hi dave, i did take ag price into account, noted that they were 'high' or higher than 'past usual', and
i noted oil was low, or lower than what might or should be
i was also looking at the 'boathouse' restaurant that is within easy walking distance in my gentrified fishing village neighborhood but on the waterfront.
location maps.google.com [keep expanding view until street view allowing for 360 degree look-see]
and putting myself in this frame of view from two doors down the road along the same waterfront, basically the same vantage point but several meters higher
the property which the boathouse leases is for sale, and is already approved for a 10/f hotel development, or for simplicity, apartment redevelopment, and still allowing commercial/retail operations on the 3 floors from ground level up. the numbers i thought could work, especially if one develops the upper floors into 1 or 2 triplex apartments, and 2 duplex and 1 studio, or 3 studio (all-in no more than 7 floors of residential).
was idlely chatting with buddies by e-mail and the response was overwhelming by many, who know the site and have eaten at boathouse, to participate in what i figured was a interesting to look at situation.
the pricing is such that one can redevelop the site into a killer-view 10 floor, sell the upstairs at 3x cost of entire property, and retain the most valuable 1-3 floors for perpetual rental. this, after all, is what the gold must be for, even if the timing in cycle is off - hk properties are priced for freedom, but should the world wobble, we would as well or more.
alas, have now rejected the boathouse due to complications with the site. |
