zaph

Zaph's real estate adventures

309 posts in this topic

Summary of outstanding:

#5 The on again off again listing that sold last year. Still waiting for on the house for sales price

#7 The stoner rental house. Listed in August for $440k. Still listed, no change in price

#12 Listed October, 468k, then 460k, then offers invited. Was vacant when listed. Disappeared from online listings before xmas, sales board remains. Someone is now living there.

#13 Never listed on re.com.au or domain, just the crappy board out the front (Nov) that changed from sale to rental and sale, now just rental. After nearly two months of the agents website being down it's back up - although the sales section links to a dead re.com.au page. I've now discovered it listed on on the house. Sale 5/12 - $495k, 10/12 contact for price. 31/12 for rent $420pw.

#12 now listed (same agency) at $438k

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Summary of outstanding:

#5 The on again off again listing that sold last year. Still waiting for on the house for sales price

#7 The stoner rental house. Listed in August for $440k. Still listed, no change in price

#12 Listed October, 468k, then 460k, then offers invited. Was vacant when listed. Disappeared from online listings before xmas, sales board remains. Someone is now living there.

#13 Never listed on re.com.au or domain, just the crappy board out the front (Nov) that changed from sale to rental and sale, now just rental. After nearly two months of the agents website being down it's back up - although the sales section links to a dead re.com.au page. I've now discovered it listed on on the house. Sale 5/12 - $495k, 10/12 contact for price. 31/12 for rent $420pw.

#7 Looks like the tenants got pissed off and decided to move. The house is now listed for rent at $345pw (the same as the previous tenants were paying). So the owners now have a house that is empty (or soon to be), bringing in no income. Who's going to rent a house that is also for sale? Desperate (ie bad references etc) ones. Good luck getting any rent. No change in sales listing.

#13 Finally listed on re.com.au; for rent at $420pw. Only took a couple of months.

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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

What happens when you can't sell? Wait a year and re-list for $9k more.

#6 now listed at $559k. Last sold 5/10 for $490k.

from the copy...

extending Brand new 1 bedroom studio apartment that it can provide one more family for the private living area.

Would want to be a small family, it appears to be a single garage conversion.

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#7 Looks like the tenants got pissed off and decided to move. The house is now listed for rent at $345pw (the same as the previous tenants were paying). So the owners now have a house that is empty (or soon to be), bringing in no income. Who's going to rent a house that is also for sale? Desperate (ie bad references etc) ones. Good luck getting any rent. No change in sales listing.

#13 Finally listed on re.com.au; for rent at $420pw. Only took a couple of months.

#13 rental listing has been removed. Assume they've rented it (or maybe they're going to have another crack at selling?). Only took a couple of months from putting up the sign to get it listed online then a couple of weeks to rent it.

#7 Still for sale. They've been hacking back the extremely overgrown (you could not see any of the house from the rd) front garden over the last couple of weeks. It now has a pile of garden waste about the size of two cars sitting in the front yard. Rental listing has been changed to "coming soon".

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New listing

#14 4 bed, 3 bath, 2 car, study, two living areas. Offers over $650k.

No open houses, appointment by serious buyers as the owners have reduced their price significantly.

So after a bit of snooping I see it was previously listed a couple of months ago without an address (why I didn't pick up on it the first time). So what's a significant price reduction? $29k or 4%!! I'd say it's still overpriced by $50k.

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What happens when you can't sell? Wait a year and re-list for $9k more.

#6 now listed at $559k. Last sold 5/10 for $490k.

from the copy...

Would want to be a small family, it appears to be a single garage conversion.

It's been taken down from rea.com.au. can't imagine it would have sold or they would have listed it as under contract, or similar. A few weeks attempt at selling it? Pathetic.

Maybe they're giving it a rest so it appears as a new listing, no doubt at an even higher price.

sorry if I'm boring people with this thread. It's a spot to keep all the obs in one place.

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It's been taken down from rea.com.au. can't imagine it would have sold or they would have listed it as under contract, or similar. A few weeks attempt at selling it? Pathetic.

