. Having your entire society healthy with access to good medical care is bad for business in the public/private partnership world.
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A builder I’ve been in contact with, his son is developing AI software to basicly nix all city planners lol. He’s currently testing in a couple places in California and I believe he said Vancouver was on the list.
It’s brilliant, but if you think they are bad now, imagine if a computer is making the decisions. Won’t be any common sense at all. lol.
CoV stole 250sq/f from my home sq/f as my garage is a tandem (which meets all their bylaws) it’s just not something they normally do. So they are taking it from the house. Like where the fuck is the logic there? I’m reducing cars on the street and your penalizing us.
Can't disclose which firm this was but the lawyer told me this is the future on how they will use AI.
1) please pick the top 25% of people who are most likely lying in their benefits plan.
Eg// 20 - 35 year old who says they don't smoke, party, drink at all.
2) AI will pull up those 25% who they feel will most likely violate reporting wrong / improper conditions.
3) Audit those to ensure they are not and penalize them etc.
4) readjust their benefits plan / rates / premium.
I can see how they can and will do this for the city in a way to see. Eg// please run a report within our database on which Surrey houses have secondary suites but not reporting proper permits / income / violations..
I never thought about this but I was pretty sure he was onto something.
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