Quote:
Originally Posted by unit
my gf lives at fraser and kingsway. a developer wants to buy that plaza where sal y limon is and also the adjacent houses including hers. there are 4 houses there that they are interested in. of course she's going to go to the meetings and get some advice from some professionals, but does anyone else have any advice for how to handle such a situation? apparently the typical amount offered is about 1.5 - 1.8x assessment.
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Speaking from experience, a developer will offer you a $/sqft multiplied by the lot size and FSR. My parents house was under contract but fell through so the house was tied up for 18 months and empty promise after empty promise, the developer ultimately changed his mind leaving my parents and our neighbour empty handed. The developer does not have your best interests in mind and will tie up your property for as long as possible while they fight with the city over zoning changes and if it falls through, your time is wasted and you lose out on opportunity cost.