http://www.theage.com.au/business/property/schwartz-weathers-markets-big-chill-20110717-1hk4q.html
HIGH-profile Melbourne property developer Morry Schwartz is taking one of his biggest gambles with a no-reserve auction of his entire portfolio of 77 properties at the Falls Creek ski resort next month.
Mr Schwartz, publisher of The Monthly magazine and Quarterly Essay, said 73 apartments and four retail spaces in the Huski, St Falls and Silverski projects he developed with his son-in-law, architect Callum Fraser, will be sold on August 28 in a ''no reserve'' time-limited auction where all properties will be sold at the same time. He said he was putting the properties on the block to fund new boutique developments in Sydney and Melbourne.
Bidders would be linked from around Australia, Singapore and Hong Kong to the auction in Melbourne's Crown Casino, selling agent Mark Williams from Ray White said.
''I do expect a discount but I don't think it will be dramatic,'' Mr Schwartz said.
Falls Creek averaged about 30 sales this year and an extra 77 properties flooding the market was likely to cause a glut for other vendors, Hay Property Group valuer Peter Hay said.
Sales of property on Victoria's ski slopes were well below their high point, he said.
Apartments in St Falls are being advertised online starting at $405,000 for a single-bedroom unit and rising to $895,000 for a three-bedroom dwelling with alpine views.
''It's an interesting time to do it [the auction],'' Mr Schwartz said. We've had three years of a kind of GFC. I've got a feeling we're coming out of the end of that.''
Be interesting what they are worth and what they actually sell for
HIGH-profile Melbourne property developer Morry Schwartz is taking one of his biggest gambles with a no-reserve auction of his entire portfolio of 77 properties at the Falls Creek ski resort next month.
Mr Schwartz, publisher of The Monthly magazine and Quarterly Essay, said 73 apartments and four retail spaces in the Huski, St Falls and Silverski projects he developed with his son-in-law, architect Callum Fraser, will be sold on August 28 in a ''no reserve'' time-limited auction where all properties will be sold at the same time. He said he was putting the properties on the block to fund new boutique developments in Sydney and Melbourne.
Bidders would be linked from around Australia, Singapore and Hong Kong to the auction in Melbourne's Crown Casino, selling agent Mark Williams from Ray White said.
''I do expect a discount but I don't think it will be dramatic,'' Mr Schwartz said.
Falls Creek averaged about 30 sales this year and an extra 77 properties flooding the market was likely to cause a glut for other vendors, Hay Property Group valuer Peter Hay said.
Sales of property on Victoria's ski slopes were well below their high point, he said.
Apartments in St Falls are being advertised online starting at $405,000 for a single-bedroom unit and rising to $895,000 for a three-bedroom dwelling with alpine views.
''It's an interesting time to do it [the auction],'' Mr Schwartz said. We've had three years of a kind of GFC. I've got a feeling we're coming out of the end of that.''
Be interesting what they are worth and what they actually sell for
