Investors are reportedly turning their backs on micro-condos in favour of skinner housing stock.
Skinny may be fashionable – think jeans and coffee – but will the lean and slender format work for houses? Apparently so, and hence why lending institutions are more eager to offer finance for this new property type than others, such as micro-condos.
“Lenders see more value and return for skinny townhouses and so more willing to offer finance for this properties,” says Shawn Maher from GS Maher Property Holdings Ltd, adding that his project of this type in Hamilton was sold in four months. They developed seven townhouses on a 99 x 50 ft. lot, each of which is 12 ft. wide.
“A lot of young professionals are going for these houses and we are envisaging huge growth in this sector,” he adds, pointing to the success of this property type in Manhattan’s upper west side.
To maximise on limited infill sites, many developers are diversifying into this area. For example, the Edmonton based developer Doug Kelly recently knocked down a bungalow on a 50 ft. lot, divided it and built two 17 ft. wide, two 2,400 sq. ft. storey houses in its place.
About Me
- Jackie Goodlet, Broker
- GTA, Ontario, Canada
- A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!
No comments:
Post a Comment