Welcome Guest [Log In] [Register]


Reply
  • Pages:
  • 1
  • 2
Hovel to set Sydney benchmark?; $2m expected for this dump
Topic Started: 12 Sep 2014, 10:27 AM (2,784 Views)
A Lurker
Default APF Avatar


zaph
12 Sep 2014, 02:33 PM
This is a story because????

edit - Georgia has a little twinkle in her eyes - this is going to be an easy sale for her.
It is an interesting property.

It will certainly sell. I'd buy it for $1m in a heartbeat. Spend another $1m on the build (which will take about 2 years with design, council approval, demo and build time). The finished house would sell for $3m the first day it listed (subject to GFC II not occurring in-between). However, if it costs $2m for the land up-front the numbers get more tricky to make work.
Profile "REPLY WITH QUOTE" Go to top
 
zaph
Default APF Avatar


A Lurker
12 Sep 2014, 02:45 PM

It will certainly sell. I'd buy it for $1m in a heartbeat. Spend another $1m on the build (which will take about 2 years with design, council approval, demo and build time). The finished house would sell for $3m the first day it listed (subject to GFC II not occurring in-between). However, if it costs $2m for the land up-front the numbers get more tricky to make work.
Quote:
 
It is an interesting property.

It certainly is.

The article says it was built 1857, the listing says 1854 (http://www.domain.com.au/property/for-sale/house/nsw/balmain-east/?adid=2011389817). Either way, I think it's age is going to make a knock down a no go with council - unless you have some well stuffed brown paper bags. I can imagine it turning into a money pit for the new owners.

You might need to double your budget.
Profile "REPLY WITH QUOTE" Go to top
 
goldbug
Default APF Avatar


I suppose even if the new owner torched it they would be required to build something in character to replace it. Lovely view though, a wealthy city workers dream.
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
Profile "REPLY WITH QUOTE" Go to top
 
A Lurker
Default APF Avatar


zaph
13 Sep 2014, 04:00 AM


It certainly is.

The article says it was built 1857, the listing says 1854 (http://www.domain.com.au/property/for-sale/house/nsw/balmain-east/?adid=2011389817). Either way, I think it's age is going to make a knock down a no go with council - unless you have some well stuffed brown paper bags. I can imagine it turning into a money pit for the new owners.

You might need to double your budget.
You'd certainly want to incorporate some of the old place into the design - and would probably be required to.

When I was saying knock-down I didn't mean to start from bare ground but that every habitable area would need to be built or rebuilt.
Profile "REPLY WITH QUOTE" Go to top
 
Ex BP Golly
Member Avatar


A Lurker
12 Sep 2014, 02:45 PM
It is an interesting property.

It will certainly sell. I'd buy it for $1m in a heartbeat. Spend another $1m on the build (which will take about 2 years with design, council approval, demo and build time). The finished house would sell for $3m the first day it listed (subject to GFC II not occurring in-between). However, if it costs $2m for the land up-front the numbers get more tricky to make work.
What's your profits after tax for a two year build with huge risk of blow outs.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
Profile "REPLY WITH QUOTE" Go to top
 
Chris
Default APF Avatar


Correct me if I'm wrong but there is a public park right in front of you're house. A park that anyone can access at anytime of the day or night?

Does this not ring alarm bells for anyone? Yes people can access any property at anytime if they so chose, nothing stopping anyone from jumping your fence and hanging out on your front lawn right?! My point is that a public park metres from the ferry overlooking the harbour would be highly likely to attract a lot of foot traffic day and night, fuck imagine NYE?

Some land should just be that, land. Extend the park or do something sensible with it, it appears to be fairly unworkable as a residential block so why bother making a peg fit into a round hole?
Profile "REPLY WITH QUOTE" Go to top
 
A Lurker
Default APF Avatar


Ex BP Golly
13 Sep 2014, 11:16 AM
What's your profits after tax for a two year build with huge risk of blow outs.
As per the back of an envelope numbers above you'd do fine if you could buy for $1m. Partially because you could spend another $1m building and it would still be relatively affordable and buyers would require it to be be perfect. But if it costs you $2m to buy the land, perversely, you'll need to spend more on the build than if you bought it cheaper as it's going to be a super premium property when finished.

Hard to make it work unless you are going to just own it and love the location and view.

Chris
13 Sep 2014, 04:36 PM
Correct me if I'm wrong but there is a public park right in front of you're house. A park that anyone can access at anytime of the day or night?

Does this not ring alarm bells for anyone? Yes people can access any property at anytime if they so chose, nothing stopping anyone from jumping your fence and hanging out on your front lawn right?! My point is that a public park metres from the ferry overlooking the harbour would be highly likely to attract a lot of foot traffic day and night, fuck imagine NYE?

Some land should just be that, land. Extend the park or do something sensible with it, it appears to be fairly unworkable as a residential block so why bother making a peg fit into a round hole?
It's actually quite a quiet park. Ferries don't run that late and criminals don't tend to ride the ferries looking for targets like you hear about with trains.

NYE it is super packed but also tightly controlled with security and police patrols. Maybe booze is even restricted down there these days. Also there is never trouble in Balmain on NYE. Very family friendly. Some drunk youngies but more likely the Pom expat stockbroker type staggering around than proper troublemakers.
Edited by A Lurker, 13 Sep 2014, 10:26 PM.
Profile "REPLY WITH QUOTE" Go to top
 
A Lurker
Default APF Avatar


Sold for $2.68m
Profile "REPLY WITH QUOTE" Go to top
 
Ex BP Golly
Member Avatar


A Lurker
20 Sep 2014, 11:17 PM
Sold for $2.68m
I hope it sold to one of the 5 or so adjoining property owners.

That really the only way I could see someone getting enjoyment f r om it.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
Profile "REPLY WITH QUOTE" Go to top
 
A Lurker
Default APF Avatar


Ex BP Golly
20 Sep 2014, 11:52 PM
I hope it sold to one of the 5 or so adjoining property owners.

That really the only way I could see someone getting enjoyment f r om it.
Apparently local couple who are to build a house that they will live in.
Profile "REPLY WITH QUOTE" Go to top
 
1 user reading this topic (1 Guest and 0 Anonymous)
Go to Next Page
« Previous Topic · Australian Property Forum · Next Topic »
Reply
  • Pages:
  • 1
  • 2



Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.

Forum Rules: The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.

Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.

Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.

This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.

For more information go to Limitations on Exclusive Rights: Fair Use

Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ

Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy