What is the future development potential of my property?
Have you seen higher levels of construction or any notices of rezoning in your mailbox? If so you may have a property with development potential!
City officials and staff are excellent resources to find out the future plans for your neighborhood and property. We are consistently communicating and networking with city officials in Surrey, Langley, and Delta, therefore, we are able to share that knowledge with you. We never want to be behind the curve, so we rely heavily on research and make sure we do our homework in order to provide you with thorough advice and the most accurate pricing. We have been advising on all aspects of land for 15 years and are experts at identifying scope for development. Once we have cast our professional eye we are then in a position to advise you of all of your options so you can make an informed decision on the next step forward.
What does zoning mean?
Sometimes you will hear the phrase, “what is it zoned for?” or “what’s the zoning on this property?” Those are really questions about what the land can be used for according to the City in which the property is located. Some areas are strictly permitted for single family homes and nothing else can be built on those lots, whereas other areas are more forgiving and different mixes of buildings can be built. Zoning regulations can be specific or loose depending on the area. Typically, cities have what is called an Official Community Plan (OCP) which indicates what the city officials envision the future development to look like. This OCP is constantly changing and is not set in stone.
How does a land assembly work?
A land assembly is simply the joining of adjacent lands to make a larger parcel. This is normally done so that the larger parcel can accommodate the building of more living units (be they houses, townhouses, low rise or high rise condominiums). Selling as part of a land assembly usually means that the vendor will get a much higher price than he or she would on a one off sale to an individual buyer. The assembly process is tedious and lengthy. Usually, after we have assembled enough properties to create value in the eyes of a developer, we then approach said developer. The offering process, subject removal, deposit dates, and completion dates can be widespread depending on the development. With our expertise, we will help you negotiate and secure a contract which provides you with favourable terms and conditions.
How are development sites marketed?
You may be wondering why you don't see ads or flyers for large development sites. This is due in part to the majority of development sites being sold off market or as what's called an "Exclusive Listing ''. Even though the site is not published on the MLS, a good realtor will provide marketing services such as drone videos with information and information packages with images and stats for the area. We here at Sukh Brar Real Estate Group provide drone cinematography with motion graphics, digital and hardcopy information packages, publishing on our website, and when possible 3D modeling and massing of the future build.