STRONG INTEREST ACROSS THE SPECTRUM
The continued robustness of the apartment market was evident at last Thursday auctions where strong bidding was made for three "cheapies".
Firstly a cute but tiny loft in The Met (Durham Lane, off High Street) - vacant, but worth $250 per week, ladder to mezzanine sleeping, windows to Durham - attracted an opening bid of $110,000, but quickly ran to $120,000 ending, after a phone negotiation with the Vendor with a sale at $123,000. The company was very satisfied at this level.
Secondly the first of two Stanford tiny (37sqm) two bedroom suites. These has been bought off plans by our vendor ( we refused to market them off the plans for Conrad Developments as we believe they are substandard) and he was so upset when he saw the product he instructed us to quit them, as brand new. Our client paid $178,000 each. The first went under the hammer for $150,000 and the second after auction at $147,000. Our vendor has invested on the basis of graphics showing double beds in the bedrooms but was horrified when he inspected the finished units. What litigation may follow we don't know but a big and sad lesson here.
The first is don't buy if you are not dealing with a Real Estate Agent. Otherwise you will find the sale company is probably illegally acting for commission and will disappear in a puff of smoke as soon as litigation rears its head.
Secondly require actual dimensions before you commit and get advice - ask us at any stage for comment. It's free and as expert as you will get.
On the same day as he sold the Stanford our Dominic Worthigton sold a Metropolis Penthouse for $1.2 million. This suite comprise 200sqm, 3 bedrooms, 2 and a half bathrooms (half a bathroom is Real Estate speak for a "loo" and hand basin), 2 carparks and 2 storage lockers (for champagne and whiskey). We were not so glib about this sale as the vendor refused to let us market the Penthouse property and we feel it was a bit of bargain. In all Dominic generated $47,400 in fees that day. Yes he was a bit shattered by the end of it but no you don't have to feel sorry for him. And yes we are actively looking for more winners like Dominic.
The market to Christmas is going to remain very strong. Talk to the good guys first.
(That's us if you missed the point).
MARTIN
