Lol. Any Lambos before 2010 are a waste of Money apparently. My Property value has increase by 25% over the past Year, apparently. Too bad I'm not prepared to Sell ... because my crooked allegedly Christian Neighbours would love me to move. I'd love to Rent again. Move whenever you liked. But Australia's ponzi scheme called Immigration will keep Rents too high I believe.
How is that going to solve Australia's housing problem? I would buy you a 2008 Lambo if that will solve Australia's housing problem.
2008 lambo? It's too old. If I'm gonna sleep in my lambo plus pick up chickyboos then a later model is required.
Unliveable apartment with no kitchen sells for a ‘surprising’ $3.3m Michael BlebyDeputy property editor Oct 14, 2024 https://www.afr.com/property/reside...n-sells-for-a-surprising-3-3m-20241010-p5khcq We speak to the team behind the most intriguing recent property sale. The property: A two-bedroom apartment with one off-street car park at 1/53 The Esplanade, Mosman, NSW. Sold at auction for $3,310,000. Who was the agent/agency? Stewart Robertson, David Buttel, Aurora Property Lower North Shore. The two-bedroom apartment (ground floor, left in photo) with garden access and one off-street car park at 1/53 The Esplanade in lower north shore Sydney’s Mosman sold at auction for $3,310,000. How long was this on the market? [Robertson] Three Saturdays, three Wednesdays and we auctioned it on the fourth Saturday. Why did this one sell? It was a deceased estate. It was across the road from Balmoral Beach. It was always going to sell. It was going to be a market-determined price more than a heavy influence from a vendor. Was it overpriced? No. Was it a surprising price? Yes. But it was a price that we obtained in the most transparent way you can possibly sell a property – by selling at auction. Everyone had a fair and equitable opportunity to bid, and the market determined its value. What did you think it would go for? That’s hard to say. With the amount of interest we had, we were comfortable we were going to exceed our guide. How much it was going to go for was a crystal ball. We didn’t take a guess. The guide was $1.8 million. Better with no kitchen than what had been there: The agent pulled out the dilapidated fixtures before putting the home on the market. What was surprising about it? It was surprising that so many people were willing to do so much work. It was not liveable. A lot of people will go: “I can cope with a kitchen.” But this was the kitchen, the bathroom, the built-ins, French doors – which means body corporate approval plus council approval. You were walking into a room that had the kitchen pulled out and cupboards gone. There were pipes out of the wall in the kitchen. Why did you pull out the kitchen? It was dilapidated and depressing. It was horrible. It was falling apart. It hadn’t been touched for years. It was grotty and yuck. How long had it lain empty? For two years. Why so long? The owner had passed away without a will. It wasn’t terrible to look at. We did a coat of white paint, polished the timber floors and styled it with beach furniture. The views were nice. Not spectacular by any degree – it’s a ground-floor flat. You’re looking onto the footpath before you look to the rotunda and water. Not for the fainthearted. This unit required a renovation of the kitchen, the bathroom and various other features, as well as an overgrown garden. What will it cost to renovate? There’s another $200,000 to spend on it. This is more work than the average apartment [but] it’s not masses of work. It’s not a second-storey renovation where you’re worried about the cost of imported timber and whether materials are going to be available. It is a section of the market where builders are still available. For a builder, it’s really a safe job for them to do – doing a kitchen, a bathroom – you can budget it all with the clients and can get the job done in a couple of months. As you stand in the living room, looking towards Balmoral, in the front was a little garden in front of the block of units. The garden’s a little overgrown. At some stage in the past, the block gave the two downstairs units exclusive use. “Exclusive use” means it isn’t on title, but is 100 per cent vote – you have to vote against yourself to lose it. I think there is definitely a feeling in the market that buyers are less scared than they were that it’s going to get worse. That’s gone. They think: “If I’m lucky, it might even get better.” With a more confident view of interest rates and the market, buyers were again willing to compete for the home. The market has recalibrated. People go: “I was going to spend $2 million, and I will now spend $1.7 million.” People have found where they need to sit. There were a number of people who saw value and had the ability to purchase. We had 14 people registered who made bids. We had a guy from Melbourne buying for people as an investment. We had some people living in Queensland who were giving themselves a base in Sydney. And we’ve got the owner-occupier, a professional, who bought the property to renovate now and live in it. Do you reckon we’ll see another result like this: a) next week b) next year c) next cycle d) never? a) Next week. There is confidence in the market. There are people in the market ready, willing and able to buy, and they know they have to be competitive. Whether it’s one of mine or in Strathfield, I can’t tell you. But it’ll be somewhere next week. But what about a similar property to this? Certainly not “never”. Could that be next week? It’ll happen whenever the next property hits the market that fits the same parameters. It was a perfect storm – a character apartment in an ideal location with parking and with the upside of the garden – so will you find another one like it? There was a bidder who tried to buy one of these 10 years ago, and they were back now – they weren’t successful.
Look at it on the bright side, there must be a lot of millionaire owners in Australia. Sell it, move to the US and they can live off the equity?