A YouTube video story on my old house.

Discussion in 'Investor Stories & Showcase' started by Car tart, 23rd Apr, 2022.

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  1. Car tart

    Car tart Well-Known Member

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    This was my home which was resumed by Hills council to build some sports facilities. It was the biggest investment I had ever owned. The resumption and timing set me back over $40 million dollars tax free as it was 14 acres zoned for townhouses after 6 years of challenges.
    As a developer, I would receive $60-80 million for this site today!
    Resumption started in 2012 and I was paid out in October 2018.
    It was a great home to raise our 4 children. PS they do exaggerate a bit. It’s only a 6 bedroom home, they are counting, the music room, study and home cinema room as bedrooms.
    Strange to see your former family home traipsed through by vandals.

     
    Matt432, spoon, The Y-man and 3 others like this.
  2. wylie

    wylie Moderator Staff Member

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    I'm four minutes in, and if I had more patience I would go back to the start and count the "oh my God", "I can't even... " and "I can't deal". I reckon we are up to 50 by now. :D

    I'd like to hear what they would have to say if they went into an abandoned castle in Europe. :eek:

    Now I've heard something that sounds like "I like ones like this, you now, ones that are just... you know... untouched and vegan". Unless I've mis-heard?

    @Car tart how did you make your house vegan? :p
     
    Last edited: 23rd Apr, 2022
  3. balwoges

    balwoges Well-Known Member

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    Vegan is a much over used word these days and has totally lost its original meaning ... :eek:
     
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  4. Car tart

    Car tart Well-Known Member

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    100% Pure Wool Carpets.
    Plenty of great dinner parties held there!
    We ate lots of things that were “vegans”

    If that helps!
     
  5. Lacrim

    Lacrim Well-Known Member

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    What do you mean set you back? You mean you sold it for $40 as opposed to 60-80 mill??

    Anyway goes to show a massive block within the city limits is a great long term, no lose investment...notwithstanding nasties like contamination etc.
     
  6. Car tart

    Car tart Well-Known Member

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    I got $22 for over 14 acres of residential land zoned for townhouses. That’s about the amount they are paying for 5 acres of land zoned for houses. The period of time was 16 years. Council has owned the last 3.5 years when prices have doubled in development sites in the area.
    So it’s a set back in the planning as the money I received only allowed me to buy 5 acres of residential land and a lesser home.
    My plans of building 210 townhouses were lost and I’m building 38 homes on the replacement property. My interest and holding costs were not claimable as I hoped to reap a bigger tax free windfall.
    Councils are the lowest paying resumers of land.
    Road authorities are much more generous.
    I’m not crying poor, just showing how councils manipulate the market, buy strategically and alter zonings to suit the council.
     
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  7. Perky29

    Perky29 Well-Known Member

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    I am surprised these people don't get pulled up for trespassing - one day they will IMO.
    Cart Tart - is it around Rouse Hill / Nelson / Box Hill area?
     
  8. Car tart

    Car tart Well-Known Member

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    Yes it is. I noticed council put a lock up gate on the driveway now.
     
  9. skater

    skater Well-Known Member

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    Can you refuse to sell? I mean, 14 acres is a lot for some 'sporting facilities'.
     
  10. Car tart

    Car tart Well-Known Member

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    No you can’t plus they bought either side of me as they needed 40 acres.
    They actually wear you down so that you agree to sell in the end. Six years of total harassment. Name calling. Legal action. In the end you just feel that the extra value is not worth the decay to your life. I have handled road and rail resumptions which are a pleasure. But these are dirty and personal. When you bring the facts up with their superiors or lawyers everything is denied.
    They criticise you for the size of your home, the number of cars you own, the wealth you have amassed, the heritage of your surname. They always do this in the presence of other council officers so that they “ have evidence that they didn’t do it” after all who is going to dob in their boss/manager for calling some rich developer a “f..ing twerp” when you’re on $50k a year, hoping for a promotion.
     
  11. Sackie

    Sackie Well-Known Member

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    Too many lazy, vindictive, jealous pricks out there.
     
  12. sash

    sash Well-Known Member

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    Nutin like insisting on having requiring meetings either minuted (obviously yourself) and/or recorded. Watch that one......

    Wearing down works both ways... first rule in govt departments is do not get the minister on the front page of newspaper/current affairs.

    Use a PR firm...not lawyers. ;)
     
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  13. skater

    skater Well-Known Member

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    Wow! I'm betting it won't be developed in a 'sporting facility', but they will sit on it for 10-20 years, and all of a sudden you will see a new subdivision sprout up where your land was. This is so wrong.
     
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  14. sash

    sash Well-Known Member

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    Way of the land.

    But you can take them out... will keep that to myself. Just requires some journalistic detective work.
     
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  15. Sackie

    Sackie Well-Known Member

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    Legalised gangsters.
     
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  16. bmc

    bmc Well-Known Member

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    the Zammit family resisted

    The Ponds Estate

    theponds.jpg
     
    Last edited: 25th Apr, 2022
    skater likes this.
  17. Car tart

    Car tart Well-Known Member

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  18. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    The LEP likely allows this and was designed so "when" they do sell the placement of roads etc is already allowed for. eg in the image note the streets all not connected through. When Mum and Dad dies watch it list !! Its really just a deferral. If they sell the new owner will be subject to the LEP. Likley with a time condition to commence works.
    Pre-CGT possibly so there is no 2Ha limit to the tax free CGT main residence element.

    Smart. No GST, no land tax (maybe) and no CGT. Not held as part of enterprise.

    Bugger to mow.
     
  19. spoon

    spoon Well-Known Member

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    Oh my God, I didn't know we are already a communist country... :eek:
     

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