zaph

Zaph's real estate adventures

255 posts in this topic

now for a little bit of chinglish in RE ads...

specious and comfortable house in the best location where closed everything. You will regard if you miss this one!!

Formal lunge

Opening kitchen

I'm confused, everything is closed but the opening kitchen. What's a lunge?

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now for a little bit of chinglish in RE ads...

I would like to see the formal lunge.

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now for a little bit of chinglish in RE ads...

I'm confused, everything is closed but the opening kitchen. What's a lunge?

well i'm willing to believe the "specious" bit.

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This one sold about a week after it's price reduction. waiting on onthehouse to update price.

of the six properties that have been on the market this year in the few streets around me that I've been tracking:

1.first 460k, then 419k+. sold. waiting on sales data

2.429k. main road.asking price about right if it wasn't on a main rd. on market for a month or so, then sold. waiting on onthehouse to update price.

3.419k. main road.asking price about right if it wasn't on a main rd. on market for a couple of months, then taken off market.

4.first 460k. reduced to 430k after a few months. been on the market since ~ October. still hoping.

5. first 579k reduced to 549k after a month. latest asking about right. left on market for a couple of months. now taken off market and up for rent, 650pw.

6.550k. overpriced by about 50k. sat on market for a couple of months. now taken off. from the pics and inspection by appointment, i suspect this has had a tenant the whole time

when i talk of over/under pricing I'm referring to comparable asking prices, not sold prices.

#5 is now back on the sales market. 6bed, 2 bath, 2 garage, GF (small kitchen, but not sure how separate), 1000sqm, original 70's bathrooms and kitchen.

519k.

This is 6 months after it was up for lease (it has definitely been lived in for the last 6 months), so imagine they've booted out the tenants.

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#5 is now back on the sales market. 6bed, 2 bath, 2 garage, GF (small kitchen, but not sure how separate), 1000sqm, original 70's bathrooms and kitchen.

519k.

This is 6 months after it was up for lease (it has definitely been lived in for the last 6 months), so imagine they've booted out the tenants.

Oh noes, $60k of 'equity mate' up in smoke in a few months.

I bet they had an offer of $510k in the original marketing period and it has taken them some months to accept this ballpark, so now they're trying for $519k for a small psychological profit. But the market has probably moved on.

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Oh noes, $60k of 'equity mate' up in smoke in a few months.

I bet they had an offer of $510k in the original marketing period and it has taken them some months to accept this ballpark, so now they're trying for $519k for a small psychological profit. But the market has probably moved on.

You could be right. They'll probably do the same thing this time round. They paid $443.8k in 1/2007.

I don't know which agent had it last time, but it's now listed with the 'star' Chinese agent for the area. 'star' agents don't normally accept a listing unless they think they can sell it. It's the same pics, which indicates it's probably the same agency, but perhaps a different agent.

I just drove past it and the letterbox is overflowing, indicating the tenants have been turfed out.

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Just got back from the OFI...

This place was built in the late 70's/early 80's. It's been painted and carpeted in the mean time, but the kitchen (apart from a 10 yr old oven) and bathrooms are original. certainly nothing done since it was purchased in 2007.

It was a surprise. This style of house usually has a rumpus and 1 bed downstairs, or a sort of granny flat downstairs, and 3/4 beds upstairs. This had 4 beds, no lunge downstairs, decent kitchen downstairs, two beds upstairs. downstairs was able to be separated, but the downstairs people would have access to upstairs.

pros:

large bedrooms. one good size single. others, double to huge double

huge lunge upstairs

huge kitchen upstairs

huge dining upstairs

full length of the house verandas, front and back.

Good views from the front upstairs.

The sink upstairs is so old, it's new. Hopefully the pic shows how trend it could be 30 years on.

cons:

The 'new' carpet and paint is at least 5 years old upstairs and threadbare down.

High voltage power lines, not just at the back of the property - but actually over the back of the property.

No lunge downstairs.

Poorly presented gardens.

Badly filled in pool - looks like a sandpit.

Upstairs kitchen and all bathrooms, not just dated, but approaching collapse. A few bowls of laksa placed on the kitchen bench would probably result in it collapsing.

Conclusion:

'The bones are good', but the flesh is rotting.

Agent fibs:

"It's obviously been used as a boarding house (tenants obviously moved out, but beds and desks remain. Notes written in Chinese over cooking, cleaning and showering facilities)".

"the owner lived upstairs and rented downstairs to students" - I know this is not true.

"Were you the marketing agents last time it was on the market?"

" I don't know"

"Don't you know if you tried to sell it before?"

"It's been a very long time"

"It's been 6 months, surely you would remember if you tried to sell this place six months ago?"

"I can't remember"

I wish I spoke Chinese, as the questions became more difficult the English became worse.

I'm off on Monday to sign up for a Chinese class. Which one? 哪一個

post-191-009251300 1347676641_thumb.jpg

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It's actually a husband and wife team who are marketing the property...

It was the husband doing the OFI. I get a call from the wife on Sunday. She seems to have a much better memory than her husband, confirming the owners went back to China six months ago and have rented it for the last six months and yes they were the agents trying to sell last time.

