NSW This truly awful house around the corner from me sold in December

Discussion in 'Property Analysis' started by Depreciator, 3rd Jan, 2017.

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  1. Depreciator

    Depreciator Well-Known Member

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    Depreciator, 3rd Jan, 2017
    #1
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  2. EN710

    EN710 Well-Known Member

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    Photo looks ok
    Bathroom is a fixable nightmare....
    Price is wtf
     
    EN710, 3rd Jan, 2017
    #2
  3. WattleIdo

    WattleIdo midas touch

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    Agreed. The layout is not too bad and the yard has plenty of potential. Sold price wow!
     
    WattleIdo, 3rd Jan, 2017
    #3
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  4. MTR

    MTR Well-Known Member

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    MTR, 3rd Jan, 2017
    #4
  5. Darren

    Darren Well-Known Member

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    Darren, 3rd Jan, 2017
    #5
  6. Depreciator

    Depreciator Well-Known Member

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    Not really.
    It has rear lane access, but the council aren't keen on dwellings having the lane as their only access.
    Even if they did manage to squeeze in two small dwellings, it's an expensive site.
     
    Depreciator, 3rd Jan, 2017
    #6
  7. MTR

    MTR Well-Known Member

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    Marrickville.... one of the most sort after/hot areas in Syd?
     
    MTR, 3rd Jan, 2017
    #7
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  8. Angel

    Angel Well-Known Member

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    If it is demolished and they spend say $400K on a new home, would it be worth the cost?
     
    Angel, 3rd Jan, 2017
    #8
  9. samiam

    samiam Well-Known Member

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    duplex would do I think
    but still...
     
    samiam, 3rd Jan, 2017
    #9
  10. Depreciator

    Depreciator Well-Known Member

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    A duplex is the only possible thing they could do, and in this part of Sydney it's going to have to be a good build with high end inclusions, so it won't be cheap. A standard project home won't cut it. With a site cost over $1.8m, I can't see how it stacks up.
     
    Depreciator, 3rd Jan, 2017
    #10
  11. EN710

    EN710 Well-Known Member

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    Whats causing such a high site cost?
     
    EN710, 3rd Jan, 2017
    #11
  12. RetireRich101

    RetireRich101 Well-Known Member

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    no from my perspective.. if you drive through the suburb you won't think there is much gentrification in the suburb. however it is close to the CBD as a free standing house.
    Though I go West Juliet few times for the cafe/brunch
     
    RetireRich101, 3rd Jan, 2017
    #12
  13. neK

    neK Well-Known Member

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    neK, 3rd Jan, 2017
    #13
  14. Depreciator

    Depreciator Well-Known Member

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    Depreciator, 3rd Jan, 2017
    #14
  15. Depreciator

    Depreciator Well-Known Member

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    You won't see much gentrification on a drive down the main thoroughfares, but it's there in the side streets and in the cafes, bars, live music venues, micro breweries etc.
     
    Depreciator, 3rd Jan, 2017
    #15
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  16. Depreciator

    Depreciator Well-Known Member

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    This one is also round the corner from me. Same street as the one with the kooky price. It sold in October for a few hundred K less than I thought it would. It had a lot going for it: great old house, better end of the street, view to the city from upstairs, me as a close neighbour across the back lane. I would have been a bidder at that price:

    29 Excelsior Parade, Marrickville, NSW 2204 - Property Details
     
    Depreciator, 3rd Jan, 2017
    #16
  17. wylie

    wylie Moderator Staff Member

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    That last one is pretty nice. Would you really have bid? Did you not bid because you thought it would go too high? And what would your place be worth if these places are selling for these prices? :eek:

    Edit: The others are not worse than the houses we've tackled every time we've bought someone else's nightmare. ;)
    Lick 'o paint, lick 'o paint, half an hour...
     
    wylie, 3rd Jan, 2017
    #17
  18. Depreciator

    Depreciator Well-Known Member

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    I thought the two storey one would sell for close to $2m. If I had thought for a minute it would go for $1.55m I would have been there with my hand up. Hard to know what my place would be worth. There isn't anything to compare it with because of the mix of buildings. In 2015 an agent I know told me he had someone who would pay $2.8m. Prices have moved a lot around here since then. I wouldn't sell, though.
     
    Depreciator, 3rd Jan, 2017
    #18
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  19. Bran

    Bran Well-Known Member

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    Would scrub up ok, even be a little bit charming.

    1.8m though? Yoiks
     
    Bran, 3rd Jan, 2017
    #19
  20. Dean Collins

    Dean Collins Well-Known Member

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    Welcome to Marrickville.......

    There was a 2br apt in the same condition that sold for $700k a few months ago that needed a full $100-200k gut reno.....it was when I realized I'm priced out of Marrickville :)
     
    Dean Collins, 4th Jan, 2017
    #20
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