The Power of the Group

[redwing]

Some interesting recent articles below about neighbours banding together to sell their properties

Family will become instant multi-millionaires in Sunbury property deal

AN extended family in *Sunbury are on the brink of *becoming multi-millionaires by cashing in on a huge tract of land they have owned for 30 years.

The family farm, made up of 10 blocks stretching across more than 108ha along Buckland Way, was bought for just $300,000 but is now a prime housing development site with a $70 million price tag.

Listing agent Judy Thanh Truc of LJ Hooker said a developer was expected to snap up the land to build what would essentially be a new suburb south of Sunbury. The group of 10 cousins, close friends and other relatives paid just $300,000, or $1000 an acre, to secure the land in the 1980s.

Back then, it was ?the middle of nowhere?, according to nephew John Culina, who is co-ordinating the joint sale of the 10 blocks on behalf of his family and friends.

?Now the whole area just has houses sneaking up around it,? he said. ?The farm days are over.?

Savvy neighbours join forces to reap big profits from developers

Neighbours in Sydney suburbs are doubling, and in some cases, tripling the value of their homes by teaming up and selling rows of homes to land-starved developers.

Bentleigh trio sell their properties together as one and strike it rich

A CANNY trio of neighbours have hit a multi-million-dollar home run by selling their properties in a job lot to a Chinese investor.

The Bentleigh residents, having chatted about selling up, realised that changes to zoning laws and rising interest from Asian investors had converged to give them a perfect opportunity.

Uniting in an off-market deal, they sold the combined 1985 sq m site at 14, 16, and 18 Bent St for $5.76 million ? up to $2 million more than they could have expected had they sold up separately.

How to double the price you - and your neighbours - get for your house

It happens, but not very often: neighbours band together to sell their houses for substantially more as a group than they could as individuals.
In the case of nine neighbours in Little Street, in Sydney's Lane Cove, "substantially" means almost double market value.

According to the local Village Observer monthly newspaper, an "original" Little Street home on a 750 square metre block would have had a market value of about $1.5 million.
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The price obtained for each of the Little Street houses hasn't been officially disclosed and won't be until settlement, but the Observer reports a sale price of "close to" $3 million.

Residents band together to cut ?exceptional? deals

 

[Scott No Mates]

The value of the blocks in Little Street is pretty low considering that the developer may only get a 1.5:1 or 2:1 FSR. The street is full of units already and it is only logical that these houses will be rezoned to medium density at some point along the way. The most recent LEP didn't identify this street for further increases in density whereas it concentrated on several sites on the other side of the shopping centre strip as well as a separate planning proposal for the council owned car park (about a block away).

(Entry price for a one bedder will be around $600k with a 3 bedder costing around $1m, more if the quality is higher and density lower).

 

[Paul@PFI]

I have a friend who I suggested do same in Carlingford NSW. The street is being gobbled up by developers. If they can acquire 6-12 lots their yield can multiply. So its an attractive offer if they have a group of sellers approach who can all agree on price. At present their have been offered $1.4m on lots worth $900k+. They aren't selling yet. They are gathering more neighbours.

I recall a recent TV (ACA) news story in Epping NSW 14 landowners sold to a large developer for $2.4m each. Value as individual lots was $1.4m each

http://www.dailytelegraph.com.au/newslocal/news/highrise-developers-snapping-up-entire-streets-in-epping-and-ryde/story-fngr8gwi-1226916104332?nk=663ea4f59d859a09cbfcb72084cdd269