Development in Ivanhoe Vic (crap Part) - 2,3, or 4 3 Bed townhouses

[Sexyv40]

Spewing I did not buy next door when it sold for $520k five years ago. They built three townhouses, kept 2 at the front to rent and sold the one on the side (3 bed nothing special) for $850k a few months ago

You can get a reasonable sized block close to 600 sqm for b/w 850 - to $1 million.

Something like this

http://www.realestate.com.au/property-house-vic-ivanhoe-118395171

Assuming you can build spec townhouse for $250k (single garage) each and then sell for $850k each this leaves a tidy profit. Or sell 2 and keep one to rent, or live in.

Only issue I am worried about is that developers are going crazy around here we will end up having more town houses in our street than houses. Still council does not seem to care.

I think we need to build up our cash flow as well in order to get the finance, our house owes less than 200k and has been valued at over $1 million, but we have pretty much used that to purchase apartments in Kensington and North Melbourne.

Could think about selling our place and then use the proceeds to build and rent instead for a while, but loath to sell given the price we paid for the land.





Thanks

 

[mflying]

Firstly listed property is under quoted IMHO.

it is not as easy as you think, You need to calculate all soft costs into feso. plan, permits, holding cost, stamp duty. contribution to name few.

 

[sanj]

Could be worth contacting oscar/oc1, he's a melbourne developer and could help you with your feaso. Not sure what he charges though

 

[MTR]

Firstly listed property is under quoted IMHO.

it is not as easy as you think, You need to calculate all soft costs into feso. plan, permits, holding cost, stamp duty. contribution to name few.

sorry, must quickly change the subject
Please post your development project that you just completed/sold in Sydney.
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