From: Lotana Von Amor
Hello, Respectable Forum,
I need your help.
A group of friends is considering to buy block of units in Sydney Eastern suburbs to renovate. The block looks really bad, but has great location - opposite a beach, ocean view from all units. The block is not on the market. We approached the owner directly and he is willing to talk. Now we need to come up with an offer, but before we do that we need to do the sums. None of us has experience in property development or large renovation projects. The block is on torrens title. The plan is to "Stratify" it after the reno. Now the question:
If I have sale prices for similar new/normal/renovated STRATA units next door, how can I derive current value for run down units in the TORRENS title block?
Thank you,
Lotana
Hello, Respectable Forum,
I need your help.
A group of friends is considering to buy block of units in Sydney Eastern suburbs to renovate. The block looks really bad, but has great location - opposite a beach, ocean view from all units. The block is not on the market. We approached the owner directly and he is willing to talk. Now we need to come up with an offer, but before we do that we need to do the sums. None of us has experience in property development or large renovation projects. The block is on torrens title. The plan is to "Stratify" it after the reno. Now the question:
If I have sale prices for similar new/normal/renovated STRATA units next door, how can I derive current value for run down units in the TORRENS title block?
Thank you,
Lotana
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