Ashfield inner-west Meriton complex?

[MightyWill]

You seem pretty determined to buy it, so you might as well press on. But I don't think you will get anybody here telling you it's a good idea to buy into 177 apartment, 13 year old Meriton building with nothing in the sinking fund.
Good on you for finding out about the empty sinking fund, though. At least you're going into it with your eyes open.

I'm going to do a second inspection this Saturday with a friend to get a second opinion. Will see how it goes. It does require new carpets, paint and floor skirting. Not an issue if the price was a tad lower.

Anyway, I'm not 100% commented yet as I think it is a bit over priced for what it is; esp that it's only level 2 with no sunlight via the lounge room balcony which is big enough to hang your clothes out to dry.

I also caught the inner-west line yesterday to Strathfield to inspect another unit. I poked my head outside of Ashfield station when the doors opened. Not the best station I have seen; graffiti everywhere like a very run down suburb where there is no community atmosphere. Not even sure now that I would want to live in Ashfield. The crowd on the train sort of put me off as well. Just didn't seem like there were many mid to upper class people on the train. Just my personal view.

I was telling a guy at work today about the train ride and how unpleasant it looked, he agreed and we have so many people trying to buy houses, etc in the inner west over 2 mil and they don?t realise what the whole package contains The traffic as well is also so much worse as opposed to sat living in St George.

 

[depreciator]

Is the friend you are taking a property investor? Or just a mate who will comment on the state of the carpet.

Just didn't seem like there were many mid to upper class people on the train.

Thank goodness. If you're looking to rub shoulders with the upper class, you might to head to the north shore.

 

[MightyWill]

Is the friend you are taking a property investor? Or just a mate who will comment on the state of the carpet.

Just a friend who may move in with me. It's a female so she will advise if it's at a decent living standard. Good size rooms, good layout and if it has a unique selling point. Plus it gives me a chance to spot any major defects in the unit that needs repairing.

Thank goodness. If you're looking to rub shoulders with the upper class, you might to head to the north shore.

I'm from down south of Syd, so it will prob taking some getiing use to.

 

[MightyWill]

I did the second inspection and I have decided to give it a miss. Spotted crack and broken cornice from building movement and the kitchen doors are a bit busted. Too much work to fix it all up inc replacing carpet, paint and skirting, etc.

Got my eye on a place in Hurstville now. 750m walk to the station.

Will.

 

[depreciator]

The only concern is that the sinking fund is like 3k and admin fund is 21k. The guy said they sort of use the sinking fund for admin stuff as well and vice versa. There was no need to raise the levies as it sort of gets by every time the funds are topped up each quarter. No special levies are on the horizon as well.

Just thought I would revisit this one in case MightyWill is still around.
I just received a strata meeting report on that apartment I own. Ten year old building. About 60 units. $326K in the sinking fund. About right, I reckon.

 

[MightyWill]

Just thought I would revisit this one in case MightyWill is still around.
I just received a strata meeting report on that apartment I own. Ten year old building. About 60 units. $326K in the sinking fund. About right, I reckon.

Yep, still here.

I never bought it but it's now under contract after 4 weeks on the market.

Another one coming up for auction in Ashfield I will go see this weekend. Went to a Strathfield auction last weekend but didn't win. It went well above my prediction.

326K is a lot for 60 units. I guess it also depends when the levies were put in and when the report was done.

Will.

 

[depreciator]

No, $326K isn't a lot. About right, I reckon. The costs have come in for the repaint and they are around $300K. They have negotiated payment terms for the $300K, so there will be no Special Levy needed - and no need to try and drag thousands of dollars in additional fees out of 50+ owners. (What a nightmare scenario that would be.)

 

[MightyWill]

No probs mate.

Will.