Anchorage Thread Closed?

[sparky23]

Hi Kenneth

We are inspecting next week though the landscaping and last touches may not be completely finished and the details are with Raine & Horne to find tenants for us. We have a 15 week guaranteed rent of $200 and have asked for rents between $300 and $350 so it will be interesting to see what we finish up with.

Which address is it again that you are living at and we might be able to pop in for a cuppa if you are home when we are on the estate?

Sparky

 

[Kennethkohsg]

Dear Sparky23,

1. I am presently "rent-staying" at 26, ProperJohn Drive, Rockingham WA 6168. My home TEL/FAX is 08-9592518 and my mobile is 0418758123.

2. Do drop in for some tea when you and your hubby are visiting the Anchorage Estate next week, please.

3. The other thing is that I will soon be commencing the double-storey house construction at Lot 2012, which may eventually "tower over" one of your 2 newly completed houses.

4. While it will appear to look as if it is part of the originally planned lakefront townhouses landscape and achieve a better land utilisation rate as well as a higher resale house price, I am also concerned that this may adversely affect your affected house's resale price or rental to a certain extent once it is fully completed.

5. Perhaps, we can further discuss this matter and other subjects of mutual interests when we meet in person at my place some time next week, please

6. Thank you.


Cheers,
Kenneth KOH

 

[sparky23]

Hi Kenneth

Oh dear that sounds a bit scary! Still it will be backing on to the houses so it isn't as though we will be losing lake views I shouldn't think! Is it closer to the end house or the one further in?

Our plans over here should be out of council soon for the duplex and a 2 storey house is currentlly under construction on the other corner so your brother in law will also be towered in I suspect!.

Look forward to catching up - not sure what day it might be yet as we are waiting for Gemmill to confirm an inspection day. How are the houses looking? I don't think they have driveways or carpets as yet do they?

Sparky

 

[Kennethkohsg]

Dear All,

1. According to realestate.com.au, the double-storey house at 14 Fisher Street has been sold on 4th November 2006 somewhere between $770,000-$890,000, through Raine-Horne Rockingham.

***************************
Dear All,

1. Graeme Garwood from Raine-Horne Rockingham has confirmed today that the a/m double storey townhouse was sold for $815,000 on 4th November 2006.

2. I believe that this is the highest price achieved for a property sold in the Anchorage Estate, to date.

3. A similar townhouse located opposite to a/m house at 38 Lyttleton Street Rockingham, is also being advertised for sale at $860,000 through Raine-Horne Rockingham too.

4. Based on street inspection, I believe that both these 2 townhouses are bigger in size than those being marketed by Australand at its lakefront "Waterfront Townhouses on the Anchorage" Project.

5. According to LJ Hooker-Rockingham, the marketing materials and price list for the Stage 2 Townhouses Release are still presently not available for public circulation to date. These Stage 2 townhouses are reportedly being priced about $629,000 for public sale, on an "off- the- plan" sale and purchase basis.

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

7. Thank you

regards,
Kenneth KOH

 

[asdf]

I had a look at the Sat West Australian from a couple of weeks back and Perth prices have certainly gone crazy. Some places have had more than quadruple increases in <7 years. I simply don't understand it. Multiple listings of $1.5M+, a lot pushing $2M. Even Syd, with the population base we have do not have so many listings in that category. Where is all the money coming from? Upgraders? Surely they can't all be CEOs of multinationals and I refuse to believe miners and riggers, even on 6 figures can afford such homes. Townhouses in Rocky going for $800k+. Beyond rational comprehension indeed.

 

[sparky23]

According to PRG investments one of the Gemmill houses in Grove street has just sold for$450,000. I queried that as the bank valuer from ANZ gave a value of $500,000 for our houses (same design same street) just a couple of weeks ago. Apparently it sold really quickly and the agent reckoned he could sell heaps at that price so it could have been underpriced. I just hope I can get my equity out
before that sale price becomes known. Good thing they don't have sale boards hopefully the valuer won't know about it yet!

Sparky

 

[Kennethkohsg]

I just hope I can get my equity out
before that sale price becomes known. Good thing they don't have sale boards hopefully the valuer won't know about it yet!

Sparky

********************
Dear Sparky23,

1. Since your bank valuer has valued both your properties at A$500,000 and this valuation has been accepted by the lending bank for their lending decision, it does not really matter at all, to you or the lending bank, whether or not, a similar house in the same neighbourhood is being sold for a much lesser price or not.

2. This is because the lower sale values does not adversely affect your completed bank valuation or the lending bank's lending outcome at all.

3. Normally, when we use comparable sale evidence to "feed" the bank valuer, we are actually trying to obtain a higher valuation outcome on our properties, so as to be accepted by its lending bank and get more loan out of our avaliable house equity.

4. It does not operate the other way round i.e we are not required to convince the bank-appointed valuer of a lower sale value at all as their valuation assessment/outcome is deemed to be "independant" and "professionally" carried out.

5. For your kind update and further comments/discussion where neccessary, please.

6. Thank you.


Cheers,
Kenneth KOH

 

[Kennethkohsg]

According to PRG investments one of the Gemmill houses in Grove street has just sold for$450,000.

I queried that as the bank valuer from ANZ gave a value of $500,000 for our houses (same design same street) just a couple of weeks ago.

Apparently it sold really quickly and the agent reckoned he could sell heaps at that price so it could have been underpriced.

Sparky

*****************************
Dear Sparky,

1. If it is the same house that I am thinking about that you are actually referring to, I believe that the house which was sold, is actually much smaller than yours by some 20-30 m2 worth of living space area, though it is also being built by the same Gemmill Builders whom has built both your 2 houses.

