Land Assembly-Development Guide
As you may know, our city and community is changing. There is a lot of new Developments all around Greater Victoria with different type of houses and prices. Probably, you always wondered how much the neighborhood can change within a few months and as you drive around your neighborhood you might recall that old home that use to be there.
Developers looking for potential development properties all the time. For this reason, I always encourage my clients to take some time and investigate the potential of their property before we list it. If you work with me, I will personally investigate the potential of your property also approach your neighbors and talk to the Municipality and Planing Department to make sure we have all the information a potential Buyer would want. At my own cost, I will prepare a Land Assembly package which I will send out to Developers and REALTORs ®.
A land assembly refers to the joining of adjacent lots to make a larger parcel. With a constant decrease and demand in the availability of developable land on Vancouver Island, many Municipalities and Developers are now looking to redevelop and increase density in what were traditionally low density single family home communities or redevelop existing medium density areas.
By selling a property as part of a land assembly, owners are able to demand a higher purchase price since their individual property is worth more to a Developer when combined with adjacent properties.
With all land assemblies, we need to take into consideration the following facts:
Intention of all the parties to sell;
How the individual properties will be treated, are there any special characteristics of some properties that demands special pricing, such as a corner lot;
Determination of a purchase price of each lot;
The Sellers’ preferred terms and conditions, Completion and Possession dates
The zoning Bylaws of the Municipality, the Official Community Plan for the area
We will also have to make it attractive to the potential Buyers.
A bigger piece of land is worth more because it offers way more possibilities for Developers to work with. If you would try to sell your home individually, a Developer would pay less for the land value because their options are limited to low density developments. If you want to get a higher price for your home, you and your neighbors need to get together and discuss your next steps
2. Your decision:
You might be aware of what your current zoning is but do you know what is the future potential? If you think that your property has a greater value than just a Single Family Dwelling please contact me and I will be happy to chat with you about your home’s worth and prepare a Land Assembly Package for free with no obligation.