VIC Glenroy (Vic) For sale

I am the executor my late mother's will and selling the family house is the last of my duties. There are three other siblings involved. The house is a solid brick home built in 1953. It is in original condition albeit I have had it painted internally to capture more interest in purchasers other than developers. It sits on a 700 square metre block and the zoning is general residential. It is positioned in a quiet street only a 10 minute walk from the railway station and similar to the shopping centre. For those who know the market in this area, what should I be looking at getting for it?
As an aside, would it be worth me looking at buying it from my siblings?

 

Develop it yourself, if you can or with your siblings. Developers are buying up all the land in Glenroy and surrounding suburbs, beat them to it and cash in.

 

get some permits and then sell it off to some developer - split it up among the siblings. That would be the best. there are some CGT exemptions for sale of deceased assets for x period (can't recall now). was an executor myself 7 years ago.

 

Have no idea unless we know the house location. To get a general idea, go to recent sales on realestate.com and look past sales near and surrounding your house. Also have some local agents quote you what they believe it's worth. Find out through council what zoning block you have.

 

Lots of local RE's that can provide free appraisal report with comparable properties.
Not sure if you live in the area but as per above, developers have been buying up lots right and left for the past year or so.
I'd keep the property if its not around housing commission pockets.

 

Get permits approved as it would reduce the risks developer has to take on.

If it isn't a development block the you might be wasting money.

Also go to auction that way it is very visible what is happening as you don't want one sibling say it was given away and we could of gotten more or something.

 

Siblings are not risk-takers and would prefer to sell house.

 

Plans to be drawn up, permits gained and units built and sold would take 2 years. Too long for people aged 65, 61, 58 and 55.

 

You have two years to sell all assets before CGT is charged.

 

Would 800k be in the ball park?

 

Southern or northern end of Glenroy? Sales results are mixed, ranging from $650 to $820k.

 

Which side of pascoe vale Rd.
What street?

 

Never said build them, if you get permits this will increase he sold price but from the sounds of it the beneficiaries don't want to do any work and just want the money now.

So sell

 

So long as relations between siblings are good, you should be able to buy them out if that is what you want. And if you can all agree on a price.

Get three appraisals and average the mid points of each, which should give you a fair idea of price. That will give you a starting point for discussions.

Friend did this recently after her mother died. Four siblings. One sister wanted the property so bought out the other three. All very amicable.
Marg

 

The place is going gangbusters.

Here's some that sold with plans approved for $703k and $758k:
21 Langton Street, Glenroy, Vic 3046 - Property Details
10 Anselm Grove, Glenroy, Vic 3046 - Property Details

Here's some that sold without plans:
46 Finchley Avenue, Glenroy, Vic 3046 - Property Details
28 Lytton Street, Glenroy, Vic 3046 - Property Details

You will notice that the market has moved a LOT in the last 6 months and you'll get a premium for having approved plans that a developer can run with immediately without the holding costs while plans are approved. The risk is if you try to sell with plans approved a developer may not like the plans if they are a bit unconventional.

If you have the risk appetite personally i would look to buy out your siblings at market price and then develop. Sell off one/two townhouses to pay down debt and keep your remaining as an investment depending on your circumstances.

Don't rely on agents appraisals only. Look at sold prices as well when determining your price.

You will prob have to pay stamp duty unfortunately if you buy from your siblings, this could have been avoided if it was passed directly to you via a will but it would have been a tricky conversation.