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.
No comments:
Post a Comment