Who is doing Edmonton infills?

[Sherilynn]

Do you know of anyone in Edmonton doing infills? A seller called us with what sounds to me like a tear-down on 119 Ave and 90 Street. He's asking $145k. Lot size is 367 square meters. (I have no idea what lot values are in that area.)

I have no stake in the property and am not looking for a referral fee. Thought I'd put the word out there for him and see if we could find a solution for him. So if you can think of anyone doing infills, please let us know.

Please email me at [email protected] if you'd like his contact details.

 

[Matt Crowley]

Alberta Avenue is an interesting area. Small lot, no 50 foot lots in neighbourhood so no lot splitting. Your options are rebuild, duplex, or try and consolidate another lot for rowhouse.

No 50 foot lots in neighbourhood http://webdocs.edmonton.ca/InfraPlan/ZoningMaps/Rf1_50_80ft_pdf/AlbertaAvenue.pdf

Check out building permits in the area to see what has been built (just filter for Alberta Avenue): http://ace.edmonton.ca/portfolio/residential-building-permits-in-edmontons-mature-neighbourhoods/

Price for vacant land in area: www.Realtor.ca
MLS E4012409 for 367.61 SM (square metres) $138,500 = $377 / square metre (no building)
MLS E4002084 for 356.6 SM $150,000 = $420 / square metre (no building)
MLS E4009061 for 367.9 SM = $448 / square metre

This listing: $145,000 for 367 SM = $395 / square metre
- within range of other prices, but doesn't look like a special deal by any means
- need to see if there is a building on site as that changes assessed value, taxes, and carrying cost

Available new product:
- very high resale homes in $450,000 which means if lot is $150,000 I would need to build home for under $300,000 before Realtor or financing fees
- Looking at assessed values in neighbourhood, common is about $250,000 high is $350,000 and a few extreme outsiders. I would not have confidence trying to sell a SFH here for over $450,000
- probably stuck developing a duplex on this site: looks like $280 - $330k per half for a duplex so gross low is $560,000
- profit potential: $560,000 revenue - $150,000 lot - $21,000 realtor - $12,000 financing - $56 for minimum 10% gross profit = $321 k to build duplex.... tough to do unless you are a builder!

 

[Sherilynn]

Thanks for the helpful info, Matt!

Suited houses do quite well in this area, so that's another option for development. They are very common here and sell and rent for a good price, but are less expensive to build.

There is a mostly livable home on the property, so development isn't necessarily required immediately. The home was built in 1950. 600 sf, 2 beds, 1 bath, some reno's half done and then the fly-by-night contractor abandoned them. (Example: new drywall installed in bedroom and bathroom but not painted.) 1/2" diagonal crack in foundation.