As discussed in a previous Blog, the current wave of condo development in the Vancouver region has set imposed new, greatly reduced floor sizes on Buyers. The trade off is that your tenant gets a nicely fitted out pad that is located in a tower near mass-transit, shopping and recreational choices. An example would be a 374 sq foot unit in BOSA's VICEROY in uptown New Westminster, priced at $180,000 plus the usual $$ extras. So far the developers seem to be winning. I do not detect any backlash against the micro-apartments. For the the Investment crowd the micro-apartment creates a ticking time bomb because when bank interest rates start climbing, as they must, you won't be able to get an extra nickle out of the tenant, to help you service the bank loan.
Well, lets try to think positive, shall we?
I saw a fun video feature today which made my heart sing. It's the inspiring tale of a man who made a home out of a rabbit hutch. He is Gary Chang, Architect, and his Hong Kong based firm is the Edge Design Institute. As Gary puts it, Hong Kong's cramped housing conditions made him an expert on space, long before he considered a career in architecture.
If you can ignore the hyperbole of the American presenter, you will enjoy the story of how he created the "Domestic Transformer" - an amazing 344 sqft flat in a Kowloon housing estate which he can easily reconfigure into twenty four practical or useful combinations.