My husband and I bought 9 yrs ago in a residential area with some light industrial up the road a way. The lot directly across from our house was zoned R1 and had 2 homes on it. A few yrs ago one home was torn down quickly due to a legal matter.
Apparently in 2008 (without any signage or door to door consultation that anyone can remember) the lot got zoned by the OCP to "I3"...On the current map and the Chase River Neibourhood Assoc. map it still says R1.
Regional Recycling now wishes to bulid a 10,000 sq foot bottle depot on 2.5 acres of land with 27 parking spaces literally a streets' width away from my home. It is important to note that none of theresidents areagainst recycling, far from it, we are opposed to the ZONING... I bet they will let Mr. Shorting of Regional Recycling destroy this area, even though ALL of the residents have written letters.
Interested in this story?
Check it out at the Public Hearing
80 Commercial St in Nanaimo BC
So, I guess I'm saying in Nanaimo if you want to live here it doesnt matter if you do your research or have proof to back up your claims. The OCP rules and neibourhoods can be destroyed.
Due diligence on the immediate or near term changes is great, but if it is a home you like, you can see yourself living in 5-10 years min, and you can get it for a reasonable market price and terms...go for it.
Pricing and appraisals are always based on the CURRENT market value....a snapshot of the most recent (6 mos) activity for similar size, age, zone, location properties.....period......The banks lend on the current market value, the appraisers appraise on the current market value.....and insureres too...
.you dont pay for future value, and you dont discount for the future either....
The rest is speculation and in all speculation there are both potentials ups or downs.
Do you want the house? Do you like it? have you spent a lot of time looking at properties, and this is your best choice?
Tom Inglesby, Broker
RE/MAX Equity Group Inc.
What a good question: But the answer is so vast there is no way to give you assurances that are absolute. A detached single family home-owner in the midst of high density units will have more pressure to reduce price in the future because of its location--unless you are the one property hinging or bridging a gap someone needs for their expansion. Then you hold the trump card in many cases. There are exceptions of coarse, in the case of eminant domain,- but that too doesn't seem the probability here by your description. If you are thinking of buying for long-term-living in the property you'll have to consider all the possibilities. You can check with the county/city (depending on location) to see if there are any applications on file for dividing lots in that area or for large expansion or development of any kind. Also, are there signs of construction of new units already started? These investigations will help you see any trend starting. However, even if the zoning allows division of the property, the placement of the existing structure may well prevent or greatly complicate the division. There would potentially need to be destruction of one to build two- or total restructuring of the one to create two. Someone buying NOW while its all still single family will benefit in the future if they sit on someone elses gold mine. You may well benefit from resale yourself if you are the one to develop the property later. So there isn't too much danger in huge losses unless you buy it at a price that is unreasonable right now. But to use these scenerios to negotiate the price you'll offer may be too far out in the future for sellers to consider worth considering. Your offer price should be based on good comps of recently solds in the neighborhood rather than potential long-range density. Unless I'm totally misunderstanding your question, this is a reasonabally realistic answer. but none of the experts can guarantee limited future development. The best way to set your mind at ease will be your investigations with the city and county entities. If you don't yet have a realtor representing your best interests and helping you through the process, please consider checking out my web site and/or give me a call. All my contact information is listed there. Best to you!!
I am surprised the home you are buying is not zoned for partition. Maybe you should speak to the city about the home/lot you are looking at and see what might be possible.
Good question but not really leverage for a discounted offer if it is priced correctly.
Best wishes in your pursuits!
Re\max Hall of Fame
In the future, should plans be made to rezone that area for multi-family dwellings, it is possible that a developer could want that property. Will that make it worth more? Possibly; but that is only conjecture.
Have you asked your agent what their opinion is?