Quote:
Originally Posted by RyeJay
The demand will translate into, perhaps, re-zoning and homeowners being bought out. People don't have intentions of leaving until they're shown an attractive monetary offer.
I wouldn't expect a sea of midrises overnight (and for some areas, perhaps never).
Can we not pick and choose? I can understand the desire to maintain some old stock -- but it doesn't do much for density.
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I think to some degree we'll
have to pick and choose as the more obviously develop-able spots get filled up. And that'll be a fight, because people always oppose rezoning, even for little things like basement apartments. But I think that's years and years away.
And I honestly don't imagine most people are waiting to be bought out--people want houses, close to downtown. They buy them to live in, raise families in, etc... these are neighbourhoods where people are buying houses for the long-haul, and those houses are Halifax's old vernacular housing stock, just like northeastern U.S. rowhouses or NYC brownstones or Toronto Victorians or Montreal greystones. Central stock like that has become incredibly sought after. That's why a place like Cabbagetown or the Annex or the Plateau still have detached houses and townhouses, even as high-rises are going up on every available lot nearby. It still works, because these pre-car neighbourhoods are built to a good density already.
Besides, buying them out would mean offering above-market value for a parcel of at least three or four properties, next to one another. You're closing in on two million, at least, plus demolition costs, just to put up a mid-rise. Financials don't seem to be there, plus the logistics of convincing adjacent homeowners to sell.
It did happen a while ago in Toronto, where half a block of a midtown street was bought up over several years and demolished for a condo. It made news for months because it was such a strange occurrence.