What is Land Assembly? A land assembly refers to the joining of adjacent lots to make a larger parcel.
Why is Land Assembly gaining popularity? Due to the steady decrease in the availability of developable land in Metro Vancouver, many municipalities and developers are looking to redevelop and increase density in what traditionally were single family home communities.
Where is Land Assembly happening? The frequency of land assemblies is most common along major transportation corridors. Sometimes, adjacent property owners decide to market the sale of their properties all together and other times a developer may initiate the process by approaching a group of owners to purchase all their properties.
How does Land Assembly benefit owners? By selling a property as part of a land assembly, owners are able to demand a higher purchase price since their individual property is worth more to a developer when combined with adjacent properties.
With all land assemblies, consideration needs to be given to the following items: Intention of all owners in the land assembly to sell; whether all properties in the land assembly will be treated equaly, or if there are special characteristics of some properties that warrant special treatment, such as a corner lot; Formula to determine purchase price of each lot and; the Official Community Plan for the areas.
Land assemblies vary from traditional property sales, in that they are dependent on all (or most) of the properties in the assembly enter into binding contracts. Furthermore, the timelines for land assemblies are often much longer, from the time of signing a contract to removal of subject conditions to the completion date, can be several months and even years.
Due to this longer timeline, there are commonly deposits given throughout the process. Consideration must be given to the amount of time a property is tied up by the contract before the subject conditions are removed, since there is no guarantee the transfer will complete until subjects are removed.
Steps to a Land Assembly
LISTING your property for sale
MARKETING your property to potential Developers
OFFER NEGOTIATION (1-2 week) presentation to acceptance
ASSEMBLY CONDITIONS (2-3 months) assembling neighbouring properties
FEASIBILITY CONDITIONS (2-3 months) Plan Submission, Level 1 Environmental, Soil Tests, Arborist Study, etc.
SUBJECT REMOVAL and DEPOSIT put in place
COMPLETION and POSSESSION: (6-12 months)
Come and enjoy summer in this 1-bedroom loft condo -- great east-facing patio with views of Mt Baker and the North Shore mountains. This condo boasts 1.5 updated bathrooms and updated kitchen. The fireplace currently has an electric insert but can easily be converted back to wood burning. The complex has an indoor swimming pool, low maintenance fees and secured under building parking. Centrally located and walking distance to everything: Minoru Park Activity Centre, Richmond Centre, Richmond Brighouse Library, Canada Line skytrain and more. Open house Sun, June 17 from 2-4 pm.
Well-maintained, 4 bedroom, 3 bathroom family home in ENGLISH BLUFF. This home has been meticulously cared for by the original owner. The grounds are beautiful, and the home has so much potential. It could easily be suited for a mortgage helper. Tree trimming would provide views of Boundary Bay. Great layout with family room off kitchen, nice large rooms, sauna, work room and attached shed. Bring your design ideas and make this a fabulous family home or build your dream home on this 8,775 sq. ft lot.
See the Pixilink 360° Virtual Tour for this listing
COMPLETELY RENOVATED APPLE GREENE CONDO. 2 bedroom, 2 bathroom TOP FLOOR unit with dining room window for extra brightness. Nothing to do but move in. Exterior of the building is currently being renovated and will look FANTASTIC when complete. New kitchen cabinets, tiled marble backsplash, Quartz countertops, new appliances, new flooring throughout. All new doors, baseboards, crown molding and lighting. Heated floors in both bathrooms. Large walk in closet with built-ins. Monthly maintenance includes HEAT, HOT WATER and CITY WATER UTILITIES. Great recreation facilities with indoor/outdoor pool. Convenient location just steps from Seafair Shopping Centre, 2 French Immersion elementary schools, Hugh Boyd Secondary, West Richmond Community Centre and a short walk to the Dyke. A MUST see.
Lovely townhome in MINORU ESTATES. This end unit 2 bedroom is south facing and has lots of natural light and features laminate flooring, updated large functional kitchen and a private patio and yard. Spacious storage shed at entrance for bikes, bins, etc. plus plenty of storage throughout the unit. Well managed complex with low strata fees. Centrally located and walking distance to everything: Minoru Park Activity Centre, Richmond Centre, Richmond Brighouse Library, Canada line skytrain and more. Call today for a private showing.
Lovely townhome in MINORU ESTATES. This 2 bedroom west facing unit has lots of natural light and features bamboo flooring throughout, large functional kitchen, brand new kitchen cabinet fronts, updated bathroom and a private patio and yard. Spacious storage shed at entrance for bikes, bins, etc. plus plenty of storage throughout the unit. Well managed complex with low strata fees. Centrally located and walking distance to everything: Minoru Park Activity Centre, Richmond Centre, Richmond Brighouse Library, Canada line skytrain and more. Call today for a private showing. Ferris Elementary and Richmond Secondary school catchment. Open house Sat, Oct 14 from 2-4 pm and Sun, Oct 15 from 1-3 pm.
Stunning garden level 1 bedroom PLUS DEN at the Mont Charles. This EXTRA LARGE condo is fully renovated. The kitchen features stone counters, European appliances and cabinets. The fully programmable lighting system throughout the home makes these renovations above and beyond. The building has been rainscreened, has a newer roof, boiler, elevator and hallways and entrance have all been updated. Conveniently located close to South Granville shops, Fifth Avenue Cinema, Granville Island and transit. Amazing outdoor space with partly covered patio great for summer entertaining. Rentals limited and no pets. OPEN HOUSE SAT/SUN JUNE 10/11 FROM 2-4 PM.