Carnage in NW Sydney.

Update:
The purchaser has received the notice of rescission and has had their lawyer ring back. Despite not having the money to complete, they offer to pay us an extra $100,000 in August on settlement if we will hold the property for no fee for them.
It appears they are shopping the property around to developers hoping to get back their outlay.
As the original deal was that they pay $75,000 per month until settlement and they couldn't afford payments after the 1 March, I obviously said no.
They have sold 30 of the 35 lots at this stage for $19 million.

 

I assume those buyers have paid deposits to the developer and they will keep those deposits??

 

Not in NSW. Deposits must be kept in a trust account. Over $900,000 in deposits have been kept for nearly 2 years in the Real Estate Agents Trust account. Earning no interest to any party.

 

Wow.

 

Well not technically as under the PSBAA (Division 2 (90)) a portion of interest earned in RE trust accounts is applied to the Property Services, Statutory Interest Account which provides monies for a Compensation Fund for those who suffer losses in the RE industry.

 

So Monday is the final day of notice of recission.
By 5.00pm Monday the purchaser must either pay me the balance of purchase price plus costs and penalty interest to settle, OR
Lose the approximately $1.5 million they paid me and hundreds of $k of dollars in DA and CC costs and lose the property.

Their International (super expensive) lawyers say they have the money to settle, but I have had 4 unsolicited calls from developers and agents who all seem very knowdgeable on my property offering to buy it for up to 40% more than I sold it to the current buyers.

They claim the “buyer” has been calling all and sundry with a view to onselling the property to them at a profit.

So only a few days wait to see if I get $7.8m or $10.4 or if I go ahead myself.

Meanwhile the choice of car is down to
2018 GT3 or 2018 McLaren 570s

 

I'd vote the GT3, a little more understated. But may as well buy both if you get the $10.4m

 

Agreed!

 

Curious to know about the sunset clauses in NSW. How much longer do you have until they hit? What's the resale value/time on market to get new sales? What is civil contractor timeframes like in your area? Are these potential risks for you, or is the new land market strong your area?

Sounds like fun, if I was in your area I would offer my services.....for a fee

 

Stop being a tight ass and buy 2019 models and both of them!

 

Why pay LCT if you don't have to?

 

720S instead?

 

I like the 720s one is parked near me most days.

 

Many inner city councils are removing parking from residences when you apply for a DA. I recently completed 2 developments that turned
2+1+ Car space into 4+3 + no parking. We were originally knocked back on both as we wanted to retain the existing car space.
These are in Newtown and Camperdown. Council believes that phasing out inner city private car spaces will reduce the number of cars on the road.

Update: the deadline passed and the purchaser wants another two weeks to settle, as the money has not come through from China. We have rejected this and so off to court with our lawyers. This is obviously a delaying tactic by them to stall for time.

 

I've had the opposite experience in inner SW. Council wanted to make sure that we had sufficient onsite parking in proportion to our extension. They want people to have sufficient off-street parking so that people don't need to park on the street.

 

Very common tactic when dealing with China, they are efin bad at paying on time. It's too frustrating.

 

Yes the same in nearly all of Sydney.
Just seems that in the wacky suburbs, they have wacky ideas.
In return, they still let very easily and King Street is such a mess.
Don’t tell anyone but we are paving the courtyard they forced us to put in, we have not removed the layback, so don’t be surprised if some body uses this wonderful piece of courtyard with rear lane access as a car space.

 

good!
Some people seem to think rules don't apply to them and will bend the rules or outright ignore them to suit themselves,
Make sure you get as much penalties as possible!

 

Thanks for sharing Car Tart. Good read, and good result?