Channel 9 The Block 2011: Purchase, Reserve & Sale Prices, Renovation Costs, Rental Yields; Block houses expected to lose half a million dollars each. All four cottages bought by investors.
Tweet Topic Started: 22 Aug 2011, 09:43 AM (26,556 Views)
good probability this is the end of the block series for a while, can't see how they'd run another one after this disaster, good ratings for nine but the result killed their opportunity to repeat the process next year
"No sympathy for the devil; keep that in mind. Buy the ticket, take the ride...and if it occasionally gets a little heavier than what you had in mind, well...maybe chalk it off to forced conscious expansion: Tune in, freak out, get beaten."My Webpage
are you crazy!? over-capitalized? its not like they were updating 2 year old renovations... MOST OF THE HOUSES WERE MISSING WALLS!!! they were near demolished!!
What exactly is your definition of over-capitalising?
If there is a rundown house (with missing walls) located in a lower-socio economic area and you renovated it with gold/marble/granite/diamonds/etc and a 10 car garage ... that would be called over-capitalising.
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
Since then, a second storey has been added to three of the houses, all four were restumped, rewired, replumbed and re-roofed, and each has had $100,000 spent on it by the contestants.
Claiming the house he was auctioning had had $400,000 of renovation work done, one agent – who appeared to hit puberty mid-auction, judging by his croaky voice – said "this could be the successful buyer's Alan Bond moment". It was a reference to Kerry Packer's infamous line (after buying the Nine network back from Bond at a massive discount in 1987) that "you only get one Alan Bond in your lifetime and I've had mine".
Stupid example Real people did not buy the sites, a network did Shitty reno's were done, they were painting the exterior in the rain FFS Only a fool would have bought them for the ask.
Smart money would have flattened the site and done a multi unit dev on it, if allowed Not sure what a raw site in that area would be worth and couldnt be bothered looking.
Come now
Homes advertised to millions of Australians, Australians living in a country with "massive property shortages", and they could not even hit their reserve? With all that "demand from limited supply"? Are you telling me that out of millions of viewers, they all decided that it was poor value based on decor and finish alone? All those millions of Aussies?
LOL. LLLLLLLOOOOOOOLLLLLLL
There is not a home in Australia that can get better marketing than those four houses and the fact that only one sold at the auction speaks volumes for the state of the property market. Its not in good shape at all and the shock we saw on the faces of the hosts, contestants and auctioneers spoke volumes.
Housing is not worth what sellers think it is. Millions just spoke. Its the first time in the shows history that all the homes did not sell, bar one home last season. Here, check for yourself
So if it was a case of smart buyers (all those millions being smart buyers) not buying because of decor and finish, why is this the first time it happened? Unless of course the property hysteria and market sentiment has tanked and the sellers have not realised that yet hmmmm?
It shows what the media wishes the market was like and what the market is actually like. It shows how fucking deluded everyone is at the moment.
Homes advertised to millions of Australians, Australians living in a country with "massive property shortages", and they could not even hit their reserve? With all that "demand from limited supply"? Are you telling me that out of millions of viewers, they all decided that it was poor value based on decor and finish alone? All those millions of Aussies?
LOL. LLLLLLLOOOOOOOLLLLLLL
There is not a home in Australia that can get better marketing than those four houses and the fact that only one sold at the auction speaks volumes for the state of the property market. Its not in good shape at all and the shock we saw on the faces of the hosts, contestants and auctioneers spoke volumes.
Housing is not worth what sellers think it is. Millions just spoke. Its the first time in the shows history that all the homes did not sell, bar one home last season. Here, check for yourself
So if it was a case of smart buyers (all those millions being smart buyers) not buying because of decor and finish, why is this the first time it happened? Unless of course the property hysteria and market sentiment has tanked and the sellers have not realised that yet hmmmm?
It shows what the media wishes the market was like and what the market is actually like. It shows how fucking deluded everyone is at the moment.
+1 Well put.
"It shows how fucking deluded everyone is at the moment."
....yes, but thanks to that stupid show, they're becoming less so by the minute.
THE executive producer of The Block has slammed Consumer Affairs Victoria for scaring off potential buyers from the group-auction finale held on Saturday and broadcast on Sunday night to a year-best audience of 3.09 million viewers.
Julian Cress, co-owner of Watercress Productions, which made the show for Nine, said the investigation into underquoting by the four estate agents contracted by the contestants on the reality renovation show had created the impression that the reserve prices on all four houses were well above $1 million when history would show that was clearly not the case.
''It was an absurd investigation in the first place and I'd think today they'd be taking a long hard look at themselves,'' said Mr Cress. ''On Sunday night they would have watched TV and realised the reserves were set well within the range the agents had been discussing.''
The three single-fronted houses were quoted in the $800,000 to $890,000 range, and their reserves were revealed on Sunday night as between $840,000 and $860,000. The double-fronted house was quoted between $900,000 and $990,000, and its reserve was revealed as $950,000.
Perhaps will also kill the reno market. 'You mean we cant double the house price with $100K worth of paint, kitchens and dainty throws?'. As for the houses in Richmond, well its still full of drug addicts and scumbags among the psuedo rich tossers who buy into 'The block' trend.
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