Maybe they're giving it a rest so it appears as a new listing, no doubt at an even higher price.

sorry if I'm boring people with this thread. It's a spot to keep all the obs in one place.

It's great to get real data from you, zaph. Much appreciated, even if I don't make many comments. Keep going, mate! smiley-signs011.gif

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yeah i regular red your updates, i admire your motivation, i tried it with 1 place, but didnt follow up. the place got sold, everyone here thinks it was a bargain at 195k, and i think it was a slum. ill try and hunt down a sold price for my one, but i like reading this thread.

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Thanks guys. I'll keep posting.

It's easy to think that if no one is replying, then no one is interested in the thread. But come to think of it, I often read and appreciate a thread, but just have nothing to add.

Analysis:

The ending of the FHOG in QLD on 11 oct 2012 pulled forward demand, and in at least one case lead to a crazy price 1. The last few months have been very quite as demand got sucked forward. The time taken to save the extra $7k to replace the grant should have expired. All other things being equal demand should be returning.

1. It also seemed to suck forward supply, with a rush of listings in the month before the end of the grant.

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#5 sales data is in, finally,

It sold in Sept. It was listed 9 months before and again in Sept..

Here's some of my comments in this thread...

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

#5 is now back on the sales market. 6bed, 2bath, 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 forthe last 6 months), so imagine they've booted out the tenants

.
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 a10 yr old oven) and bathrooms are original. certainly nothing done since it waspurchased in 2007.

It was a surprise. This style of house usually hasa rumpus and 1 bed downstairs, or a sort of granny flat downstairs, and 3/4beds upstairs. This had 4 beds, no lunge downstairs, decent kitchen downstairs,two beds upstairs. downstairs was able to be separated, but the downstairs peoplewould 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. Hopefullythe pic shows how trend it could be 30 years on.

cons:

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

High voltage power lines, not just at the back ofthe 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 justdated, but approaching collapse. A few bowls of laksa placed on the kitchenbench 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 inChinese over cooking, cleaning and showering facilities)".

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

"Were you the marketing agents last time itwas on the market?"

" I don't know"

"Don't you know if you tried to sell itbefore?"

"It's been a very long time"

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

"I can't remember"

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

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

Sold 24/9/12 $496k

Last sold 1/2007 $444k

There appears to be a family occupying. I would have expected student accommodation by the room.

So the previous owners held it for 5.75 years. They made 12% cap gain over the period, or 2% pa.

Edited by zaph

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Sold 24/9/12 $496k

Last sold 1/2007 $444k

There appears to be a family occupying. I would have expected student accommodation by the room.

So the previous owners held it for 5.75 years. They made 12% cap gain over the period, or 2% pa.

Thanks zaph! thumbsup.gifwink.gif

But the $52k capital gain would be reduced by at least $20k in transaction costs. There would have been maintenance and other holding costs involved as well.

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Thanks zaph! thumbsup.gifwink.gif

But the $52k capital gain would be reduced by at least $20k in transaction costs. There would have been maintenance and other holding costs involved as well.

Holding costs - yes. Maintenance costs - bugger all, the place was a dump.

Given it's condition and the power lines in the backyard I'm surprised it went for so much.

IMO all the renovation type tv shows have lead to a completely unrenovated place (ie to the point of needing to replace kitchens and bathrooms before they fall down) selling at a similar price to something that is functional but not quite the latest trend (eg renovated 10 yrs ago).

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#7 Looks like the tenants got pissed off and decided to move. The house is now listed for rent at $345pw (the same as the previous tenants were paying). So the owners now have a house that is empty (or soon to be), bringing in no income. Who's going to rent a house that is also for sale? Desperate (ie bad references etc) ones. Good luck getting any rent. No change in sales listing.

What happens when no one wants to rent your property that is on the sales market? Increase the asking rent, leave the crappy copy and pixelated pictures as they are!

#7 now listed to rent at $350pw. Still listed for sale at $440k. In the la la land of property, surely the asking sales price should increase with the asking rent?

