2 of my properties for sale

Hi Analyst

How dare you accuse me of being dishonest!

The house is 232 sqm so you are wrong as it is a very respectable size. What you need to understand is that initially when we listed the house for rent houses on the estate of a similar size were selling for around $550,000. The bank valuation from ING in December when we refinanced was for $500,000 so no this was not my own valuation. Also the Yanchep house has never been rented so should be regarded as such by potential purchasers.

There are many smaller blocks than mine on the estate some are around 350sqm so for this estate and indeed many new estates this is not that small a block. To buy a similar size block from the developer on this estate would cost approx $240,000 with no blocks available on re-sale as purchasers have to build so this should hold land prices steady as things get back to normal.

In addition for the last month or two I have been asking for offers (although I still believe the price of $489,000 is on a par with similar listed properties if you care to take the time to look on realestate.com.au) as there has been no-one looking anywhere, not just Yanchep but also Rockingham and Shoalwater and in other states whilst everyone has been watching to see what is happening with interest rates, credit crunch etc.

According to the agents in Yanchep the last couple of weeks has seen people coming back into the market and there was a fair bit of interest yesterday.

Instead of being negative why not make an offer?
 
Sparky

Not being negative! Just believe you are overstating your properties. That is why they are still sitting there. I was trying to help you to sell. I do not think anyone here would buy your properties.
 
Of course you don't! I take it that comment was made in the light of you trying to help me sell? Love to know how I am 'overstating'?

Although I would have thought that a property inviting offers and therefore effectively with no price tag and another priced at $419,000 which is identical to many other properties on the Anchorage estate most of which are priced between $440,000 and $520,000 were definetly worth a look.

I have tried to meet the market as time has gone by but the problem has been that there was no-one out in the market looking. In the meantime I am trying to sort out a refinance against another property as I know I am only ripping myself off by letting these properties go too cheaply and if I can pull them off the market I will. Enquiries are definetly up as there were three on Yanchep this weekend and a couple plus an offer the weekend before after months of no-one even showing up at open houses.
 
Although I would have thought that a property inviting offers and therefore effectively with no price tag .
Hi Sparky,

Some thoughts..... (hopefully helpful!)

Although you have taken the price off the property, when RE.com is sorted by price, yours still comes up between $469k and $475k.... I assume there has been some price slippage in the past 5 months, as there appears to be many adverts in the area with "all offers considered" or "prices slashed" (unless this is normal for the area).

While I understand your property is brand new, I think nevertheless it must be difficult competing against the likes of: http://www.realestate.com.au/cgi-bi...mt=&header=&cc=&c=22260896&s=wa&tm=1209971870

4 bed 2 bath on 861 sq m for $465k (in a region where I assume land scarcity is not an issue?)


I am assuming this one to be similar to yours
http://www.realestate.com.au/cgi-bi...mt=&header=&cc=&c=22260896&s=wa&tm=1209971870
and note it is under offer/contract at $435-$455k. Perhaps this is closer to the market value at this present time?

I was rather surprised to hear you had not sold yet, as since our decision to offload some properties in Melbourne in January this year, we have managed to offload 3 IP's.... in a supposedly down market...

Cheers,

The Y-man
 
Sparky 23 I feel for you, especially as you are interstate. I live near Yanchep and are of the opinion that the size of the block would put off family's buying. 467 square metres is just to small.The average size block for new subdivisions in the northern suburbs with a house the size you have built would be 550sq metres plus. Because of the small block size you probably have to adjust your price to around 450k. For some reason (no doubt profit!) the developer at Yanchep seems to have a lot of blocks around this size. I think that will impact on sale prices. Hopefully your real estate agent is giving you some honest feedback. Good luck.
 
The block was in Zamia Rise (Cottage block) and was handed back just before the titles were due. We lost $2000

Why do you need give up the deposit? IF your offer is subject to finance, simply ask the bank give a No approval. If you signed as cash offer, they can NOT only have the $2000, the can also sue you for the difference between sale prices and your offer.
 
Sparky

1. Donot get personal
2. Most of people here are investors and they know how to work out numbers
3. If you really want to sell, ask your agent to organize an auction. You will get it offloaded.
 
Hi all,

This thread made me go and look up property in Yanchep. This property for sale with an asking range of $500-560, raises some interesting points.

http://www.realestate.com.au/cgi-bi...er=&cc=&c=79444332&s=wa&snf=ras&tm=1209991701

It is on 809 sqm. It has ocean views (you can see this through the master bedroom window). It has a spa in the ensuite. It is only 400 metres from the beach.

Given the current state of the market, if the vendors are asking $500-560, I would only be offering $470-480.

As Sparky states that properties similar to hers were selling for $550 last year, then there is a clear indication that the market is falling in this area. If that is the case then why would an investor buy now rather than wait 6-12 months (or longer) for far better deals??

bye
 
Hi Bill

Because in August the Marmion bypass should be up and running and speed up travel times to the city and because there is a lull generally at the moment whilst everyone waits to see where the economy is heading. In 6 - 12 months time things could be very different.

