Hi all,
I went to an auction in Bentleigh (548-550 Centre Rd) and the house and gardens were lovely. My children happily frolicked around the auctioneers legs providing an amusing performance of the amatuer type for the some 80 people present. The advertised price was $1.1m+ the house was 25000sm2 and it sold for $1.705m.
You might ask why I am mentioning this. Well I believe there are many investors out there aswell as developers and I hope I don’t upset the billy cart here by saying that it sometimes is a real shame to have to pull down such a lovely estate to build what I sometimes refer to as ‘dog boxes’. These estates have such charm and they keep their value to the investor/owner, so is it necessary to pull them down and/or build another unit in someones backyard? Is it still worth doing from an investment point of view?
Am I just being sentimental or does anyone feel the same way?
I guess that’s what I really like about wraps. You buy a house and give someone else the opportunity to own a house, which they can then enhance later on. I guess it’s like preserving the ‘average’ sized block.
I’d like to hear your views, good or bad. I know that if a piece of land is too good an opportunity to pass up for investment purposes my thoughts may change, but deep down I guess it wouldn’t be without some regret.I can’t wait to see the responses from the seminar! I hope you all enjoyed it.
Cheer up, only 7 sleeps till next weekend [
]Sooshie [
]It’s all our imperfections that make us perfect!
Hi Sooshie
If you want to make money from property you should not limit yourself to just wraps. I am using all strategies. I have B&H, Wraps and am also a developer. I looked at this particular property but decided to walk away from it even though it was an excellent opportunity and very good profits at the end. Why? My love of old properties which have so much character. I am sentimental about these old places and feel that it is important for our State to retain its historical buildings. There are plenty of other properties for development without destroying beautiful places like this property. Did a developer buy the property?
The properties I acquire for development are those which are in very poor condition – beyond rejuvenation – and in most cases structurally unsound.
Other developers who read this will think I am crazy, but I have to live with me and be happy with what I do. The one thing I can’t do is destroy the charm and character of our history and heritage.
So Sooshie don’t worry about being sentimental and/or upsetting the billy cart. You have to live with you.Cheers
NessieHi Sooshie…
From where I stood I thought that the Sydney seminar was fantastic… and quite different from the Melbourne one too. Different crowd… different dynamics… different focus.
All was going well until I was hit with a migraine on the Saturday morning [
]. Luckily I was spared a real nasty version and was only K.O’ed for about 4 hours.Still… I was quite lucky as I finished up my presentation just in time to spend nearly an hour in the toilets being sick.
But I was back for the afternoon session and by Sunday morning I had 2 days of energy to unleash.
Now as for your post… well I’d have to say that it is a pity to see fantastic heritage building’s fall to modern development, however I would also say that “investing” is a lot different to “owning”.
You also want to be careful about emotion when it comes to property investing. And besides… there are authorities at local, State and Federal government who are charged with the responsibility on ensuring appropriate development and retaining our history.
You ask:
quote:
Is it still worth doing from an investment point of view?Well… I’d have to say (as always) that it depends on the numbers.
All property deals (rather than just wraps) can be win-win when done for the right reasons. It’s true that money is just one of a number of factors to consider when investing… BUT… it’s one of the bigger concerns.
Bye
Steve McKnight
**********
Remember that success comes from doing things differently.
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Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi Nessie and Hi Steve,
Ladies first:
Thank you Nessie for your reply. I believe a developer did buy it, but I’m not sure as Ashleigh B (the auctioneer) was pointing his hand between two people towards the end, one being George from Metricon homes and the other unknown person. (I hope no one takes offence from names being used, however if you were at the auction you will know that this info was public knowledge). George, did not buy it. I am glad someone feels the same as me. If you are located in the area Nessie, let me know and we can meet for a cuppa. [
]Now for Master Steve… [
]I’m glad that the seminar was a ripper. I guess the focus would be different and that’s great for all, as it gives breadth to your advice and its uses.
About your migraine… well you know if you had me there I would have given you some accupuncture and you would have been okay without blessing the porcelain goddess (pity I couldn’t make it, once the milk bar is closed then I will have time to PARTEEEE [:0)] ). I’m always willing to find new and desperate voodoo dolls [}], or so my hubby tells me!
I guess it was all the stress leading up to the event and the late nights etc. It’s good to see you made a full recovery and that’s the mettle your made from. Bouncing back like Tigger.
The emotion when dealing with real estate is a real roadblock, especially with someone as instinctual as I am. In a way it’s good I’m doing things outside my comfort zone because then I can’t rely on instict to choose, I have to do research etc and make sure it adds up.
I am looking at something totally different now, just waiting for the sums to add up and the finance to drop into my lap [].Talk to you soon
Cheers
Sooshie [
]It’s all our imperfections that make us perfect!
]
]
]. Luckily I was spared a real nasty version and was only K.O’ed for about 4 hours.
]The topic ‘New developments on old land’ is closed to new replies.
