A parcel of land with medium density residential development potential in Langley’s Willoughby neighbourhood.
1. The owners were regularly receiving unsolicited offers with purchase prices ranging from $2,400,000 to $2,700,000.
2. They considered selling but were unsure of their property’s value.
3. They engaged the development land Realtors at Frontline Real Estate Services Ltd.
4. We assessed the value of the property by running a development proforma and reviewing comparable sales.
As you can see, the unsolicited offers the owners were receiving were strong offers relative to the comparable sales but came up short of the residual land value.
5. The owners listed the property with Frontline Real Estate Services Ltd.
6. We ran our unique marketing process, created a competitive environment, and secured multiple offers for the property.
The property sold for above list price at $3,200,000
Note: This is a point-in-time case study and is not necessarily representative of today’s market value for all land types in Willoughby. If you would like up to date market information, please don’t hesitate to reach out.