Selling The Sky - Why Your Property’s “Air Rights” Are Valuable
by Geraldine Santiago Realtor ® and Published Author


Do you know you can cash in on maximizing your property’s full potential by considering the value of your air rights? Above certain heights, the sky is treated as a virtual highway for public air travel, but unused space closer to the ground can represent valuable real estate.


In big cities like New York, Manhattan developers are already paying an average of $225 per square foot for space above low-rise buildings called “air rights”. In fact, the buying and selling of air rights have played a prominent role the city’s development and culture for decades.


Vancouver’s real estate market is booming and homeowners are wanting to cash in on maximizing their lot’s fullest potential. Current options include subdividing and building laneway homes, selling two or more parcels of land as in land assemblies and now selling their air space rights - also known as Transferable Development Rights (TDR).


Physical interests in real property can now be achieved both horizontally and vertically. The most common methods in creating horizontal division is through subdivision and land assembly. In land, a higher value is created for the assembled parcel than for the individual properties. The most common vertical interests in real property are sub-surface air rights and air rights. A subsurface right is the right to use of and profit from the underground portion of the designated property.


What are Air Space Rights?




Impacts of Zoning, Densification and Land Assembly on Air Rights
Air rights are the property rights associated with the use, control and regulation of air space over a parcel of real estate regulated by zoning.  Both of these fractional interests represent portions of a fee simple estate, and each embodies the idea of land as a three dimensional entity. The vertical division of real property is significant because engineering advances have dramatically affected land use enabling best use considerations that were not previously attainable.


Air rights can be sold in fee, with the seller retaining one or more easements for a specialized use, such as the operation of a railroad. In Vancouver, air space rights are currently being bought and sold for at least $85 per square foot with that price rising as supply diminishes.


If you have a heritage designated property that you cannot tear down or build up, and are not using the airspace above your heritage building, a developer may acquire those rights to add density to a property through transferable development rights. In New York, air space rights above heritage buildings - like theatres and churches - are being sold and purchased by neighbouring developments.





The city of Vancouver currently has incentives for developers through transferable heritage density bonuses. Under the terms of this program, if a developer agrees to rehabilitate and legally protect any heritage buildings on their development site, the City will allow the developer the chance to increase the density of their project. There are receiver site and donor site locations.


Density can be transferred in zoning districts in the Central Area where potential receiver site locations are as follows:Downtown District (DD), West End (RM-5, RM-5A, RM-5B, C-5, C-5A, C-6), Central Broadway (C-3A), Southeast False Creek (SEFC) from sites located outside of SEFC (noting that density may not be transferred from inside SEFC to any site located outside of SEFC).


The zoning districts in the Central Area where potential donor sites can be located are: Downtown District (DD), West End (RM-5, RM-5A, RM-5B, C-5, C-6),Central Broadway (C-3A), Chinatown (HA-1 and HA-1A) and Gastown (HA-2) zoning districts.

Complete details regarding  “The Transferable Heritage Density Inventory Heritage Conservation Program” can be found at ttp://vancouver.ca/files/cov/transferable-heritage-density-summary.pdf


In other cities like Maple Ridge, North Vancouver, and New Westminster, a density bonus is given to property owners in exchange for the purposes of heritage conservation which can be on-site or off-site density transfers.

Maximizing Your Property’s Value
As a homeowner wanting to sell property, learn how you can maximize your property’s value through land assemblage and Transferable Development Rights by attending Remax’s Lunch and Learn Seminar on September 8, 2018 from 11-1pm. We will be educating property owners about the process of maximizing their home’s highest sales potential through transferable development rights and land assembly.

Ask yourself - Do I own the air above my property and if so, what can I do with it? How can I sell my air rights? Our Industry experts will be on hand to answer your questions and provide you with best use scenarios.

To obtain event details and register, go to: www.vancouverhomes.info or contact Geraldine Santiago at geraldinesantiago1@remax.net or TEXT (604) 764-6873 Code: LAND.

RE/MAX Crest Realty office, 3215 Macdonald Street,Vancouver, BC V6L 2N2


Read full post

Why Vancouver is Getting So Unaffordable by Geraldine Santiago Realtor ® and Published Author


 In a 2017 report by 2013 Nobel Laureate economist Robert Schiller titled, “Why Cities are Getting So Unaffordable”, Schiller cited 92 cities whereby affordability was measured by real estate prices to income ratio. Hong Kong was shown to be the least affordable with the ratio of 18.1, Sydney at 12.2 and Vancouver at 11.8.


Interestingly enough, according to this report, cities such as New York, Montreal and Singapore were quite ‘affordable relative to incomes”. New York’s price to income ratio was 5.7, Montreal and Singapore at 4.8.


Using satellite data for major US cities, the study was confirmed by economist Albert Saiz of MIT, stating that ‘tighter physical constraints- such as bodies of water or land gradients that make properties unsuitable for extensive building tend to correlate with higher home prices.” Vancouver’s topography is such that it is unsuitable for extensive building in these two areas--bodies of water and mountains to the north.


So how do we address densification, affordability challenges in our city? Is land assembly an option? Attend our land assembly seminar on Saturday, September 8th. Go to www.landassembly.me

Read full post




Vancouver Land Assembly an Oxymoron


The Port of Vancouver is Canada’s largest port. Located on the southwest coast of British Columbia in Canada, the Port of Vancouver extends from Roberts Bank and the Fraser River up to and including Burrard Inlet. According to the Port of Vancouver, “The port is Canada’s largest, supporting trade and with more than 170 economies around the world.”


How do we address densification, housing affordability challenges in a port city?  Attend our 3rd annual land assembly Vancouver seminar on Saturday, September 8th from 11-1pm. Pre-register at www.landassembly.me as space is limited. Text or Call Geraldine Santiago (604) 764-6873

Read full post

Attend our 3rd annual seminar for sellers wanting to sell their home as a land assembly.  Find out how and if your property qualifies, and what properties are being rezoned in your neighbourhood.  Densification is the answer to our housing crisis and in order to do that, land assembly is needed.  


