NSW Townhouse in Marrickville for $570k?

Discussion in 'Where to Buy' started by neK, 22nd Aug, 2015.

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  1. neK

    neK Well-Known Member

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    I didn't think there was anything wrong with the campaign, there just wasn't any interest.
     
  2. Azazel

    Azazel Well-Known Member

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    Top floor and at the end of the complex is gold.
    Pretty lucky we're I'm renting, not adjoining unit, no one above. The penthouse ;)
     
  3. neK

    neK Well-Known Member

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    This actually overlooked some kind of large pond that had barb wire around it that belonged to council. They should just fill it in and make it a park :)
     
  4. Steven Ryan

    Steven Ryan Well-Known Member

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    It was a short campaign. 3 weeks I think.

    BTW, that pond adjoins a park :)
     
  5. nswvic

    nswvic Member

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    The stairs to first floor - looks weak and too narrow; No carapace is an issue; 93sqm inc courtyard? - looks cramped
    Location is good though
     
  6. DaveM

    DaveM Well-Known Member

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    Looks tiny
     
  7. Esh

    Esh Well-Known Member

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    Many tenants don't like ground floor either, they feel there could be a security issue.

    Sometimes strata being high isn't such a bad thing. The fact they want to paint the whole building shows they are active. Re painting the whole building would increase the perception of value to the building and provide it a small facelift- wouldn't this be a plus for the value of the property?

    Strata is something that is always subject to change, even if we find the lowest strata fees they can always dramatically change. But ofcourse, it is so important to factor it in when buying
     
  8. JDP1

    JDP1 Well-Known Member

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    Yea, this is a good point. I've been in quite a few apartments /TH's where the body Corp managers have been completely passive and offering no ideas nor any initiative to add value...I'd suspect quite a few are like this- purely waiting on tenants to offer any value add or maintenance suggestions. A very reactive and passive approach that erodes any competitive advantage the body Corp mgt may have over its competitors. unfortunately, I'm pretty sure this won't change. It's unfortunate because I'd suspect there would be quite a few, including myself, that wouldn't mind a bit higher strata fees if it meant they were on the front foot
     
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  9. dammit

    dammit Member

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    Just chiming in, with some details on the initial property mentioned in this thread. It was in an article on SMH/Domain: http://www.domain.com.au/news/smart-buys-homes-for-less-than-600000-20150730-gilbcl/

    I enquired about it, it is on company title.
    Council Rates - $1150 pa, Company levies $4,400 pa.

    I think thats the reason it sold so cheap? There is a block of units also on the same company title (I think 4 units then this 1 freestanding "town house"), and the "company" has to pay/maintain everything. The company report looked like it was full of old people and the highlight of the minutes was trees needing pruning or gates installed. I reckon it would be a pain in the backside to get tenants and probably need approving by the company. The company 'rules' were also "missing".
     
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  10. Depreciator

    Depreciator Well-Known Member

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    I had a look at this townhouse on Friday. The online photos flattered it. I was down the shops getting a coffee and walked up a different street and saw that townhouse. I had never noticed it before. It looks like the block of flats at some point decided to sell off its carpark and build the townhouse. Access seems to be off a carpark for the property next door. It looks like light frame construction with a flat roof on the second story and there are some issues with the timber. Probably needs about $20K spent on it. When I heard what it sold for, I was kicking myself. But having now seen it and reading hear about the company title thing, I'm not sorry I missed it. I would like to see inside one of the flats, though.
    Scott
     
  11. ej89

    ej89 Well-Known Member

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    How does company and strata affect valuations? Does it?
     
  12. Depreciator

    Depreciator Well-Known Member

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    Not sure about the effects on valuations of Company Title. I know Company Title can affect rental prospects. The owners can elect to not allow rentals in the building. Perhaps the possibility of restrictions might make valuers cautious about Company Title flats. They are not very common these days outside of areas like Kings Cross and Potts Point where they have traditionally been. As a buyer, the fact that the company rules were not able to be sighted would be of concern.
     
  13. Pins

    Pins Well-Known Member

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    Not many places are restricted company title anymore, so most allow rentals and/or may require some formal of approval on tenants. Hasn't affected my place in Elizabeth Bay too much as @Depreciator said, it's reasonably commonplace in E Bay and Potts Point, but does put off some buyers.
     
  14. Depreciator

    Depreciator Well-Known Member

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    I remember that great story years ago in Manhattan. Madonna wanted to buy a flat in a very flash building run in a similar way to a Company Title building here. The owners decided they didn't want her in the building.