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Hi guys, One other consideration, though minor, is the likelihood that the state government will step in and reduce section 94 contributions by about 40% and take the proceeds off local council. This has been touted in the local media for a little while now and the councils are...

Hi, My yield would improve from: 4.2% ($31K on $750K) undeveloped to 6.5% ($130K on $2M) developed But, given the greater level of debt, the cash shortfall on rent versus mortgage at 8.0% would be much the same. i.e. Shortfall of $29K today versus shortfall of $31K developed. There...

OK, here it is for a six month delay: Holding costs of $5K Increased cost to develop assuming 3% inflation is $16,500 Total increased costs of $21,500 But, assuming the property market does grow at 10% pa for this sort of property as it did last year in Mona Vale... Increased gross...

The two main things I am looking for are: 1. Stability in global credit markets; and 2. Strength in the Mona Vale unit market. The second is dependent to some degree on the first. So, basically, I'm just waiting for the implications of the sub-prime market contagion to play out and see...

Hi guys, In the other thread about whether people are still buying IPs, I posted that I'm putting the breaks on the build of my Mona Vale development until I have more certainty around the direction of the Sydney property market as linked below...

Joanna, That's priceless information, thank you! I checked council's website and found the following control around complying developments: http://www.pittwater.nsw.gov.au/__data/assets/pdf_file/6844/dcp22.pdf Page 51 has the little snipit attached as an image below. Basically, for...

Well maybe not ALL weekend... ;) Thanks mate, much appreciated! We're moving forward with the CC drawings now. Will shop a few architects/designers just to make sure our existing architect doesn't think he can charge a stupid amount for phase 2. I'd prefer to stick with him if possible...

Thanks Joanna! We're definately going the private certifier route. When sipping the Bolly last night we had one toast: "Cheers to never having to deal with Pittwater Council again on this development"! :D Its still showing as not determined on council's DA tracking website here...

Hi guys, Well the Bolly made an appearance tonight after all. Kay fought tooth and nail for over two hours in front of the commissioner and finally came out on top. Council tried to argue this wasn't supposed to be a binding s. 34 hearing, and the solicitor for the neighbour really dug his...

Hi Joanna, I just spoke to my architect and he said that s. 94 contributions are levied based on the date that the Construction Certificate is granted and not the DA. So, regardless of whether the DA was approved in December or January, the new s. 94 rates would apply to our development. It...

Ugly taste in the mouth Furious!! God, I can't get over the nerve of council. Kay is about to go off to the binding section 34 hearing this afternoon, and they've modified their conditions of consent and added another $15K in section 94 contributions! I can only assume that there has been...

Update: Section 34 on site hearing today Hi Guys, We did it! The section 34 meeting went really well, with all of the issues now resolved to council's satisfaction. It wasn't a "binding" section 34 meeting, so we need to go away and apply some minor modifications to tweak the details and...

Yep, Definately asked that question a few times, but the answer I keep coming back to is No. I'm looking at building in about an additional $1M equity on my equity deposit of $125K. The construction loan is based on gross realisation so requires no further equity. I could have bought a...

Hi Land, Sydney is certainly looking stronger day by day. It really is just a question of the demand and supply equation tipping the scale to demand and prices rising accordingly. I can't say when this will happen, but there is a severe shortfall of housing in Sydney at the moment, so I...

Hi Omega, Before CGT. And at this stage I don't plan on selling any of them. Upon completion I'll be holding a $2.8M asset with only $1.8M of debt on it. I can rent each one out for $800pw conservatively and be cash flow neutral. By late 2009 Sydney will be starting to look like a better...

Hi Sparky, I've allowed a year for the build, and it will probably take me a few months yet to get to the starting line. So mid-2009 is looking like the current realistic timeframe to completion. Kenster, the interest is only $50K odd and is wrapped into my professional fees just to keep...

Hi guys, Brief update. Plans have been modified again and resubmitted to council. We've taken the lift access out to the top floor unit and replaced with stairs only. The lift remains from the basement to the ground floor. In this way the townhouse and ground floor unit now count as our...

Another update, two months on Hi Guys, We went back to council today for another meeting with the Development Unit (DU) having applied a suite of changes as requested at the previous DU. Well, it wasn't enough. They've now accepted the setback that we've applied but are getting hung up on...

Hi again guys, I want to start by thanking Somersoftian "Land" for the PM and follow up phone call we just had. Based on his insight and a burgeoning concern around ongoing conditions for this DA, I've decided to up the ante a bit and go the aggressive approach. I'm going to lodge an appeal...

Hi Lizzie, My architect said that in all likelihood my resident pest rang one or two of his go-to councillors who like to object any development and told them about my one. They, in turn, have called it up to a meeting of council as is their right. As such, he has created yet one more...