Did you know that 89% of Canada's land ownership is owned by Crown Land? Crown land is land (or land covered by water like rivers or lakes) that is owned by the provincial government. This includes forests, parks, beaches, public swimming pools, community centres, public libraries etc. We love our parks and forests, and can't build there!

So where are we going to find land to build upon, to make way for the increase in population in metro Vancouver? If Crown land is not being sold, sales from individual land owners might be the answer. Perhaps land assembly is our our hope.


Go to www.landassembly.me for more information and to pre-register as space is limited.

Read full post

Our Housing Crisis Needs Options by Geraldine Santiago Realtor ® and Published Author 

Yet again we have had high E.Coli counts in False Creek possibly due to boaters. Housing crunch means more live-aboards. Surely there must be other housing options available to Vancouverites. Read here:https://lnkd.in/gg26CHV

Vancouver's topography with land gradients of mountains in the north and bodies of water make it impossible to build on. How are we going to find a solution? The city of Vancouver has already allowed infill housing, laneway housing, secondary suites-- all to allow more density. People want affordable housing. Did you know that Crown lands make up 89% of land ownership in Canada? Crown land is land (or land covered by water like rivers or lakes) that is owned by the provincial government. This also includes forests, parks, beaches, etc.

We can't build there! So where are we going to find land to build upon, to make way for the increase in population in metro Vancouver? If Crown land is not being sold, sales from individual land owners might be the answer. Perhaps land assembly is our answer. Attend our land assembly seminar on Saturday, September 8th. For more information, go to www.landassembly.me
 
Read full post


Our land assembly seminar on Saturday, September 8th is filling up FAST. This is our 3rd annual land assembly seminar, with information you won't want to miss. To pre-register and for more info, go to www.landassembly.me
 
*Please note this is not a seminar for Realtors. 
Read full post


9 Reasons Why Land Assembly Makes More Cents and Dollars

by Realtor, Geraldine Santiago


Land assembly is a growing trend in and around metro Vancouver and knowing what developers are looking for might give you an edge as a land assembly collective. Here’s where land assembly makes sense:


  1. Tear down -   Your house, or the improvements on your property have little or almost no value to it.  In essence, it is a ‘tear down’. Even if you spend money to do a renovation such as fixing a bathroom or kitchen, it is better off selling the land for its value than to do a small renovation.  Selling your home as a land assembly will most likely get you more money.

  2. Finances -   You don’t have the money or the energy to attempt to upgrade, renovate or fix your property.  You are already stretched too much financially (and perhaps emotionally), and fixing your property to sell will be even more strenuous on your finances. You don’t have the funds, time or energy to fix the roof, heating and plumbing systems which are all in desperate need of replacing, you have foundation problems and the list goes on and on. By selling as a land assembly, you won't have to do anything to your home-- you don't have to declutter, repaint, repair or stage your home. You sell your property, "as is, where is". There are no open houses to the public or showings to disrupt your daily life. Developers will be looking at your land values and pay even more, despite your property's condition.

  3. Irregular sized lot - If you have a property that is either too narrow, too small or you have an irregular shaped lot that is difficult to build on, selling your land assembly can give you a higher property valuation.

  4. One storey bungalow -  If your house is a small, one storey bungalow and in your neighbourhood properties are being built with two or three storey homes, your property is not utilizing its best and highest use (HBU). Buildable air space will definitely attract builders.  If it is a ‘stand alone’ sale, however, where you are not selling with your neighbours, you will not get as much money as you would if you sold with your neighbours on the block.

  5. Lot size - In land assembly, your lot size is a tremendous factor. If you have a huge lot, a double lot size for example, selling your home as a land assembly with your neighbours can truly give you an edge in getting a higher value.

  6. Commercial district - If your next door neighbour or a property on your block is designated CD commercial zoned, and you are in a residential zone, you should sell your home as a land assembly.  Having a CD commercial zoned property means that potentially a builder can have a mixed use site with both commercial and residential properties. For the land assembly, having a CD zoned property will more likely enhance the value of the land assembly to the developer.

  7. Busy or noisy street - A typical home buyer stays away from purchasing on a main road because of traffic and noise.  If your property is on a main road, as a land assembly collective, it has a positive value because of its access. Selling your home as a land assembly becomes more attractive to developers if you have a property on a main road with access to utilities and services. In short, selling your home as a land assembly is prime if you own a property on a main road, and you will command more money by selling your home as a land assembly.

  8. Vacant lot - If you own a lot which is vacant, and unused with no plans for developing or building, selling your vacant lot as a land assembly collective could command a higher price than by selling your vacant land on its own.  This is exactly what developers are looking for and more so if your unused property, which is not maximizing or utilizing its best and highest use, is sold together as a collective in land assembly.

  9. Sloped Land - If your property is on a slope and you are not utilizing or maximizing its highest and best use, selling to a developer as a land assembly might give you a better value for your land because of your land’s potential to build more units on your property.


Learn the best practices for taking advantage of land assembly. We are presenting a seminar on September 8, 2018 at the RE/MAX Crest office from 11-1pm with industry experts who will enlighten you about the process, cost, timelines, how and if you qualify and more!  To pre-register, go towww.landassembly.me. Don't miss this opportunity as we only offer this seminar once a year!


Space is limited, please pre-register.

This is not a seminar for Realtors.


Contact: Text or Call  Geraldine Santiago at (604) 764-6873

Email: geraldinesantiago1@remax.net



Read full post

8 Reasons Why Land Assembly Makes More Cents and Dollars by Geraldine Santiago 


Land assembly is a growing trend in and around metro Vancouver and you might want to consider selling your home along with your neighbours, especially if your property has any of these qualities:


  1. Tear down:  Your house, or the improvements on your property have little or almost no value to it.  In essence, it is a ‘tear down’. Even if you spend money to do a renovation- fix a bathroom or kitchen, it is better off selling the land for its value than to do a small renovation.  Selling your home as a land assembly will most likely get you more money.

