New development Coburg!?
- Thread starter roghouse
- Start date
extension
Ah, well that's interesting, I have been asked to sign a form which is an extension to register plan of sub-division which changes the registration period to 30 June 2014.
I wonder why not all buyers were asked?
When you signed your contract was the sunset clause 2013 or 2014 already?
Thanks
Ah, well that's interesting, I have been asked to sign a form which is an extension to register plan of sub-division which changes the registration period to 30 June 2014.
I wonder why not all buyers were asked?
When you signed your contract was the sunset clause 2013 or 2014 already?
Thanks
Heya all,
Hmm, when I said I would like AIR construction to progress, I didn't expect this...
I just got the letter last night, and it was a request to extend. My sunset clause was 2013, I believe. (Documents with lawyer).
Have alerted my conveyancing lawyer about this, and we're going to discuss.
Hmm, when I said I would like AIR construction to progress, I didn't expect this...
I just got the letter last night, and it was a request to extend. My sunset clause was 2013, I believe. (Documents with lawyer).
Have alerted my conveyancing lawyer about this, and we're going to discuss.
Nicholson Apts in East Coburg by VicUrban
Has any one bought an apt at the VicUrban project in East Coburg known as Nicholson? I am planning to buy a 2 bedder with one bath which are costing from $425K and the settlement is in Feb/March 2011. I think the location is ideal for an investment property and would love to hear comments from others. But the body corporate fee seems to be expensive - quoted as between $2800 and $3600.
Has any one bought an apt at the VicUrban project in East Coburg known as Nicholson? I am planning to buy a 2 bedder with one bath which are costing from $425K and the settlement is in Feb/March 2011. I think the location is ideal for an investment property and would love to hear comments from others. But the body corporate fee seems to be expensive - quoted as between $2800 and $3600.
I didn't proceed with it and got back my deposit. VicUrban has to allocate about 90 properties for NRAS which would be managed by Urban Communities. Again, NRAS is not housing commission, but those properties would be offered at a discounted rate. I was a bit worried about the number of apartments which would become available for rent at the completion of the project. Due to high price and high body corporate fees the rental yield may not be attractive. When I compared the house prices in Coburg, there is not a huge gap between VicUrban apt price and surrounding house prices, so it may take a while for capital growth.
Well, its been a while since my last update re: the Coburg OTP apartment I signed up for, a massive thank-you to everyone who has consistently asked me how it is going - I really appreciate your support.
After nearly 3 years of communication, date changes, intentions of selling on the site, the economy not doing well... the developer has acknowledged that the project is not going ahead. They used the clause to allow the developer to pull out of the project at any time, and refunded us the deposit plus a little bit of interest.
I am taking a few positive notes away from this experience:
- The developer didn't do a rushed (and poor) job to fulfil the contract.
- They decided to refund the deposit now instead of waiting until the last possible month (end 2013 for my contract - 4 years' lead time).
- It is a learning experience that money definitely cannot buy.
...
Will be cautiously dipping a toe into what's available now, and having a look-see for the moment. Don't worry, I'm going to look at established units now, instead of apartments
After nearly 3 years of communication, date changes, intentions of selling on the site, the economy not doing well... the developer has acknowledged that the project is not going ahead. They used the clause to allow the developer to pull out of the project at any time, and refunded us the deposit plus a little bit of interest.
I am taking a few positive notes away from this experience:
- The developer didn't do a rushed (and poor) job to fulfil the contract.
- They decided to refund the deposit now instead of waiting until the last possible month (end 2013 for my contract - 4 years' lead time).
- It is a learning experience that money definitely cannot buy.
...
Will be cautiously dipping a toe into what's available now, and having a look-see for the moment. Don't worry, I'm going to look at established units now, instead of apartments
