Mona Vale

[PrimeCommercial]

Just bouncing around ideas while its not busy at work.

On the coat tails of a few northern beaches threads I went-a-looking to see what was available.

I noticed that there is a large difference between asking prices for 3b 2 or 3 bath townhouses, anywhere from $600k-$1.2mil. I also noted that there is a small pocket just north of Mona Vale (Pittwater Rd, Park St, Darley St.) that seems to have been developed quite a bit. New Townhouses in this area have an advertised selling price of between $750k and $1.15mil.

Anyway I found a corner block in that very same area. I'm assuming its up for auction for a very good reason, They're hoping for a few developers bidding on it.
758sqm block, it seems that the 2 block nextdoor are the same size and vintage,(or they were when the google earth images were taken) wonder if their insterested in selling?

47 Park St Mona Vale

What ballpark is it likely to go for? Michael?

 

[PrimeCommercial]

35 Park St $840,000 17-01-2008 917m2
96 PARK ST $925,000 19-12-2007 1,138m2
87 PARK ST $735,000 16-10-2007 708m2

 

[MichaelW]

Interesting!

If its dual occ and access to the rear looks pretty simple, you could render the front and do a nice little development at back and look pretty good in the end.

I reckon it will go for $800K odd, but in a depressed market maybe $700-$750K.

I could be way off the mark, but that's my guess.

My site was $700K and is 700m2 MUH zoning.

Cheers,
Michael.

 

[Ajax]

I reckon the block is a beauty (but not sure what council requires for dual occupancy or sub-division). You need to talk with the planning section of Pittwater council.

The carpet and that light cornflower blue/green? paint job is hideous. Very 1950's. Eeeeek.
Rip up the carpet, sand floorboards and repaint walls. New kitchen and bathroom. Timber deck out the front of
the house. Possible cement render job on the house. Build a second house behind.

I can a visualise the type of thing I often see in the Eastern suburbs...but not sure if zoning or your budget would permit.

http://www.realestate.com.au/objects/props/7567/103277567cl1200540461.jpg

Good sized block isn't it. And great access for builders. Easy walking distance to Mona Vale shops as well.


Ajax

 

[Oscar]

I like it. Even as a medium term "buy in gloom, sell in boom" play to another developer down the track...Rentals will continue to sky rocket in my opinion, and a depressed market won't last for ever, it never does...a bit off topic - I spent a bit of time in Mona Vale last week, and couldn't help notice how cafe society is booming in this part of the northern beaches. These places were super busy with tables spilling out onto the pavements. Kind of reminded me of the Bronte cafe transformation in the early nineties...

nice if you have the equity and can afford to hold onto it.

 

[MichaelW]

Hi guys,

I'd forgotten about this thread then noticed this site again in the real estate section of the Manly Daily this weekend. It cought my eye then and when I read the address I remembered this thread. They've got a great shot of it from up the back which clearly shows the nice big chunk of dirt its on. I reckon its a knock down rebuild, so a good mid term land bank given you've got something to rent in the interim. That's what I'm doing with my MUH Mona Vale site, but to be honest I'm about to tender that work too and move forward to CC. I think it might be time to start the build shortly then hold all three on completion with improved cash flow. I want another site or two before Sydney picks up in a couple of years time. If I'd finished my MUH development I'd be bidding at auction on 47 Park St. I'd probably go to $800K if I could MUH it, but with duplex its a bit tighter. I picked up my MUH site for $690K only a short while back. Seems good buying today...

Cheers,
Michael.

 

[EmD]

Looks like a nice block - as long as you are aware that as current council legislation stands you would not be able to sub-divide or strata the two town-houses.

The only purpose of the development would be to rent them and have good cash flow.

In terms of capital gains - I've noticed that townhouses built in dual occupancy zonings can be somewhat difficult to sell. There's one such property in King Street Newport - http://www.realestate.com.au/cgi-bin/rsearch?a=o&id=104641508&f=0&p=10&t=res&ty=&fmt=&header=&cc=&c=28446083&s=nsw&snf=rbs&tm=1212025782
It's the same concept - two buildings on one title - and it has been for sale for months. It's rare to find buyers for this type of property. It's usually family members who buy the property together. Mind you I think his price is pretty ambitious for the type of construction. Not exactly high end.

Anyway, food for thought.