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Long term land banking example

Discussion in 'General Property Chat' started by Chilliblue, 24th Nov, 2015.

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  1. Chilliblue

    Chilliblue Well-Known Member

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    Forward thinking well and truly

    Shrewd 90-year-old set to make $20 million killing on Sydney property bundle

    Over the course of 60 years, 90-year-old Phil Level bought up nine properties in Mascot, most of which were humble shacks at the time of purchase.

    "I knew development was going to happen one day and now it is happening, so as the houses went up for sale we bought them,"

    The properties – four houses on Robey Street, two on High Street, and three derelict factories on Elizabeth Avenue – are being put to market as one 3400 square metre development site that Mr Lever hopes will fetch $20 million.

    If the price is right I'll sell, if not we’ll stay for a while."
     
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  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    That awesome :)
     
  3. Scott No Mates

    Scott No Mates Well-Known Member

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    In the meantime he's borne the land tax (even moreso as his holdings would amount to over $3m) as well as all the other holding costs.

    Lucky for him if they're all pre-cgt purchases :)
     
    Last edited: 24th Nov, 2015
  4. Azazel

    Azazel Well-Known Member

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    Geeze, at 90 how long do you think you've got buddy?
    You can't take it with you.
     
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  5. Bayview

    Bayview Well-Known Member

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    Good idea to wait until 90 years old, and 60 years of holding costs; to reap the reward. :eek:
     
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  6. Azazel

    Azazel Well-Known Member

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    Laughing all the way to the... grave?
     
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  7. Chilliblue

    Chilliblue Well-Known Member

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    You would think that the offsprings would be keen on a sale
     
  8. wogitalia

    wogitalia Well-Known Member

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    Spend dat inheritance old man!
     
  9. Joshwaaaa

    Joshwaaaa Well-Known Member

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    plenty of time to enjoy 20 mil
     
  10. Tekoz

    Tekoz Well-Known Member

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    Sounds like Michael Jackson - Thriller :cool:....
     
  11. BuyersAgent

    BuyersAgent Well-Known Member Business Member

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    Sorry I know delayed gratification is important but 60 yrs? and still waiting? Wowzers.
     
  12. larrylarry

    larrylarry Well-Known Member

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    Probably CF positive. :)
     
  13. Azazel

    Azazel Well-Known Member

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    Pretty close, but I don't think his was all taken before he died.
     
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  14. Tekoz

    Tekoz Well-Known Member

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    yeah, he could've just apply for reverse mortgage to enjoy it while he can.

    Question: Does reverse mortage is only applicable to pensioners ?
     
  15. Kangaroo

    Kangaroo Well-Known Member

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    How was he able to buy all those adjacent houses ?
     
  16. Bran

    Bran Well-Known Member

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    Anyone able to hazard a guess at the total purchase costs/holding costs just out of curiosity?

    I made the mistake of sharing this on Facebook. Ended up in a ridiculous argument with a 'friend' who has no plan for retirement, and thinks it is selfish to not focus on climate change and world peace.