Some disappointed OTP people in this story

From the Sydney Morning Herald today.

OTP buyers who signed up ages ago just had the size of their apartment reduced - dramatically. For one buyer at $600K, the size has gone from 150 sqm to 94sqm. They have been offered the option to get out of the deal. The new price for the flat will be $720K.

http://www.smh.com.au/nsw/auburn-de...is-lidcombe-developments-20150818-gj1k1x.html

Scott

 

Good example of how OTP can burn you badly. The developer obviously is doing what's best for his bottom line which is normal, and others are left to realise the inherent risk with OTP purchasing. Not my cup of tea.


Info to help newbies looking at OTP.
http://thenewdaily.com.au/sponsored/2015/01/28/watch-purchasing-property-plan/

http://www.yourinvestmentpropertyma.../the-trick-to-buying-off-the-plan-148257.aspx

 

Take note who the developer is.

 

Probably one of the most hated men in Australia at the moment

 

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.

 

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.

 

He also got into local government and due to recent changes, is able to vote on zoning/planning issues that impact his interests.
Dodgy.

 

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.

 

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 ?

 

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.

 

I'm waiting for @Tekoz to say he bought one off him.

 

@ej89 nah mate, I don't buy from him luckily

 

@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 ?

 

"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?! Last time I saw fangs that artificially iridescent was on Warnie, when he was going out with Liz Hurley

 

The developer's got Liz Hurley's eyebrows too.

 

Looks like he got them as a package deal with Warnie's (or Hoge's) eyes/cheekbones, something weird going on there.

 

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.

 

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.

 

Lol
http://www.snaponsmile.com/

 

@LibGS did you bought any insurance or did your valuator told you about it ?
How much did you lost in the end ?