Nine single family homes on the Cambie Street corridor between West 33rd Ave and West 35th Ave have sold for a total purchase price of $30,698,000. The price per sq ft of site area is $444. The lots are zoned single family (RS-1); however, the Cambie Corridor Plan allows for rezoning of the properties to permit a density of 2.25 FSR. Based on this density, the purchase price was $197 per buildable sq ft.
The houses each had lots of between 59-63 feet and sold for between $3,300,000 and $3,500,000.
Our analysis of land value for RS-1 zoned lots outside of the Cambie Corridor Plan in the Cambie and Oakridge area suggests an implied average land value of $211 per sq ft or $1,450,000 (based on an average lot size of 7,044 sq ft).
The lots were listed with a residential realtor in June 2011 and sold by tender process.
Details on the Cambie Corridor Plan can be found here.
