SALES worth more than $34 million have settled in the $850 million Soul supertower in Surfers Paradise.
Property records show sales of seven apartments in the 77-storey tower were finalised at the end of last year for a total of $12.02 million, indicating a turnaround in the prestige property sector.
CBRE's residential marketing director Chris Litfin said the end-of-year buying surge in Soul came as the city's prestige apartment sector registered one of its best Christmas sales periods in five years.
The highest-priced property was a $4 million two-level subpenthouse which was acquired by Andrew Greig, the boss of construction giant Bechtel Australia.
Six other apartments sold for between $1.05 million and $2 million. A Sydney-based investor paid $3.7 million for two apartments on level 50.
The settlements came after the beachfront Surfers Paradise tower was relaunched to the market in the wake of receivers taking on management of the project when banks called in the debt last October.
Mr Litfin said the Christmas period had seen a resurgence in high-end apartment sales.
"We had the best Christmas in five years by a long way,'' he said. "It did come off a low base but we saw really strong sales across a string of projects, and to have people spending over $1 million on an apartment is a massive improvement.''
He said there had also been two sales, at $1.4 million each, for apartments at Eclipse in Broadbeach.
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
Must make you dizzy just thinking about it hey frank. What's the highest one in rockhampton, 3 stories?
Negative gearing is a form of leveraged speculation in which a speculator borrows money to buy an asset, but the income generated by that asset does not cover the interest on the loan
A negative gearing strategy can only make a profit if the asset rises so much in price that the capital gain is more than the sum of the ongoing losses over the life of the speculation. http://en.wikipedia.org/wiki/Negative_gearing
Ignore posts by The Whole Truth · View Post · End Ignoring The forum fuckwit goes RRRAAARRRGGHHhhh - But not a fuck was given..................by anyone.
Three out of four current vendors in Juniper Group’s 243 metre tall Soul development in Surfers Paradise are on track to lose money.
Online listings in the building indicate vendors are willing to offload apartments for less than they originally paid.
Unit 505 in the tower is listed for sale at $1.145 million. It originally sold for $1.2 million in 2012.
Unit 1701 is listed for $1.4 million but it originally sold for $1.6 million in 2007.
And unit 2301 is listed for sale at $1.5 million after originally selling for $1.63 million in 2012.
But unit 1805 is listed for sale at $2.29 million after originally selling for $1.13 million in March this year.
There are still more than 100 apartments unsold in the building with prices cut by 22%.
The off the plan buyers appear to be stayers. Resales since completion have been limited - compared to the Sufers Paradise Hilton and Oracle - with RP Data listing only two results. Both lost money.
Unit 2701 originally sold for $1.8 million in 2007 but then resold for $1.5 million in February 2011 - a loss of $300,000.
And unit 5305 originally sold for $3.5 million in 2008 but resold for just $1.58 million in 2013.
And the penthouse apartment which was reportedly bought, but not settled on, for $16.85 million in 2007, is on the market for around $10 million.
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.
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