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The property is well-located on <suburb deleted by me> with Quite and Nice Living Area 739m2. Walking to Close and convenient Shopping paradise, School, and Transport. Four spacious bedrooms ( Capacious Master room with Ensuite) and Four delightful bathrooms. The formal kitchen with a family dining area as a peaceful atmosphere. The huge study room and storage room with lounge room. The biggest outdoor and swimming pool.

Furthers:

739m2 block

4 Spacious Bedrooms and 2 Delightful bathrooms

Magnificent Master room + a luxurious Enusite

Pleasured and Quite Study room

Elegant Formal lounge and Capacious rumps room

Formal Kitchen with storage room living

Outdoor Entertaining area and 2 Garage

That's some massive living area!

What's a pleasured study room?

Wow, you can live in the storage room.

Edited by zaph

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What's a pleasured study room?

I'd be running those black lights in that room to check before buying.

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I'd be running those black lights in that room to check before buying.

I'll be sure to insert (oh the crass humour) into the contract a subject to CSI inspection clause.

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What happens when no one wants to rent your property that is on the sales market? Increase the asking rent, leave the crappy copy and pixelated pictures as they are!

#7 now listed to rent at $350pw. Still listed for sale at $440k. In the la la land of property, surely the asking sales price should increase with the asking rent?

Still can't sell it? Still can't rent it?

No worries! Put the asking rent up again. Now listed at 380pw.

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New listing

#14 4 bed, 3 bath, 2 car, study, two living areas. Offers over $650k.

So after a bit of snooping I see it was previously listed a couple of months ago without an address (why I didn't pick up on it the first time). So what's a significant price reduction? $29k or 4%!! I'd say it's still overpriced by $50k.

#14 now under contract.

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Still can't sell it? Still can't rent it?

No worries! Put the asking rent up again. Now listed at 380pw.

#7 rental listing has been taken down. Sales listing still live.

I wonder if they rented it to some poor sucker who doesn't know it's for sale (there's no board out the front) or perhaps they're in the midst of changing rental agents. If they have rented it that only took 6 weeks.

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#12 listed in October for $468k >$460k >offers invited>$438k. Sold in January for $423k. Last sale 5/90 for $133k.

#7 the stoner house appears to have someone living there, so must have rented. Still listed for sale at original price for ~7 months.

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New listing

#15 3 bed, 2 bath, 2 garage. Two living areas (which is rare for a 3 bed in this area). Good condition. Auction end of April.

Sales history:

9/89 $132k

10/96 $137.5k

7/97 $135k

5/01 $158.1k

10/10 $464k

The house is vacant, so either a rental where the tenants were booted out to sell or OO that have already moved on. So pressure to sell. I'll be amazed if the owners get what they paid for it. I estimate $430-450k.

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New listing #16

4 bed, 3 bath (I suspect they are counting the main bathroom and a separate toilet as two bathrooms), 4 car (if you don't mind driving through sliding doors to get to two of the car spots - original double garage converted to living). Asking $628k.

the easy care private garden (yes very easy care, just grass, not a plant in sight), plenty of room for the kids to play and gardeners will enjoy the opportunity of creating a colourful masterpiece (because it looks like sh*t atm)

Generous kitchen - recently refurbished (not sure if ~2000 counts as recent) has a great layout complimented by huge amounts of storage & quality built-in appliances (they may have been quality when the house was built in the early 80s, but they ain't now - yes they renovated the kitchen but left the mission brown cookware).

Double garage has been converted to a 'Multi-media room' or as 'Granny Flat' or 'Home Office'. - I don't think laying a floating floor and replace the roller doors with sliding doors qualifies it as a 'granny flat'.

Upstairs 3 bedrooms are all good-sized (she got something right!) with walk-in robes (no only the master has a walk in robe).

I estimate it'll sell for around $550k.

#7 still up. Price unchanged. I'm starting to think they decided not to sell and the agent forgot to take the listing down.

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