With estimated 20% of homes being bought and held for a short period before reselling at a profit, BIV revealed that flipping homes can be very profitable to the sellers.
"For the Dunbar area the typical house flip generated a 23% annual return, or an average of $1,360 per day that the house was held".
"In July, 2014, the city brought in requirements to deter homeowners from demolishing old houses. They implemented a rule that a pre-1940 house could be demolished only if it was 75-per-cent recycled. And if it was deemed a character house, as in having historical value, it had to be 90-per-cent recycled"
View homes for sale in Dunbar http://www.realestatesrichmond.com/mls_vancouver-west-houses-for-sale_dunbar.html?count=1&page=1&from_price=350000&to_price=10000000&from_area=700&to_area=4000&beds=1&baths=1&max_age=99&sort=listprice_2+asc
Though the City of Vancouver now has a policy in place to preserve heritage homes built before 1940 around Dunbar area, the demolitions of old homes will likely continue as home buyer demand remains strong.
Yes, current demand from home builders are at the price tag, or very close to it. We have buyers for such homes in the above areas.
"The $2-million price tag suited the average lot value of a 33-foot west-side property".
High home prices may have resulted in the slowing down in demolitions of older homes in Vancouver West. The article below was reported in 2014.
"The demolitions of old homes may finally be slowing in Vancouver’s affluent Dunbar neighbourhood, according to citywide statistics and local observations".
Older homes may only fetch from $2 million and $2.5 million. But in a land assembly situation, a single lot can be worth double that amount to a developer if several adjacent lots can be rezoned for a condo or townhouse development.
View homes for sale in Cambie area http://www.realestatesrichmond.com/mls_vancouver-west-houses-for-sale_cambie.html?count=1&page=1&from_price=350000&to_price=10000000&from_area=700&to_area=4000&beds=1&baths=1&max_age=99&sort=listprice_2+asc
View Dunbar homes for sale http://www.realestatesrichmond.com/mls_vancouver-west-houses-for-sale_dunbar.html?count=1&page=1&from_price=350000&to_price=10000000&from_area=700&to_area=4000&beds=1&baths=1&max_age=99&sort=listprice_2+asc
- University of MalayaB. Agric. Science
- Sundridge Management CentreGeneral Management
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