Is this property really only worth $280,000?

can you not get 1bdr OTP for about $300k in the area?

OTP are usually shoe boxes compared to older units, but 40m2 is tiny

 

Hi Westminster

Thanks for your reply, it is a good one that has extended my way of thinking about this particular property for sale.

Agreed an inspection needs to be done, I wonder if the vendor has accepted the other $280,000 offer?, I am surprised the sales agent hasn't come back to me to try and get a better offer.

I was never going to seek Council or Owners Corp approval to change an existing window to an exiting door to the courtyard...I am Italian and we do things how we like and eliminate the consequences whenever required which is usually after they arise!!

Yes it is commercial next door so would be a little noisy, but would have to be less noisy than a 3 to 4 storey apartment building whenever its gets developed as it does seem a prime site for that type of opportunity.

Traffic noise is terrible I give it that.

OC finance seems to be ok according to the section 32 and statements provided by the OC.

In regards to any remediation work required after an inspection?, it is my intention to do a full renovation but who knows if it has cracks inside the building or mould issues etc?

Thanks again.

Regards,

alicudi

 

Hi

Not to my knowledge and no way on the ground level with a courtyard.

Regards,

alicudi

 

I wonder how much this one will go for at auction - very similar but already has the access to the courtyard so that risk is mitigated

2/2 Maroona Road Carnegie Vic 3163 - Apartment for Sale #127929694 - realestate.com.au

 

Hi

That is a good find. Nice little unit, nicer complex and quieter street than the unit that this thread is about. It does have a very small rear private outdoor area and comfortable sized front private outdoor area that would be suitable for the amount of occupants that would reside in a property of this size (1 or 2). I am going to contact the agent about this one, I expect that it will fetch $320,000 to $340,000.

Regards,

alicudi

 

I'll send you my invoice for interstate site finding later

 

Hi

This unit is even more of an issue for me and actually has more risk associated with it. It does not come with a car park at all be it on title or licensed, if you own a car it must be parked in the street and the complex has about 6 to 7 units without car spaces so parking will be at a premium in the street.

But in regards to the courtyard at the front of the unit it isn't titled or licensed to the unit for sale whatsoever. So in other words this can very quickly be turned back into common area for all to use and don't have much leg to stand on if the Owners Corporation decides to do this.

I see it as less riskier to have the courtyard licensed to me for 99 years which is what the the unit at 1/123 Grange Road Glen Huntly currently has than no agreement in writing at all but I suppose I want everything to be noted on title as I view that as the less riskiest.

Regards,

alicudi

 

Property is still on the market!

 

Hi all

1/123 Grange Road Glen Huntly sold on the 19th of April 2018. I wonder what price it achieved?

Regards,

alicudi

 

Sold price isn't in rpdata yet so it might not have settled yet but showing as sold as it's an unconditional contract.

 

How about this one?
5/167 Murrumbeena Road Murrumbeena Vic 3163 - Apartment for Sale #128180338 - realestate.com.au

 

Hi

That looks like a nice find. Just contacted the agent and waiting for the section 32. I will let you know how this one goes.

Regards,

alicudi

 

Hopefully nothing with red flags & both parking & courtyard on title

 

Geez that looks pretty damn nice at first glance.

 

Address available on request Mentone Vic 3194 - Apartment for Sale #127675814 - realestate.com.au
How about this one

2bdr 425k
I like it how the ad says address is private yet its written in the last photo

It's got balcony But on second floor
And it's on warrigal. Road

According to a friend of a friend who is looking to sell.
The agent believes the market is softening

 

Hi all

For those following this thread, the agent called me today for the following property that has been previously mentioned: 2/2 Maroona Road Carnegie Vic 3163 - Apartment for Sale #127929694 - realestate.com.au

Advertisement currently has an asking price of $325,000 and actually passed in at auction at $325,000! Agent told me they will accept $315,000 and will consider offers over $300,000.

Regards,

alicudi

 

Wow is the market really this bad?!
Do you like this one?
And did you inspect the one in Murrumbeena?

 

Hi

Yes, the market for bottom of the range tiny 1 bedroom apartments is dropping like flies. Last night I did a search on Epping, South Yarra, Carnegie, Caulfield, Murrumbeena, Glen Huntly and for the first time in several years I had nearly 10 properties to look at under $325,000 and even found one from $265,000 (excluding student accommodation).

I have also noticed agents with a different tone when they discuss these cheaper properties and that they are now encouraging all offers and qualifying the buyers and informing them that finance is going to be an issue. It seems the banks criteria/preference of not wanting to finance properties under 50sqm is finally sinking in.

Which property in Murrumbeena are you referring to, If you are referring to 2/2 Maroona Road Mururmbeena, the property is nice but it doesn't have a car park on title.

Regards,

alicudi

 

5/167 Murrumbeena Road