As you all know; we had to sell the PPoR a few months ago - due to horrible financial circumstances caused by the workshop going so badly and almost sending us broke.. Anyway; debts all cleared and a bit of cash in the Bank as a result, and the good wife/Minister for war and I have been on the look-out for the next PPoR location ever since....not expecting to find anything soon, and prepared to wait for just the right property in the right location... Only about 6 very select streets in our little backwater will be considered..perfect location, close to beach and shops, hopefully an older house to do up - is the criteria, and hopefully around the $600k range - probably a bit of a dreamworld mindset though...more like $700k for a dump. These streets are being mauled by developers currently; paying premiums to get the larger blocks and the premium locations to build higher-end townhouses on. Occasionally the higher-end house goes on; always plus $1.5mill pricetags after completion. The streets with the bayviews are out of the question for us now - we will probably never be able to afford the spectacular view locations in our area again (the reno costs and/or rebuild is far too great due to slope), but the nearer to the beach/shops etc streets are a possibility - cheaper entry, but very sought after as per above. Anyway, have seen a few come and go; too far from the beach, but the right street, or sold for too much due to subdiv/dev potential and out of our price range, etc..... So, fast forward to the day before yesterday; a 785sq/m block in one of our earmarked premium streets came on the market at 4.30pm - we saw it on r/e.com. Asking $650k+. House is an old, run-down 3x1 mid-century shocker. Has a tenant in it for the next 2 years at $1412 per month. I'm thinking a do-er upper and extension to a 4x2, plus pool. The wife called the agent immediaitely, organised an inspection for the next day (yesterday) at 10.00am - no photos taken yet, or even a sign out the front. We had a look, and put in an offer at 11.00am that same morning for $655k. (A similar property 50 metres away in the same street sold at auction for $655k in Aug, and will have 2 townhouses on it within a year....slightly smaller block too, and with the wrong orientation - east to west with backyard facing east. Ours has the same east to west, but back yard faces west and northerly light during the middle and later part of the day....ideal for the pool aspect. A bit of back and forward from the agent and the Vendor, and we sealed the deal for $660k by 12.00pm. Signed the papers at 2.30pm, Vendor signed at 3.15pm. The property was not even on the market for 24 hours!! The agent (who is one of our customers and a terrific bloke) made a very easy commission. I'm glad for him. We will have to bull-doze the house as it turns out - too many issues to justify a reno - circa $250k by my estimation, so the plan is to build a Metricon style house for about $250-$300k (already been sussing out the floorplans) in 2 years, chuck in a pool, etc when our lease and the tenant's lease ends, and we have saved a bit more dough. That is the fastest sale I have ever done. Paid premium price, but in a premium street..hopefully the longer-term value will reflect the commitment. Scary, but what an exciting day!! So; is that preparedness meets opportunity, or stupidity?