Deals you missed out on and are still spewing about

There's a property that I coulda woulda shoulda got hold of years ago that would have been a phenomenal deal that still makes me cry a little inside every time I go past it - block of 16 strata titled units that ended up being bought by a guy who then sold them all during settlement (during settlement!!!) for a 40% profit and settled them all 30 days later, that then proceeded to appreciate by another 50%, so all said and done he probably scored a handful of paid off apartments in the span of a couple of months without picking up a screwdriver. Spewing. Speeeeewwwwing!! :(

I'm sure everyone here has a "the one that got away" story that they would really, really like to share so as to make me feel less bad. Never driving past that stupid block again
 
1. The downtown house on 1200 m2 block in Byron Bay... 200K
2. The house next door in Bronte, Sydney, overlooking the beach... 350K
3. The 1 bed flat next door in London zone 2... 84K sterling.
All these in the mid-late 1990s
 
A semi in Maroubra in 06 for 600k. Or a freestanding house in the same month for 675k. Semi sold last year for low 900s and the house would be around the 1.1mil mark now. Our bank said we didn't have borrowing capacity - not long after I realized not all banks were the same and we probably couldve gotten a loan.
 
well this wasnt a deal that i missed out on but my friend bought
about 3 years ago

bought a run down place on a fairly large block of land for approx 1.2 million at auction in a blue chip suburb with the intention to subdivide

held onto it for 13 months for whatever reason

sold it for a 800k profit wthout even touching it!

WOW
 
First attempted IP

1998. Boronia(eastern Melbourne). 3 br 1 bth fibro(with aspestos roof) house on 1200 sqm. Negotiations broke down in the low to mid $90K range! Hate to think what a potential 4 unit site there would be worth today:mad:. Live and Learn i guess.

Ended up buying a house in Vermont that i sold 2.5 yrs later for twice what i paid. So worked out OK, probably wouldnt have bought the Vermont house if the Boronia one had got up.
 
Love the tags on your thread lol

I see them all the time. One I have to pass several times a day some days - 3 adjacent vacant alotments (one title, 3 lots so still requires subdivision) on the corner of my street, opposite the vacant lot where the sawmill used to be umpteen years ago (so no local will touch it cos OMG its opposite the sawmill and its soooo loud. WHAT FREAKIN SAWMILL?!?!).

Damn thing has been for sale well over a year now, they've dropped the price, and I'm utterly maxed out so unless I can save up a nice slab of cash I'm just going to watch someone else buy it and stick 3 houses on there *sigh*

Land $21k + connections + small 3/2/1 from the Fairmont catalogue = ~$150k, median price of a nice 3br brick house here = ~250-300k. Multiply that by 2 and keep the third one as a fully-owned rental.

Argh!
 
One on behalf of one of my buddies - 2 MR zoned (4 storey high rise) 4 years ago that he bought for 650k for both and sold for a slight profit because of financial duress (couldn't get money to develop from the bank). One of them sold (one.) for 800k a year and a half ago. The guy who bought them? The financier who couldn't get them the money to develop. That's a million bucks up in 2.5 years for the price of servicing a 650k loan.
 
2004/05 - as many green title blocks as I wanted in Karratha for $80k each and a builder willing to vendor finance transportable constrution $200k each. Current val = $1m, rent $2000pw.
 
I was wrong about feeling better. Now I'm spewing on your behalf :( That suuuuuucks

we can collectively feel bad, I offered them out to forumites (here and on the other forum I think?) but was told I was a spruiker and the local market was a bubble waiting to pop :eek: Got a dozen or so away for mates and associates and a couple myself, but gees that was a good one...
 
I was wrong about feeling better. Now I'm spewing on your behalf :( That suuuuuucks

how about the one that I am glad got away? sold a house for $2.2m, the guy has spent $400-500k renoing it, plus the $120k or stamp duty, agents fees out say $50k, 2 years interest say $300k, rates, taxes balh blah call it $3m to be kind, now on the market looking for offers from $1.9m - ouch
 
There have been only 2 that I've missed out on, both of which I still can't bring myself to even think about....guess I'm still (to quote you OA) "Speeeeewwwwing!!" :( :mad:
 
I see them all the time. One I have to pass several times a day some days - 3 adjacent vacant alotments (one title, 3 lots so still requires subdivision) on the corner of my street, opposite the vacant lot where the sawmill used to be umpteen years ago (so no local will touch it cos OMG its opposite the sawmill and its soooo loud. WHAT FREAKIN SAWMILL?!?!).

Damn thing has been for sale well over a year now, they've dropped the price, and I'm utterly maxed out so unless I can save up a nice slab of cash I'm just going to watch someone else buy it and stick 3 houses on there *sigh*

Land $21k + connections + small 3/2/1 from the Fairmont catalogue = ~$150k, median price of a nice 3br brick house here = ~250-300k. Multiply that by 2 and keep the third one as a fully-owned rental.

