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Thanks for your replies.
Staying away from this one.
Although the property is well under market value, I myself like a little bit of return to help with the repayments.
The couple are in their 70's by the way.
There are still lots of bargains out there in Frankston without having to take advantage of anyone. This sounds like a "Bad Karma" investment. The elderly tenant should have the right to feel secure. And the unfortunate owner should somehow be compensated - why should he have to sell out for less?
I keep well away from deals like these, cheap as they may seem.
It seems as if many of the the doom and gloom proponents in the real estate industry have suddenly changed their tune about Frankston. For the first time in ages, desperate property managers are ringing their clients asking if they want to sell. Apparently there are a superabundance of first home buyers out there - demand for houses exceeds supply. I'm told houses at the $300k mark are selling fast. Has anyone else received calls from their property managers?
On the advice of one of the other regular thread participants, I reluctantly called up several agents in Frankston. Most were too busy to take my calls. Two told me that things in Frankston are booming and the market has turned. Unfortunately, they had nothing that suited my price range. More fool me for not buying 4 months ago when I first joined this forum.
I finally found a really great listing that met my strict price range. When I called the only number listed, a landline, a thoroughly arrogant female receptionist refused to give me the contact details of any of the agents at her office. "We don't give out agents mobile phone numbers" She would not give out any other information about the property - "I am not allowed to tell you if it has been sold or is under contract". No apologies were offered for the bizarre way of doing business.
I have a demanding and responsible job and am unable to answer calls until late at night. Needless to say, I was unable to chase up the listing they had for sale. To Chrissie, the delightful receptionist: it was very courteous of you to behave as you did, you are a very helpful lady and will go far in life. And to the people at a firm I shall call "Precipitation & Tusk" (hint: R&H): you shouldn't be in business if you won't give out your phone numbers. Bad bad bad people. If only the owner of the house for sale knew how you behaved today! Lucky for you, I am too busy to complain.
I had been warned by my former colleague that agents behave badly, regardless of market conditions. I didn't believe him until today.
Only two years ago I was able to pick up a 4bdrm, 3bthrm, 3 living area, 4 car carport and an impressive patio, all hidden away behind a red clinka wall - dwelling also red clinka. Very impressive home in true Frankston High School zone and a huge new kitchen for $346,000 on a 660 sqm block!!
Central Frankston either side of Beach Street, has adequate stock however my recent dealings there gives me the impression of price softening. I cannot comment on Frankston South as I am unfamiliar with that market.
I agree there's been some price softening. For anyone after long-term CG or thinking of moving to Frankston Sth, this place (if still available) is a great buy. This is one of the most sought after streets in all Frankston Sth. Price is around what it would have been in 2004-2005. I'm not in the market but if i was this would be my pick:
http://www.realestate.com.au/cgi-bi...r=&cc=&c=28351162&s=vic&snf=rbs&tm=1240614676
Obviously do your own DD. maybe there's a reason it's cheap. Has a north facing backyard as well, which the agent fails to mention.
I agree there's been some price softening. For anyone after long-term CG or thinking of moving to Frankston Sth, this place (if still available) is a great buy. This is one of the most sought after streets in all Frankston Sth. Price is around what it would have been in 2004-2005. I'm not in the market but if i was this would be my pick:
http://www.realestate.com.au/cgi-bi...r=&cc=&c=28351162&s=vic&snf=rbs&tm=1240614676
Obviously do your own DD. maybe there's a reason it's cheap. Has a north facing backyard as well, which the agent fails to mention.
This is a very impressive home located in one of the best streets in Frankston South, I can't get over the price. I would have thought that this pocket would have attracted prices in the $500's. I helped a friend buy a property on Kars Street last year for $450,000, but this was right on Kars Street, which is a relatively busy road.
It's generally been an area I have not concentrated on due to its price.
Toni