Forums / Property Investing / Creative Investing / Need to onsell a brand new apartment in Essendon vic 3040

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  • Profile photo of GPGP
    Participant
    @gp0083
    Join Date: 2015
    Post Count: 2

    Just wondering if anybody is interested in buying a brand new apartment in Essendon. I need to onsell this apartment before or on settlement which is soon. It is a 1 bedroom, plus study, plus 1 secure carpark.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 11,992

    Hate to say we are seeing real issues with valuations on OTP properties which are coming in at a lot less than purchase price.

    Good luck with the sale.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Email me for a copy of your API interview.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
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    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    Hi there, sorry to hear about this, which building is it?

    Collins & Queen on Keilor Rd will settle next month so I assume that is it? be free to tell me the purchase price etc, but will be hard to nominate. There have no major issues with valuation in this building specifically if we have completed vals for finance for around 10 apartments and there are either on the purchase price or within 4% variation, there are valuers that are more favourable than others.

    Obviously I am making assumptions. Essendon still is ok from a supply perspective so you have a chance to resell – at a reasonable price.

    Cheers Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
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    Profile photo of GPGP
    Participant
    @gp0083
    Join Date: 2015
    Post Count: 2

    That’s correct Ivan, it’s Collins and Queen.im not looking at making any money out of it, so I am willing to negotiate a price. I bought it off the plan as advertised for $399,000.00 and paid a 10% deposit back in 2013. Not sure what my chances are of finding another buyer so quickly are though…

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    Hi GP – email me the apartment number (so i can see sqm internal and external), that seems expensive unless it was one of the large one bedders. You will be able to use the nomination clause, a good solicitor will assist. Settlement is early September.

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
    Email Me | Phone Me

    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

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