zaph

Zaph's real estate adventures

327 posts in this topic

The Chinglish is a bit lacking in the RE ads at the moment...

Ideal for living family.

What a shame - I was going to buy it to house all my dead relatives.

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Dropped in on the ofi yesterday.

The "huge size room with showing facility" is the single garage. Still has the roller door but has been plastered up from the inside, a shower plonked in the corner and that's it - nothing else in there. It's counted as one of the 5 beds. Throughout, the carpets are threadbare, the walls in dire need of a paint and the bathrooms original 70's. Dreaming if they think they can get 600.

New listing #23

5 bed, 2 car, 3 bath $600k + buyers.

 

 

The first agent is a little Chinese one that speaks almost zero English. Soon after listing they got a second (multi listing) agent soon after that they fired the second agent and hired a third.So the place is now listed with the original agent and the third agent.

 

The third agent has reduced the sticker price to $598k. The original agent is still asking $600k+...

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New listing #27

 

4,3,2 Auction

Just got back from this auction. Around 40 punters and the PA of the REA. No agent or auctioneer in sight. 10 mins after the advertised time people started leaving. I left after 20ms, by that time around half the people had left - still no agent or auctioneer!

 

What a way to sell a house!!

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What a shame - I was going to buy it to house all my dead relatives.

 

The Chinese might be up for that, if they can burn it after purchase...

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New listing #22

3 bed, 2 bath, 1 garage, bathrooms and kitchen untouched from the 70's. $560k +

Downstairs has 4 utility rooms, sitting area and kitchette - looks legal height, but the language indicates it's probably not. I wondered what a kitchette was - I've come to the conclusion it's a small kitchenette - a sink and just enough room for a small kettle.

sold 9/2013 - 575,088

 

An odd figure - must be a Chinese good luck number. A good result for the vendor and I think the first time since I've started this thread that a 'plus' price place sold for anything more than a few K over asking. 

 

history:

6/2009 - $485k

3/2005 - $308.5k

12/2002 - $236k

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New listing # 26

4 bed, 3 bath, 2 garage. $599k

Now listed with another agent for $589k and still listed with first agent for $599k

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The first agent is a little Chinese one that speaks almost zero English. Soon after listing they got a second (multi listing) agent soon after that they fired the second agent and hired a third.So the place is now listed with the original agent and the third agent.

 

The third agent has reduced the sticker price to $598k. The original agent is still asking $600k+...

#23 still listed with original agent at $600k+ and is now also listed with yet another agent for $579k+. 

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New listing #25

3 bed, 2 bath, 2 car(port). $570 +

This is a highset with another two beds (not legal height - can't legally call them bedrooms), living area and kitchenette downstairs. One great feature is the "Spanking New 2nd bathroom"!

Sold 6/10/2013 - $581k

 

previous sold history...

11/2010 - $500k

4/91 - $170k

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Now listed with another agent for $589k and still listed with first agent for $599k

#26 the 'new' listing agent has disappeared and is still listed with the first agent for 599k

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new listing #21

4 bed, 2 bath, 2 garage, 2 living areas. $589k

 

new listing #21

4 bed, 2 bath, 2 garage, 2 living areas. $589k 

 

There's something seriously f*cked up here. The only place I can reply is part of the quote button and the above happens. Only on edit can I do anything. 

 

Anyway, this place sold for $560,600.

 

It seems the burb is back to the asking price meaning the price we will accept if the house is on fire and there is no one with a full bladder. 

 

 

  

 

 

 

Edited by zaph

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I haven't made a post in this thread for a while..

 

Just went to an auction in my street, so thought I'd share the anecdote. 

 

Very similar house to mine except it's not legal height downstairs (mine is), so the 4th bedroom can only be marketed as a utility room. It has original 70's bathroom and kitchen (mine were renovated ~5 years ago). Mine has one garage this one only a carport. Same land size, but mine has a decent back yard and pool (I value the pool at zero). The auction one had most of the land in the front and only a large 'courtyard' back yard (I also doubt the claim that it was 670m2). So given all of that I think my joint should be valued a little higher.

