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Old 12-21-2014, 02:34 AM   #26
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Edit: Didn't read the proposed price for the units.

See bottom post.
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Last edited by Marshall Placid; 12-21-2014 at 02:40 AM.
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Old 12-21-2014, 02:39 AM   #27
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Quote:
Originally Posted by PeanutButter View Post
I did some more digging and it looks like it is around $1million

The Estates at Southwood by Benchmark Homes Ltd.: Surrey | BuzzBuzzHome

Yeah, I think he is just giddy about the development itself. I told him to get a realtor to actually show them options and walk them through the whole process.
Nice digging.

At that price, it's "RELATIVELY" priced well, meaning:

1- Compared to the local "for sale" houses, it is priced right.
2- Go a little north, nearer to Morgan Creek, and similar houses are $1.2 and up.
3- There is no mention about the land-size, so I am assuming "as small as legally possible", so around 2,800 to 3,200 sq. ft. which is 20% to 40% smaller than comparable homes nearer to Morgan Creek.

Conclusion: based on comps, it's priced correctly.

PSS: Don't forget to negotiate! Free upgrades, etc. in lieu of price decreases if the developer is not budging on the price.
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Old 12-22-2014, 11:37 AM   #28
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I'd pay $500k max for that house. But I also don't think the land is worth much, and don't really value real estate in Canada that highly given the shit cap rates
Food for thought: $500k might only pay for the cost of construction.

In 2013, it cost me around $550k to build a 3-storey, ~2900 sq foot house in Vancouver. I would say we used "above average" materials/finishings (i.e. not cheap, but not luxury either), and my general contractor (a trusted family member) called in a lot of favours too.

This is excluding the price of the land!
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Old 12-22-2014, 03:48 PM   #29
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^ $190/ft is definitely on the lower end for new resi construction. People don't realize the cost to build in the GVA these days...
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Old 12-22-2014, 04:48 PM   #30
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^ $190/ft is definitely on the lower end for new resi construction. People don't realize the cost to build in the GVA these days...
Should check out the costs of building in Sask, makes GVA look cheap. No labour so when you do find someone to do it you're paying out the ass for everything. My parents just finished there house out there and honestly they would have been so much better of just buying something either older or from a developer.
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