Quote:
Originally Posted by Gerbs
You think people will start tearing down rundown 1990 to 2005 builds to make this?
600sqft units @ $750K Each x 2 = $1.5M
1,410qft units @ $1.6M Each x 2 = $3.2M
Easily $4-5M for the entire unit.
A rooftop patio space for the upper units would be sick, then lower garden for the 600sqft folks.
|
My parents have a 1993 built house on a 3600sf lot and we're already talking about tearing it down to do this as their plan was to move in with us in the next couple years. This would make for either a nice income stream for them or a big payday. My in-laws have a 100 year old house that's on a 4000sf lot so it's prime for this kind of redevelopment especially as it's next to Fraser.
Quote:
Originally Posted by Alpine
Thanks. If this gets implemented en masse, it should keep a lid on land lift. But it’s a going to suck for current owners if these 4-6plexes start popping up randomly in your neighborhood. The city’s infrastructure won’t be able to handle it, but I suppose it’s not going to matter.
|
The proposed caps on size are intended to work with existing infrastructure (other than parking I suppose). The proposed caps are quite low compared to what's allowed now though - on a 33' lot today you can have 3 legal suites and usually there's a 4th (illegal) one spread over ~3400sf so you're looking at 8-12 people living on a lot. This proposal adds another 600sf and probably is still looking at a similar number of people but each person just owns their own space now so affordability improves a bit.
I'm guessing the province's legislation will actually force 6plexes on all of Vancouver which will actually increase the number of people living on each lot and make things pretty interesting.