Should I buy it? (beach appartment)

[Ealbech]

I'm thinking to buy an apartment in the block which literally stays on the beach. The problem is that it has been extensively repaired over last year (it was a concrete cancer and it costs 1mln to fix it) and still requires some additional work (balconies and lintel replacements). The block is quite old (over 50 years) but looks good now (despite of some cracks on the balconies)

I’m going to do full strata search anyway but I’m feeling that some other major repairs can follow and I’m not aware of additional risks which may arise after these renovations. I have quotes for upcoming work and I’ve already calculated them in my offered price.

So what do you think guys? Is it worth a headache?

 

[Propertunity]

Ealbech, the key to your Q will be what that strata search reveals. You said it cost $1M to fix concrete cancer - fine. But how much is left to pay? (if anything). How much is in the sinking fund to cover it? If nothing much then what will the special levies be to fund it?

What is you view on the beachfront and this unit ening up at the bottom of the Pacific? What is council's attitude to protecting this unit from falling into the ocean later? For example, Byron Bay's council adopted a policy of retreat from the ocean's edge and let the properties fall into the sea.

 

[Ealbech]

Ealbech, the key to your Q will be what that strata search reveals. You said it cost $1M to fix concrete cancer - fine. But how much is left to pay? (if anything). How much is in the sinking fund to cover it? If nothing much then what will the special levies be to fund it?

What is you view on the beachfront and this unit ening up at the bottom of the Pacific? What is council's attitude to protecting this unit from falling into the ocean later? For example, Byron Bay's council adopted a policy of retreat from the ocean's edge and let the properties fall into the sea.

Previous works have been payed already. New lintels and balconies will cost about 130K (around 15K per unit). There are not enough money in sinking funds to cover all that work, so definetely there will be a special levy.

Regarding beachfront future - I think council in Narrabeen will be more serious about it. And I don't believe in Global warming

 

[Propertunity]

And I don't believe in Global warming

FWIW I am also a non-believer .

However, may councils seem to be converts and are altering their approvals processes as a result. It is this that you need to be careful of.

If Narrabeen is not buying the global warming mantra - then good on 'em I say....and you should be fine.

 

[wobbycarly]

FWIW I am also a non-believer .

However, may councils seem to be converts and are altering their approvals processes as a result. It is this that you need to be careful of.

If Narrabeen is not buying the global warming mantra - then good on 'em I say....and you should be fine.

Rather than take a stance on the issue, they are leaning waaaay too far on the "but it could happen" side, and even if there's a 0.000000001[sup]-100000[/sup]% chance they don't want to risk future litigation!

 

[TheShuffler]

I don't know if I'm going mad however I remember a thread here a while ago about this exact same thing. I'm pretty sure a forumite is an owner of one of these units as they were talking Narabeen and the concrete cancer and the 15k per unit for the balconies...or it could be a really bad case of de ja vue!

 

[MissMuffitt]

I don't know if I'm going mad however I remember a thread here a while ago about this exact same thing. I'm pretty sure a forumite is an owner of one of these units as they were talking Narabeen and the concrete cancer and the 15k per unit for the balconies...or it could be a really bad case of de ja vue!

I too remember reading about that... and I am sure they had some pictures of it too.