SA Elizabeth SA Mega-thread continued..

5 -7 Semley Street Elizabeth Vale SA 5112 - Unit for Sale #121191386 - realestate.com.au

Will be interesting to see if/what it sells for.

 

That's been on the market for years with no inquiry, they just recently changed agents which makes it seem new.

 

^^^ Yes, but now going to auction on the 25th

 

Hmm on a Wednesday?
I might try to get up there to have a nosey.

 

Shame that they appear to mostly be 1 bedroom places, I would imagine the tenants would be the bottom of the barrel, nice block of land though. It doesn't sound like they would all be occupied very often.
Too much concentration risk in a down market area for my liking and probably the banks.

 

Someone bought this for 700k in 2007 I think?


It would be a terrible investment IMO

The worst type of tenants you will find anywhere and the units themselves are crap holes that need a lot of money spent on to make respectable also it needs massive amount of fencing around the whole perimeter

Also for that price of 1.3m the land is not that big. You'll could buy 2 houses next to each other and have 1800sqm so why are you paying premium for this?

I wouldn't pay 800k for this. Whoever bought this would be kicking themselves and my guess they will be stuck with it for a long time

 

I could only imagine the tenants you would get in there.

 

The worst crack heads you could imagine.

Drive past there and take a look for yourself. At your own risk of course.

 

Just don't stay stopped in your car too long

Come to the auction?

 

I might actually. Bring a baseball bat for protection

 

Im not that scary mate, jeez

 

$16k in council rates per year!

I would consider it at half the guide price.

 

yes and that is what it is actually worth

Whoever bought it over paid big time back then and is trying to offload it

It could be OK if you removed all off the current ppl in there out started again fresh.

Got proper security fences like the ones you would see around schools. And installed some sort of security gate with a code to enter.

And the made every unit tidy enough that you could get some decent people in there.

 

Do you guys favor elizabeth downs, north or park? I like the low entry price and nice yield. Could acquire a good positive cash flow

 

Its been to auction a couple of times now and passed in each time

 

Might be a slightly different sales pitch these days

 

"Elizabeth - A place to grow" is still the area's slogan, as there is a lot of indoor plants grown there

 

Its all much of a muchness really.

 

Great clip.
A sort of Silicon Valley of 60s, it had so much potential.

 

15 Deptford Street Elizabeth Grove SA 5112 - Unit for Sale #121347882 - realestate.com.au

another one, very similar,

the previous example, is it managed by a real estate agent or a private company,

yes sure youd get some bad tenants,