Hi everyone, just been looking for an affordable 2 bedder unit near the beach and have noticed so many are sitting on the market for the months with no buyers. Any reaosn why something like this hasn't been snatched up yet? https://m.realestate.com.au/property-apartment-nsw-brighton-le-sands-130948846b 12/354 Bay Street Brighton-Le-Sands, NSW 2216
Replacement Linky It's south facing (it might get a little morning sun) It's winter - people don't buy beach properties in winter It doesn't have a beach view Only has one bathroom No mention of strata levies This was only a few doors down but has visibility on most sides. (Sure it's a penthouse but that's not the only thing going for it).
In general one of the main reasons is credit - people simply cannot borrow as much money as they used to. As such stocks are sitting on market for longer, and those looking to buy have much more options to choose from. Putting credit aside then it just comes down to the unit itself for example whether the unit layout makes sense, location, condition of the unit, target buyer etc. As others have listed out there could be a number of factors on why this unit hasn't been snatched up yet. Personally I feel while it has lifestyle as it's close to Brighton-Le-Sands, it might be a bit too close to the airport runway for peoples liking (potential airport noise) and also not near public transport (so you have to rely on car all the time). And so on. Cheers, David
One obvious reason could be that it's priced too high for the current market or possibly the following reasons (my opinion only) - Tiny on the inside, - strange layout, - above a set of shops on main road (Noisy) - More expensive strata levies than other comparable properties, hard to say without knowing what they are but generally any buildings with lifts, pools and other facilities are more expensive to maintain. - Better stock on the market for less money - larger apartments in older brick walk up buildings a street or two back from there for ~$580K
Its an old building, so the levies probably need to be higher than they are. Upcoming special levy maybe. Also, it's not really at a beach.
Agreed, probably better to ask "who buys this type of property" rather then "why hasn't anyone bought it"
