I don't know the area but is it desireable? IIRC last years properties were opposite a shopping centre or in a bad location somehow. Is that correct? Or was that another year?
The Block 2012
- Thread starter gottabespotless
- Start date
I don't know the area but is it desireable? IIRC last years properties were opposite a shopping centre or in a bad location somehow. Is that correct? Or was that another year?
I live a couple of minutes walk fron there and from my point of view, it's an awesome location. Wouldn't want to live anywhere else.
The Block is at an intersection of a couple of fairly busy streets, but the double glazing seemed to sort out the traffic noise issues.
not sure abt last year but South melbourne is a fringing suburb to albert park and middle park and renovated properties go for over 2 million there. it is also next to the south melbourne market which some ppl view it as a selling point. 2 bedroom apartments next to the market go for anything $550-650K. they also have some very good cafes which attract a long lines during the weekend.
the last auction i went at dorcas st (3 storey townhouse) had guys like michael klim and some AFL footballers going over to bid. different target market altogether which is why location is important.
Just looked it up. The last years houses were Cameron St Richmond. They were basically derelict before renovations.
http://goo.gl/maps/xAXR
http://goo.gl/maps/xAXR
Oh well Dorcas Street is nothing like Cameron Street. The 2011 Block houses had 1) No car parks and 2) were right opposite a commercial shopping centre car park that will be redeveloped into high rises...
Property valuations will be interesting, especially given that there are funature packages involved.
One of my clients actually bought one of the properties. I'll admit I am a little nervous about this right now.
One of my clients actually bought one of the properties. I'll admit I am a little nervous about this right now.
i think they all went above what is normally paid for those sizes.
your client wasn't the energy watch guy ?
your client wasn't the energy watch guy ?
At least they can advise comps next door at equally silly prices, which sold at the same time to different buyers.
We're ordering the valuation at the moment. I'll admit that this wasn't the property I expected them to buy when I sat down with them a few months ago.
Surely in that price bracket they have tonnes of equity, rather than trying to service a $1M+ loan, so valuation should be less of a concern than for a FHB.
Vals will be interesting but I don't know how silly. I've been looking for a little 2 br single fronter in Albert park for a while and they are 900+. South melb is cheaper but they were on the "right" side of ferrars street. At 1.5 furnished they looked to be not far from the mark
Wouldn't be a 95% lend anyway I'm tipping
unless they only buying it with 10-20% deposit which is going to make it hard.
so based on the above - you are suggesting that these sales are higher than the comparables.
Maybe the market is on the move?
I admit I only watched the last show with friends. There is no way that the reserves were accurate if they were intended to be market value. Anyone who knows anything about the Sth Melbourne market, would realize this
I don't believe the average Joe could purchase a derelict property and do such a huge renovation and make the mony claimed. Not even professional builders would make this margin.
Given the mishap last year, they to manufacture these great results. And do all contestants have to be exactly the same demographic? How vanilla......
I don't believe the average Joe could purchase a derelict property and do such a huge renovation and make the mony claimed. Not even professional builders would make this margin.
Given the mishap last year, they to manufacture these great results. And do all contestants have to be exactly the same demographic? How vanilla......
not really - i just think there was a lot of hype and bidders may want to purchase them based on bragging factors.
there were newer ones off cecil and dorcas st and closer to the south melbourne market. Well - as they say - it's all abt marketing and exposure.
I'm just thinking that maybe coz the finishes were really bad. i inspected all of the 4 and paint job, gaps fills and certain finishes weren't exactly something you would see in a showroom house. Also there were very crammed up. you could push a sofa and had no room.
i know the south melbourne market quite well having owned a number of properties in the area over the last ten years and the townhouses sold down the street were significantly bigger.
my builder has been doing this kind of victorian and edwardian house renovations in albert park and south melbourne with the same type of places like the block and making similar profits of around 300-400K. However he got caught out in the last one in albert park as the market shifted during the GFC and he overspend and now had to rent it out instead. his finishes though were top end.
That's not as good a spot as dorcas over Ferrars st. >10% over on the "albert Park" side
How did this go, Pete?
