My latest Purchases 100 meters to lake 100 meters to pacific ocean (some views)

Ok, been a while since I have posted about my own recent buys but thought while I had 10 mins up my sleve I would post these 2 units I am settling on tomorrow.

3-4 months ago i negotiated these which took forever.

I found a developer who had gone under administration who had built 80 units and did not sell them all.

They were selling $270-300k 1 bed, $370-500k 2 bed, $450-850 3 bed. they were approx 3 years old.

These properties are of a quality finish and in an attractive spot 1hr from sydney.

My two I am settling on are a ground floor 1 bed for $135k, and a 2 Bed with on upper level water views for $212k. these rent for $230 and $290pw with latest increases and will have further rent increases in 3 months time.

This is for water front property, 1 hr from sydney, yield of 7%, and $200k under original sale figures comparables were selling for.

Who says money cannot be made in the current market.

I have attached a few pics without giving too much info away. But these are not a repeatable purchase, but thought id share some of my own portfolio buys of late.
 

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Nathan, great buys there. I'm curious to know whether these were actually on the open market or if you found out about these through your contacts?
 
I wish i grabbed a few more for me too :)

They were listed on market but not at our prices, I went in harsh and picked up a bigger parcel from the administrators. Prior to this they were pretty low key.
 
My two I am settling on are a ground floor 1 bed for $135k, and a 2 Bed with on upper level water views for $212k. these rent for $230 and $290pw with latest increases and will have further rent increases in 3 months time.

This is for water front property, 1 hr from sydney, yield of 7%, and $200k under original sale figures comparables were selling for.

.


Amazing. Well done.


See ya's.
 
What I can gather from this, is that you purchased these properties from the administrators. Obviously the developer went into liquidation and the administrators had a few properties left to sell. You played hard ball and the administrators could not sell on the open market or they just wanted to get rid of them at whatever price.

Sounds to me like the real market value is somewhat closer to what you paid or your units within the complex are not too good compared to the others. Certainly buying 4 months ago is better than buying now. Glad I did not buy at the prices you quoted above. Sorry for those that did.

Well done – good long term buys I reckon.
 
Nathan,

If these are in "Pacific Reef" Hutton Parade, The Entrance North then I think you've done well.

I had a look at these over 12 months ago and there were some good deals even then, to be picked up. My major concern was the many, many (35) pages of building defects and the Supreme Court proceedings of 2006 in relation to them.

Perhaps that has all been sorted now? ;)
 
I've keeping an eye out there, and never till now thought about buying an apartment and leaving it vacant as a getaway.
I remember when everybody was buying up there saying it was the "next big thing", looks like it's now the next cheap "thing".
At >150 for a studio in a holiday resort, darn that looks tempting!
 
Nathan.

Does that 1 bedder include garage??

Have a lot of time for The Entrance, except for the weekends and school holidays.
 
Sorry just to clarify these are residential apartments not a serviced studio type unit.

Yep 1 bed has garage aswell :)
 
Pretty reasonable considering.

The situation is the strata fund was never set up properly, and it needs to be built up.

1 bed is like $530per qtr and 2 bed is $800per qtr.

with rents at $320pw and $230pw respectively they will be neutral cashflow, excluding any tax or depreciation which i only ever consider as bonuses anyway.
 
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