VIC Frankston - Hold?

Discussion in 'Where to Buy' started by Btaylor, 2nd Mar, 2017.

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  1. malleybull

    malleybull Well-Known Member

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    Frankston always had heaps of untapped potential (great beaches, underdeveloped foreshore, etc)

    Once it gets going (development, new bars, etc) it will go gangbusters. Everything you have listed above is the start of this process in my opinion and the whole of Frankston will benefit (including Karingal)
     
  2. Marg4000

    Marg4000 Well-Known Member

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    Great public hospital. Visiting from Qld, took hubby to Emergency there early this morning. Could not fault the treatment we received.
    Marg
     
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  3. WattleIdo

    WattleIdo midas touch

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    Hope Mr Marg is doing ok?
     
  4. Marg4000

    Marg4000 Well-Known Member

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    So far so good. Great service at Frankston, arranged referral to Victorian Eye Hospital, all tests and seen by ophthalmologist. Cleared to fly home tomorrow.
    Marg
     
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  5. ashaarrh

    ashaarrh Well-Known Member

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  6. sauber

    sauber Well-Known Member

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    Get me down to funky town!
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  7. malleybull

    malleybull Well-Known Member

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    Wow that is a big result. Will watch this weekend's auction results with some interest now.
     
  8. sauber

    sauber Well-Known Member

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    Get me down to funky town!
    yes for sure!!!!! its a great result!!!
     
  9. alicudi

    alicudi Well-Known Member

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    Hi all

    Not Frankston, but close by, the property in the weblink below sold for $482,000 at auction 2 days ago. Great development potential at 627m2. Approximately 50 people in attendance and 2 x genuine bidders. You could renovate the existing dwelling and build behind or you could demolish and potentially build a duplex side by side as the site had 24 metre street frontage.

    24 Lang Road Langwarrin Vic 3910 - House for Sale #125940262 - realestate.com.au

    Regards,

    alicudi
     
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  10. Anthony Brew

    Anthony Brew Well-Known Member

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    I have never built so I am curious how it can be profitable to ever build on a 500k purchase.

    purchase 500k
    build 200k
    total cost for 2 houses = 700k

    selling price for each - guessing about 375 each?

    Am I way off somewhere or would it only be worthwhile to do this after a few more years of capital growth? (or else when purchasing at a higher price point?)
     
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  11. Westie

    Westie Well-Known Member

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    @Anthony Brew This should give you a rough idea > 4 Townhouses development - Melbourne. It sure isn't as simple as you've indicated.
     
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  12. Anthony Brew

    Anthony Brew Well-Known Member

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  13. SOULFLY3

    SOULFLY3 Well-Known Member

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    Yeah I was standing next to the young guy who purchased, his mum was saying I feel so sick! as the auctioneer was at 1 and 2 count!
    I tried offering prior to auction but was not an option
     
  14. alicudi

    alicudi Well-Known Member

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    Hi

    I was standing 2 people to the left of the guy that purchased it! May I ask are you the person that had a pest inspection done on Wednesday the 9th of August in the morning?

    I told the agent I would go up to the advertised range of $430,000 but on the day of the auction I increased my thoughts to $440,000. The first offer of $460,000 blew me away!

    What were you happy to pay for it and what were you going to do with it?

    I was also told they were not accepting offers before the auction.

    Regards,

    alicudi
     
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  15. alicudi

    alicudi Well-Known Member

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    Hi

    In regards to the property that sold for $482,000 at 24 Lang Road Langwarrin of which I have supplied the weblink earlier in this thread.

    Option 1) Demo the existing house and you can have 2 lots of land at 315m2 each. These lots can be 1 in front/1 behind or 2 x side by side. Indicative value of each lot is between $260,000 to $300,000 when they are sold off with plans/permits.

    Option 2) Reno existing house at a cost of close to $70,000. Get plans and permits for a rear townhouse and sell the rear lot with those plans and permits and get somewhere between $260,000 to $300,000 for the rear lot of 315m2. You can then sell of the front house that has been renovated and it will achieve over $400,000.,,,maybe up to $450,000.

    Option 3) Reno the existing house and put in a bad ass garage on one side and keep the other side free in case you want to bring a huge boat/trailer and reverse it in as you have up to 26 metres of length which is nearly twice the length of my boat trailer! i loved how one side of the house had a solid brick wall and no windows and 6.5 metres of space to build a double garage and the other side of the house had a solid brick wall and no windows and at least 4 metres of space to use for a boat trailer storage for now and have the option to get plans/permits for subdivision and a rear dwelling without disturbing the existing front house and double garage Intending on building.

    Option 4) Reno the existing dwelling and subdivide and build a rear townhouse and rent the lot out.

    I went for option 5 which was walk away as I wasn't prepared to pay over $440,000 and the first bid at the auction was at $460,000 so I had no chance of securing this property.

    I believe and this is purely guessing if you were to out source the build of 2 x townhouses it would cost somewhere between $350,000 to $425,000 for the total build based on supplying 3 bed, 2 bath, 2 car garages for each lot but these costs were never investigated fully.

    Selling prices for brand new 3 bed, 2 bath, 2 car garage townhouses in Langwarrin would have to be over $495,000 each and potentially much more as it was a nice little cul de sac.

    Regards,

    alicudi
     
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  16. SOULFLY3

    SOULFLY3 Well-Known Member

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    Hi , ok did you open the range rovers boot haha!
    Nah I didnt order the B&P.
    I was just looking as for the advertised price it was pretty good value.
    I am renting so it would have been a PPOR, reno upto livable condition and then develop down the track.

    Yeah strange why he went straight with 460k
     
  17. alicudi

    alicudi Well-Known Member

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    Hi

    Was that your black Range Rover? Yes very strange he went straight to $460k, something tells me that buyer knew if he bid that much that he was in fact going to wipe out most of the other potential buyers.

    The Porsche Macan was also nice to!

    Regards,

    alicudi
     
  18. SOULFLY3

    SOULFLY3 Well-Known Member

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    No I wish :)
    Yeah I thought as such could have possibly got it less than 460k if didnt go guns blazzing!
    What do you think of the Frankston area market it has to be close to peaking!?
    I sold in Ferndale drive opposite the hub and Langwarrin in mid 2014
    Kicking my self some what now!
     
  19. alicudi

    alicudi Well-Known Member

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    Hi

    Frankston has been doing well lately, surely it has to be close to a peak? Sorry to hear that you sold in Ferndale Drive in 2014....but no point crying over spilt milk and just put your efforts into finding the right property, at the right price to purchase.

    See you at the next **** heap that comes up for sale in the area!

    Regards,

    alicudi
     
  20. SOULFLY3

    SOULFLY3 Well-Known Member

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    Thats it! I bought elsewhere in Melb, did great with that property.
    Cheers will do!