Quote:
Originally Posted by jollyburger
Units are selling for 800K and there's 71 units. Just steps away from the Skytrain station lol. Around 2.6 acres.
I wonder what the economics are on rebuilding those kind of sites. I would think they'll just sit like that for another 20-30 years.
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At 5.0 FSR, that's ~560,000 buildable sqft. Assuming the ~$600 per sqft valuation holds, that's ~$340M in revenue on let's say ~$70M in land costs (assuming prices jump to an average of ~$1M per unit). You'd need to be building for under $480/sqft to make a profit, doubt that's possible for highrise contruction right now.