Hi Everyone,
I own a house Caringbah NSW which has been included in the new draft plan.
Re-Zoning to R4 High Density having an FSR of 1.2:1
Land Size 700sqm
A real-estate working on behalf of a developer requested a meeting with me asking whether I'd sell or not. The house on a residential density would be worth around $750k. The offers were in the range of $850k to a $1m. My neighbours on either side of me plus another wont move for less than $1.5m which I personally think is a bit too high but i'm in no rush to sell either.
The biggest argument by the real-estate was the FSR 1.2:1 allowing about 8 units to be built on my block which was considered a small FSR for the R4 Density therefore not a big win or enough to justify a double value in property but none the less its still a win.
Any thoughts on what I should expect for such a property. Do we have a good bargaining chip having 4 houses in a row unwilling to go for less than $1.5m.
Thanks,
Darren.
I own a house Caringbah NSW which has been included in the new draft plan.
Re-Zoning to R4 High Density having an FSR of 1.2:1
Land Size 700sqm
A real-estate working on behalf of a developer requested a meeting with me asking whether I'd sell or not. The house on a residential density would be worth around $750k. The offers were in the range of $850k to a $1m. My neighbours on either side of me plus another wont move for less than $1.5m which I personally think is a bit too high but i'm in no rush to sell either.
The biggest argument by the real-estate was the FSR 1.2:1 allowing about 8 units to be built on my block which was considered a small FSR for the R4 Density therefore not a big win or enough to justify a double value in property but none the less its still a win.
Any thoughts on what I should expect for such a property. Do we have a good bargaining chip having 4 houses in a row unwilling to go for less than $1.5m.
Thanks,
Darren.