I tell her I'm not interested as it needs a lot of work and I don't think the yield wouldn't be high enough. in an effort to make it more attractive she tells me it rented for $750pw (actually it was 650, and I think they were very lucky to get that) and the owner really wants to sell and will take 500k.

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i was wrong. less than two weeks.

visited the folks today and the for sale sign is till there but next to it a for rent sign with a 'leased' sticker over it. the sale listing is still on the net at still 649k. refind tells me it was advertised for just 6 days at 680pw granny flat included.

who would rent a place that is for sale?

This property pre dates Zaph's numbering system. Refer to the first few posts in this thread.

Visited the folks last Saturday. This property had removalists moving stuff and a 'for rent' sign out the front. Wasn't listed for rent online, on the weekend or since. So I gave the agent a call - rented (house and GF)! for 690 pw. No movement in rent for a couple of years (a $10 decline over two years).

Ray White told me this property should be renting for at least $840 by now!! To be fare the quick rental of this place suggests it was rented under market.

sold a year ago for 585k

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This property pre dates Zaph's numbering system. Refer to the first few posts in this thread.

Visited the folks last Saturday. This property had removalists moving stuff and a 'for rent' sign out the front. Wasn't listed for rent online, on the weekend or since. So I gave the agent a call - rented (house and GF)! for 690 pw. No movement in rent for a couple of years (a $10 decline over two years).

Ray White told me this property should be renting for at least $840 by now!! To be fare the quick rental of this place suggests it was rented under market.

sold a year ago for 585k

Big yields where your folks are living!!

The place I live in rents for roughly half that and the expected sale price would be more or less the same...

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Big yields where your folks are living!!

The place I live in rents for roughly half that and the expected sale price would be more or less the same...

The headline yield is very high for the area.

Although it rented quickly this time (and last), I suspect it would generally be hard to rent. If you were looking for a 5 bed house, the norm for the area and style would probably be around 500 pw and people wouldn't be prepared to pay much more for the GF. Of course if there happens to be someone in the rental market at the time who really wants/needs a GF then it would rent quickly, at a good price. But I don't think there's a lot of demand from people wanting to specifically rent a house with a GF, and pay the premium for it.

The previous owners rented out the main house and GF separately. Never had trouble renting out the GF, but lots of trouble renting out the main house.

edit:

As an aside the sales price of the house wouldn't be increased by the GF. Unless...

My parents house has a huge two bedroom GF (the size of a normal unit). whenever they've had it valued agents have told them that if there happened to be someone looking specifically for a house with a GF, then they would get considerably more, but in all likelihood would only get what the same house without the GF next door would.

Edited by zaph

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new listing number 9

500k+. 4 bed, 2 bath, 2 car(port) with roller door, 2 living areas. next to a small park.

only pics of outside and lounge room, so suspect kitchen and bathrooms are unrenovated. Well presented from the couple of pics.

last sold 2/2008 for 500k.

Since the above post a lot more pics and a floor plan have been added. Bathrooms and kitchen were renovate 5-10 yrs ago. Well presented. good size bedrooms. not mentioned in ad it has a study and a 'playroom'

Now under contract. thank you Mr hooker.

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4.0 is now no longer on re.com.au and the board was never replaced. withdrawn.

edit - let's see if it get's re listed with another agent??

the owner/occupier is often in the front gardening. twice I've spotted her gardening when driving by and returned home so I can walk to the shops and bump into her and discuss her house. both time's she'd finished gardening by the time I walked past.

#4 is now listed again at 429K, negotiable.

(originally listed about a year ago for 460k, reduced to 430k. taken off market in the middle of this year)

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Property 3 is now listed as under contract. will be interesting to see what it sells for in a few months time.

Sold for 374k. (started at 419k at the beginning of the year and went through several agents)

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#4 &5 are now listed as under contract. Is this a rush to buy before the FHOG ceases on existing homes?

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New listing #11

480k +. 3 bed, 2 bath, 2 car.

one bathroom and kitchen renovated 5-10 years ago. other bathroom original 70's. large rooms. way overpriced, should be more like 420k.

What's a 'crisp' ensuite?

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New listing #11

480k +. 3 bed, 2 bath, 2 car.

one bathroom and kitchen renovated 5-10 years ago. other bathroom original 70's. large rooms. way overpriced, should be more like 420k.

What's a 'crisp' ensuite?

Window doesn't shut & there is a crack in the uninsulated ceiling, so down to 5 degrees overnight!

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New listing #11

480k +. 3 bed, 2 bath, 2 car.

one bathroom and kitchen renovated 5-10 years ago. other bathroom original 70's. large rooms. way overpriced, should be more like 420k.

What's a 'crisp' ensuite?

Went to the open. Had to line up to get in and out! I've never seen it like this.

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Went to the open. Had to line up to get in and out! I've never seen it like this.

Did the crowd look like young first home buyers trying to buy before the state government grant ends?

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Did the crowd look like young first home buyers trying to buy before the state government grant ends?

Not particularly, but it's hard to tell in my area. About a third of area are chinese australians, and a lot quite wealthy. They may have (and i've heard this is what they do) been buying as investments in their kids names.

There certainly was a lot more asian faces than normal.

Edited by zaph

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