What To Know & Common Misconceptions
Land Assemblies have been an integral part of Vancouver’s Real Estate landscape. The Cambie Corridor continues to be the most iconic area, historically breaking records and making the news, but many homeowners remain skeptical to take the leap or have had bad experiences in the past.
- Why I’m a fan of Land Assemblies:
- Land Assemblies are truly a win-win for everyone. Sellers can make significantly greater profit on the sale of their homes relative to selling alone.
- Land Assemblies are currently the single greatest source of increased density to support growth & opportunities for new homeownership.
- Land Assemblies fulfill much needed supply for housing of various types (rental, market, social).
- Essentially, without land assemblies to bring on new inventory, housing prices will continue to climb to unsustainable values.
- They provide a highly profitable outlet for elderly people looking to downsize and avoid the ongoing maintenance of an older home.
- Profit is solely based on land value and not the cosmetic features of a home.
- Developers are often very understanding and patient with a seller’s needs and will provide extended periods to rent the property after it’s sold. This allows the seller ample time to make their next move.
2. Common Misconceptions:
- The most common misconception is that sellers think they can demand unreasonable prices based on the emotional value attached to the property. This is 100% incorrect. Developers operate strictly on a numbers basis rooted in lot size, development potential, and sellable market values. Cooperating with the developer will achieve the best result.
- “If I hold out for long enough, I will eventually get what I want!” The answer is NO! We have seen several examples of “orphaned” properties in which developers have successfully built around them. This drastically reduces the value of the property below market value and creates an unnecessary obstacle during construction. It also creates a visual disconnect with the desired community vision. Alternatively, some neighbours will simply lose patience and sell to avoid the ongoing stress of a difficult neighbour and pressure from developers to sell.
3. How to succeed:
- ALWAYS have a qualified agent represent your needs. NEVER go unrepresented unless you have a strong background in real estate development. The cost of your agent is well worth avoiding the potential mistakes.
- Work collaboratively with your neighbours, agents, and the developer to come to a mutually beneficial result.
- A positive approach will help you along the way should you need to amend the contract or extend your free rent period. It also just feels good!
- If you need to buy a new property, use the same agent and lawyer to support you. It’s much easier to coordinate the closing and possession dates when using the same agent. Rely heavily on your agent and let them do the work for you! A good agent will take pride in doing the searching and legwork for you.
Contact me to learn more about Land Assemblies and the maximum market value of your property. You can also visit my Land Assemblies tab and explore various Community Plans throughout Greater Vancouver.
Vassi Balatico: 778-688-4948