Calling all investors who brought through The Investment Institute Now Phoenix

[Bitter]

A recent development by this company, is almost finished, and these developments were brought off The Investment Institute (Collins st Melbourne) NOT the Henry Kaye co.

This is a warning to all newbies that this can happen to anyone.

These developments are now struggling to sell and offers coming in are $50k below what was paid for. Yet ironically the company now called Phoenix Property Services send letters to purchases advising them of what a great investment they have in their hands and if they would like to make further investments through the company, they have multiple developments about to take place!

In view of the market slowing down, a $50K price of which is below the companies "sworn valuation" is somewhat bitterly disappointing.

Well just thought I'd let people know what this company is doing.

[Jacque]

Sorry to hear of your experience. Reading between the lines, it seems that you have onsold at settlement, for a loss?
I'm afraid that, together with current market sentiment and short holding time, losses on investments like these can unfortunately be all too common. It's just that, after coming down off a fantastic and seemingly never-ending boom, we can all too easily forget that property also has down times.

Also, never take sworn valuations from the company trying to sell you the OTP apartments genuinely. Obviously, they have a conflict of interest and it is always recommended you get your own independent valuation as part of your due diligence when purchasing.

Let's hope there's a better outcome or else the buyers can hold onto their properties to avoid capitalizing the loss. Onselling OTP before settlement can be a risky strategy at any time, but especially now.