  2. Finances:  You don’t have the money or the energy to attempt to upgrade, renovate or fix.  You are already stretched too much financially and fixing up your property to sell will be even more strenuous on your finances. You don’t have the funds to fix the roof, heating and plumbing systems are in desperate need of replacing, there are foundation problems and so on. In selling as a land assembly,  you won't have to do anything to your home: you don't have to declutter, repaint, repair or stage your home. You sell your property, "as is, where is". There are no open houses to the public or showings to disrupt your daily life. Developers will be looking at your land values and pay even more, despite your property's condition. 

  3. Irregular sized lot: If you have a property that is either too narrow, too small or you have an irregular shaped lot that is difficult to build on, selling your land assembly can give you a higher property valuation.

  4. One storey bungalow:  If your house is a small, one storey bungalow and in your neighbourhood properties are being built with two or three storey homes, your property is not utilizing its best and highest use (HBU). Therefore, you will definitely attract builders.  If it is a ‘stand alone’ sale, however, where you are not selling with your neighbours, you will not get as much money as you would if you sold with your neighbours on the block. 

  5. Lot size: In land assembly, it is your lot size is a tremendous factor. If you have a huge lot, a double lot size for example, selling your home as a land assembly with your neighbours can truly give you an edge in getting a higher value.

  6. Commercial district:  If your next door neighbour or a property on your block is designated CD commercial zoned, and you are in a residential zone, you should sell your home as a land assembly.  Having a CD commercial zoned property means that potentially a builder can have a mixed use site with both commercial and residential properties. 

  7. Busy or noisy street:  A typical home buyer stays away from purchasing on a main road because of traffic and noise.  If your property is on a main road, as a land assembly collective, it has a positive value because of its access.  Selling your home as a land assembly becomes more attractive to developers if you have a property on a main road with access to utilities and services.  In short, selling your home as a land assembly is prime if you own a property on a main road,  and you will command more money by selling your home as a land assembly. 

  8. Vacant lot: If you own a lot which is vacant, and unused with no plans for developing or building, selling your vacant lot as a land assembly collective could command a higher price than by selling your vacant land on its own.  This is exactly what developers are looking for and more so if your unused property, which is not maximizing or uttilizing its best and highest used is sold together as a collective in land assembly. 

If you are a homeowner thinking about selling your home as a land assembly, our seminar on September 8, 2018 at the RE/MAX Crest office from 11-1pm with industry experts will enlighten you on the process, the cost, timelines, how and if you qualify and more!  To pre-register, go to www.landassembly.me Don't miss this opportunity as we only do this once a year! 


Space is limited, please pre-register.

This is not a seminar for Realtors. 


Read full post

6 Reasons Why Land Assembly Makes More Cents (and dollars) by Geraldine Santiago, Realtor 


Land assembly is a growing trend in and around metro Vancouver and in order to understand some of the aspects about land assenbly, here are some reasons why selling your home as land assembly makes more cents:



  1. Tear down:  Your house, or the improvements on your property have little or almost no value to it.  In essence, it is a ‘tear down’. Even if you spend money to do a renovation- fix a bathroom or kitchen, it is better off selling the land for its value as a land assembly than to do a small renovation because your property value as a collective will be worth more. 

  2. Finances:  You don’t have the money or the energy to attempt to upgrade, renovate or fix.  You are already stretched too much financially and fixing up your property to sell will be even more strenuous on your finances. You don’t have the funds to fix the roof and heating and plumbing systems are in desperate need of replacing. In selling your land together with your neigbours collectively, your land will can be valued more than if it were to be fixed or repaired. 

  3. Irregular sized lot: If you have a property that is either too narrow, too small or you have an irregular shaped lot, that is difficult to build on, selling your land as an assembly can give you a higher property valuation.

  4. One storey bungalow:  If your house is a small, one storey bungalow and in your neighbourhood, properties are being built with two or three storey homes, your property is not utilizing its best and highest use. Therefore, you will definitely attract builders.  If it is a ‘stand alone’ sale, however, where you are not selling with your neighbours, you will not get as much money as you would if you sold with your neighbours on the block.

  5. Lot size: In land assembly, it is your lot size is a tremendous factor. If you have a huge lot, selling your home as a land assembly with your neighbours can truly give you an edge in getting a higher value.

  6. Commercial district:  If your next door neighbour or a property on your block is designated CD commercial zoned, and you are in a residential zone, you should sell your home as a land assembly.  Having a CD commercial zoned property means that potentially a builder can have a mixed use site with both commercial and residential properties. 

If you are a homeowner thinking about selling your home as a land assembly, our seminar on September 8, 2018 at the RE/MAX Crest office from 11-1pm with industry experts will enlighten you on the process, the cost, timelines and more!  To pre-register, go to www.landassembly.me . Don't miss out on a tremendous opportunity.  





Read full post



6 Reasons Why Land Assemblies Make More Cents by Geraldine Santiago


Land assembly is a growing trend in and around metro Vancouver.  If you are not sure if land assembly is perfect for your property sale, here are some reasons why you should consider it: 


  1. Tear down:  Your house and the improvements on your property have little or almost no value to it.  In essence, it is a ‘tear down’. Even if you spend money on a renovation to fix a bathroom or kitchen, it is better off selling the land for its value than to do a small renovation.

  2. Finances:  If you don’t have the money or the energy to attempt to upgrade, renovate or fix your property, you are already stretched too much financially, you might want to think of selling your home as a land assembly. The cost to repair, replace the sysems on your improvements might be even more of a financial burden.

  3. Irregular sized lot: If you have a property that is either too skinny or you have an irregular shaped lot, that is difficult to build on, selling your land assembly can give you a higher property valuation.

  4. One storey bungalow:  If you have a small, one storey bungalow on your property and in your neighbourhood properties are being built with two or three storey homes, your property is not utilizing its best and highest use. Therefore, you will definitely attract builders.  If it is a ‘stand alone’ sale, however, where you are not selling with your neighbours, you will not get as much money as you would if you sold with your neighbours on the block.

