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Frankston Development Site Sale Questions

Discussion in 'Development' started by Mick, 19th Jul, 2016.

  1. Mick

    Mick Active Member

    Joined:
    19th Jul, 2016
    Posts:
    34
    Location:
    Frankston
    Hi everyone I just found this forum and I have a few queries that someone may be able to assist with. I have lived in Frankston all my life and found it a wonderful place to live and raise a family despite some people having negative views of Frankston.
    But it is now time to downsize. I have a 1950s house on a large block. I was advised to maximise the value of the property by getting plans drawn up and getting planning approval for three townhouses which has taken 12 months and cost about $20,000.
    Two months ago I received a letter that was stamped and hand addressed and posted from a property company located in Collingwood. It expressed an interest in purchasing my property and offered to pay higher than market value although no actual figure was quoted.
    I wondered how the hell did they know I was intending to sell the property.
    My questions are - has anyone else been approached directly by developers? Can they be trusted?
    Has anyone sold to developers directly? Were they happy with the outcome?
    The bloke who signed the letter had a Chinese name. A real estate agent told me there had been a number of sales in Frankston of development size properties to Chinese investors who see Frankston as the bargain basement of bayside property. This really surprised me as I thought Chinese investors were only interested in the top end of the market.
    A few days ago I had another enquiry from a local developer.
    So what do I do? Engage a real estate agent or deal with a developer. I know I would save on commission but I also want to get the best price.
     
  2. Be Developer

    Be Developer Property Developer Business Member

    Joined:
    19th Jun, 2015
    Posts:
    1,078
    Location:
    Australia
    Most likely they would have found your details thru councils planning register.
    Frankston is hot for deve sites atm. You can ring the agent who sent you letter and see what he wants you to offer. Also, ring few local agents in area to ascertain price.

    Eview in frankston has good reputation for selling deve sites.
     
  3. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    1,326
    Location:
    melbourne
    @Mick all seriousness how much? chinese are interested in only making money.
     
  4. Mick

    Mick Active Member

    Joined:
    19th Jul, 2016
    Posts:
    34
    Location:
    Frankston
    Of course, any investor/developer whether local or foreign are only interested in properties they can make money on. I guess everyone on this forum is interested in making money. My brother in law was door-knocked by some Chinese folk asking if he was interested in selling but he lives in Camberwell in a house worth a couple of mil. I was hoping to get some feedback from someone on this forum from Frankston who might have been approached directly by investors/developers. As I said no figure was mentioned. Six months ago I was given a price range between $550,000 to $600,000 by an agent.
     
  5. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    1,326
    Location:
    melbourne
    there are a lot frangas investor here. just do a search. camberwell is no doubt a mainland chinese target.