2. This house which has been on the market for quite a while, since August 2006, has always been priced to sell at $450,000 upon its completion, off the plan.

3. Perhaps, you want to "double-check" with PRG Investments about my claim and re-confirm for us, their feedback accordingly in due course.

4. Thank you.

Cheers,
Kenneth KOH

 

[sparky23]

Hi Kenneth

I have emailed your queries to PRG and I will let you know what they say. It would be nice to know that it is a smaller house!

Sparky

 

[notts]

Hi Kenneth & Sparky 23.

The house you are talking about is mine. I put it on the market in mid-Aug for $450k after a REA appraisal of $430-$450k. Had the offer within a week from a local couple wanting to move into the area at the full asking price of $450k. Despite remaining on the market actively after that offer , no other offers above $450k received for approx 2 months.

So the full market price for this IP at that time was $450k. Not sure what it would be now.

The house area is 4 BR DLUG 180sqm with garage of 43sqm .
Building completion should be next week with settlement in mid-Dec.

No regrets selling the IP for $100k CG as I have other investments in the melting pot for next year including a sub-division and building two up market IPs in Coogee WA. The Port Coogee release should add further heat to Coogee land values ( especially land with prime oceans views as the IPs will have)

I also think the "white hot" factor peaked in Perth around Aug/Sept . Not to say that Perth will never rise again but maybe a more moderate pace which is better for every-one in the long run.

Regards

Notts

 

[Kennethkohsg]

Dear Notts,

1. Congratulation for making a A$100,000 profit on your investment. You have done well indeed! I further believe that you have actually secured a good sale price for your 180m2 4x2 house at $450,000.

2. Both Sparky's 4x2 houses are actually 230m2 (living) excluding the garage area and thus I believe that she should be able to sell at a higher price if she wants to.

3. Her bank-appointed valuer has assessed both the houses to have market value of about $500,000 even at the Basic Completion Stage, which is in fact, very reasonable indeed.

4. Until I have personally inspected both the 2 houses owned by Sparky myself last week at her invitation and came to realise that they were actually much bigger and more spacious internally-looking than my ex-houses in the Anchorage Estate (normally of about 190-210 m2 in size), I was thinking that her bank valuation outcome were on the "high" side then.

5. Thus, I was actually wondering how come Sparky was able to achieve $500,000 bank valuation outcome, even at this Basic Completion Stage whereas the bank valuation outcome for both Money-Magnet's and my Singapore client's houses in the same Anchorage Estate, only managed to come up recently to about $475,000 respectively.

6. Now, I know the reasons why.

7. Thank you for your kind confirmation, please.


Cheers,
Kenneth KOH

 

[regrow]

This one is under offer for $490,000.
http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=103419087&f=10&p=10&t=res&ty=&fmt=&header=&c=37539744&s=wa&snf=rbs&tm=1164786340

Regards

Regrow

 

[asdf]

Do you know what street it is on? Thats good going for the estate and valuation data. Looks like another Celeb Home cheapie. Oops, I shouldn't say that but there are a lot of Celeb Homes around built by tight investors.. like me!

 

[regrow]

asdf

Yes I do its on Caprice Pass. It has sold and hopefully settles before xmas

Yep its mine.

Regards

Regrow

 

[kph]

Hey Regrow,
Noticed your agent's with Independent Realtors Forum.
What commission did they charge if you don't mind me asking ?
Standard REIWA or did you negotiate something else ?

kp

 

[regrow]

kph

A friend of mine uses them quite a fair bit and has negotiated a fixed fee. Through him I was able to get the same price $8800, but he does do a lot with them.

Not sure what they normally charge though, but they were great to deal with.

Regards

Regrow

 

[Kennethkohsg]

Dear All,

1. I understand that some of the Australand's "Waterfront Townhouses on the Anchorage" Project under Stage 1 Townhouse Release, were recently completed this month, well ahead of their originally planned March 2007 completion schedule.

2. One of these newly completed lakefront townhouses at Lot 1852, 62, Waterfront Parkway, Shoalwater WA 6169, was recently valued for A$610,000 upon its recent house completion last week.

3. Lot 1852 was also known to be last marketed off-the-plan for A$525,000 by Australand in late May-June 2006 period this year.

4. With a potential gross profit returns of about A$85,000 (A$610,000 -$525,000) at 16.19% over a 6-7 months period, this townhouse purchase would have provided a good return for its lucky buyers accordingly.

5. Can anyone in this forum, please help to confirm/disconfirm if LJ Hooker-Rockingham has actually started to officially market the Stage 2 Townhouse Release at $629,000 per townhouse to date, as was previously rumoured?

6. Looking forward to your kind update and further comments/discussion,
please.

7. Thank you.

regards,
Kenneth KOH

 

[asdf]

Looks like things started to finally cool down over there. Will be interesting to see if people are paying these kind of valuations for the townhomes. Still to be convinced that 4x2s are holding at the high $400s in Stages 15-18, even the better finished and 200m2+ ones. Better get the vals in...

 

[Ausprop]

i am told there is a sign up on one of the yet to be built townhouses - at this stage it would seem to be a very low key attempt. the townhouses are looking great and should help to drag up values of the surrounding traditional homes.

 

[Ausprop]

Looks like things started to finally cool down over there. Will be interesting to see if people are paying these kind of valuations for the townhomes. Still to be convinced that 4x2s are holding at the high $400s in Stages 15-18, even the better finished and 200m2+ ones. Better get the vals in...

would be disappointing if they didn't hold there as that would barely be repalcement given the current land prices. the combination of the railway completion and interest rate reductions in the back half of next year along with a gradually growing property market should see your money safe.