welcome to my world

You worry me......

$17m for 91 units in two towers...where you will lose lots of construction effiency?

I know its a fixed priced contract...Again - no such thing.

They always are at the beginning of the project.

15 months to build 91 units in two towers?

Joanna - what do you think of these numbers?

25% presales...without a CC? How does that work? What are people buying?

Do you have a draft strata yet you can post here?

Why dont either the builder or pm show anywhere on google?

Seeing as your posts end with an invitation to join your projects...what are the websites of your team so the forum can do some research?

Who is funding this...let me guess...not any of the majors?

I guess my concern is your posts invite novices to join you - you say all risk have been equated.

And simply - i guess i disagree.

Regards

Hi Tyron,

I agree with what you're saying. $17m to construct 91 units over 2 towers seems ultra light in my opinion (thats only $186,000 per unit, but I guess they could all be one bedroom units....which then raises other questions about target markets and the like). I would expect, taking into consideration parking, the large amounts of common areas and open space required, I would be budgeting at least $24m. Based on those figures my building should only be costing me around $7m..and we both know that that's not the case :)

I totally agree with your comments about a fixed price contract....contracts, whatever form they take, are not really worth the paper they're written on unfortunately...and even still....there are so many variables in the construction game that it's virtually impossible to have a fixed price contract....especially on a project so large.

And, 15 months to build....i highly doubt it. As you know, we're only doing 32 apartments plus commercial plus parking, and that alone is just about 15 months. In order to get that sort of time frame a developer would need to engage a real kick butt builder with a cast of thousands...but, without reading back, I thought he said 30 months...which may be more realistic.

I know a developer can have presales done without a CC...but 25% in 42 days...that's a hell of a lot of contra-deals that need to be done...I agree that at the very least a draft strata plan needs to be prepared first, and that in itself can take about 4 weeks to do.

I would be very concerned if anyone I knew were considering an investment.
 
Hi Tyron,

I agree with what you're saying. $17m to construct 91 units over 2 towers seems ultra light in my opinion (thats only $186,000 per unit, but I guess they could all be one bedroom units....which then raises other questions about target markets and the like). I would expect, taking into consideration parking, the large amounts of common areas and open space required, I would be budgeting at least $24m. Based on those figures my building should only be costing me around $7m..and we both know that that's not the case :)

I totally agree with your comments about a fixed price contract....contracts, whatever form they take, are not really worth the paper they're written on unfortunately...and even still....there are so many variables in the construction game that it's virtually impossible to have a fixed price contract....especially on a project so large.

And, 15 months to build....i highly doubt it. As you know, we're only doing 32 apartments plus commercial plus parking, and that alone is just about 15 months. In order to get that sort of time frame a developer would need to engage a real kick butt builder with a cast of thousands...but, without reading back, I thought he said 30 months...which may be more realistic.

I know a developer can have presales done without a CC...but 25% in 42 days...that's a hell of a lot of contra-deals that need to be done...I agree that at the very least a draft strata plan needs to be prepared first, and that in itself can take about 4 weeks to do.

I would be very concerned if anyone I knew were considering an investment.

Joanna - that was the number i was thinking.

Hooray....people seem to be coming out of the woodwork.

Perhaps Gross realisations tag should read.

"Enter at own risk"

All the best - last i will say on the matter...suffice to day i am glad depreciator and bmt are listed on his website...cause i certainly wont be putting my hand up!!

SO Scott you can do the marketing and Brad (BMT) you can have this project from a banking point of view!!!

Good luck to you all and your families!!!

Regards
 
hi all
not sure what you are looking at coastymike
I have been to his website and am on it as I type and its not there and not sure were you have seen that information and the clock says 11.00pm and mine here says 3.34 and there is no such indication.
and will find out from jaffasoft directly but as far as I am concerned there is no such offer taht I am aware of and I would know if I have endorsed it .
If jaffasoft is offering to his website partisipantsthen thats up to jaffasoft but looking at his web site he's not.
and sea change unfortunately you may think that every thing is a scheme but sorry to say wrong again.
I have not looked at why bridge construction have not been registered for gst but can ask them but that would be an issue for the managing company and will ask thanks for the tip.
with regard to efficiency, design and construction pricing we have had those checked and not sure why there seems to be alot of concern for with regards to this project I thank you for your concern.
I will leave my qs people my managing company and my builder to build it its great to give an opinion and as I have always said they are great to get but i am not getting others builders to build this building.
you may not think that there is a fixed price contract but our legals says there is and will run with there directive.
not sure why such a flurry but seems to be alot of interest.
if I do ask for investors or we need to sell any more persales at that stage my people will let people know.
at this stage thats not the case
so not sure where your information coasty mike came from.
but again will ask
 
Gross

This is from the home page. Click on the tab home and it will take you there. It also has your picture next to the article. I have taken a snapshot and can send it to you it states

"
Deal time: 22/06/06: A deal has come across the desk again. Check the web site regularly for information on the latest deals arriving!