  5. Lot size: In land assembly, it is your lot size is a tremendous factor. If you have a huge lot, selling your home as a land assembly with your neighbours can truly give you an edge in getting a higher value.

  6. Commercial district:  If your next door neighbour is in a CD commercial district, and you are in a residential zone, this is another reason why you should consider selling your home as a land assembly.


If you are a homeowner thinking about selling your home as a land assembly, our seminar on September 8, 2018 at the RE/MAX Crest office from 11-1pm with industry experts will enlighten you on the process, the cost, timelines and more!  To pre-register, go to www.landassembly.me



Read full post


If you are thinking about selling your home as land assembly and don't know where to begin, our land assembly seminar this Fall, September 8th, 2018 will help determine whether or not your property is viable for a land assembly project.  Unlike selling your home on your own, you will need to band together with one or two of your neighbours to make a land assembly work.  Not all land assemblies sell either, because of poor pricing.  Our lead expert will show you how important it is to price your land assembly for an effective sale.  


For more information and to pre-register, go to www.landassembly.me 

Read full post

 
Get your free PDF copy of "How to Band Together (with neighbours) in Land Assembly" by Geraldine Santiago, Author and Realtor. 
 
*Find out about FSR
*Price Points
*OCP
*Deposits
*Zoning
*Timelines
*Realistic Expectations
*Dealing with neighbours
...and more 
 
Read full post

 

 

 

Attend our FREE Land assembly seminar on SATURDAY, September 8, 2018 from 11-1pm and receive a complimentary copy of my book, "How to Band Together in Land Assembly", by Geraldine Santiago.  For more information and to pre-register (space is limited), please go to www.vancouverhomes.info or Eventbrite.ca or call/text me at (604) 764-6873.  

Read full post

 

Thinking about SELLING your home, and want to know how to maximize its full selling potential?  

Developers are snatching up properties and buying real estate in blocks to make way for high rise and mid rise condos and multiple dwelling homes.  But what exactly are developers looking for? In land assemblage or plottage, two or more parcels of real estate are combined into one parcel and a higher value is created for the assembled parcel than for the individual parcels.

 

Do you own a property that is right for development? Does your property location allow higher density?  Don't know where to look or who to ask?  Then attend our lunch and learn education seminar with industry experts on-hand as keynote speakers. 

 

Find out about the latest in land assembly and how to leverage your property by selling with your neighbours. Selling parcels of land to a developer with individual home owners is exponentiallly difficult.  Are price points agreed upon based on improvements on the land or size of the lot?  What are the price points to agree upon?  Realistic time lines?  Deposit holders and market shifts, escalation clauses and more. Who are my team members and what are the costs?  How many team members are involved?  

 

Pre-register as space is limited and get tickets through this site, OR TEXT me at (604) 764-6873, and email geraldinesantiago1@remax.net.   You'll be glad you did! 

 

Go to Youtube for Geraldine Santiago and Maximizing Your Property on Breakfast TV

https://www.youtube.com/watch?v=WgCZBRiS93Y

Read full post

I have listed a new property at 3610 OUTRIGGER RD in NANOOSE BAY.
Experience West Coast at its finest. This gracious private waterfront estate invites you to enjoy the best in waterfront living on Vancouver Island. With over 3,000 square feet on two levels, this residence takes advantage of the natural beauty of the grounds and other dramatic vistas along the coastline. The private residence features two master suites, guest suite accommodation and spacious areas for entertaining and relaxation. Walk the trails along rocky outcrops or use the private cove for the start of your kayak adventure. Take in the majestic wildlife, coastal mountains and waterfront activity from almost 1,000 square feet of private deck space.
Read full post

Land assembly happens when two or more adjacent pieces of land are sold together as a larger parcel of land, also known as plottage.  By doing this, home owners can sell for more ro a developer.


Mark Twain said, "Buy land as they are not making more of it."  Accoring to BC Statistics Canada, by 2035 there will be an increase of 765,000 people in the lower mainland which means a growth rate of 1.3 % per year.  

 

According to Albert Said of MIT, the tighter the physical constrains such as bodies of water and land gradients correlates with higher real estate prices.  Vancouver is an example- the physical constraints of the mountains in the North and ocean make it impossible to build high rise buidings. 


The city of Vancouver is trying to address population growth and demand for housing options through the OCP in many communities in the lower mainland.  

 

Land assemblies often occur along major transportation corridors. (Granville street, Oak Street, Cambie corridor and now, adjacent arteries stemming from public transportation routes.)  t is not a new occurance but it is now more frequent.  By selling your property as a land assembly (if it is possible), owners are able to command a higher price together rather than by selling individually. 


However, it is not as easy at it looks.  This type of project is exponentially more difficult as there are many more players involved.


 

With all land assemblies, consideration needs to be given to the following items:

  • Intention of all parties in the land assembly to sell (each with a contract);
  • Whether all properties in the land assembly will be treated equally, or if there are special characteristics of some properties that warrant special treatment, such as a corner lot (price may differ because of the size of the property-- not all properties are the same even on the same block);
  • Formula to determine purchase price of each lot (here, land is being sold and not the improvements of the property such as renovation, upgrades, new paint, floor plan, condition of the property, appliances, new fixtures,-none of that matters.)
  • Whether any of the sellers have specific needs, such as a tenanted property (what type of lease do you have with the tenant? is it a fixed lease or a month to month? This is very important when finding out when the deveopers can complete);
  • The Official Community Plan for the area (This is determined by the city of Vancouver's zoning department and can be viewed on-line); and
  • Whether the land assembly would be viable for redevelopment and therefore attractive to a potential buyer. (Here, the developer has to determine whether your land assembly is cost effective and feasible with rising cost for labour, materials, analysis and careful planning takes time and cost to the developer.) 

In a land assembly, all parties enter into binding contracts which means each party is bound by the other party.  Timelines for land assemblies are important because developers need time to develop schematics and plans to see whether or not the land assembly is cost effective given variables like cost of materials, rising price of labour, land, etc. 