Only one property came up as sold for April on realestate.com for Yanchep and not many more for Shoalwater, this slowdown has been in other states aswell I don't think the fact that my properties have not sold yet is the fault of pricing or agents, when I checked things out with other agents they were all in agreement that there is less traffic around at the moment and were also blaming interest rates, uncertainty, the economy etc.

I am more hopeful that people are now starting to come back into the market over these last few weeks.
 
Hi Analyst

Sorry if you think I was getting personal but hey you started it by calling me dishonest!

I do appreciate peoples input but sometimes it doesn't always come across in the right spirit. When I try to offer help I suppose I do it in a different way.
 
Hi handyandy

It was very low ball investor offer, well below the prices people have been suggesting on this thread and as I need to come out with a reasonable amount to help with one of my projects over here too low to accept.

The people who have been looking over the last few days are renters looking to buy in the area which may bode for a better offer than I would expect from an investor.

Hopefully over the next few days my re-finance approval against one of my properties over here will be through and I won't be forced to take an offer that is below current replacement cost and I may just pop it back on as a rental.
 
Hi Sparky,

I was rather surprised to hear you had not sold yet, as since our decision to offload some properties in Melbourne in January this year, we have managed to offload 3 IP's.... in a supposedly down market...

Cheers,

The Y-man
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Dear Y-Man,

1. You are reportedly off-loading your Melbourne properties during its current "boom" period when the market is peaking and when the local housing market sentiments are still highly positive and favourable, at this point in time.

http://www.htw.com.au/Downloads/Files/191_May_2008_Month_in_Review.pdf

2. Consequently, I personally do not expect you to have any problem selling away all your 3 properties.

3. Likewise, I have previously also sold off 3 of my Perth properties in 2006, without facing any difficulty, when the Perth property market was last booming towards its market peak during this period in a Seller market situation.

3. Unfortunately, the Perth property market has since then peaked in August 2006 and is presently reportedly in a "Peak of the Market-Declining Market" situation as was reported by Herron Todd White Valuers earlier this month.

4. Hence the present challenge faced by Sparky23, in trying to unload her properties during this period, even with some steep price discounts, midst the present declining market as well as prevailing negative market sentiments and D+G atmosphere in Australia.

5. RP Data Valuers has suggested earlier this month that the Perth property market will soon recover in 2010 when it next enters into its new Property Cycle.

http://www.thewest.com.au/default.aspx?MenuID=77&ContentID=71191

6. For your further comments and discussion where neccessary, please.

7. Thank you.

Cheers,
Kenneth KOH
 
Hopefully over the next few days my re-finance approval against one of my properties over here will be through and I won't be forced to take an offer that is below current replacement cost and I may just pop it back on as a rental.
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Dear Sparky23,

1. Honestly speaking, I believe you should consider doing just that as it will pay off in the long term.

2. Alternatively, I personally believe that your present price discounts are realistic enough.

3. Just be patient and wait for the present negative market sentiments and the D+G atmosphere to fade off by itself and I am sure that you will get some good offers for some of your existing properties that are presently being advertised for sale, in due course.

4. Thank you.

Cheers,
Kenneth KOH
 
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Dear Y-Man,

1. You are reportedly off-loading your Melbourne properties during its current "boom" period when the market is peaking and when the local housing market sentiments are still highly positive and favourable, at this point in time.

http://www.htw.com.au/Downloads/Files/191_May_2008_Month_in_Review.pdf

2. Consequently, I personally do not expect you to have any problem selling away all your 3 properties.


Cheers,
Kenneth KOH
Well that's a relief because I have 1 still on the market, 2 more coming on soon, with up to another 4 later in the year.....

Cheers,

The Y-man
 
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Dear Y-Man,

1. You are reportedly off-loading your Melbourne properties during its current "boom" period when the market is peaking and when the local housing market sentiments are still highly positive and favourable, at this point in time.

http://www.htw.com.au/Downloads/Files/191_May_2008_Month_in_Review.pdf

2. Consequently, I personally do not expect you to have any problem selling away all your 3 properties.

Cheers,
Kenneth KOH
It was saying "peak - declining"? I think its very patchy and dependant upon suburb, individual property and the exact weekend. YM what have your selling expereince been like?
 
It was saying "peak - declining"? I think its very patchy and dependant upon suburb, individual property and the exact weekend. YM what have your selling expereince been like?
The details are scattered over a few posts in this thread:
http://www.somersoft.com/forums/showthread.php?p=407290#post407290


The third propoerty was supposed to go to auction last saturday, but we had an offer prior on Friday of $311k unconditional (bought for $230k in 2002). Sold. :)


Cheers,

The Y-man
 
Why do you need give up the deposit? IF your offer is subject to finance, simply ask the bank give a No approval. If you signed as cash offer, they can NOT only have the $2000, the can also sue you for the difference between sale prices and your offer.
Hi The Analyst
The deposit was paid to secure the block. On the day of paying the deposit we were issued with the contract which stated that we had 28 days to obtain finance approval from the bank. The finance was approved, however we then had to wait for the Land Titles to be issued, which turned out to be 8 months. (May 2008)
However, due to the market change in that time, we decided to pull out before the titles were issued and before the contract became binding.

Regards PC
 
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