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Off the Plan in South Yarra
- Thread starter BoobyG
- Start date
More options
Who Replied?OK without the carpark that is a bit high.
would have very much liked a car park but a) the few units with a 25sqm courtyard did not have a car park allocated (courtyard was only for a certain level above retail complex) and some prices I saw qucikly moved upwards past $450k for1brm with less total floor space and car park, which kind of pushed my buying price out (property is second in a SMSF)
I have asked about buying one later on but cant seem to square this away - do you have any thoughts regarding buying car parks post settlement ? can this even be done if parties are willing ?. I could quite get the story straight - one party told me there were "unallocated" car parks, others said they are part of the title for each allocated unit.
does anyone have experiance in trying to buy car parks (same building) and managing the sale contract process ?
would have very much liked a car park but a) the few units with a 25sqm courtyard did not have a car park allocated (courtyard was only for a certain level above retail complex) and some prices I saw qucikly moved upwards past $450k for1brm with less total floor space and car park, which kind of pushed my buying price out (property is second in a SMSF)
I have asked about buying one later on but cant seem to square this away - do you have any thoughts regarding buying car parks post settlement ? can this even be done if parties are willing ?. I could quite get the story straight - one party told me there were "unallocated" car parks, others said they are part of the title for each allocated unit.
does anyone have experiance in trying to buy car parks (same building) and managing the sale contract process ?
have bought and sold my carpark as i wanted mine to be in the ground floor (sth melbourne)
have bought and sold my carpark as i wanted mine to be in the ground floor (sth melbourne)
Melb. great to know. thanks. i assume its some kind of real estate contract etc
Melb. great to know. thanks. i assume its some kind of real estate contract etc
the developer would sometimes hold carparks in which they sell on later on.
or you could post your request to owners corp who would let residents know if they wish to swap or not.
if you buy 499K you can get a 2 bedroom 80+sqm 1 carpark 1 bath
379K can get you 70sqm 1 carpark and 1 bath.
379K can get you 70sqm 1 carpark and 1 bath.
Its OTP, there’s always a premium to pay in OTP. I bought a 1br 1bth 1car park apartment OTP for 480k. It’s a 2 level loft, 98sqm including balconies. Is it expensive? Yes. Did I overpay? Maybe. But it ticked all my boutique development boxes so I bought in.
Rob. You did well if you got yours under 400k. Considering what I saw for sale in Society for that price, if your place has walls you’re already ahead. ILK is superbly located as well, having Toorak rd and Chapel st on your door step is awesome. Not having a car park is a bit of a bummer but becomes less of an issue considering the location.
Melbournian. The apartments you’re quoting, they are not OTP are they?
Rob. You did well if you got yours under 400k. Considering what I saw for sale in Society for that price, if your place has walls you’re already ahead. ILK is superbly located as well, having Toorak rd and Chapel st on your door step is awesome. Not having a car park is a bit of a bummer but becomes less of an issue considering the location.
Melbournian. The apartments you’re quoting, they are not OTP are they?
Its OTP, there’s always a premium to pay in OTP. I bought a 1br 1bth 1car park apartment OTP for 480k. It’s a 2 level loft, 98sqm including balconies. Is it expensive? Yes. Did I overpay? Maybe. But it ticked all my boutique development boxes so I bought in.
Rob. You did well if you got yours under 400k. Considering what I saw for sale in Society for that price, if your place has walls you’re already ahead. ILK is superbly located as well, having Toorak rd and Chapel st on your door step is awesome. Not having a car park is a bit of a bummer but becomes less of an issue considering the location.
Melbournian. The apartments you’re quoting, they are not OTP are they?
nope they're existing. Zed -we're all here to make money but i can't really see the merits for OTP. how much capital growth could someone see in 1-2 years?
but you're done pretty well for your age with ur portfolio.
Guys,
I am new here and was wondering if anyone has a floor plan for ground floor at ilk...
was wondering how ilk designs for lobby, services (like rubbish bin, mail and so on)
Thanks
SCDD80
u can always request from the developer
u can always request from the developer
Thanks Melbournian..
I asked so many questions already to the real estate agent lately...I just do not want them think that I am overworried and I think they are. I have sent the email last week but I havent got back from them lol.
Should ask directly to the developer? or if anyone knows please let me know
Thanks
Valuation Result
G'day
I promised that I would post when the Valuation Report was available for the apartment in South Yarra purchased by my customer 'Off The Plan' in January, 2010
The Plan has now been registered and the Certificate of Occupancy has been issued. The Apartment block looks fantastic from the street and the apartments are finished to a high standard
My customer paid $525,000 for a one bedroom, one bath, all-in-one living area, balcony, basement car space and storage cage. The residential floor area is about 65m2
The Valuer returned a valuation of $525,000
Comparables used to prepare the estimate of market value were:
Sale October 2010, 1960s build, Inferior $450,000
Sale March 2011, 2003 build, Inferior $469,000
Sale December 2010, 2003 build, Inferior $472,500
Sale January 2011, 2003 build, Inferior $485,000
Sale November 2010, 2004 build, Inferior $499,500
Sale December 2010, 2007 build, Superior $577,500
Sale of Subject Property January 2010, 2011 build, $525,000
As you can see the Valuer has very few sales of recently built properties to compare with. This would indicate that new builds are either (a) scarce in the area, or (b) once complete, not available for resale in the area.
South Yarra is somewhat 'tightly held' with regards to ownership of quality property
It is an area beloved by renters and the turnover in property available for rent can give the impression that the properties themselves are sold frequently.
