Properties I can't have

B

Belu

Thought I would make a thread for properties that may not be right for you at the moment, but could still provide a good investment opportunity for someone.

So post them for your fellow SS members if it isnt going to be of benefit to you :)

http://www.realestate.com.au/cgi-bi...&t=res&ty=&snf=ras&ag=&cu=fn-rea&fmt=&header=

Pro's = nice big block, close to city, needs a reno for initial CG, possible multi-townhouse development (corner block, large space).
 
Wow Lizzie, looks nice! But would you be allowed to knock this down? Looks like something the council would want to preserve.

Cheers

Kerstin
 
Block of land in Hornsby, good quiet street, surrounded by new quality homes. 2 Minute drive to Hornsby Westfield and Station. Land is only $360K, with a large house it would be worth $600K easily.

I've also checked the zoning and Hornsby council rules, the block could easily take a duplex based on Masterton's range of project duplexes.

http://www.realestate.com.au/cgi-bi...&t=lan&ty=&snf=rbs&ag=&cu=fn-rea&fmt=&header=

$360K Land
$330K Duplex build
$80K for driveway, landscaping, misc etc
Total around $800k, value probably around the $1 million mark

Each duplex would rent for about 400-450 p/w. Giving 5% return and great depreciation benefits.

I can't afford this, I simply don't have that sort of money.. I hate seeing these opportunities that I can't action, really frustrating!

Anyone for a JV? :)

*Cries*
 
kaf said:
Wow Lizzie, looks nice! But would you be allowed to knock this down? Looks like something the council would want to preserve.

Cheers

Kerstin
Click to expand...
nah - it's just a typical postwar house amongst thousands in newcastle. no hertiage listing. no restrictions. a friend is also doing a multitownhouse development only 5 doors down, but he is keeping the house at the front and putting 4 units on the back.

we're currently doing a 3 townhouse development closer into the cbd, on top of all our other ips, so just need to be wary of overextending for the next year or so.
 
FrankGrimes said:
Block of land in Hornsby, good quiet street, surrounded by new quality homes.
Click to expand...
.The DA has already been approved for a single home- I don't know how much trouble a dual occ would take. If a dual occ was a good possibility, perhaps the DA would have already been applied for.

The block appears very steep. That could be a problem for building.
 
geoffw said:
.The DA has already been approved for a single home- I don't know how much trouble a dual occ would take. If a dual occ was a good possibility, perhaps the DA would have already been applied for.

The block appears very steep. That could be a problem for building.
Click to expand...

I drove past it, it looks worse in the photos. I'm not sure how the DA works, I was just basing it off the Hornsby council webpage and their requirements it should fit. Perhaps it was too much hassle to get dual oc? Not sure.

There is alot of work which would need to be done before hand. However, even building a quality single home there I still think would be worth while.

360K is cheap. (By Sydney standards)
 
Here's my submission (apologies to all at Wednesday's MIG meeting who got bored by my description of it).

http://www.realestate.com.au/cgi-bi...&t=res&ty=&snf=rbs&ag=&cu=fn-rea&fmt=&header=

At an asking price of <$130k this would have to be the cheapest house in Zone 1 and probably the cheapest in Melbourne. It's 1 minute walk to the station and has a primary school opposite. Altona beach and shopping is 5 min drive away.

But it needs more than just TLC. The cracked concrete slab is not just the painted cosmetic type - this is the real thing. And there's asbestos galore! The floorplan is odd, the bathroom needs replacing and maybe the kitchen as well. But the polished floorboards in the lounge are lovely. It's only on 460m but there's a dual occ next door so you never know.

Yes there is a garage and a store room and even a satellite TV dish. Builders talk about houses being built to lock up stage; well this might have been at one stage, but I don't think it is now!

On the asking price, the land is $280 per sq metre, so it's about on a par with other houses in the area; not a bargain for the investor. But for a finanacially strapped owner occ couple who wants a project reno as close to town as possible and doesn't mind the asbestos then it could be a goer.

Peter
 
Apollo Bay Flats

Greg

I dont know what its returning, but at a guess I'd have to assume around $130pw per flat, so its around $500pw. If so, its not really that negative (although I think there would be very little depreciation there!).

Tubs
 
lizzie said:
we're currently doing a 3 townhouse development closer into the cbd
Click to expand...

Lizzie, I know this is a little off track but how does one even start to work on a townhouse development? What do you look for and what is the checklist of things to work through to achieve such a thing? This just seems so far beyond my capability but I am interested to learn. I can't afford to do this however it might be something to consider in the future.
 
i am currently bumbling my way through as i am doing my first townhouse development now - although have done some subdivisions before.

basically i learn an area and know what streets are in what zoning (sometime i need to look at the map again to refresh myself). our council have the zoning maps on the internet, but you can buy them from council as well.

so i look at anything in "district centre" - high density - over 500m2 ... over 500m is big enough for 3 2bedders. preferably over 10m wide for turning circles and flat.

when i find something of interest i contact the agent and go for a drive past. i then contact the council to see if there are any restrictions on the proprety like heritage listing etc. if all stacks up by them i recontact the agent to get a copy of the contract that will contain sewer plans, additional zoning restriction etc - you don't want a sewer line running thru the middle of the block!

then if the figures stack up - what the townhouses would be worth at the end, less building cost, less profit = what i'll offer for block - and only then will i make an offer. and not always. sometimes a block is only worth $200k to me and the vendor is asking $350k as a ppor - we're to far apart to even start negotiating, so i move onto the next one.

rang about a block yesterday but it is on a main, main road - so didn't even bother going for a look.

once i've bought the block then i am guided by the professionals - surveyors, architects, builders etc - they tell me what they need me to do.

hope this helps. ask any questions if anything is unclear.
 
http://www.realestate.com.au/reales...ide+newcastle/prdnew/homes+for+sale/103254790

here's another that i really really would like, but honestly we are up to our eyeballs with current projects we can't realistically financially take it on and still finance our in-th-pipelines ...

property in inner suburb that is starting to come realy good with a new, large boutique development nearly completed only 1/2 block away.

options: buy for $150k, apply for council rezoning as is currently zoned residential and build two shops (one coffee shop setup and perhaps a takeaway or video shop setup). there are other small shops (minimart etc) further away in the same suburb where they are zoned res so precidence has been set.

if worse comes to worse and no way zoning can get thru - build a sympathetic (historical) 2 story house on the block for $200k and sell for around $450k.

man, i wish i could win the lottery this weekend!!
 
Lizzie

Why dont you have it wrapped up, put it on paper and flick it to an investor for a fee. I'm sure if there is $50k or more in the deal, someone will pay you $5k for it.

Cheers

Oscar
 
i guess i am to lazy to do the amount of work required for a mere $5000. or else there are other ways i can make the same money with less effort by doing what i am currently doing with what is already on my agenda ... my plate is pretty full at the moment, to the point where i'm only halfway thru the api mag and have even had a chance to look at my residential developer mag. kids and tax time too!!

a big negative about this property is that it is not rental in current condition - would need massive internal work to bring it up to scratch, so i'd be paying full holding costs for 12 months plus without any income while everything happened.

i'll just get some of the other things off my plate first and then start looking again.
 
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