VIC Frankston - Hold?

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

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  1. alicudi

    alicudi Well-Known Member

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    Hi

    So the purchaser paid $482,000 for the land but will only cost a total of $600k after building 2 x townhouses? That's a cost of $59,000 to build each townhouse, are you sure about this?

    Have I misunderstood something?

    Regards,

    alicudi
     
  2. Westie

    Westie Well-Known Member

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    No I think he meant $600k to build the townhouses plus the $482k they bought it for = $1.1m. They'd have to sell them for well over $500k to break even. I've read people on here having built townhouses for sub-$250k each, if this developer can achieve that (which they should), there may be some money in there right away. If it were me doing this, I'd have to hold much longer to make any decent coin. @MTR is our resident specialist on these matters, maybe she can shed light. Alternatively, she's posted this thread of her 4 townhouse project in T-town > 4 Townhouses development - Melbourne
     
  3. WattleIdo

    WattleIdo midas touch

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    Problem is, numbers have historically not 'stacked up' for development in Frankston. Above still seems to be proof of this - why bother if you barely scrape even. I wonder if there is a change of perception going on with more optimistic projections of future returns?
     
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  4. sauber

    sauber Well-Known Member

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    Get me down to funky town!
    The Addy is 76 Skye rd frankston. Check council website for subdivision plans and permits to read. Its about 70 page the document
     
  5. sauber

    sauber Well-Known Member

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    Anyone selling their property's ATM???
     
  6. sauber

    sauber Well-Known Member

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    They have paid cash? Idk tbh but who knows. They would have to sell them for 600k each I reckon.
     
  7. sauber

    sauber Well-Known Member

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    They only make like 150k profit really once all done.
     
  8. Top cat

    Top cat Active Member

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    I just sold 3 bed villa purchase price 250k year 2015, 15k Reno. Just settleded 390k. Happy with the result.
     
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  9. sauber

    sauber Well-Known Member

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    Get me down to funky town!
  10. sauber

    sauber Well-Known Member

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  11. Anthony Brew

    Anthony Brew Well-Known Member

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  12. alicudi

    alicudi Well-Known Member

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    Hi

    And for those not familiar with Frankston, with the exception of Frankston North "The Pines" estate, Fairway Street was often regarded as the worst street in all of Frankston, it really used to be a big crap hole. Frankston has really done well over the past few years.

    I remember around 1996/97 you could purchase a small 1 bedroom unit in Fairway Street, Frankston for just under $28,000 but I didn't do it because the area just looked way to dangerous for me so I purchased a 2 bedroom unit on Nepean Highway with bay views from the balcony for $47,500 but the only issue was you had to jump to see the bay view which really ****** oft the people living underneath me!

    Regards,

    alicudi
     
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  13. sauber

    sauber Well-Known Member

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    Yeah it is quite amazing ey. Pit a a little car spot and. Flat roof.I think AIT overpriced. Bit if you go back to my precious post maybe SS days I said real estate agents where flogging central frankston. And look they still are now. I wouldn't be surprised if they get 700k for it.

    On the other and Im about to have my house valuated mate reckons I could get 600k for it. Not bad when I bought it for 320k in 2011. And I've only put in 40k into the house.
     
    Last edited: 23rd Sep, 2017
  14. sauber

    sauber Well-Known Member

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    Fairway and swift were usually regarded as the crapholes. And the other end of Stanley. Look at them now everyone either flipping houses or doing townhouses. And anything around it is skyrocketing.

    Here's a Q for everyone. My wife and I are thinking of extending house does anyone think its worth it??? An extra bedroom bathroom and a living area.
     
  15. sauber

    sauber Well-Known Member

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  16. Anthony Brew

    Anthony Brew Well-Known Member

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    Looks like great splitter block with plenty of space for a good sized unit on the back without needing to knockdown the main house. Assuming it is possible to do that, and combined with a reno, this looks like a dream block. If google street view is correct, looks like a very nice street too. No wonder it went for 650. Makin my mouth water...
     
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  17. alicudi

    alicudi Well-Known Member

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    Hi

    Probably the only issue is the massive amount of cars that use it to connect Skye Road to Beach Street and the fact that it has slight up's and down's could make it difficult to reverse out of the driveway.due to impatient drivers and could be a traffic hazard.

    But yes as a development potential this one was a very good one.

    Regards,

    alicudi
     
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  18. sauber

    sauber Well-Known Member

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    Its a busy rd. I used to live on McMahon's rd. The house already has a bungalow on back. But then they might subdivide later
     
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  19. malleybull

    malleybull Well-Known Member

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    According to Realestateview this property (10 Plover Close) sold for $634k on Saturday!

    10 Plover Close Frankston Vic 3199 - House for Sale #126322706 - realestate.com.au

    Thats a big price for a nice solid house with an un-renovated bathroom and kitchen (based on the photos provided) in Karingal.

    Similar houses in the same vicinity were going for around $545k just last week.....

    What are everyone's thoughts on a property breaking through existing price levels like this one has? Does it set a new price floor for similar properties (i.e. from $550k to $600k) or must it be treated as a one off (maybe the buyer just fell in love with the place and had to have it).
     
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  20. WattleIdo

    WattleIdo midas touch

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    Am noticing that houses which are well presented are going quickly and getting good prices. This is a lovely house And the photos are good.
    Saw prices jump by about 50K few months ago and possibly doing so again?
    I look at 3-4 bedders with 2 bathrooms and they're up in the high 5's easy. Starting to see over 600K as the 'norm' for a nicely renovated and well presented house.
    A few years ago there were few renos. Now you'd be crazy not to at least get some styling done.
     
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