R5 density is generally considered more desirable by buyers. The economic value depends on your house. On the standard 50X100 lot in Portland, you can't actually build 3 houses because there are other restrictions, it least in theory. The city has a bad habit of bending the rules to allow development where it typically would have been more restricted (no park apartments, skinny houses, etc.). There are in theory restrictions on how many dwellings can be developed per acre, and restrictions on set backs that can limit the number of houses you can put on a property beyond the zoning limit.
It also depends on the value of your house. From a developers perspective, what do they have to pay to get the land? Developers are only in it to make money, and it is only valuable for them if the house is not worth a lot relative to the other houses in the area (small, few bedrooms, 1 bath).
R5 really mostly benefits home owners in that R5 is the most restrictive of the residential zonings. If you want to own and live in the home and sell it as a single family dwelling, R5 is more desirable for these buyers. If you want to develop a duplex or multi-housing, or sell your property to someone who wants to do these things, R5 will decrease the value to those sub set of buyers. So it depends on the specifics of your property. Hope that helps.... more
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.... more
If your asking if this property is near medical facilities, its not far. This property is located near St Vincent medical center, OHSU, and even Good Sam Hospital. I hope that helps.... more