Apartment Plans

Monday November 3

The workers came over this morning.

Later, Mario, the architect came over with Galo. He gave me the estimated value of my property (which I need to get home insurance). He also brought over a draft – which he did at his own cost – of having apartments on the lot I have. It’s based on 6 apartments. It looked good. I was told I could easily make 30% on my money.

Then we left to go to the mall, as I said I’d treat them for something to drink. Jayne stayed home. On the way to the mall we stopped by some new flats that were build about one block from our house. We happened to see two workers leave. They told us that the flats are sold and that they sold for $70,000!

This is a good indication of prices in my area and how quick they sold.

The plan on the flats he showed me in Mario’s drawing would be 100 sq. meters and three stories high.

Then we drove to another place a few blocks from where we live where flats are being constructed. We took an inspection tour and shown the place. Its 87 sq. meters and the price is $50,000. There are 57 flats there and everything is sold but 10.

When we went to Friday’s Restaurant where I bought the two guys a drink. Then we talked about other designs for my property.

The talk was about building four homes – two on each side. The area of each would be 150 sq. meters. Each would be three floors, three bedrooms, 2 ½ baths with a balcony and a roof-top terrace. I was told that I could expect to make $80,000 profit, which would include profit on the land. But the cost of construction would be $180,000.

Mario said he would make a plan on the computer for free and give it to me next Monday.

All this sounds good but I don’t have the money. However, I will tell Richard about this as he might be interested and I’ll also tell Mathieu. Even if they are not interested, it would be good to have this information for someone who might want to buy the land, in which case, I could get more just for the land itself.