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Stepped purchase of a multi unit/apartment block

Discussion in 'General Property Chat' started by Fitzy1903, 6th Oct, 2015.

  1. Fitzy1903

    Fitzy1903 Well-Known Member

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    Perth
    As I was going for a run tonight, I had the random thought if anyone has ever bought a unit/apartment (side note - my wife challenged me on my grammar as I had written "an unit" because of the ol' grammar rules - damn those exceptions) never of the intention of buying any more in the block but then had a great opportunity to buy another one. Then boom, decided to buy out the others as they saw a great chance to make some development moola?
    Anyway, this is not even close to my situation but was interested to see if anyone has done it?
    Fitz
     
  2. JohnPropChat

    JohnPropChat Well-Known Member

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    If the price is right, I don't see why not. The phrase all eggs in one basket comes to mind.
     
  3. DanW

    DanW Well-Known Member

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    Buying the first ones you risk being held to ransom for the rest.

    But, don't developers buy houses to knock down to build units?
    Seems like a waste to knock down units to build more if you could renovate instead?

    I guess it depends how much fat there is in the deal, and how old and badly damaged they are
     
  4. AndrewTDP

    AndrewTDP Urban Planning Consultant Business Member

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    Depends on whether there is the potential for a better yield through changes in fsr and height and the like I guess.
     
  5. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

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    You'd be paying premium prices doing it this way.
    Multiple transactions also adds up to multiple costs.