 

It sold for $530k. I paid $475k three years ago. If both properties sold at market value then the burb has gone up ~15% in three years from my reckoning, which I believe is well above the RPD median change for Brisbane wide. 

 

Interestingly, walking back from the auction I met 3 other parties who went to the auction and live in the immediate area, and we stopped at an OFI for a sticky since it's such a unique house for the area.  

 

The agent's kind of the 'star' agent for the area and moved straight into 'trying to get a listing mode' rather than trying to sell the house mode, in a well oiled subtle way. She said she sold 63 properties last year (43 to Chinese, 5 to aussies and five to Indians). This year so far she said she's sold 43 properties. If you believe her, then that's a massive increase in property turn over. 

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Same land size, but mine has a decent back yard and pool (I value the pool at zero).

Is that because its zero value to you? Or you think pools generally add no value.

One thing I wish I'd done in retrospect is buy a house with a pool. When we bought our youngest was 1 year old so we overlooked houses with ponds let alone pools in case she drowned. Now she is three we are considering putting one in.

Chiefly it is for the 3, 7 and 10 year olds, clearly I have not turned from property bear to renovating for "value adding" but id like to think it adds some portion of the costs to the houses amenity and thus future sale price.

Some reckon the pool decreases the value by the cost of maintaining one?

I guess it comes down to the likely buyer in the area the house is in?

Anyway I tell my Missus our house will drop by 20percent by 2018 ie 100k. I guess the pool or no pool won't make a whole lot of difference.

On the rest of your post I reckon your assessment above on your value increase Sounds bout right. Kitchen and bathroom renos are not cheap. Lifting a roof not feasable. Course if i had to guess a short roof won't affect the target demographic as much as in an Anglo area.

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Is that because its zero value to you? Or you think pools generally add no value.

One thing I wish I'd done in retrospect is buy a house with a pool. When we bought our youngest was 1 year old so we overlooked houses with ponds let alone pools in case she drowned. Now she is three we are considering putting one in.

Chiefly it is for the 3, 7 and 10 year olds, clearly I have not turned from property bear to renovating for "value adding" but id like to think it adds some portion of the costs to the houses amenity and thus future sale price.

Some reckon the pool decreases the value by the cost of maintaining one?

I guess it comes down to the likely buyer in the area the house is in?

Anyway I tell my Missus our house will drop by 20percent by 2018 ie 100k. I guess the pool or no pool won't make a whole lot of difference.

On the rest of your post I reckon your assessment above on your value increase Sounds bout right. Kitchen and bathroom renos are not cheap. Lifting a roof not feasable. Course if i had to guess a short roof won't affect the target demographic as much as in an Anglo area.

 

Wait til the kids grow up and then see how much use that pool will get!

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Wait til the kids grow up and then see how much use that pool will get!

Yeh I reckon none.

Like buying the house at first instance it's my wife's doing...

That said if I'm gonna drop 30k might as well do it now so the kids get at least 10years out of it.

I'd rather just take the kids to the beach given we live a 10mimute walk from it. i guess the advantage of it in the back yard is the kids can enjoy and I can stay at home.

Zaph: When you bought did you consider how much the pool was going to cost you to run?

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Is that because its zero value to you? Or you think pools generally add no value.

I value it personally, I use it every day in summer and probably once a week in the shoulder seasons. I was using it right up till mid May this year - Perth would have a shorter season. Even when not being used it's like a giant water feature. 
 

 

In my area they generally add little or no value. Every second house has one. Some people love them, some hate them and investors steer well clear of them (so there's 30% of your sales market gone). Perhaps in Perth where they are scarcer they add more value?
 
 
One thing I wish I'd done in retrospect is buy a house with a pool. When we bought our youngest was 1 year old so we overlooked houses with ponds let alone pools in case she drowned. Now she is three we are considering putting one in.