If the above list is the most comprehensive list available to the Valuer for properties deemed to be comparable to the subject property, this would indicate that the truth is far from the perception. Six sales of one bedroom apartments in six months in a postcode (and the 2007 build is actually in the Toorak postcode) does not a volatile market make.
It would certainly appear to me that values have held well and that my customer, by buying 'Off The Plan', has purchased entry to an area which may otherwise have been closed to her.
Regards
Kristine
G'day
I promised that I would post when the Valuation Report was available for the apartment in South Yarra purchased by my customer 'Off The Plan' in January, 2010
The Plan has now been registered and the Certificate of Occupancy has been issued. The Apartment block looks fantastic from the street and the apartments are finished to a high standard
My customer paid $525,000 for a one bedroom, one bath, all-in-one living area, balcony, basement car space and storage cage. The residential floor area is about 65m2
The Valuer returned a valuation of $525,000
Comparables used to prepare the estimate of market value were:
Sale October 2010, 1960s build, Inferior $450,000
Sale March 2011, 2003 build, Inferior $469,000
Sale December 2010, 2003 build, Inferior $472,500
Sale January 2011, 2003 build, Inferior $485,000
Sale November 2010, 2004 build, Inferior $499,500
Sale December 2010, 2007 build, Superior $577,500
Sale of Subject Property January 2010, 2011 build, $525,000
As you can see the Valuer has very few sales of recently built properties to compare with. This would indicate that new builds are either (a) scarce in the area, or (b) once complete, not available for resale in the area.
South Yarra is somewhat 'tightly held' with regards to ownership of quality property
It is an area beloved by renters and the turnover in property available for rent can give the impression that the properties themselves are sold frequently.
If the above list is the most comprehensive list available to the Valuer for properties deemed to be comparable to the subject property, this would indicate that the truth is far from the perception. Six sales of one bedroom apartments in six months in a postcode (and the 2007 build is actually in the Toorak postcode) does not a volatile market make.
It would certainly appear to me that values have held well and that my customer, by buying 'Off The Plan', has purchased entry to an area which may otherwise have been closed to her.
Regards
Kristine
Valuation Result
Very useful information Kristine. To the point. I have bought OTP apartment in SY - SEE Apartment. Objective - Cg 3-5 years time frame, 1 br and study 58 sq m incl balcony.$440k. 8th floor. Construction in progress.Settlement in Jan 2011.
folks, what do you think about the SY forest hill developments. is the price right. icon construction is the builder and developer. Any opinions ?
Cheers,
Magnate
Very useful information Kristine. To the point. I have bought OTP apartment in SY - SEE Apartment. Objective - Cg 3-5 years time frame, 1 br and study 58 sq m incl balcony.$440k. 8th floor. Construction in progress.Settlement in Jan 2011.
folks, what do you think about the SY forest hill developments. is the price right. icon construction is the builder and developer. Any opinions ?
Cheers,
Magnate
Construction in progress.Settlement in Jan 2011.
How does that work?
G'day
I promised that I would post when the Valuation Report was available for the apartment in South Yarra purchased by my customer 'Off The Plan' in January, 2010
The Plan has now been registered and the Certificate of Occupancy has been issued. The Apartment block looks fantastic from the street and the apartments are finished to a high standard
My customer paid $525,000 for a one bedroom, one bath, all-in-one living area, balcony, basement car space and storage cage. The residential floor area is about 65m2
The Valuer returned a valuation of $525,000
Comparables used to prepare the estimate of market value were:
Sale October 2010, 1960s build, Inferior $450,000
Sale March 2011, 2003 build, Inferior $469,000
Sale December 2010, 2003 build, Inferior $472,500
Sale January 2011, 2003 build, Inferior $485,000
Sale November 2010, 2004 build, Inferior $499,500
Sale December 2010, 2007 build, Superior $577,500
Sale of Subject Property January 2010, 2011 build, $525,000
As you can see the Valuer has very few sales of recently built properties to compare with. This would indicate that new builds are either (a) scarce in the area, or (b) once complete, not available for resale in the area.
South Yarra is somewhat 'tightly held' with regards to ownership of quality property
It is an area beloved by renters and the turnover in property available for rent can give the impression that the properties themselves are sold frequently.
If the above list is the most comprehensive list available to the Valuer for properties deemed to be comparable to the subject property, this would indicate that the truth is far from the perception. Six sales of one bedroom apartments in six months in a postcode (and the 2007 build is actually in the Toorak postcode) does not a volatile market make.
It would certainly appear to me that values have held well and that my customer, by buying 'Off The Plan', has purchased entry to an area which may otherwise have been closed to her.
Regards
Kristine
a property is only worth as much as buyer is willing to pay for. i could have my property valued at 1 million but could wait 3 years and not get an offer.
Valuations are only to get extra equity out and not necessarily something that can be used to justify that a property could sell for that price.
Valuations
But valuation done by Kristine as a lender has taken into account past sales statistics or rather compared market activity for the last few years. As a lender, recent market activity is the best yardstick.
folks, what do you think about the new developments coming up in Forest Hill. Prices charged per sq m vary - Vogue, Michael YATES, Baracon, Icon, ILK charge different rates. I know we need to take into account the quality and precise location but what would be a reasonable price range for SY in that location / any idea. between $7k to $9k perhaps ?
cheers
magnate
But valuation done by Kristine as a lender has taken into account past sales statistics or rather compared market activity for the last few years. As a lender, recent market activity is the best yardstick.
folks, what do you think about the new developments coming up in Forest Hill. Prices charged per sq m vary - Vogue, Michael YATES, Baracon, Icon, ILK charge different rates. I know we need to take into account the quality and precise location but what would be a reasonable price range for SY in that location / any idea. between $7k to $9k perhaps ?
cheers
magnate
