Lethbridge Park, 3 Bed Subdividable Corner Lot

Discussion in 'Caveat Emptor (Buyer Beware)' started by skater, 9th Nov, 2014.

  1. skater

    skater Capitalist

    Joined:
    8th Nov, 2003
    Messages:
    9,220
    Media:
    1
    Location:
    Sydney
    I'm not one who usually sells, but we've decided that this has to go in order make room for other investments. It's on a corner in Lethbridge Park. The block is over 600sqm, which means it's subdividable, or put a granny flat on it facing the second street.

    This home is close to both primary & high schools and has an excellent tenant who wants to stay on.
    http://www.realestate.com.au/property-house-nsw-lethbridge+park-118372987
     
  2. DaveM

    DaveM KFC Buyers Agent

    Joined:
    19th Mar, 2011
    Messages:
    4,953
    Location:
    Sydney/Adelaide
    Nowhere near as slummy as I expected skaters IP's to be :D

    Also I note you chose everyones most hated agent to deal with? :p
     
  3. MsAli

    MsAli www.propertytwins.com.au

    Joined:
    12th Sep, 2009
    Messages:
    1,637
    Location:
    Sydney, NSW
    nice block. The house seems to be well placed too assist subdivision. Not sure how much money in that though :D.

    Btw, skater, I've read a few times you purchased in trusts etc. Was that an intentional decision or something you wouldn't do?

    Good luck!!
     
  4. skater

    skater Capitalist

    Joined:
    8th Nov, 2003
    Messages:
    9,220
    Media:
    1
    Location:
    Sydney
    Awe, come on now! I've always said I keep well maintained properties.:eek:

    I do, however have a couple that are still in original condition. No point kicking the long term tenant out at this point. When they leave, the properties will get a good spruce up.
     
  5. skater

    skater Capitalist

    Joined:
    8th Nov, 2003
    Messages:
    9,220
    Media:
    1
    Location:
    Sydney
    Let me be VERY clear about this!

    DO NOT EVER GO NEAR TRUSTS, UNLESS YOU'VE DONE YOUR HOMEWORK & IT WILL WORK IN YOUR SITUATION.

    This is one of the reasons that this particular property is being sold. It was bought in a Trust, along with a heap of others. We already sold some out of the Trust, but the Trust is carrying a heap of losses. Close to $300k now, and still climbing each year. This will stop the losses, pay us back some of what is owed, and there will be no CGT to be paid.
     
  6. datto

    datto Member

    Joined:
    24th Dec, 2010
    Messages:
    8,804
    Media:
    8
    Location:
    sydney, westie - middle class bogan (MCB)
    Noice. But I think I'm not allowed to go that close to a school.
     
  7. Demoivre

    Demoivre Member

    Joined:
    17th Oct, 2013
    Messages:
    210
    Location:
    Perth, WA
    Haha I love your comments these past hour.
     
  8. travelbug

    travelbug Member

    Joined:
    11th May, 2008
    Messages:
    3,028
    Media:
    3
    Location:
    Sydney NSW
    Good luck with the sale. I'd love to hear how it goes. I have one nearby. Not a corner though.

    So you're undecided as to whether trusts are a good idea? :p
     
  9. skater

    skater Capitalist

    Joined:
    8th Nov, 2003
    Messages:
    9,220
    Media:
    1
    Location:
    Sydney
    After our experience, I'll go with the "KISS" method, I think.;)
     
  10. DaveM

    DaveM KFC Buyers Agent

    Joined:
    19th Mar, 2011
    Messages:
    4,953
    Location:
    Sydney/Adelaide
    Skater isnt trust worthy
     
    Jacque likes this.
  11. ZachAnSel

    ZachAnSel Member

    Joined:
    12th Feb, 2013
    Messages:
    339
    Location:
    Sydney
    Good luck Skater..
    I also will watch this closely, cause we plan to sell one in February..
     
  12. neK

    neK Member

    Joined:
    22nd Dec, 2009
    Messages:
    1,961
    Location:
    Sydney, NSW
    Can i ask how come you don't subdivide it or get it to a point where subdivision is approved?
     
  13. skater

    skater Capitalist

    Joined:
    8th Nov, 2003
    Messages:
    9,220
    Media:
    1
    Location:
    Sydney
    Did you see the post on Trusts?

    After sitting down & discussing which ones to offload, this was the most logical one at this point in time. Would prefer to sell in spring, so it's going as is.
     
  14. Mindmaster

    Mindmaster Brendon

    Joined:
    14th Feb, 2009
    Messages:
    506
    Location:
    China
    Which trust post are you referring to?

    The last trust thread I could see you commented on was back in Dec 2013.
     
  15. skater

    skater Capitalist

    Joined:
    8th Nov, 2003
    Messages:
    9,220
    Media:
    1
    Location:
    Sydney
    Post 5 in this thread.
     
  16. neK

    neK Member

    Joined:
    22nd Dec, 2009
    Messages:
    1,961
    Location:
    Sydney, NSW
    Pardon my ignorance, but from what I gathered from the post 5 is that this property was purchased in a trust and the trust is carrying a heap of losses.

    How getting the property to an approval stage of subdivision or even actually subdivided and selling each one off individually change anything even if its in a trust?
     
  17. skater

    skater Capitalist

    Joined:
    8th Nov, 2003
    Messages:
    9,220
    Media:
    1
    Location:
    Sydney
    OK, when we sat down & looked at which properties were going to be sold, we took into consideration the structures that they were in as well.

    This one ticked all the boxes, as it will not only pay us back a heap of $$, it will also stop the accrual of further losses, which makes it a very attractive property to sell.

    Once we made the decision, there really wasn't any time to get DA's approved if we wanted to offload in Spring.

    I fully understand that we could make more profit by holding off & doing some work, but I'm also wary that the process could take a while & that there is risk that the market may cool down. I do think there is quite a bit more steam in the market, but we'd rather take our profit now as you never know what is around the corner.

    We've got another that will hit the market in the new year, and if the market is still hot, there will be another next year, again in Spring.
     
  18. neK

    neK Member

    Joined:
    22nd Dec, 2009
    Messages:
    1,961
    Location:
    Sydney, NSW
    Fair call. That makes sense.
    Thanks for clarifying :)
     
  19. datto

    datto Member

    Joined:
    24th Dec, 2010
    Messages:
    8,804
    Media:
    8
    Location:
    sydney, westie - middle class bogan (MCB)
    And SOLD!..................
     
  20. neK

    neK Member

    Joined:
    22nd Dec, 2009
    Messages:
    1,961
    Location:
    Sydney, NSW
    Congrats skater