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By Ben Tompkins

Subdivision Selloff

City of Melfort adds 17 lots to residential development market

May 9, 2023 | 10:11 AM

The City of Melfort has added 17 lots of land to its residential development supply, as it nears the completion of its new subdivision.

Along Babington Avenue East, there will be 12 lots that are 570 square metres on the north side of the street (intended for single detached dwellings) and five, 920 square metre lots on the south side of the street with two service connections (intended for two-unit dwellings).

The lots are ready to be marketed, as the only outstanding construction work left is the installation of underground electric and telecommunication lines by SaskPower and SaskTel and that is expected to be installed by the end of June.

The roads, sidewalks, and curbing have been installed, as have the water, sewer and storm systems.

The full cost of construction for the 17-lot subdivision was $1.27 million, which includes an industry standard of 35 per cent to cover project management, carrying costs and administrative costs.

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The 17 lots combined amount to 11,440 square metres of developed land for sale and the development cost per square metre is $111.32.

The cost summary breaks down to $111,900 for engineering and design, $42,425 for land purchase and legal fees, $13,350 for surveying, $617,125 for construction, $82,000 for paving, and $76,575 for servicing (SaskEnergy, SaskPower, SaskTel).

That only amounts to $943,375, however, with the industry standard of 35 per cent for project management, carrying costs, and administrative costs, the total construction costs then become $1,273,556.

As for the selling prices, the 570 square metre lots have a recommended sale price of $63,500 and the 920 square metre lots have a recommended sale price of $102,400.

If all go for those prices, they will get $1,274,000 in return, which will ultimately have the city break even.

Melfort now has 55 residential lots available for development, which includes these 17.

Based on historic annual residential lots sales dating back to 2015, the city sells an average of four residential lots per year.

The 55 residential lots represent an inventory of 13-plus years based on recent annual sales.

In 2022 Melfort sold one lot, in 2021 they sold four, in 2020 they sold five, in 2019 they sold four, in 2018 they sold two, in 2017 they sold eight, in 2016 they sold five, and in 2015 they sold five.

Next steps now include the installation of underground electric and telecommunication lines by SaskPower and SaskTel and confirmation that the corresponding easements are in place.

The city also has to list the 17 lots for sale on their website.

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news@northeastnow.com

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