Due to this extended timeline, there are generally a number of deposits given throughout the process. Consideration must be given to the amount of time a property is tied up by the contract before the subject conditions are removed, since there is no guarantee the transfer will complete until subjects are removed.


Our seminar will englighten sellers who are thinking about selling their home as land assembly or for those who are just wanting more information. Our scheduled seminar is on Saturday, September 8th in Vancouver. 


For more information and to find out about our upcoming seminar, venue, and to pre-register, contact Geraldine Santiago at geraldinesantiago1@remax.net or TEXT/CALL : (604) 764-6873.

Read full post


Thinking of SELLING your property and want to know how to maximize its full selling potential?  Developers are snatching up properties and buying real estate in blocks to ake way for high rise and mid rise condos and multiple dwelling units.  But what exactly are developers looking for?  
 
In land assemblage or plottage, two or more parcels of real estate are combined into one parcel and a higher value is created for the assembled parcel than for the individual parcels.
 
Do you own a property that is right for redevelopment? Does your property location allow higher density in the near future?  Don't know where to look, or who to ask?  Then, attend our lunch and learn education seminar with industry experts on hand as keynote speakers.
 
Find out about the latest in land assembly and how to leverage your property by selling with your neighbours.  Selling parcels of land to a developer with your neighbours can be exponentially difficult.  Are price points agreed upon together?  What about market shifts and escalation clauses?  Deposit holders?  What are some of the costs ?  Who are my team member and what are their costs?  
 
Pre-register at www.vancouverhomes.ca, or TEXT or CALL me at (604) 764-6873 or email at geraldinesantiago1@remax.net.





 
Read full post

I've seen it, heard it, read it everywhere: " Capacity is needed." The demand for mid-rise housing continues to increase throughout Metro Vancouver as more residents want affordable choices for family living. Developers and builders are seeking options.

BCStats projects that by 2035, 768,600 more people will be living in the Lower Mainland, with 145,735 more within Vancouver's city limits alone. That's a growth rate of 1.3 per cent per year.

How does our area meet this demand? Densification.

As a long-term real estate agent in Metro Vancouver, I've seen this trend gaining momentum. It used to be that just your location within Metro Vancouver dictated your property's value. Now it's a combination of the associated lot size, zoning and future development potential.

The region is creating transit-oriented communities. It can be expected that single family homes within .5 KM of a rapid transit hub may be rezoned to allow greater density to make way for townhouses, row homes, or even mixed-use towers.

Metro Vancouver regional rapid transit plans

In my experience, if you buy a property and don't consider how zoning and subdividing the lot over time could affect its future value, you might be missing out on a tremendous investment opportunity. And if you are looking to sell, seize the opportunity to learn about zoning and subdividing in order to optimize your property's value.

Do you know your property's zoning options?

The reality is that Vancouver needs more housing options, and the only direction to go is up. Consider how high a developer can build on a lot to accommodate mid-rise, duplex, triplex and row housing relative to the zoning bylaws within a particular area in Metro Vancouver.

Zoning not only refers to the division of land into two parcels, it can include consolidation of two or more parcels into a single site, the adjustment of an existing property line or dedication of land for road or lane purposes.

The City of Vancouver is divided into zoning districts with their own particular zoning bylaws. For details on each district, you need to check the Zoning and Development Bylaw and any official development plan bylaws that may apply to that area.

Land use is divided into "Outright" or "Conditional." Outright land uses are those permitted providing that all the regulations are met. Conditional refers to land uses that have impact on the community and must meet numerous government-specified criteria before being approved.

The key to properly valuing your lot is clearly understanding its full potential and best use. This includes factors such as your property's Floor Space Ratio (FSR).

FSR is calculated by taking the floor area of a building on a lot and dividing it by the area of the lot. Depending on your zoning, FSR maximums can vary from .65 to 1.45. For example a property in Kitsilano, zoned RT-8, with a 33 x 127 square-foot lot has a total of 4,100 square feet. The outright FSR is .5 with a conditional increase to 0.75. Therefore, depending on the FSR, this lot could have a structure from 2,095-3,143 square feet built on the property.

Other important questions to consider before listing your property for sale include: Do you know your property's permitted use? Do you know which properties in your neighbourhood have applied to rezone their property?

Due to the complexity of zoning bylaws, partnering with your listing agent to maximize your property's value has become more important than ever. If you don't take advantage of your area's zoning laws and its future development potential, and promote them relative to your lot, you could easily undervalue your property.

Translink Transit-Oriented Communities Design Guidelines

Future value should also be a part of how a property is assessed when purchasing.

If you are a first-time home buyer, you can invest in a property to sell it in a short period of time with a high rate of return if there is infrastructure being built around it. Think of your property's appreciation and anticipation. Anticipation is created by the expectation of benefits to be derived in the future. Home buyers may anticipate that a property in a certain neighbourhood will be in demand in the next five years, and may be motivated to purchase the property for future development."

This trend could translate into increased real estate values for properties located around transit hubs and lesser values of properties that are located farther away, due to the increase in supply over time.

Whether you're buying or selling, look for the market potential of the property five years from now. Consider where new transit lines, roads and amenities are being built, and how this will influence the property's future value.

You can find out more about your city's zoning plans at these links:

 
 
 
Read full post


DERRICK PENNER (VANCOUVER SUN) VANCOUVER — A single house in Vancouver is no longer a single house in the age of eco-density.

With property prices in the stratosphere and the city under pressure to encourage more affordable forms of housing, most single family homes can potentially be three housing units — a main house with a secondary suite, then a separate laneway suite.

And as the city completes more of its neighbourhood plans, single family lots can become something else entirely as developers assemble properties to turn them into higher density multi-family townhouses or mid-rise apartments.

“I think the focus that the city has placed on affordable housing and what they’re doing in other areas opens up the discussion at the city in terms of alternate forms of development,” said architect Larry Adams, principal at the Vancouver firm NSDA.