Chiefly it is for the 3, 7 and 10 year olds, clearly I have not turned from property bear to renovating for "value adding" but id like to think it adds some portion of the costs to the houses amenity and thus future sale price.

 

Kids certainly make good use of pools and once they're teenagers (assuming not many people have them in your area) they'll certainly have a lot of friends coming over to use it.

 

Some reckon the pool decreases the value by the cost of maintaining one?

 

I haven't heard that and they're not that expensive to maintain. What I have heard is they limit potential buyers, as for some it's a deal breaker. 

 

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Zaph: When you bought did you consider how much the pool was going to cost you to run?

 

My parents have had one for nearly 20 years so I know they're not that expensive to run. 

 

Mine is a chlorine and cartridge filter set up. Regular chemicals are around $200pa. If you have an algae outbreak that's going to cost you $50-75 in chems to clear up - but that only happens because you're not maintaining it properly and is a lot less likely with a salt pool. 

 

The filter, vacuum and pump all have a life of 7-10 years and each cost around $500 to replace. Power cost is hard to quantify. By bill is $400-500 a quarter and that's running a house hold with 2 boarders and two fridges - so we would use more power than a three person household as we all cook, wash etc separately. 

 

So all up for everything I guess it costs no more than $750pa to run. 

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they'll certainly have a lot of friends coming over to use it.

I'm not certain whether that Is a pro or con. :)

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My parents have had one for nearly 20 years so I know they're not that expensive to run.

Mine is a chlorine and cartridge filter set up. Regular chemicals are around $200pa. If you have an algae outbreak that's going to cost you $50-75 in chems to clear up - but that only happens because you're not maintaining it properly and is a lot less likely with a salt pool.

The filter, vacuum and pump all have a life of 7-10 years and each cost around $500 to replace. Power cost is hard to quantify. By bill is $400-500 a quarter and that's running a house hold with 2 boarders and two fridges - so we would use more power than a three person household as we all cook, wash etc separately.

So all up for everything I guess it costs no more than $750pa to run.

That's not too bad for power.

Don't reckon we will notice if its under $1000. In winter between gas and electricity we exceed 1000 dollars per 2 months bills. Usually gas slightly more than power ie 600 dollars for gas. Since I put a timer on the electric solar booster. That $200.00 switch has paid itself off 3 times over!

Electric was at its worst $1000 on its own for two months the first winter bill i got in this house. then I put on the timer.

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That's not too bad for power.

Don't reckon we will notice if its under $1000. In winter between gas and electricity we exceed 1000 dollars per 2 months bills. Usually gas slightly more than power ie 600 dollars for gas. Since I put a timer on the electric solar booster. That $200.00 switch has paid itself off 3 times over!

Electric was at its worst $1000 on its own for two months the first winter bill i got in this house. then I put on the timer.

Those are pretty big bills for 2 months compared to mine for three. 

 

But I don't use, and so far my tenants haven't used any of the power sucking appliances. Have AC and a clothes dryer but neither get used more than a couple of times a year. I have one of those incredibly inefficient plug in electric heaters for my downstairs living area - but that only get's used maybe, 14 days a year. Gas is not available here (and most of Brisbane) otherwise I'd be tempted to put in a heater and that would ramp up the bills.

 

Re Pool - make a decision soon. Best to get one (if you're going to) while it's going to get the most use while the kids are at home. If you get one done over winter you may be able to get a better price and it will be done in time for summer. 

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Place worth more with no house?

 

There's a block of land for sale at $499k near me - looks like it's never had a house on it in it's 35+ years since development. It's 600sqm, which is pretty standard for the area for the development time. But would now be considered a large block worthy of a 45 bedroom Mc Mansion. 

 

Thing is a 3-4 basic house would go for $450k in a condition that may require $50k to bring it up to 'liveable standard'.

 

Is a block of land really worth more than one with a house? 

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