Join Australia's most dynamic and respected property investment community

Some disappointed OTP people in this story

Discussion in 'General Property Chat' started by Depreciator, 19th Aug, 2015.

  1. Depreciator

    Depreciator Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    731
    Location:
    Sydney
    Gibson and Tekoz like this.
  2. Leo2413

    Leo2413 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    5,842
    Location:
    Sydney
    Last edited: 19th Aug, 2015
    Tekoz likes this.
  3. Chilliblue

    Chilliblue Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,579
    Location:
    Australia
    Take note who the developer is.
     
    baow, Nick14, Singo and 4 others like this.
  4. Befuddled

    Befuddled Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    251
    Location:
    Sydney
    Probably one of the most hated men in Australia at the moment
     
  5. Chilliblue

    Chilliblue Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,579
    Location:
    Australia
    But why?

    What they are doing is legal and anyone is able to follow suit. If someone is willing to accept their terms by making the purchase then I say good luck to the developer.

    My issue is developers in NSW basically being free reign to build what they want where they want under the guise that the we need more affordable housing.

    If these developers were green lighted to build the extra levels/units on the basis that they needed to be sold on a system similar to NRAS then I could tolerate it.
     
    Leo2413 likes this.
  6. Befuddled

    Befuddled Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    251
    Location:
    Sydney
    I was more referring to all the hate the guy is receiving for his wedding including people signing petition to sack him. The media then went to town and started digging up his back story on the back of the wedding.
     
  7. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    He also got into local government and due to recent changes, is able to vote on zoning/planning issues that impact his interests.
    Dodgy.
     
    MsAli, Perp and Tekoz like this.
  8. Tekoz

    Tekoz Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    1,244
    Location:
    Sydney
    That's the danger for the apartment build by smaller or non famous developer.

    If it were build by a well known builder then it should be fine because the are still exist until now.
     
  9. Tekoz

    Tekoz Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    1,244
    Location:
    Sydney
    Hi @Depreciator whst about old walk up apartment unit that is just 2-3 levels ?

    Does the fire sprinkler still needed it must be written somewhere in the contract before we sign it ?
     
  10. Depreciator

    Depreciator Moderator Staff Member

    Joined:
    15th Jun, 2015
    Posts:
    731
    Location:
    Sydney
    I'm not quite sure what you're asking. I've got flats in old 2-3 storey walk ups and they don't have sprinklers.
     
  11. ej89

    ej89 Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    688
    Location:
    Sydney.
    I'm waiting for @Tekoz to say he bought one off him.
     
  12. Tekoz

    Tekoz Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    1,244
    Location:
    Sydney
    @ej89 nah mate, I don't buy from him luckily :D
     
  13. Tekoz

    Tekoz Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    1,244
    Location:
    Sydney
    @Depreciator what I mean is that necessary or compulsory for any apartment building despite old or new ?

    What's the evidence or due diligence that we need to know before buying apartment to avoid the issue mentioned by you in the first thread ?
     
    trinity168 likes this.
  14. Jacque

    Jacque Buyers Agent and Bookworm, Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    519
    Location:
    Sydney
    "The contracts they signed explained there could be alterations made to apartment sizes"

    And therein lies the danger in not reviewing nor amending certain clause stipulations within an OTP contract. Always engage a conveyancer/solicitor experienced in these, who can review and provide advice accordingly on the risks involved.

    As for the developer himself how white are those teeth?! :eek::D:p Last time I saw fangs that artificially iridescent was on Warnie, when he was going out with Liz Hurley :D


     
  15. ej89

    ej89 Well-Known Member

    Joined:
    21st Jun, 2015
    Posts:
    688
    Location:
    Sydney.
    The developer's got Liz Hurley's eyebrows too.
     
    KayTea, spludgey, Doraemon and 3 others like this.
  16. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    Looks like he got them as a package deal with Warnie's (or Hoge's) eyes/cheekbones, something weird going on there.
     
    ej89 likes this.
  17. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    2,458
    Location:
    Sydney & Gold Coast
    Can someone save this link for the next time a new arrival wants advice on buying OTP? ;) We could build quite a library conveying the risks with stories like these.

    I remember one (Lane Cove I think) about 6-12 months ago where, as completion approached, one buyer was informed their apartment, which they committed to buy 2 years prior, no longer existed as the building had been reconfigured and it was going to make room for some extra car parking.
     
    chylld and Leo2413 like this.
  18. LibGS

    LibGS Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    616
    Location:
    Melbourne, Australia
    I have successfully bought OTP and have walked away with a refund from 2 OTPs because in one the size did not match the contract an and in the other the finishes did not match what was in the contract.

    In the contract, make sure you are protected from changes and get a handover inspection to make sure everything is completed and as specified in the contract.
     
  19. Kashmir

    Kashmir Well-Known Member

    Joined:
    5th Aug, 2015
    Posts:
    76
    Location:
    Sydney, NSW
    Lol
    http://www.snaponsmile.com/
     
  20. Tekoz

    Tekoz Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    1,244
    Location:
    Sydney
    @LibGS did you bought any insurance or did your valuator told you about it ?
    How much did you lost in the end ?