The move toward densification is most visible along streets such as Cambie or around Oakridge Centre, where it’s the city’s priority. Seeing what is happening there has definitely “piqued people’s interest” in the potential for continuing it along other arterial streets in other areas of the city, Adams added.

His firm is working on a rezoning proposal to turn three lots zoned for two-dwelling use at First Avenue and Victoria Drive into a 26-unit housing complex designed as an “intentional community,” which would include social housing.

Adams called the site something of a “poster child” for higher density, because although the lots are surrounded by single-family homes, they are used as parking by the Grandview Calvary Baptist Church and are at a high-traffic intersection.

The process, however, hasn’t become any less complex, Adams said, and hasn’t become an easier sell in single-family neighbourhoods.

Proposals for land assemblies of single-family lots for multi-family rezoning have recently begun to hit the city’s planning department in the Norquay Village neighbourhood surrounding Kingsway and Slocan Street in East Vancouver, according to Brian Jackson, the city’s general manager of planning and development.

Jackson said the city wants to encourage row housing and stacked townhouses in that area — housing types that are less common than houses and condos.

The city is pleased with the types of townhouses being built on the Cambie and Granville Street corridors, noting “housing innovation happens at the high end.”

The city approved a new Norquay neighbourhood plan in 2010, and to help applications along, Jackson said they’ve “pre-zoned” most of the neighbourhood’s blocks to accommodate higher-density uses. And this is where he wants to see similar housing types, but at a much lower cost.

“There are creative ways of increasing density in our single-family neighbourhoods,” Jackson said. “And the city has done that by allowing three units on almost every single-family lot in the city of Vancouver.”

The laneway house is the most visible manifestation of that effort, and Jackson said more than 1,100 have either been built or are going through the planning process since the policy was approved in 2009.

Such developments should give homeowners the incentive to do some research about the potential for their single-family home when they are considering selling, according to realtor Geraldine Santiago.

“If you only have one property, you want to maximize it,” said Santiago, a realtor with Re/Max Crest Realty Westside.

Santiago held a seminar recently for homeowners on subdividing and rezoning — titled Subdivide and Conquer — to test the waters of public interest. She said the event attracted close to 20 people, and there were several realtors in the crowd.

The key point of her seminar was for homeowners to know the exact size of the lot their house sits on and what its specific zoning is, so they can determine what is allowed on the property.

“The most important asset you have right now is your lot,” Santiago said, noting the physical improvements on the lot — the house — eventually depreciate.

And Santiago said the development potential for land assemblies isn’t always in large-scale, multi-family projects. Smaller builders might be interested in pursuing duplexes in some single-family zones.

However, there are limits to the city’s willingness to expand higher-density options, according to Jackson.

Jackson said the city’s preference is to work in locations that are covered by updated plans or specific policy, such as Oakridge, Norquay and Marpole. Outside of those areas, Jackson said planners are discouraging land assemblies along arterial streets until updated plans are in place.

Adams said single-family neighbourhoods are typically resistant to changes that bring higher density housing, although the city does need change.

“I don’t think every single single-family lot is right for development,” Adams said.
Read full post

 

 

Land Assembly Seminar 101 

 

 

Get ready for our Lunch and Learn Week-end seminar for sellers wanting to sell their home as land assembly or plottage.  Selling your home to a developer is exponentially difficult as you will be selling your home together with your neighbours.  Learn about what to expect about the process before you begin.

 

Learn about pricing pitfalls, escalation clauses during market shifts, realistic time frames, understanding your goals, dealing with developers, tenants, costs incurred, deposit holders, deposits (when do I get my initial deposit), and yes, a lot, lot more!

 

Stay tuned for updates on dates scheduled with industry experts.  Email me or PM me for location events at geraldinesantiago1@remax.net and TEXT (604) 764-6873 Code Word :  LAND.

 

Read full post

Neighbourhood Values by Geraldine Santiago, Realtor


When Realtors like myself place a value on your home, we know the local real estate market statistics, but most importantly, they know the intrinsic nature of the neighbourhood and its surroundings. Your property's location is valued as well its neighbourhood.


Values are placed on whether your neighbourhood has a certain 'cachet' or in other words-- 'neighbourhood appeal'. And these values can either be positive or negative. In France, the 7th Arrondissement in Paris, which is located on the Left Bank, is Paris' quintessential neighbourhood. This neighbourhood is filled with culture and history. Its vintage atmosphere is the ideal and central location, in the heart of Paris. Here, there are unique shops, boutiques, book stores, antique stores, art galleries, chocolate shops, neighbourhood street markets, cafes and charming bistros-- all on quaint cobbled streets. The ambiance is full of character, full of joie de vivre!


In the United States and Canada, neighbourhoods with white picket fences, rather than chain linked fences, have positive values. In addition, neighbourhoods with well established and leafy trees and foliage, rather than that of a newly developed area without any greenery or landscaping whatsoever, have a positive value. Examples of negative values are~ To read more, go to: http://vancouverfirsttimehomebuyer.ca/neighbourhood-values.html


For more on home buying and to attend our home buying seminar, go to www.vancouverfirsttimehomebuyer.ca

Text me or email at (604) 764-6873 or geraldinesantiago1@remax.net

Read full post

Real property is unique. Homes that are in the same neighbourhood, same street and even adjacent property are all different. Even if they look different, one might have a bigger lot size. 


In an apartment building, units vary in size, number of bedrooms, views, location, etc. Because it is unique, it has certain aspects that cannot be compared to another property. Each unit --even new building developments--is different. Appliances and finishes might be either inferior or superior to another unit, i.e. granite kitchen counter, stainless steel appliances, brand names Bosch vs. Maytag.


For a single detached home, the type of dwelling is unique from house to house even on the same block. The size of the dwelling, the landscaping, interior and exterior finishes, are all to be taken into account, and not easy to compare. These are some of the many aspects we look for when Realtors value a property. The more closely aligned the seller's and buyer's value a property's aspects, the better able the buyer and seller can achieve their goals.


