$3.5m in few months

Hi,

I read the weekend financial review on page 2 about the prestige properties.

In WA, 52 Johnston St Peppermint Grove was sold for $8.5m in June and resold for $12m.

How nice??? I do not know how the origional owner feels about it?
 
Seems quite amazing as you could retire after one sale but you would still need to have a large deposit and then the risks are just as huge.
 
hi
very interesting
read in the fin of a property bought for 27mil 2 years ago and sold for 17mil on hedges avenue gold coast
I know of a site that was bought for 8 mil 2004 and just sold for 3mil
and another that was 9 mil 2005 and just sold for 4 mil.
oh and as for do I know what the origninal owner think of it
yes
sick
but that the way property goes.
get into these numbers and as the saying goes one the rooster then the duster and not alot of joy inbetween
 
Yes, and when the previous owner bought that property on Hedges Avenue he got it at a whopping discount from the person who started building.

So something like $30m+ to $17m in a few years....
Marg
 
hi
very interesting
read in the fin of a property bought for 27mil 2 years ago and sold for 17mil on hedges avenue gold coast
I know of a site that was bought for 8 mil 2004 and just sold for 3mil
and another that was 9 mil 2005 and just sold for 4 mil.
oh and as for do I know what the origninal owner think of it
yes
sick
but that the way property goes.
get into these numbers and as the saying goes one the rooster then the duster and not alot of joy inbetween


how many of those were forced sales?
 
Property developer Saville Australia has become the latest casualty of the global credit squeeze, with managing director and owner Sam Cheir losing the company’s final asset, its CBD headquarters, and his own home and luxury boat to the banks.

Mr Cheir’s repossessed Georgian-style Peppermint Grove mansion, at 52 Johnston Street, was sold by KordaMentha at a mortgagee auction for $8.5 million last weekend to recover money owed to Bank of Queensland.

Auctioneers Mack Hall and Frank Torre, from Mack Hall and Associates, said they believed the home was the highest-priced residential property ever sold under the hammer in WA.

Mr Cheir bought the property for $3.5 million in 2004.

His luxury 25-metre cruiser, a Sunseeker Predator 82 for which he is believed to have paid about $7 million several years ago, has been repossessed by a finance company and is also up for sale.

KordaMentha, which was appointed to Saville’s parent, Mr Cheir’s Saville Property Group, in May, has put Saville Australia’s headquarters at 249 Adelaide Terrace on the market through Knight Frank’s John Corbett.

Mr Corbett said Saville had proposed to build a 26-level, mixed-use high rise development over the site, currently occupied by a two-level office building, but the development application expired last year. The site will be sold by tender under instructions from Bank of Queensland.

The sale will complete the demise of the once high-flying Saville. All of its development projects, with the exception of Palazzo Mindarie at Mindarie Keys, are now in the hands of receivers from KordaMentha, Taylor Woodings or PBB.

Saville’s portfolio once included a joint venture with failed financier Babcock & Brown over the $1.3 billion Capital Square residential project on the one-hectare former Emu Brewery site on Mounts Bay Road. However, the plan foundered and the site was put on the market.

The failure of several other projects followed, including the cancelled $185 million Altus residential apartment development on Adelaide Terrace. It was sold last month by KordaMentha to a joint venture led by the Finbar Group for $10.6 million.

KordaMentha was also appointed to sell 25 unsold apartments at the completed Saffron tower in the CBD, and three unsold units at the Saville-managed Excelsior in South Perth. Another managed project, Waikiki Blue, covering the proposed construction of 140 units in Safety Bay, also failed.

Saville was a major sponsor of the Wildcats but withdrew its financial support earlier this year, putting the team’s future in jeopardy.

Former director Peter Kavanagh’s association with the company ended more than a month ago and former sales and marketing director Peter Gianoli quit last year to set up Allegro Marketing.

Mr Cheir could not be contacted and is believed to be overseas.
 
Yes, and when the previous owner bought that property on Hedges Avenue he got it at a whopping discount from the person who started building.

So something like $30m+ to $17m in a few years....
Marg


I reckon Hedges Avenue would be Australia's most overrated street.

OK, it's absolute beachfront. But you'd have a thousand people every day walking past the front of your house along the public beach, and ten thousand a day in holiday periods. It would be terrible for a bit of privacy.