Argh!

Rumpled elf, if its such a good deal, why is it still for sale? seriously?
 
we can collectively feel bad, I offered them out to forumites (here and on the other forum I think?) but was told I was a spruiker and the local market was a bubble waiting to pop :eek: Got a dozen or so away for mates and associates and a couple myself, but gees that was a good one...

Such a shame, but some people just don't listen. I was doing a rezone as a favour for a friend ($150 000 worth of work for free because I enjoy it and the guy deserves a break) on a $700k block of land that, if rezoned (6 months and $2k) would hit the $1.5 million mark, plus plans (also free) that would allow them to build 12x2BRx4 storeys at a build cost of about $2.5M with each of the units being worth just under $500k (with seafrontage/upper levels being worth just under $600k) so total value realistically $6M with them being out of pocket a total of $3.2M - so they would have effectively traded a $700k dilapidated property for the top half of a high rise structure worth 4 times that, but instead the father has said that he wants to build 3 townhouses on the block worth about $750k apiece with a $900k build price.

So instead of 6 2BR units fully paid off earning $3000pw worth $3M plus, he wants to have 3 townhouses worth $2.25M with a $900k mortgage renting out for $2200pw.

I tried explaining that $3M outright CF+ is a tad better than $1.35M equity CF- but alas, dealing with stubborn old Greek men is usually futile. Such a shame because now the rest of the family is waiting for him to die/get alzheimers so that they can exit the rat race. Plus the deals you can pull off when you have $3M outright and that level of cashflow! Tears welling up in my eyes and everything :(
 
how about the one that I am glad got away? sold a house for $2.2m, the guy has spent $400-500k renoing it, plus the $120k or stamp duty, agents fees out say $50k, 2 years interest say $300k, rates, taxes balh blah call it $3m to be kind, now on the market looking for offers from $1.9m - ouch

Yowee poor bugger. I have some cousins who were offered $1.3M for their dilapidated 70's house in a good area who turned it down, used the equity to purchase a $1M apartment. Fast forward 9 months, superior apartments in the same complex have gone from $1.05M to $850k, and when they put their original property up for auction they didn't get a single bid at a starting price of $700k. What a bunch of geniuses
 
Giga ultra spewing

Big industrial property came up for sale in Canning Vale in late 2006.

20 acres. Three titles. Vendor asking price was 18m.

First title was a 10 acre vacant block of land on the corner with about 300m of street frontage. Beautiful to carve up.

Second title was a 6.5 acre block with a 2 acre factory on it that the Vendor wanted to stay in. Vendor was prepared to sign a Lease for 5 years paying a starting rent of 1.14m nett pa escalating at 5% plus pick up the full outgoings.

Third title was a 3.5 acre vacant block of land with some Western Power easements.

----------------------


I went to the Bank and asked for the full amount to be loaned, setting out my business plan and carve up strategy, with likely sales etc which had been prepared by the Vendors sales consultant. Interest rate was 7.2% at the time. Total interest to hold the entire property was 1.29m, so I'd only have to chip in 150K pa to hold it whilst carving up the blocks.


Bank said "you've got to be crazy, no way, you're too young, come back in 10 years time. This is wayyy too risky".


A consortium of 20 Victorians came along about 2 months later and bought it for 18m, paying full asking price. They chipped in 900K each.


They hired a town planner and architect who carved up the 10 acre corner block within 18 months. Small road put through, divvied it up into 16 half acre blocks and whacked up signs saying "for sale" at 1m each. They sold like hot cakes. All wrapped up in less than 2.5 years.


They tried to sell the 3.5 acre block separately for 3m, but because it had big gas pipeline easements, it wasn't much chop....so they let it go for 2.2m

All up, they got receipts of 18.2m from the land sales. Don't know how much it cost to carve up - probably 1m ??

In the final wash up, they picked up the income producing factory on 6.5 acres for about 1m of holding and carve up costs, which is now pouring 1.45m pa nett rent into their pockets, and at a cap rate of 10% is worth 14m to them.

Each of the 20 Victorian investors has got their entire 900K investment back, and is sitting back collecting over 72K per year in hassle free nett rent mortgage free money every year.

When I showed the Banker last year the final result, he simply shrugged and said "Don't worry, it just wasn't your time - who could have possibly known it was going to turn out that well". I could have thrown him out of the car.
 
When I showed the Banker last year the final result, he simply shrugged and said "Don't worry, it just wasn't your time - who could have possibly known it was going to turn out that well". I could have thrown him out of the car.

:eek: dont worry it was just $14m profit! well done on the restraitn shown in not slapping him
 
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