Large Multifam Dev in Hot Vancouver BC Suburb

[Tay Huang]

My friends and I are considering a large mult-family project that would involve significant financing. We don’t have experience wth projects this size. We want to ensure we’re considering potential pitfalls and optimizing our approaches to everything else. 

What I find concerning, is this parcel, located in a high-demand Vancouver suburb that has been experiencing double digit returns despite interest rate hikes, appears to be priced right, but has been listed for more than 30 days.

It’s the $9,5 million parcel listed in Port Coquitlam, BC.  The numbers we ran look really good. What are we missing? Why is it still listed? 

[Steven Silman]

@Tay Huang - for an investment of this size, you definitely want to seek professional advice. Unless you've done this before and can perform it yourself, professional, experienced project management is a must. If it's presented as shovel-ready, you still need to run through every aspect to make sure there isn't some significant element you're overlooking. Even experienced developers will sometimes turn to consultants to ensure they're not missing something, unless they perform risk analyses in-house. There are so many moving parts to a project of this size that it's impossible to evaluate in a forum like this. You may be on to something with this but careful, professional evaluation is absolutely essential before taking on what would be a significant amount of risk.