Lawrence Hogan released news today of his group providing investors with a chance to be part of an 91-unit development. The units have already secured a tenant and will be consumed with the tourist dollar
as they fly in for the convenience of the serviced apartments. Located right next to the Sydney
Airport. How charming I wish we could all fly around like this. Now as an Investor the return is around
8%. This gives you a chance to buy into a unit(s) where you otherwise would not be able to, assuming
that you don't have the funds to invest in 91 units straight off the bat.

That's the brief. You will need to get your name down by (by subscribing)four weeks from this release
date. Details will be in this website in the next few days and alternatively sent out to subscribers. If you
want to be sent deals as they arrive just subscribe in the top right hand area of this web site. It's free to
subscribe. We only need your email and username so it's quick for you."
 
hi all
not sure what you are looking at coastymike
I have been to his website and am on it as I type and its not there and not

I see it.. maybe your browser is broken. screenshot attached. ( welcombe to my browswer ):
 

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  • jaffa.jpg
    jaffa.jpg
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hi all
not sure what you are looking at coastymike
I have been to his website and am on it as I type and its not there and not sure were you have seen that information and the clock says 11.00pm and mine here says 3.34 and there is no such indication.
and will find out from jaffasoft directly but as far as I am concerned there is no such offer taht I am aware of and I would know if I have endorsed it .
If jaffasoft is offering to his website partisipantsthen thats up to jaffasoft but looking at his web site he's not.
and sea change unfortunately you may think that every thing is a scheme but sorry to say wrong again.
I have not looked at why bridge construction have not been registered for gst but can ask them but that would be an issue for the managing company and will ask thanks for the tip.
with regard to efficiency, design and construction pricing we have had those checked and not sure why there seems to be alot of concern for with regards to this project I thank you for your concern.
I will leave my qs people my managing company and my builder to build it its great to give an opinion and as I have always said they are great to get but i am not getting others builders to build this building.
you may not think that there is a fixed price contract but our legals says there is and will run with there directive.
not sure why such a flurry but seems to be alot of interest.
if I do ask for investors or we need to sell any more persales at that stage my people will let people know.
at this stage thats not the case
so not sure where your information coasty mike came from.
but again will ask

Dear Gross

I am glad you are getting your people to speak to your people....because quite frankly...if they were speaking to real people...NO ONE IN THE REAL DEVELOPMENT WORLD WOULD UNDERSTAND!!!

I know i know...i said last post....but some people excite me!!!

"with regard to efficiency, design and construction pricing we have had those checked and not sure why there seems to be alot of concern for with regards to this project I thank you for your concern.

I will leave my qs people my managing company and my builder to build it its great to give an opinion and as I have always said they are great to get but i am not getting others builders to build this building.
"


The statements in bold kill me...and shows a complete lack of development skill.

FINAL WORD FROM ME I PROMISE

Regards
 
hi coasty mike
if you have alook that was removed and it was something that was beening sent to jaffasoft web site partisipants and I did ask him to remove it and that was done over a month ago I don't have the date but jaffasoft will know.
as I have said I have not nor am I advertising for persales for this project
if jaffasoft has people that go on this website and they wish to offer that at this stage they haven't its up to them.
if you have a look there has been no information with regards this project for about 1 month.
thanks
 
hi coasty mike
if you have alook that was removed and it was something that was beening sent to jaffasoft web site partisipants and I did ask him to remove it and that was done over a month ago I don't have the date but jaffasoft will know.

Its still there right now..
 
hello,

i have sent email to forum manager and mentioned the concerns on this stuff in previous posts and I think its a joke that any of the threads that GR has started recently have not been closed

other posts by GR which I have highlighted, specifically state he finds "hurt money assistors" on this forum or others

numerous questions have not been answered

remember anyone offering 15% return is also offering high risk attached to the investment

I think it really hits at the credibility of this forum

thankyou
myla
 
Gross,

You may have asked for it be removed a month ago but it is still up there. You can see from Duncan's snapshot that it is still on the internet as at
Wednesday October 11 2006 3:55PM. It has not been removed. But that is something you need to take up with Jaffasoft.
 
if you have a look that was removed and it was something that was beening sent to jaffasoft web site partisipants and I did ask him to remove it and that was done over a month ago I don't have the date but jaffasoft will know.

if you have a look there has been no information with regards this project for about 1 month.
thanks
I have stayed out of this thread as it reeks but you must really treat us as a pack of idiots at times GR. You tell us you aren't asking for investors then totally contradict yourself by inviting people into your projects in your sig until it was recently changed. You then tell us that the posting on Jaffasoft's website doesn't exist when we are currently going there and reading it now !!!!
Three lines later, you tell us if we go and have a look, we'll see that there's been no new information posted for about a month. How can we if its been removed. My monitor must have saved a 3 month old screenshot of it then. Thats the only explanation I can come up with coz its not there, you asked him to remove it and that was done over a month ago.
JIM
 
