Olympic Park Residential Tower Evacuation

Discussion in 'Property Market Economics' started by qak, 24th Dec, 2018.

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  1. TMNT

    TMNT Well-Known Member

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    I see it as only one step away after offering rental guarantees or free furniture for OTP apartments
     
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  2. Air_Bender

    Air_Bender Well-Known Member

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    This is from the Property Observer.
    Opal Tower builder Icon buys 10th floor apartment

    "Without confirmation from Icon, it is speculated the purchase was because the builder required ongoing access, and would eventually need to substantially reconfigure the apartment space".
     
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  3. dabbler

    dabbler Well-Known Member

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    Yeah, like someone an interested party funded....

    What problem, see, people are making good money....
     
  4. Something_Wrong

    Something_Wrong Well-Known Member

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  5. TMNT

    TMNT Well-Known Member

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    All residents have returned to Opal Tower

    suppose the best possible outcome , but im still not confident even with a 3 times longer warranty

    i assume making claims 10 years down the track would be another excercise in itself
     
  6. bamp

    bamp Well-Known Member

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    Impressive response by Opal in how they treated the apartment owners
     
  7. ATANG

    ATANG Well-Known Member

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  8. The Y-man

    The Y-man Moderator Staff Member

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    Not really surprised. Opal is a totally different kettle of fish to Mascot IMHO....

    The Y-man
     
  9. TMNT

    TMNT Well-Known Member

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  10. C-mac

    C-mac Well-Known Member

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    I really wish the buyers of the 3 bed apartment in opal tower @ $2.14M all the very best of luck, and sincerely, and respectfully to them, I must also ask... do they have rocks in their heads??

    Everything about this story is wrong. Even if you pretended that Opal tower was perfectly built and no defects. I'm sorry, but spending 2.14m on a 3 bed unit in Olympic Park?? That is lunacy. Even regular (non-defaults-related) strata in a tower like this would cost a fortune! Then add years more of unknown further defect costs that owners will have to cough up for in more levies. Just stupid!

    To make matters worse, they sold a $2.7M, 4-bed HOUSE in nice suburb Putney, to downsize to THIS?!? with exit/entry costs and stamps likely gobbling up much of that difference between the the 2.7M and the 2.14M, they now have many years of quarterly high strata to cough up, to enjoy this unit. Sure, their house would have annual maintenance costs too, but I can only imagine strata would be least $10K per year on this thing. Doubt any standard houses costs $10K per year, each and every year!!
     
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  11. Someguy

    Someguy Well-Known Member

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  12. Scott No Mates

    Scott No Mates Well-Known Member

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    The whole building :rolleyes:
     
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  13. frankjeager

    frankjeager Well-Known Member

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    i must say i am not in any way familiar with that market but i am shocked that someone would trade there home in putney for a unit in that tower (all i have heard of it is the negative press its recieved). hope they are happy with it though.
     
  14. lynchy

    lynchy Well-Known Member

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    Wouldn't surprise me if it was a relative/friend/partner of the developer TBH

    Any solicitor who is comfortable acting for the purchaser in any other situation would astound me
     
  15. TMNT

    TMNT Well-Known Member

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    maybe the developer/owner/relative of the owner sold it to a friend/contact in order to an attempt to maintain the value of all the apartments, to leave a paper trail
     
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  16. Triton

    Triton Well-Known Member

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    If publicity is what they wanted, they have got it.
     
  17. virgo

    virgo Well-Known Member

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    Yesterday a friend told me how a while ago , he went to pick up his old classmate who was visiting from overseas...

    Only on arriving at the address, he realised it was the Opal Tower:p

    Apparently the classmate booked the Opal as it looked super cheap on Airbnb (that was in the middle of the brouhaha i guess?)..it did look super spiffy:)

    The friend told him the story of the Opal (no wonder so much building works going on..the classmate said.........)

    And......promptly cut short his Airbnb stay at Opal...he was staring at the ceiling while he sleeps...NOT!

    Moral of the story: overseas people do not know the Full story of the Opal...if they are interested in investing...

    EH....let me show you the latest resale price ...says the Friendly real estate agent....:D
     
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