Not All Losers on The Block

[Ms Jade]

Those who watched the series may remember Frank Valentic purchasing the first house for a client. This snippet from the recent AdvantEdge newsletter suggests that there may be opportunities where they are least expected, even in a down market.

Now, before people reply with , "Yeah, but if not for depreciation," or "What about all the other costs" etc, I'm not suggesting this is the year's best deal. Only that there is often something to be gained by those willing to swim against the tide.

Our Property Management team achieved a great result for our landlord that purchased Polly and Waz’s property on “The Block” for only $855,000. We achieved a rental of $995 per week fully furnished, much higher than the estimate of $700 per week from local Richmond agents. With around $40,000 in the building, chattel and furniture depreciation, our client will achieve a whopping 9.2% return...

 

[VYBerlinaV8]

Someone better tell Different-Here...

 

[Fifth]

Very nice yield indeed, but I wouldn't envy the buyer if this gets the green-light:

http://theage.domain.com.au/the-block-hammered-by-coles-proposal-20111018-1lyqo.html

 

[RedCat]

I live 3 doors down from the other entrance to Richmond Plaza (ie a block from The Block and yes the crowds were annoying).

Richmond Plaza is dowdy and filled with clothing stores selling dresses for $10 your Mum wouldn't wear. I can't help but think the development would be an improvement to what we have now.

Will my house lose value? I don't know. Everything else going up are shoeboxes and I'm in a massive townhouse with no Body Corp and a double garage. Its my PPOR and I bought here specifically for the location. Personally I'll take a couple of hundred new apartments and some modern shops over the currently tacky Richmond Plaza any day of the week. It has a good chemist and a Coles that's too small at the moment, everything else in there is not suited to the area at all.

I've put up with the Ark apartments building noise for 18 months and the crap that came with the Block, so I can get through this. It's GOT to be an improvement on what's there now I reckon.

 

[buzzlightyear]

More evidence of positive impact of The Block

 

[Mr. Fabulous]

Oh man, Richmond Plaza. I went in there one time and thought to myself 'Have I just teleported out to Epping?' They did have a pretty good bookstore in there though when I was there. This is going back ten years ago at least, maybe more. Possibly even mid 90's.

 

[RedCat]

Oh trust me... It STILL feels like that. I wish it still had a bookstore - that would be the Plaza's highlight!

 

[Aaron_C]

Oh trust me... It STILL feels like that. I wish it still had a bookstore - that would be the Plaza's highlight!

Good thing they plan to tear the whole thing down then. It reminds me of Dandenong.