Sale due to unpaid rates

1.3m for a house is generally ok, if it was a normal property (not cheap but ok) but there's risks in it being unpaid rates! What if someone is living there and they don't want to move out?
Too much "what if".
Plus who knows what's it like.
Good luck to the purchaser....

 

What if the purchaser was the vendor? To delay the council?

 

I wonder how much of the money the previous owner gets?

 

That doesn't make sense.
If the existing owner just paid their rates, the auction would have been cancelled.

 

I don't specifically know about Cottonwood but do know developers are starting to through money at apartment owners along Herring Rd. There is a potential change in legislation where instead of 100% of owners agreeing to a sale, could be changed to only 75% so alot easier to get a sale together to a developer.

Apartment owners could be forced to sell under strata law shakeup

Could be the reason for the higher price?

Cheers,
Michael

 

Anything is possible i guess.
But looking at through RPData, the last one was sold in 2010.

 

Cottonwood Cr is next to the park, pretty much a 2 mins stroll to Macquarie Centre, bus station and train and on the higher side of the road - apartments on the opposite side are below street level (I walk pass everyday). Some 2 bedroom 1 bath have been sold for $700K around that side, but $895K for 2 bed apartment is wow!

 

Especially when no access was allowed to the property prior. This is pretty much sight unseen... best you could do was look at it from the street and hope for the best.

 

I can't complain, I live close-by so higher unit price is better for mine. But holy frankenstain, who's the selling agent? In case I ever need them.

With that price you can get brand new 2 bed (or 3 if you push it) in the area

 

I dont think its the skill of the agent, it's more like the foolishness of the buyer. But if you really want to sell through them, its Better Realty at West Ryde.

 

I think it was case it was a "Sale due to unpaid rates" that attracted so many punters.
Could be a good way to sell an unrenovated crap hole of a unit. lol