Prices off-plan apartments

[WebBoard]

From: Mojo Jojo


Hi,
I have been reading these forums for the last few months and am constantly amazed at the great quality advice on hand. Many times when I have thought of something I need to know I log on and low and behold the answer awaits! Anyway having just recently purchased our first IP we are interested in finding if there is a way of getting a list of the purchase prices of other units in the development. As Newbies we did a lot of homework and believe we got a good price. I suppose we just want reassurance that we did the right thing. Is there such a list that publishes purchase prices for off-plan units.

Thank you in advance and keep up the great advice and info

Mojo

 

[Kristine..]

Reply: 1
From: Kristine .


Hi, Mojo

I read somewhere that people have to tell the body corporate manager or agent when they sell a unit how much they sold it for. This has something to do with keeping the insurance cover up to date.

You would have filled in one of these forms.

The body corporate manager should be able to help you with recent sales.

Good luck

Kaye

 

[paulzag]

Reply: 1.1
From: Paul Zagoridis


The Body Corporate hasn't been created yet. And I've never told them (my solicitor may have).

I've always asked the developer and factored a fudge in.

RP Data or Residex will eventually have some data but I'm not sure if they have the original selling price.

You'd probably do well on a title search. some banks show the amount borrowed. I don't think the OSR records are public.

Also you have to watch that because you can never be sure what high-jinks were used to get the development going.

Dreamspinner
Oz Film Biz is at
http://www.healey.com.au/~paulz

 

[Kristine..]

Reply: 1.2
From: Kristine .


Sorry, I didn't notice that you mentioned the unit was 'off plan', so if they are not built yet then there won't be a functioning body corporate so no manager etc

Sluuurp

I take it all back

Kaye

And the price agreed to would be confidential between you and the builder

 

[WebBoard]

Reply: 1.2.1
From: Tom Siviou



Hi guys,

well, i'm sure we all make a few offers first or indicated to the agent your thoughts. they were either rejected by the vendor or the agent did not bother to present them. that would have told you the price a vendor wont sell at. then you made one that was accepted. so isnt that your answer. If your anywhere near it, the agent will generally try and hammer the vendor. $20k, 30k more doesnt make the agent that much more. he will go for it. At the end of the day, you have to hit the figure the vendor will sell at that point in time. His earlier sales may have been higher or lower, or at that mark. its irrelevant. Look at the deal, it stacks up or it doesnt. Start low, and go up slowly. The max figure is the asking price. if its a good project, you wont get much of a discount, if its slow, you may surprise yourself. But be careful, theres no bargains in good property today, but they are still great buys.