Apartments in Werribee

[Lamingtons]

I can hear the ink drying on the paper ... Oh dear.
I hope they have a cooling off period.

At least with my sales, the guys are getting strippers. I can sleep at night knowing that I did not bankrupt a family.

I hope you do not get entangled when they start pointing fingers.

 

[RightValue]

vincenzo et al,

your firend is looking to buy in werribee south; in the proposed new marina development.

werribee south is a long way away from werribee .. a 10 -15 minute drive through tranquil market gardens.

There is no comparability between werribee south and werribee, werribee south is a bayside suburb, with a median house price way above werribee .. it is also a tightly held suburb.

that said .. I think these prices are crazy.

I had to value a block of land in the proposed development - earthworks have not even commenced.. the 398sqm site had sold for $389K, almost $1,000 per sqm .. and this is for blocks without views etc. .. It makes Altona (half the distance/time to the city) look cheap .. a 1000sqm block with bay views sold for $971k a couple oof months ago .. a 3 to 4 unit site!

people are buying a dream there..it is a bit like Williams Landing.. only time will tell if the huge premiums will be appreciated on resale of established dwellings, especially in less bouyant market conditions.

as for a rental of $375 per bedroom .. I am sure this rental guarantee is built into the price .. sounds pretty fantastic. .. just like a 7% yield....

i will repeat my warning... I have never once seen an off the plan apartment purchase that is actually worth the price at time of sale.

cheers

RightValue

 

[vincenzo]

All I know now is that they think the appointment last night "went well" and that they don't want to talk about it anymore

After all the emails and lectures i've been giving them over this, i'm pretty sure they wouldn't be trying to blame me if things go bad... they seem peeved off enough about all the doom and gloom stories i've been telling them about these sort of developments, that I don't think they consider me a friend anymore! Even though I've been offering to help them find a good investment, it's like I'm they enemy now

I'm not at all angry with them, they are nice people just not that good with money I guess. I'm furious with the developers/con artists This sort of thing should be illegal.

We know this couple as the girl used to work with my wife... but now there is some stupid new friend that the girl has made at her new job, who apparently has been telling her about how good this development is
I'm really not looking forward to hearing how bad of an influence this new friend was, and then hearing them asking us to help them start over

I wonder if any of this would have happened if I had never mentioned investing to them? I'm guessing that even if not, they probably would have just blown a heap of cash on some other bad decision.... or am I being too much of a doom and gloomer here?

Does anyone think there is a chance that this investment would work out well?

 

[MCS_80]

I'm looking forward to these "750+ p/w" rentals going up, will help drag the value of our houses up in central Werribee.

Cheers

Mick

 

[Lamingtons]

Look Vincenzo, maybe like RightValue said we are the ones missing out and they have landed a great buy.

I went online to look for houses in Werribee and I found a mansion yes mansion that looked like it was transplanted from Brighton in Werribee for $750 big Gs.

I dunno maybe I'm ol' skool and a newbie I have to see the bricks and the mortar before I can commit to half a mill.

 

[vincenzo]

They didn't buy it

They say they regret not buying it, they still think that it's a potential goldmine And they are still p'ed off with me

So whatever, it's not like I stopped them from buying it, I just told them what I thought of it, and gave a couple of examples of other investments around. I'm pretty sure they decided to not buy it by themselves

 

[kissfan]

They didn't buy it

And they are still p'ed off with me

Only until they find (perhaps with your help ) a better investment.

Regards
Marty