For buyers, understanding that because a home is unique, be prepared to compete and bid as chances are there won't be one like it.


Attend our home buying seminar for more information about the process, market trends, forecasts, statistics & more.


Go to www.vancouverfirsttimehomebuyer.ca for scheduled events, or TEXT / email me at geraldinesantiago1@remax.net (604) 764-6873. 

Read full post

Beautiful British Columbia, Beautiful Vancouver: Vancouver is a beautiful city with its location close to the water. The ocean, however, means there is limited inventory, and therefore no land to build on. Because there is limited inventory, there is a premium on land.


Land is a precious commodity. It cannot be replaced and it cannot be manufactured. When valuing a property, recognizing that inventory is crucial. Supply and demand. In any market whether you are buying hammers or nails, real estate is no different. Look at the supply and number of inventory that are in your search criteria to determine whether or not you need to value the property higher and aggressively bid for the property. If you think that 'another property like it' will come along, think again!!! Believe me, it's easier to say that and it is far from reality.  Each property is unique and there won't be another one just like it.  


Real estate 101 tells us that each property is unique and whenever the word 'unique' is used, you know it's going to cost more.  


For more info on buying, attend our home buying seminar. Our expert team members offer free home buying and selling seminars. Go on line for the latest events at www.vancouverfirsttimehomebuyer.ca or TEXT me at (604) 764-6873.


Read full post

In 2001 a 500 sq.ft, one bedroom condo in KITSILANO sold for $159,000 and today, a similar sized condo in KITSILANO sells for $549,000.


If you are purchasing a condo today, one wonders--what will the future hold for condo prices in 2018 and is buying a condo in Vancouver still a good investment? Land is scarce, labour wages are increasing, population growth, global economies, longevity among Canadians all contribute to rising prices, not to mention that shelter is a basic necessity. For 2018, unless labour is replaced by inexpensive robots and we start building cities on water (ocean) and on land gradients (mountaints), then prices will continue to increase. If you have always rented, you know that every year, your rent increases, while mortgage payments eventually decrease over time.


If you want to find out more about home buying, attend one of our home buying seminars scheduled throughout the year. Go to my website at www.vancouverfirsttimehomebuyer.ca or attend our free home buying seminar for the latest market trends and statistics, mortgage information & more.


Email me for real estate updates or TEXT me at geraldinesantiago1@remax.net or (604) 764-6873

Read full post

We’re officially a month into 2018, and one full month into the latest mortgage stress test. Are you feeling the pinch? With the Bank of Canada’s latest interest rate hike, and more increases rumoured for 2018, if you’re looking to buy a home and sweating a bit about budget, you’re not alone.


But let’s take a step back and look at the stress test from a different perspective. Why was the stress test introduced? Concerns are mounting about the amount of household debt Canadians have been taking on. With interest rates hitting a record low, many stretched their home-buying budget (and mortgage amount!) to the max – particularly in Canada’s priciest housing markets, such as Greater Toronto and Vancouver. Attend our free home buying seminar SATURDAY, March 10 (North Vancouver) and March 24th (Vancouver) from 11-1pm. Pre-register as space is limited. www.vancouverfirsttimehomebuyer.ca or TEXT me for more info at (604) 764-6873

Read full post

Did you know that Vancouver is the 3rd city in unaffordability according to Robert J Shiller, 2013 Nobel Laureate in economics, who surveyed 92 cities in 9 countries? Affordability is based on the ratio of house prices and income, and Hong Kong is the least affordable city, followed by Sydney and Vancouver. To find out more, attend our first time home buying seminar on Saturday,March 24 in Vancouver, from 11-1pm. For more info and to pre-register, go to www.vancouverfirsttimehomebuyer.ca or TEXT me at (604)764-6873


Four industry experts will provide insight on the housing market in metro Vancouver.  

Read full post

I'm always asked about whether or not buyers or sellers can purchase or sell a home on their own. The analogy is like pulling teeth while at a dentist or building my own house. Though technically, I could pull my own tooth, or if I was stranded on a deserted island and had to make my own shelter, then perhaps. But if not, then my answer is NO!!!


In the case of my tooth, I could hurt myself, damage the roots or nerves, get an infection, bleed profusely, and so on. When building a house, I know the rudiments of making a house, but I wouldn't want to use a saw or drill or use heavy equipment and machinery. So, in the same way, when buying or selling real estate, why not hire a professional Realtor? There are so many things a home buyer / seller must do in order to have a successful sale and it is always better to leave it to professionals.


For more info, go to my website at www.vancouverfirsttimehomebuyer.ca or TEXT me for info on upcoming home buying seminars on real estate at (604) 7646873.

Read full post


What is your tolerance level? First time home buyers -- what is your tolerance level? For this I mean-- what will make you walk away from the deal?


After competing with an offer, and winning, you are now privy to strata documents, contingency funds, financial statements, building inspection report. Your offer to purchase will have terms such as a subject to a home inspection. You will have to decide what your tolerance level is, in terms of a dollar figure. If your tolerance level is $5000 and anything that exceeds that amount makes you 'walk away' from the deal, then you must determine beforehand, with yourself, and with your Realtor what that number might be.


Discuss this beforehand with your Realtor and give yourself ample time to think about it.  


For more tips and information on home buying, attend one of our yearly seminars.  Go to www.vancouverfirsttimehomebuyer.ca or Email me at geraldinesantiago1@remax.net or TEXT (604) 764-6873 for updates on home buying and selling seminars throughout the year.

Read full post

Congratulations! You're a home owner and you move in to your first home. And then there's a hiccup. WHAT?  


A huge wine stain on the floor, a cracked window, appliances that don't work, an electrical surge, keys and remotes that don't open doors, leaky faucet, heat not working, hot water tank leaking, garage full of junk and furniture, an unexpected snow storm, or fixtures that were removed by the seller or tenant.


Stay calm and focus. There are remedies and with your Realtor on hand to help guide you, you will not face these problems on your own. Whether you are buying a brand new property from a developer or a resale home, there are certain aspects that you can avoid or even anticipate.


