part complete development sites

[grossreal]

hi all
what am I looking for
the name of the post
looking for distressed sites that are part complete with or without a receiver on them.
would like cbd but can look at others
want them 60 to 70% complete if posssible
would love to see a few in perth if you have them.
post or pm me
thanks in advance
I think this is the best place but could go to caveat except I am looking not selling

 

[Ausprop]

how big or small?

 

[grossreal]

hi Ausprop
can go to 50 mil
and down to 5.
the price is not important at this stage as the group will be negotiating with the lender not the vendor(if its a bank then they are vendor by default)
the site the end value and the amount owed is the most important to me at this stage.
if its a soup its better.
the ones with hairs are the best as no one wants to touch because of the problems.
just looking at 50% complete funder in for 17mil at this stage with a val of about 9mil
so this type of deal is ideal.
if you find any come back to me
there is alot of upside down loans I just have to try to find them

 

[Piston Broke]

Yep there is a bit out there in this dept.
I've come across 3 townhouse developments going through finance & legal problems.
The legal problems often follow the finance problems, and caveats taken out on the property can make it a long process.

 

[zaph]

hi Ausprop
can go to 50 mil
and down to 5.
the price is not important at this stage as the group will be negotiating with the lender not the vendor(if its a bank then they are vendor by default)
the site the end value and the amount owed is the most important to me at this stage.
if its a soup its better.
the ones with hairs are the best as no one wants to touch because of the problems.
just looking at 50% complete funder in for 17mil at this stage with a val of about 9mil
so this type of deal is ideal.
if you find any come back to me
there is alot of upside down loans I just have to try to find them

try portside in brisbane. they're about to go tits up.

 

[grossreal]

hi all
thanks
the caveats all over the place and the upside downs are the ones I am looking for
the worse the better
if the site has been sat there and not moved in last 6 months thats the bulls eye target.
small townhouse sites are fine but looking for the 20 units and above as these are where the real hurt is.
10 to 20 townhouses sites fall into the same.
can go down to 20% completed if need be.
have one at the moment at 95% complete in the same basket its 95% complete with 180% grv debt levels now thats fun.
just to give you an idea of these sites and how hot the issues are the above site went into liquidation on a friday at 2.00 by 5. the liquidator told me he had to order a security guard.
for the site
no for him he had his first death threat within 2 hrs of taking over.
these sites are a very big issue.
for some people
mostly the banks.by all means post here or send me the details to [email protected], pm me or post here thanks in advance
protside I thought was an area of development I am looking for sites in it that have stopped

 

[Property Meister]

just to give you an idea of these sites and how hot the issues are the above site went into liquidation on a friday at 2.00 by 5. the liquidator told me he had to order a security guard.
for the site
no for him he had his first death threat within 2 hrs of taking over.
these sites are a very big issue.
for some people
mostly the banks.

so a site has been in financial trouble for a while, somebody decides to take over it and save the current owners/partners, and then the new owner gets death threats???? is this correct? who would they be getting them from?

 

[eggnog]

what about land banking sites in brisbane that watpac can't seem to develop and are now trying to sell. i've seen quite a few pop up around the place.

one that sticks to mind is a whole block on breakfast creak road (major road) in newstead (inner brisbane city suburb). Not sure what the status/plan for the blocks were but going from what i've observed over the past couple of years was

- pre-GFC block had originally had several commercial buildings on it including a major mitsubishi dealership.
- Watpac then demolished it all and not sure what they were planing to do but it looked like a mixed-use community site going from the advertising
- then bam, GFC hit and now they are trying to sell off a lot of their stock


another site that pops to mind (i'll find more site details if you need once I get home) is one in fortitude valley but not sure if it's watpac or not. was a service station then they started advertising presales/prelease and marketing for development of a multistorey office building. now they just park mid-high end cars (jaguars, landrovers, etc) their for the local european dealerships nearby


there's quite a few around like these in brisbane. if I think / see more i'll post them up here

 

[Piston Broke]

The landbankers will likely be able to hold out a little longer, nothing is more expensive to hold than a development 90% completed with no income.

Property Meister once the liquidator moves in, all investors will lose their backside.
One site I'm currently looking at a 20 townhouse site ~70% complete that will be at a loss of >$1,000,000 to it's original investors.
When the bank takes over, they no longer have control and can be assured the loss will soon be realised in it's entirety and most times it's more than they expected.

 

[Ausprop]

$1m on 20 townhouses doesn't seem like much. If each was say $70k of land and $200k to build it's a $6m or so project - losses more likely to be $2 to 3m.

 

[grossreal]

hi all
still looking for some if you find them.
were are the bird doggers of the world ( american term but I like it)