Selling Houses Australia - Grey's Point NSW

W

wylie

I just watched Selling Houses Australia where they fixed the house that had been built 27 years ago, but didn't have a front entry, and two bathrooms out of three had never been finished. They had never sat on the balcony due to not ever installing railings, and had three children grow up with that dangerous situation (though apparently kept the doors locked).

They were wanting $1.4M and it seems they spent $80K to $90K to get it finished and ready to sell. At the auction they were offered $1.407K which they turned down.

It is now on the market for $1.595K.

I believe they should have taken the money and run, but I'm curious for those in Sydney who know this area whether they are asking too much?

http://www.realestate.com.au/property-house-nsw-grays+point-116210735
 
I don't think that is why. They said at the auction, "let him go" and they needed a certain figure to buy where they wanted to go next. It was only a few weeks after they would have jumped at anybody offering what they were asking ($1.4M) and having spent maybe $90K perhaps they are hoping to clear $1.4M (which they wouldn't have done had they sold it for $1.4M the week before the reno).

I just think they now saw it was a nice house and got greedy.

PS. I'm fairly sure (without looking again) that the agent told them it was worth close to $1M before the reno and the people at the first open house before the reno were talking $850K, $900K. I think they are mad not to take the $1.407K but maybe prices are rising enough to get their higher price.
 
Yeah I can't believe the owners didn't take the offered price at auction! asking for 1.6mil is a bit of stretch. Grays point is on the fringe of sydney and hard to get to. River view is not as premium as ocean view and quite a lot of cheaper properites around the Georges river compare to this one

I guess the owners aren't normal people so can't expect normal actions! who else would build there own house, 27 yrs with no bathroom, 300k on a driveway and able to build helicopters :)
 
Have a friend who lives in Grays Point closer to the river with better views. Her house is falling down around her and it's not that old either. I don't think the view translates into the money they think it's worth. They stretched themselves to buy it, and have struggled for a decade in it. Public transport is difficult and phone reception non existent.

Sounds like this other couple have unrealistic expectations even in this market.
 
wylie said:
I don't think that is why. They said at the auction, "let him go" and they needed a certain figure to buy where they wanted to go next.
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That's what happened.. Their asking price was based solely on what they needed to move on and buy the next place.. he was getting teary about his failed business (losing $200k?).

Bit of a problem when the $$ you need is different to the $$ the market is willing to pay.
 
FelixL said:
Yeah I can't believe the owners didn't take the offered price at auction! asking for 1.6mil is a bit of stretch. Grays point is on the fringe of sydney and hard to get to. River view is not as premium as ocean view and quite a lot of cheaper properites around the Georges river compare to this one

I guess the owners aren't normal people so can't expect normal actions! who else would build there own house, 27 yrs with no bathroom, 300k on a driveway and able to build helicopters :)
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Could not agree more, 300k for a driveway 185k purchase price in early 80's from memory then plus build costs it actually was a horrible capital growth story for the shire. The property was a tidal waterfront on the Port Hacking River. Tidal waterfronts definitely way less desirable and judging by the way they weren't allowed to build wooden steps less than 900mm from the boundary I would say the area they are is declared a bushfire area zoning.

I think they were idiots who have lost money in the past, wanted a cheap reno and expecting that 80k they sank in to increase in value 5 fold. realistically it was money he should have originally spent on the place years ago.

What type of person raises kids without a bathroom or handrails on a deck but has a helicopter. Massive idiot IMO
 
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Just watched an episode where the agent spotted the vendor $50k for the renovations. Funny this is after notations completed she expected $1.1 -$1.2m but got higher offers, she ended up turning down $1.33M after two. On this and the interested party bought elsewhere... Property was still for sale 2 months after. Wonder if the agents going to do that again.
 
I often wonder how much of the $ the vendor needs to put in.... and if they are putting in the cash then why are there so many gratuitous sponsor shots?
 
DaveM said:
I often wonder how much of the $ the vendor needs to put in.... and if they are putting in the cash then why are there so many gratuitous sponsor shots?
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That's TV :D

In the Grey's Point episode, they didn't plasterboard the secondary bedrooms because the comment was made that it would be using too much labour and there was not enough money for that.

I've always wondered whether it is all charged at market rates, whether anything is donated, but it is never made clear and we never get a breakdown of where the money is spent.
 
I'd imagine the whole thing is funded by the Lifestyle Channel on the proviso that the property gets sold. All the commercial advertising during the time slot would recover their costs. So often on that show they find people who are essentially described as being broke and all of a sudden they're able to cough up serious money for one of Shaynna's dodgy spray bathroom and kitchen bench renos... doesn't add up to me.
 
They aren't always "broke". The lady who was lent money by the agent who'd been trying to sell her house for over twelve months was broke, but most others have seemingly managed to scrape together enough to fund the labour that would be involved, and which they pay for, plus the materials for the jobs.

I cannot believe she didn't accept the $1.33M offered and I notice the agent selling now is not the same one. I wonder if she has somehow drawn out the $50K to repay him, or if he has taken a caveat over the house to ensure he is repaid :eek:.
 
Davothegreat said:
cough up serious money for one of Shaynna's dodgy spray bathroom and kitchen bench renos... doesn't add up to me.
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Thats really whats becoming disappointing about the show and this season apart from the queenslander has been pretty meh.. its just become gratuitous sponsorship shots, sob stories and half *** spray job renos to get it sold, and little of actual proper renovations.
 
I just watched this episode too. That woman is far to greedy. And It would have been good if they said what happend later an if the agent was repaid
 
Cost of renos

I am convinced the vendors chip in under 50% of what they end up getting. The balance would be made up by the sponsors with their terribly subtle advertising and Lifestyle.

The pitch to the vendors by Lifestyle would surely be "chip in $30K and you'll get a Reno and staging worth three times that". The vendors are always pretty quick to agree to chip in the money because they know it's a good deal, and that's why they're on the show, presumably.

It infuriates me when the won't take a good offer because they 'need more'. Why can't they grasp that what they 'need' is completely irrelevant???
 
Deep waterfronts with facilities in significantly better suburbs are going for around that mark.

Including ones on half an acre or more.

They have no chance.

Interestingly they have been this price for a dozen years. Premium property in the shire has been a terrible investment since the early 2000 boom
 
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