Wednesday 3 October 2012

"Ya gotta live somewhere!" - a wider perspective on home values


Concerns have circulated that the single-family homeowners might be left disadvantaged without future prospects for development, disenfranchised from the area's redevelopment.  For some this idea is manifested as an imperative to push for residential density "before it is all eaten up”.

Within the detached family house area of our community there is a requirement for a wide range of viable housing forms to match a range of needs, not a single blanket approach to the matter.  Several development brokers and analysts have examined our situation in terms of what is most probably acceptable to the greater community, as well as agreeable to the majority of the single-family homeowners who want to remain in this neighbourhood and have invested themselves into the community fabric for the longterm.

Several key points arose from discussions with development professionals:  (a) most people do not realize near the money they have been led to expect as a result of selling their homes for redevelopment, (2) the uplift of property values for anything  below a FSR of 1.0-1.2 is practically nil.  It is only at densities of 1.4 - 1.75 FSR (ie; 3 storey multifamily units) that there is a clear upside lift of the property over selling straight across as a single family residence.

As a comparison, one needs to look at the values of homes in neighbourhoods long recognized as highly desirable.  A teardown in Kerrisdale currently goes for $3.5 mil, while just up  the road most Edgemont teardowns for single-family redevelopment sell for upwards of $1.25+ mil.

Simply stated, there is no need for most homeowners here to accept radical measures to ensure the value of their property.  With completion of a well-developed and walkable Village Centre, this area will see appreciation rise as others begin to recognize the same benefits to the area we do.  As the figures above illustrate, people will pay to live in an area with convenience, connection and vitality.  This benefit will derive not only to those in the immediate detached homes, but to all in the neighbourhood including the Woodcroft apartment complex.

Most of our present residents are not what one would call wealthy in today's terms.  The money they would receive as a result of uplift value for their homes will not - in most cases - allow them to replace their home in other areas of the DNV.  In all probability, moving to another area will not bring the daily living benefits and conveniences they will be able to obtain here, right where they are at present.  

Even small features, such as the opportunity to access co-op cars would in many cases, allow residents to forego a second car at an annual savings of $5,500 - 8,000+ (Cdn. Automobile Assoc. 2011 study).   That level of annual savings, compounded over 15 years would result in significant increase to one's retirement savings.

Seen from this perspective there appears to be no basis for residents to imagine they must accept selling and moving from the neighbourhood.  Everyone has to live somewhere.  With an appropriate set of options, all homeowners will be able to obtain benefits to their daily living for which they would be hard pressed to attach only monetary value .
It's always good to remember, "Ya gotta live somewhere..."

Community Feedback - Core Design Themes for the Village Centre


Gateway Community Feedback
Core Design Themes for
 Lower Capilano - Grouse Inn/Imperial Oil Sites – Capilano Rd

Based on collective conversations Executive Board members have had with residents since the April DNV presentations, we have compiled the core themes and design elements that the CGA Board feels are broadly supported within the community.  In general these themes apply equally to all of the commercial properties designated for redevelopment, including Larco’s Capwest site, the Grouse Inn and Capilano Road properties. Under each theme, we have listed a number of design elements.

1. Open connections through to the surrounding neighbourhood.
  • Walking access through the Pacific Gate site to Capwest site, transit and other community facilities.
  • Connection across Curling Road in alignment with the “Larco's” Woonerf street.
  • Pedestrian orientation of the Woonerf street. 
2. Human scaled streets
  • Two storey streetwall at pedestrian level with set back for upper floors. 
3. Traffic management on Curling (we see the following as must haves)
  • Installation of signalization of Curling tied to the Pacific Gate application and change of land use.
  • Dedication of a 5.5 meter right-of-way along Capilano Road to provide for a dedicated left turn northbound lane from Capilano on to Curling.
  • No street parking from Woonerf east to Capilano so that a dedicated right turn and left turn lanes can be provided.
  • Passive traffic calming through streetscape design to lower auto speeds and ensure public safety.
4. Residential Focus with no major commercial center (and associated traffic volumes)
  • Designation that emphasizes residential over commercial use
  • Possible live/ work.
  • Community-oriented retail.
  • Possible medical/dental offices or professional offices.
  • Residential use on ground level west of the Woonerf street and extension.
5. Accommodation for seniors and special care adults
  • one example of accommodating special care adults is “My Own Space”
  • appropriate housing to promote "aging in place" for seniors
6. Unstructured green space to accommodate increased local population
  • Creation of seating areas central to the development so that residents can truly utilize the ground space. 
7.  Comments on development style
  • Blend of concrete and wood rather than steel and glass.
  • Pedestrian level street lighting along Curling and Fullerton