If it is an older home, or property, building inspection reports do not provide a TIME for when the electrical surge will happen, or for a gas leak. That is beyond anyone's scope. Make sure you purchase home insurance before you take possession as these hiccups, unfortunately, do occur.


Attend our yearly seminar on home buying.  Go to www.vancouverfirsttimehomebuyer.ca or Email/text me for upcoming events for buyers and sellers.  Email: geraldinesantiago1@remax.net and (604) 764-6873

Read full post

 

 

Attend our home buying seminar on SATURDAY, March 24th, from 11-1pm in VANCOUVER, RE/MAX Crest Realty Office and learn from industry experts about buying your first home. Whether you are a first time home buyer, investor, new immigrant, buying a new home from a developer, move up or down buyer, this seminar is for you.

 

Learn more about the current market, latest trends in real estate, how to best leverage your mortgage, how the mortgage 'stress test' plays an important role in your application, how to avoid a 'leaky condo', costs to the buyer and a lot, lot more!  You will hear from a mortgage broker, a Realtor, a certified home inspector and a notary public.

 

Remove some of the stress from buying but 'knowing' what to expect, what your role should be, how to build and select your team of experts.  

 

Please register on line at www.vancouverfirsttimehomebuyer.ca, or TEXT me at (604) 764-6873.  

 

Refreshments and light sandwiches servced.

19+

Read full post
Categories:   10 mistakes home buyers make | 13th annual vancouver first time home buyer seminar | 2014 new trends real estate | 3 top mistakes home buyers make | 5 mistakes home buyers make | 5 steps to buying a home | affordability | buy first home metro vancouver | buy home vancouver real estate expert | buying in burnaby home buying seminar | buying in east vancouver home buying seminar | buying in new westminster home buying seminar | buying in port coquitlam home buying seminar | buying in richmond seminar | buying your first home | Densification and Land Assembly | don't panic attend our free home buying seminar october 2013 | emerging and new real estate trends in vancouver | first home buy metro vancouver | first time home buyer | first time home buyer n a multiple offer or competing bid situation | first time home buyer specialist, home buyer seminar, realtor geraldine santiago, home buyer geraldine santiago agent | first time home buyer vancouver in a competing offer | first time home buyer zoning advice | first time home buyers and foreclosures | first time home buyers buying a unit in an older building | first time home buyers pick | first time home buyers: open house etiquette | first time home buyers: where have they all gone? | forecasts, seminars and information on real estate | free home buying seminar | Free monthly stats- attend our free home buying seminar | geraldine santiago | geraldine santiago, first time home buyer agent, buyer agent, geraldine santiago published author | geraldine santiago, land assembly | geraldine santiago, realtor remax crest realty, home buyer agent remax crest realty | home buy first metro vancouver | home buyer agent geraldine santiago seminar,home buyer agent geraldine santiago, home buyer seminar | home buyer agent, first time home buyer agent geraldine santiago | home buyer agent, first time home buyer specialist, first time home buyer realtor | home buyer seminar, tips resources geraldine santiago agent | home buyer seminar, vancouver homes info, buy and sell real estate, buyer agent geraldine santiago | home buyer, first home, first time home buyer | home buyer, geraldine santiago agent, buyer agent, buying first home agent | home buyer, home buyer seminar, first home tips, geraldine santiago, realtor vancouver, home buyer specialist | home buying 101, real estate seminars and books, geraldine santiago realtor | home buying first metro vancouver | home buying guide | home buying property | home buying seminar | Home Buying Seminar, Free Home buying Seminar | home buying seminar, geraldine santiago | home buying seminar, geraldine santiago buying seminar, first time home buyer seminar | home buying seminar, geraldine santiago realtor, home buyer seminar vancouver, geraldine santiago tips and resources | home buying seminar, home buying prices, home agent geraldine santiago on buying in vancouver | home buying seminar, new and improved | home buying seminar, reference letter from librarian, real estate home buying, real estate experts | home buying vancouver, home buying agent geraldine santiago, geraldine santiago home buyer specialist, home buy seminar, | home selling seminar vancouver | home vancouver buying, geraldine santiago author, real estate expert, geraldine santiago specialist in home buyers, buyers agent | how to buy your first home | l | la | land | land assembly | Land Assembly Block for Sale Vancouver | land assembly ebook | land assembly ebook and seminar | land assembly ebook, land assembly Realtor, land assembly how to, land assembly explained | land assembly geraldine santiago | land assembly geraldine santiago Realtor | land assembly guide metro vancouver | Land Assembly How to | Land Assembly in your neighbourhood | land assembly our answer to densification | Land Assembly Pitfalls | Land Assembly Pricing | land assembly realtor | Land Assembly Realtor Geraldine Santiago | land assembly realtor, land assembly expert geraldine santiago | land assembly seminar | Land Assembly Seminar Vancouver | land assembly seminar vancouver september 8, 2018, geraldine santiago author and realtor | land assembly seminar, land assembly agent, land assembly info | land assembly vancouver | land assembly vancouver bc | latest info on selling your home | like going through a maze | lot information to builders | metro vancouver home buying seminar | NANOOSE BAY Real Estate | new and emerging real estate trends 2014 | new home selling trends | new trends in real estate 2014 | new trends in selling | OCP and Land Assembly | oil tanks, first time home buyers | panel of real estate experts empower you | RE/MAX home buying seminar 2013 | real estate 2006 | real estate emerging trends 2014 | real estate home buying seminar | real estate selling vancouver | real estate vancouver | real estate vancouver new trends | realtor help? first time home buyer | remax crest realty, geraldine santiago buyer agent, buyer agent homes vancouver, re/max crest realty westside | RRSP down payments, density, | savvy realtor | sell your own back yard | selling your home | selling your home to builders | the sellers told me their house was near the water. It was in the basement. | underground oil tanks first time home buyers | Vancouver | Vancouver First Time Home Buyer Seminar 2013 | vancouver real estate | zoning, lot, location, land for first time home buyers
Categories