Quote:
Originally Posted by logan5
The realtor representing the homeowner should know how much the property is worth. The Rupert/Renfrew plan has been out there long before these properties were sold.
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What realtor? Maybe Sightline took the initiative (and the risk) to acquire the block. As they used four different entities, one possibility is that they were trying to get each of the four quarters, with the potential for a tower on each one, but got lucky that there weren't any stubborn hold-outs, and managed to pick up the entire block. No doubt they paid an initial sum to hold the owners (possibly with some sort of confidentialiity clause) while they continued to negotiate with other owners.
They paid close to double the assessed value for the houses overall, so the homeowners should all have more than enough to buy another home elsewhere with money to spare - especially as the market is really slow and there are supposedly plenty for sale, but very few buyers.
The $300 buildable is only a 'rule' in terms of the maximum a developer should pay in the current Vancouver market and expect to be able to turn a profit. There's no rule about how little they should pay. The price they paid isn't unknown in recent sales.
GEC paid $111 psf buildable last year for their Cambie tower.
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