HISTORY OF AN OKANAGAN DEVELOPMENT LOT, attention “planning types”: Here is a very telling story derived from a recent sale

Here is the history of a lot in an Okanagan Town:  The lot is perfectly zoned for development, ready to go, just buy it and build on it…PLUS, it has legitimate potential for re-zoning also.  Perfect case for creating affordable housing.  Perfect case for creating housing within walking distance (NO NEED FOR A CAR!).

voila: affordable housing.

voila: economic development.

Perfect. On paper.

Judge for yourself the result of “zoning” to create affordable housing.

Judge for yourself the result of “zoning” for economic development.

List price        Result
1994 August     $152,000        Unsold 127 days
1995 April        $146,000        Unsold 183 days
1995 Dec        $139,000        Unsold 620 days
1998 Jan        $139,000        Unsold 367 days
1999 Mar        $134,000        SOLD  399 days April 2000 for $104,000
NEXT OWNER: NO CONSTRUCTION INVESTMENT
2007 July        $600,000        Unsold 175 days
2008 Mar        $600,000        Unsold 92 days
2008 July        $549,000        Unsold 92 days
2008 Oct        $549,000        Unsold 122 days
2009 Apr        $519,000        Unsold 122 days
2009 Sept    $519,000        Unsold 122 days
2010 June    $449,000        SOLD 217 days January 2011 for $362,000

When you consider the RESULTS of that particular piece of “DEVELOPMENT” property in a typical Okanagan Town…is that growth or is it stagnation?

SEVENTEEN YEARS

The “development” property with great “zoning” produced no economic impact during the BIGGEST R.E. BOOM IN HISTORY.

Development? no.

Profit? yes, sure.

But new housing? no. none.

Nothing HAPPENED!

Thanks for coming out to play, everyone, now go home and watch the paint dry…SAME RESULT.

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