All Topics / General Property / Owwww …. That’s gotta hurt !!!!!!!!!!

Viewing 13 posts - 1 through 13 (of 13 total)
  • Profile photo of gmh454gmh454
    Member
    @gmh454
    Join Date: 2003
    Post Count: 537

    You probably need to get out Paul McCartneys “Band on the Run for this”.

    one of my clients…a great guy.. just scored a beach front up the coast for 1.4Mill. Older house 180 deg view approved for 3 apartments etc. Very very happy.

    Sold two years ago…. for wait for it…steady now….

    3.2 MILL !!!!!!!!

    “THAT”S GOTTA HURT !!!!!!!!!!!!!!!!!!!!!!!!”

    Oh yeah you can put on Band on the run now, previous owner who borrowed over 2.4Mill can’t be found…..

    Now come on guys, makes the St Clare and Cabramatta stories sound pretty weak now..

    Gotta love this…

    Band on the run…band on the run…..

    Profile photo of zen1zen1
    Member
    @zen1
    Join Date: 2005
    Post Count: 40

    Ouuchh.
    I thought the top end is still booming.
    Was it a mortgage auction?
    Can you disclose the state/city?

    Profile photo of gmh454gmh454
    Member
    @gmh454
    Join Date: 2003
    Post Count: 537

    Yep mortgagee in possesion, (I think I spelt two out of four right there..), my client asked them at 1.30M whether they really wanted to sell it as they would not put it on the market. Went on the market and bingo…SOLD.

    Valuation the agent had was 1.7Mill, guess the local valuations now need to be revised….

    Gotta screw a lot of battlers to make up 2Mill

    3.2mill plus agents comm, plus hold costs for period while mortgage not serviced for 4 months etc, reckon they dropped 2Mill.

    Bet there is a valuer out there now being trial fitted for a pineapple….

    Profile photo of d_robb21d_robb21
    Participant
    @d_robb21
    Join Date: 2006
    Post Count: 101

    I’d rather take a hit from the All Black props than that sort of hit.

    Profile photo of Mikey PMikey P
    Participant
    @mikey-p
    Join Date: 2006
    Post Count: 86

    What area did this all take place? Anything $2M or below for Ocean front multi unit site on main land Australia is an absolute steal!!!

    Profile photo of zen1zen1
    Member
    @zen1
    Join Date: 2005
    Post Count: 40

    Mikey,

    If you offer the guy $2 mil he might take it. Not bad for few weeks work 600K gain.

    Profile photo of Mikey PMikey P
    Participant
    @mikey-p
    Join Date: 2006
    Post Count: 86

    Thats all good but where is it??

    Profile photo of gmh454gmh454
    Member
    @gmh454
    Join Date: 2003
    Post Count: 537
    Originally posted by Mikey P:

    What area did this all take place? Anything $2M or below for Ocean front multi unit site on main land Australia is an absolute steal!!!

    It was a public auction, well advertised, lots of attendance, guess the locals must disagree…

    Profile photo of gmh454gmh454
    Member
    @gmh454
    Join Date: 2003
    Post Count: 537

    Kicking this one round last night, I think I may have a guess at what happened.

    Bought for 2.4Mill, substantially over the then market.
    Contract made for 3.2Mill
    Valuer comes on board, together, with solicitor, vendor, broker
    Banker gets sucked in and lends to 70%.
    BINGO.

    I could be wrong, but just a feeling after the “on the run comments”
    I heard…

    Now I know that stuff never happens…….

    Profile photo of v8ghiav8ghia
    Member
    @v8ghia
    Join Date: 2005
    Post Count: 871

    Kinda makes me feel a whole lot better about all the money I’ve ‘done’ on cars and bikes over the years….puts things in perspective eh? [whistle]

    Profile photo of wealth4life.comwealth4life.com
    Member
    @wealth4life.com
    Join Date: 2003
    Post Count: 1,248

    Hi GMH,

    Makes me remember the famous words of Kerry Packer …

    Every body needs one Alan Bond in their life at some point!!!

    Is the property next door forsale??

    D

    Profile photo of gmh454gmh454
    Member
    @gmh454
    Join Date: 2003
    Post Count: 537

    This property is starting to figure “large ” in my life, so I am guessing that I may get to the bottom of this eventually.

    Just have a bad feeling over this and it is getting worse.

    Will update on this 56.25% CRASH !!!!!!!!!!!! …. later

    Profile photo of zen1zen1
    Member
    @zen1
    Join Date: 2005
    Post Count: 40

    Hi detective gmh, maybe Jenman can provide you with details.
    Let us know.

Viewing 13 posts - 1 through 13 (of 13 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.