hi coastymike
not sure if you are aware but jaffasoft it not always in an area to communicate with him and his website has nothing to do with me he runs his own race and I have told him that it did need to be changed and if that the case I will tell him.
duncan has sent a jpeg of his website but again when I type and I am typing know and I refresh my website its not up there so it maybe a clitch in his site or what ever
as the clock that was both in yours and duncans was wrong itsaid 11.00 am and was 3.30 and is now 5.31 and the clock is correct
so I don't know what happened but again this is not my website.
i have alot of people that are associated with my group and they have there own website and what they advertise is up to them and if I see an issue I let them know
this snap shot that you have was from the 6th month this year and I don't think I need to tell jaffasoft what my issues were with it and those issues have nothing to do with this forum.
for me if you see a home page or anything that has been archived and re surfaces for what ever reason it seems to me that jaffasoft may well have been up dating his site or what ever .
but there is nothing wrong with my brouser or my computers and I still don't see it.
I have copied duncans jpeg and sent to jaffasoft to let him know that you have seen it but when he gets into a zone he will get internet access and will read it himself and if he wish's to respond its up to him.
 
I guess i may as well chime in..

I run a reofixing business in Sydney so i have my hear to the ground when it comes to developments and costs. A few points...


1: Bridge constructions, never heard of them. Can they handle a 20m + project, don't know.

2: 15 months build time is possible, ive seen it done on projects that size. Would have to see designs to further clarify.

3: $17 million to build. Unlikely, If they're all studio's or 1 bedders and very basic i guess you may do it.

4: Jaffasoft website, looks like something from Geocities.

Thats my 5 cents worth.
 
hi all
I think I will leave this post with the following.
as lot of people are throwing figures here that they have no idea of what they are saying and these I take as opinions not facts.

$17 million to build. Unlikely, If they're all studio's or 1 bedders and very basic i guess you may do it this just is not the case and for people that are supposed to be in the build industry you need to check your figures

why do I say this is a fact
because one of my group just did it and unlike other sites
I won't point my fingure that ran out of funding
my funder has 165k still to give us 5% and there build cost was and is 180k
maybe you are building with the wrong materials or your costs are higher or you don't build to a strict time frame
.

you can a budget of 24 mil and you can can look at the design as split design and if need be but this isn't your project and at 24mil wouldn't get a lend.

and in responce to this

All the best - last i will say on the matter...suffice to day i am glad depreciator and bmt are listed on his website someone knows something I don't and it just not true
they are not on my website never have been and don't intend being i don't mind opinion but this is not fact and is simply not true

and

agree with what you're saying. $17m to construct 91 units over 2 towers seems ultra light in my opinion depends which product(thats only $186,000 per unit( and my last development was 2 and 3br and came in as was budjected at 180k, but I guess they could all be one bedroom units....( they arn't the majority is 2br)which then raises other questions about target markets and the like). I would expect, taking into consideration parking( the parking has already been approved), the large amounts of common areas and open space required, I would be budgeting at least $24m as above. Based on those figures my building should only be costing me around $7m..and we both know that that's not the case but what was the original budjet and why did you have ablow out I have not had a blow out of my sites [/COLOR

opinions are great but we do need to have a few facts thrown in
just incase people start to believe the opinions.
 
Bruce

Is his current signature any better?

If you wish to get involved in any of my projects email me at [email protected]

M

Mark, the PI.com sig has this more blunt bit:
currently looking for up front money at 15% p/a pm me if you wish

That line is a lot more overt.....

GR, so what's the story with Bridge and Sear? Is Sear Management related to the Sear Group at 4 Rothschild Ave, Rosebery 2018?
 
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hi gsp
there has been alot of developments with regards the site and for the vendors non are good.
I have not given it away at this stage but it gone from bad to alot worse
need less to say my offers to fix the problems did not get me across the line at this stage.
we have already got one party in administration and Im talking with the administrator.
alot of people would be wrong in thinking that its as simple as putting up the money and purchasing a site.
thats not the case with a soup.
you do have to make sure that your position is not compromised by indemifying some one else.
the reason that I have stopped updating is that there is not alot more I can do.
untill we can be given clear title or the ability to have clear title then I don't move.
the market is not getting any better from developments sites
I have not changed the presales in caveat emptor as I have a couple that are looking at vendor finance back on sites here in sydney and I have a couple of other sites that I am working on and if interesteed ask away.
once an administrator is appointed then I stop talking on boards about it as it does get messy.
sorry for that
I will if I am able to post what the wash up of it is.
just as a note
I started looking at this site and the value was 115k per site
when I offered it was 75k a site
today I have an other offer in at 40k a site on three sites and am going to one today to talk to the owners over coffee.
I have one that the bank lvr is 155%.so thats not good for them
the market has gitters at the moment and the sites are sat adding up costs
and mine are all problem sites.
for me its a good market for investment.
as long as you can get over all the problems to get the site moving.
this one may not be able to do that unless we can get all the people working together and where you have some wanting to sell, some not wanting to sell, some want to sue,and others trying to stop the paperwork the deal is still a soup.
and I do say I think I am good at what I do but at the end of the day I am not soloman and I can't solve everyone problems or views.
I have the presales and I have had the finance organised 4 times know and each time at the 11th hour a problem occurs and I am not buy part of a site.
and I would not recommend any one to go into any deal unless the deal is in the format you want.
my .002
 
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