Pretty vague conditions. You could buy the same property for a third of that on the east side of Perth - just not in Floreat.
Perth top end
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Pretty vague conditions. You could buy the same property for a third of that on the east side of Perth - just not in Floreat.
Big price cuts to Perth real estate
http://au.news.yahoo.com/thewest/business/a/-/wa/7324471/big-price-cuts-to-perth-real-estate/
http://au.news.yahoo.com/thewest/business/a/-/wa/7324471/big-price-cuts-to-perth-real-estate/
That dalkeith home was reduced from over 4.1m to 3.25m to 'offload'. If it falls by the same magnitude a few more times it might meet my criteria
That dalkeith home was reduced from over 4.1m to 3.25m to 'offload'. If it falls by the same magnitude a few more times it might meet my criteria
Hmm. It's actually only a 20% reduction. Some people seem to have unrealistic expectations of what they can get, refer 2007.
A friend of mine looking at the top-end has been going in with 20% below asking offers - none have been accepted and he just walks away.
Talking going comm or dev on existing res stuff?
well i had a good run to 2007, but then everything I owned dropped 30-50%. chuck in a few legal cases for deals gone wrong, credit restrictions, 2 deaths in the family, business hassles, a marriage, a new family - all been a bit much really
These issues you list are common among both resi and comm, no?
no. this is probably the biggest lesson for me. it is hard to hold CF- properties when their value is falling dramatically and the world is losing it's head and you have a few of your own issues. with CF+, generally if the loan is being serviced the banks will leave you alone, so if you need some cash you sit back and wait for the proeprty to deliver you some... not liquidate the golden goose at a fire sale price like every other clown in town
amen. hallelujah. amen.
I had a bit of a magic moment like this also. A year ago I was lying on a hospital bed at RPH in a storeroom because there wasn't enough space in emergency room. I was being regularly monitored in case my lungs collapsed and or got pneumonia. On top of that the nurses were coming in to get supplies constantly so it was impossible to get any sleep. I suddenly realised I could have died. Heaps of blood clots were lodged in both lungs but if they went to my brain I would have died. I lay there thinking about how my family would cope without me. My husband would have to leave work and look after the kids. Some of the resi properties would have to be sold to pay for living expenses. Our properties are slightly positive, but if we had negative properties then it would really hurt. There wouldn't be any centrelink payments as our rent income would be taken into consideration, but not the expenses. It got me thinking too that I can't invest in the future the same way I have in the past.
