Quote:
Originally Posted by Roughneck
Even if the land wasn't zoned for condos, you should be taking the money and potentially a loan to cover the rest of the cost to maximize the parcel coverage on that lot which people are paying a premium for. It's a 2800 sq. ft potential lot, so building a 3 bedroom 1600 sq. ft house is just bleeding value. $500K-$1M judging by neighborhoods where this scenario has been playing out (i.e. Britannia).
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I doubt there are huge offers from condo developers on the table here given the complete lack of condo developments on the other parcels nearby, many of which have crappy low value buildings.
That makes a better residential analogy something like a 750 square foot bungalow in Abbeydale burning down and the city saying they want a 3500 sq ft mansion built on the lot, or the same bungalow. When the owners want to build a 900 square foot bungalow.