Bad experience with developer - Hamton Melbourne

If possible, could it be made into one of those threads when people ask should they buy OTP ?

mind you did you see what time this thread was brought back to life ?

some people aren't getting enough sleep !!

stuart

Lesson for those wanting to purchase OTP

If you purchased a semi or attached cottage in South Yarra in 2008 for around $600k, bet my life the value would be well over $700k now, if not close to $800k.

Here's another story about OTP experience. I was most interested in this commentary...Would have liked to see a summary of this information

Property advisor Hugh Jones of Synergy BSM says capital growth is the fundamental of successful property investment, not tax savings or rental guarantees, which often turn out to be bogus.

''We have studied the relative success of investors who purchased off the plan compared to quality established properties in comparable locations,'' he says. ''In almost all cases, the established investor was far ahead in terms of capital growth.''

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The market in Melbourne is obviously on the boil for the developer to move on from your offer.

In Brisbane things are quiet different as our market generally lags a bit behind Sydney and Melbourne. We are currently involved in a development project of 104 townhouses where the developer has discounted massively so he can get the required number of pre-sales just to get the project started. Although these discounts only apply to properties sold prior to construction commencing. Once construction starts prices will go back to normal and those that got in early stand to make around 15% profit.

Such opportunities exist if you look hard.

Sailesh, I'll bite. Where and what is the development?

buzzlightyear said:

Sailesh, I'll bite. Where and what is the development?

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Information can be found by following this link: http://www.omcc.com.au/

The remaining townhouses are the larger (205 sqm) in stage one of the development. These have now been discounted to $425 000.00.

The developers have waited for over two years to get this started and now they are really close to starting after such a long wait. The banks have approved the development loan with the condition that they see evidence of seven pre sales. Right now we are sitting on six sales so we just need one more to get things going.

The town houses are located on a golf course within a gated community with facilities such as three swimming pools, tennis court and barbecue facilities. The town house will have features such as ducted air conditioning, 600X600 polished porcelain tiles and quality appliances.

It will also be known for its green credentials as each town house will have a 30 000L water tank that will feed all the taps within the dwelling except the kitchen sink. All sewer is also treated on site and water fed to the golf course.

Once the displays are set up people will then have a real appreciation of the size and quality of the development. By then the prices will go back up to the $500k plus mark for the larger town houses.