Glencorp community developments

[CairnsAgent]

Has anyone had any experiences with buying off the plan in one of Glencorps residential communities? They seem to be very attractive developments and are always sold out off the plan, was just wondering if anyone had purchased off the plan and followed through construction / settlement, was it a good experience? Did you realise much capital growth during the construction period?
these developments are built totally around resort style pools and lagoons, look more like 5 star resorts than housing developments!

Any thoughts would be greatly appreciated!!

Cheers

 

[Watermelon Man]

Has anyone had any experiences with buying off the plan in one of Glencorps residential communities? They seem to be very attractive developments and are always sold out off the plan, was just wondering if anyone had purchased off the plan and followed through construction / settlement, was it a good experience? Did you realise much capital growth during the construction period?
these developments are built totally around resort style pools and lagoons, look more like 5 star resorts than housing developments!

Any thoughts would be greatly appreciated!!

Cheers

Jamie, I'm familiar with these developments (no personal prior buying experience with them though); however most unit developments nowadays are being sold to out-of-towners (unsuspecting investors as well) - If you're from Sydney, Melbourne (most capital cities), then you'll think a 2 brm, 2 bath unit for $250k, 5 mins to city is cheap & with returns around 4-5%; out-of-town investors flood in!!! Glencorp built The Lakes Resort in Cairns North along with H & S Vision Developers; then went out on their own & duplicated the same resort lifestyle concept with around 5 the same currently or past across Cairns. Same will happen with CEC's massive development in Manoora worth around $100m. Most resales from these types of developments are not huge - The Lakes units have not increased hugely despite being one of the most glamourous complexes in town.

 

[CairnsAgent]

Watermelon man,
Agree with you on the Lakes resort...we have auctioned 3 mortgagee repo's there in the last 4 months....and it doesn't look to be getting any bettter.
I was more interested in the developments that are more focused on owner occupier rather than resort / holiday let. Whitfield waters for instance has great occupancy rates as rentals, and have achieved good growth also, but I'm not aware of the body corps & associated holding costs of the apartments...I would assume it would be high due to the nature of the development.

Would love to hear from anyone else who has any thoughts on this.

cheers,