OTP in the news again

Discussion in 'What to buy' started by Kashmir, 31st Aug, 2015.

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  1. neK

    neK Well-Known Member

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    I can't find specific examples, but back in 2005 or so, there were houses in kellyville being sold for $500k that were purchased for $800k+ prior to that date.
     
    neK, 8th Sep, 2015
    #41
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  2. Glorion

    Glorion Well-Known Member

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    I know my parents sold a house they developed there for 950k in 2002-2003. Quite disgustingly high at the time. I was school age, so I didn't really track the market too closely, so I've no idea what it went like in the proceeding years - if what you've said is true...ouch!
     
    Glorion, 8th Sep, 2015
    #42
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  3. Sackie

    Sackie Well-Known Member

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    Good on em I say,
     
    Sackie, 8th Sep, 2015
    #43
  4. neK

    neK Well-Known Member

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    Found some examples of what i was after on somersoft

    42 Seymour Way, KELLYVILLE NSW 2155
    02/03/2007 $490,000
    21/09/2005 $950,000
    http://www.onthehouse.com.au/reports/property_profile/265106/42_Seymour_Way_KELLYVILLE_NSW_2155/


    32 Strathfillan Way, KELLYVILLE NSW 2155
    16/12/2012 Agent Notified Sale $1,085,000
    07/07/2006 Government Notified Sale (Normal Sale) Residence $1,260,000
    09/08/2003 Government Notified Sale (Normal Sale) Residence $2,000,000
    http://www.onthehouse.com.au/report...1639/32_Strathfillan_Way_KELLYVILLE_NSW_2155/

    http://somersoft.com/forums/archive/index.php/t-69707.html
     
    neK, 8th Sep, 2015
    #44
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  5. sash

    sash Well-Known Member

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    Noice....that was for houses....

    Units will be more affected....the first warning sign is when people who bought 3 years before can't settle because the place they bought can't value up.

     
    sash, 8th Sep, 2015
    #45
  6. Ace in the Hole

    Ace in the Hole Well-Known Member

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    And again......opportunity cost loss, ouch !
    http://www.news.com.au/finance/real...ass-action-fails/story-fndban6l-1227562065008

    And up for another 30k each in legal costs trying to fight the a losing battle.....

    She said had “lost faith and trust in the legal system”. “[Developers] need a percentage of units sold to get the development loan, and then they can basically use us as free finance,” she said. “I do feel taken advantage of. I just feel this whole thing is unfair.”
    So the developer forced you to sign the purchase documents, your solicitor agreed all was all ok, and they made you hand over your deposit?

    All choice here......just got it wrong.
     
    Last edited: 8th Oct, 2015
    Ace in the Hole, 8th Oct, 2015
    #46
  7. THX

    THX Well-Known Member

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    2-6 are no more likely or less likely no matter what state the market is in. 1 right now seems unlikely with predictions of further cuts.
     
    THX, 8th Oct, 2015
    #47
  8. neK

    neK Well-Known Member

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    neK, 15th Oct, 2015
    #48
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  9. larrylarry

    larrylarry Well-Known Member

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    larrylarry, 15th Oct, 2015
    #49
  10. neK

    neK Well-Known Member

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    Nothing is stopping him from replicating what they've drawn up in the past. He's probably faired better than some of the others who have bought OTP where they've found the size of the apartment has shrunk by 25-50%.
     
    neK, 15th Oct, 2015
    #50
  11. jins13

    jins13 Well-Known Member

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    Feel sorry for the guy and guess another risk to the OTP. Hopefully he can have a happy ending from this situation.
     
    jins13, 15th Oct, 2015
    #51
  12. neK

    neK Well-Known Member

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    he's come out relatively unscathed - when compared to some stories (still not acceptable, but it could have been worse).

    I recall there was one where the hotwater tank was in the wardrobe of the master bedroom.... it happened to someone on this forum.
     
    neK, 15th Oct, 2015
    #52
  13. Tekoz

    Tekoz Well-Known Member

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    yes, I guess he's never visitted or inspect the unit in Maestri Tower in Sussex St. Sydney (opposite Home Thai), the studio apartment is rented as one bedroom for $520 per week that was then in 2012.

    There is no sunlight at all in the bedroom but the building still exist until today.
     
    Tekoz, 15th Oct, 2015
    #53
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