Welcome Guest [Log In] [Register]


Reply
Sovereign Island Graveyard; As work stops on mansions
Topic Started: 23 Oct 2011, 08:58 AM (2,569 Views)
zaph
Default APF Avatar


http://www.couriermail.com.au/life/homesproperty/gfc-graveyard-work-stops-on-mansions/story-e6frequ6-1226174011247
Quote:
 
IT WAS billed as the Golden Mile - "Australia's most prestigious private and secure residential address".

Two decades on, and one of the Gold Coast's most exclusive addresses, Sovereign Island, is becoming a graveyard for multimillion-dollar mansions left crumbling in the wake of the GFC.

Builders are aware of at least 15 multimillion-dollar properties where construction has stopped or liquidators have moved in, including the biggest house planned in Queensland. Some homes have had slabs and wood structures sitting there for 18 months.

Along the so-called Golden Mile at Knightsbridge Pde, where the average house price is more than $1.7 million, one partly constructed waterfront property is nothing more than a concrete slab surrounded by weeds.

Across the road is a mansion, bought for $3.3 million in 2007, with cracked front steps and a note hanging from the front door advising that the property is in the hands of liquidators "and no work is to be conducted on the site" without their consent.

A few doors down is the property tradies once referred to as "the Big One" - the four-block site bought for a Queensland record of $9.44 million in 2005.

It was to become a $40 million home, but now resembles the state's most expensive squat.

And these stressed home owners, their businesses collapsing or banks pressuring them on loans after the value of their properties were halved, seem like characters from the Bing Crosby/Grace Kelly movie High Society.

Like in the film classic, they ask themselves: "Who wants to be a millionaire?"

A leading Gold Coast builder told The Sunday Mail last week: "Up there at the moment there are at least 15 properties, either mortgagee in possession or cash restricted, and the owners have pulled the pin and stopped developing ... Sovereign Island, probably more than most prestige property estates, has been affected by the GFC."

Back at the Big One, residents said contractors left several weeks ago after a quick site clean-up.

"It's a bit of an eyesore," a resident said. "They're living in there, on one side of it. There have been some inside bits (of furnishing) done."

Queensland's Building Services Authority says a builder is responsible for a construction site and liable for anyone entering it until handover to the owner.

BSA general manager Ian Jennings said it was unusual for an owner to occupy a dwelling before inspection by a certifier to assess if it met building code standards.

"If the builder has authorised them to go in there, that's fine."

At least 75 of the estate's 710 properties are on the market, with bankrupt owners furious some real estate agents are driving down prices, advertising $5 million houses for $3 million.



i like the last line. why would a bankrupt owner care what their house sold for?
Edited by zaph, 23 Oct 2011, 08:59 AM.
Profile "REPLY WITH QUOTE" Go to top
 
Gossamer
Member Avatar
44th most prolific poster on APF

zaph
23 Oct 2011, 08:58 AM
http://www.couriermail.com.au/life/homesproperty/gfc-graveyard-work-stops-on-mansions/story-e6frequ6-1226174011247



i like the last line. why would a bankrupt owner care what their house sold for?
Here is an another article stating sales are up in 2011:

http://www.couriermail.com.au/life/homesproperty/gfc-graveyard-work-stops-on-mansions/story-e6frequ6-1226174011247

What they fail to discuss in detail is the big drop in average price - a 35% drop!
Common sense is a curse - those who have it need to suffer dealing with those who don't have it.

APF idiot list
Nelson
Black Panther
Profile "REPLY WITH QUOTE" Go to top
 
Gossamer
Member Avatar
44th most prolific poster on APF

Gossamer
23 Oct 2011, 12:41 PM
Here is an another article stating sales are up in 2011:

http://www.couriermail.com.au/life/homesproperty/gfc-graveyard-work-stops-on-mansions/story-e6frequ6-1226174011247

What they fail to discuss in detail is the big drop in average price - a 35% drop!
Oops - wrong link. Here is the correct link:

http://www.goldcoast.com.au/article/2011/10/22/359325_gold-coast-news.html

NB: Where is the edit button on this forum?
Common sense is a curse - those who have it need to suffer dealing with those who don't have it.

APF idiot list
Nelson
Black Panther
Profile "REPLY WITH QUOTE" Go to top
 
zaph
Default APF Avatar


Gossamer
23 Oct 2011, 12:43 PM
Oops - wrong link. Here is the correct link:

http://www.goldcoast.com.au/article/2011/10/22/359325_gold-coast-news.html

NB: Where is the edit button on this forum?
underneath your post towards the left.

edit pic
Attached to this post:
Attachments: edit.png (8.13 KB)
Edited by zaph, 23 Oct 2011, 12:50 PM.
Profile "REPLY WITH QUOTE" Go to top
 
Admin
Member Avatar
Administrator

Gossamer
23 Oct 2011, 12:43 PM
Oops - wrong link. Here is the correct link:

http://www.goldcoast.com.au/article/2011/10/22/359325_gold-coast-news.html

NB: Where is the edit button on this forum?
You need to have made at least 5 posts before you can edit posts. Welcome to the forum!

:welcome:
Edited by Admin, 23 Oct 2011, 12:54 PM.
Follow OzPropertyForum on Twitter | Like APF on Facebook | Circle APF on Google+
Profile "REPLY WITH QUOTE" Go to top
 
Gossamer
Member Avatar
44th most prolific poster on APF

Still a graveyard two years later.

http://www.news.com.au/finance/real-estate/trophy-homes-for-sale-on-sovereign-islands/story-fndbawks-1226794195656
Common sense is a curse - those who have it need to suffer dealing with those who don't have it.

APF idiot list
Nelson
Black Panther
Profile "REPLY WITH QUOTE" Go to top
 
Count du Monet
Member Avatar


Quote:
 
Baltimore at 46-48 Royal Albert Crescent has been for sale since 2010 and has had its asking price chopped by $4.5 million during that time. Despite the hefty discount, it seems no one wants a crib with nine bathrooms, a 6000-litre aquarium, 12-person lift, 1500-bottle wine cellar and 15-car garage.


The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
Profile "REPLY WITH QUOTE" Go to top
 
2 users reading this topic (2 Guests and 0 Anonymous)
« Previous Topic · Australian Property Forum · Next Topic »
Reply



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