See ya's.
 
hi terrence
that is a very interesting question
why because I like to know people mind sets
to drop from 30 to 17mil and ask
how many of those were forced sales?
I could not think of any that would not be forced sales.
these are not forced sales these are dragged kicking and screaming sales
I don't like headges either
but this is not hedges thats the problem
if there is a problem
its taht yes you can make big gains in this area
bt you can make big losses as well
same as cfd trading

would that be the result of backing a property with a share income , and run of bad luck,
neither
first you make your luck
there is no good or bad luck
life is not a test drive you can't go back and change life
you make of it what you have and thats got nothing to do with luck
and as for stocks and shares some maybe
most because the fundermental numbers were wrong from the start and people believed faulty numbers
thats fine you start again
and I can tell you
uf the numbers are wrong but the formular or templete was right
then they come back quicker then they fall
thats why I like to watch as they climb back
as you need to grab those tails on their jackets as they fly past.
but that just me
 
I reckon Hedges Avenue would be Australia's most overrated street.

OK, it's absolute beachfront. But you'd have a thousand people every day walking past the front of your house along the public beach, and ten thousand a day in holiday periods. It would be terrible for a bit of privacy.

See ya's.
Agreed, there are much nicer places on the coast. I don't think people buy into Hedges avenue because they want privacy however :)
 
When I hear of these WA mansions being bought and sold quickly at a huge mark up it makes me wonder if these guys are just using their houses as a way of exchaging large ammounts of tax free money between themselves. (if in their own names)

Maybe it's just the skeptic in me....
 
I was at the auction and got a chance to go through the property, very glamorous! Anyway what happened was a woman payed the $8.5 for it on auction day, then a few months later, someone who missed out at the auction offered her $12, which she obviously accepted. Then to make things better she bought the even bigger historic mansion St Just just down the road at $2 million below asking price at $10 million. That house has more living space, a tennis court and she made a $2 million profit off it!
 
Then to make things better she bought the even bigger historic mansion St Just just down the road at $2 million below asking price at $10 million. That house has more living space, a tennis court and she made a $2 million profit off it!
I think you mean a $2 million saving (not profit), unless she's already managed to flip this second one :eek::D
 
Hi,

I read the weekend financial review on page 2 about the prestige properties.

In WA, 52 Johnston St Peppermint Grove was sold for $8.5m in June and resold for $12m.

How nice??? I do not know how the origional owner feels about it?

This sort of thing happens at the top of every market -WA is looking increasingly like the bubble that Iceland once was.
 
This sort of thing happens at the top of every market -WA is looking increasingly like the bubble....


.....and yet there is a queue a mile long for people clamouring to hand over 4m or more to buy the smallest piece of Peppy Grove.

I guess all those wives of CEOs who insist on living there so little Sophie and Claudia can walk to PLC and they can do coffee, whilst their husbands "do whatever they do" aren't listening to you meconium.


I guess those same wives never look at economic graphs or affordability curves. They just keep on bidding the prices higher and the hubby just keeps on working. ;)
 
Hows Fitz Roy Island

Developer paid $100 million and it got sold in a fire sale for $8 mil

Another top deal worth every penny, new owner will be very happy
 
I was at the auction and got a chance to go through the property, very glamorous! Anyway what happened was a woman payed the $8.5 for it on auction day, then a few months later, someone who missed out at the auction offered her $12, which she obviously accepted. Then to make things better she bought the even bigger historic mansion St Just just down the road at $2 million below asking price at $10 million. That house has more living space, a tennis court and she made a $2 million profit off it!

That sure was a win for that lady, and all tax free. Good luck to her.
My neighbour had a similar experience. Paid 6ook for her home a couple of weeks later a letter was put under her door offering her 1 mill cash. she never accepted it. Has no regrets and l quess when you own 7 MM$ properites and dont rent a single one of them out[ she has a different style garden at each one:eek:] Why would one have regrets:)
cheers
yadreamin
 
This sort of thing happens at the top of every market -WA is looking increasingly like the bubble that Iceland once was.

We are not at the top of the Market here in the West. And burbs like Peppy Grove have taken a hell of a battering in the last 12 months.
FYI there is a hell of a lot of oldies who live in Peppy Grove and they dont give 2 hoots what the value of there nice old place is. Its their home and they aint moving
 
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