Want to buy an unfinished house?

[marvin gardens]

A West Kelowna housing project in financial difficulty is for sale under a bank ordered sale.
The houses, at the lockup stage, are for sale as is.
Apparently, the cost of finishing will exceed what they could sell for after completion.
The structures have yet to receive doors, fixtures and other interior finishing, plus according to photos also lack exterior finishing.Probably not a bargain.

[raft-cove]

Got a link to this story or is this just word-of-mouth firesale that the bank tells their best clients about?

[countmeout]

This was my prediction. So it's not possible to build homes for the price they can be sold for. Now what? What will solve the lack of homes?

[Glacier]

Just wait until the new building code kicks in by the end of the decade which will add 1/3 more cost to building a home...

[dorf007]

The house (I assume) was on CHBC last night.
Great opportunity for someone.

[Fancy]

I saw that news as well and with supply chain issues etc etc it’s not for everyone to finish up to try and make a profit.

[voice of reason]

you cant build a house and make a profit when houses are 850k? how did they ever do it when they were 175k?

[Old Sailor]

you cant build a house and make a profit when houses are 850k? how did they ever do it when they were 175k?

Wages were $8 an hour and 2x4's were a buck, not $5 a foot for warped ones.

[countmeout]

you cant build a house and make a profit when houses are 850k? how did they ever do it when they were 175k?

Wages were $8 an hour and 2x4's were a buck, not $5 a foot for warped ones.

[JayByrd]

Wages were $8 an hour and 2x4's were a buck, not $5 a foot for warped ones.

There were a few warped ones making $8 an hour too.

[Tankur]

I know a great plumber if needed.

[Panzer130]

you cant build a house and make a profit when houses are 850k? how did they ever do it when they were 175k?

I just face/palmed so hard my nose is going to bleed for a month…….

The last time homes prices averaged 175K in BC was in Vancouver, 1981.
At that time:
Lumber / 1k Brd Ft - $154.70

Compare that to today’s costs”
Lumber / 1k Brd Ft - $396.00

1980’S home: 2x4 construction, single pane windows, one bath, no garage, may or may not be insulated, no a/c, the list goes on….

[Glacier]

My brother built his 3000 sq ft house in Lake Country in 2015 for a little over 200,000, mind you, he had to buy the lot for 100 and something thousand, and he did a lot of the labour himself.

Rule changes since then mean that you cannot build your own house. Hiring a registered builder would have been an extra 100,000+ even 8 years ago.

[voice of reason]

you cant build a house and make a profit when houses are 850k? how did they ever do it when they were 175k?

I just face/palmed so hard my nose is going to bleed for a month…….

The last time homes prices averaged 175K in BC was in Vancouver, 1981.
At that time:
Lumber / 1k Brd Ft - $154.70

Compare that to today’s costs”
Lumber / 1k Brd Ft - $396.00

1980’S home: 2x4 construction, single pane windows, one bath, no garage, may or may not be insulated, no a/c, the list goes on….

so the lumber cost double but the house went from 175 to 850k

[marvin gardens]

Those that study building costs, say the lumber is a small factor in the overall cost.
Start talking about tile floors, granite countertops, high end sinks and fixtures; cupboards; high end light fixtures, the costs go way up.Don't forget 2 1/2/ bathrooms.Just gotta have that nice extra stuff!
Think of the car/truck that you might buy: 22 inch wheels, chrome trim and chrome gascaps, running boards.Blacked out grille;
House/car/truck all that pimping is where the money is made.