18 posts tagged “development”
Skyline, at 30 Macrossan Street, has had 16 sales in 2009, mostly from the developer clearing unsold stock of 3 bedroom apartments. Most of the owners are investors who do not live in the building. At least 2 investors lost money when reselling this year.
- Lot 12, 3 bedroom 2 level "townhouse" with outdoor area - sold in October for $950,000 (previous owners reportedly paid $1,240,000)
- Lot 82 - 2 bed, 87 sqm internal, 15 sqm balcony - sold in January for $645,000
- Lot 95 - 1 bed, 50 sqm internal, 11 sqm balcony - sold in February for $335,000
- Lot 134 - 3 bed, 2 bath - 101 sqm internal, 19 sqm balcony - sold in June for $694,000
- Lot 211 - 3 bed, 2 bath - sold in February by developer for $720,000
- Lot 221 - 3 bed, 2 bath - sold in February by developer for $776,000
- Lot 231 - 3 bed, 2 bath - sold in February by developer for $725,000
- Lot 254 - 3 bed, 2 bath - 101 sqm internal, 19 sqm balcony - sold in March for $782,000
- Lot 271 - 3 bed, 2 bath - sold in February by developer for $750,000
- Lot 281 - 3 bed, 2 bath, 114 sqm internal with 22 sqm balcony - sold in March by developer for $755,000
- Lot 291 - same as above - sold in March by developer for $795,000
- Lot 391 - 3 bed, 2 bath, total size 142 sqm - sold in October for $875,000 (previous owner paid $910,000)
- Lot 441 - 3 bed plus study, 225 sqm internal plus 16 sqm balcony - sold in August by company related to developer for $1,800,000
- Lot 442 - sold in August by developer for $1,800,000
- Lot 451 - same as 441 - sold in August by developer for $1,800,000
- Lot 452 - sold in September by developer for $1,750,000
If you believe the sales agents hired by developers who sell apartments in Brisbane off-the-plan, you can't go wrong. Sign today, but don't pay for a few years. Population growth. Depreciation benefits. Get is early to choose the best apartment. Early buyers will get the best price. There will be a price rise soon, so sign today!
- the building may never start, and so the deposit is tied up for years
- the apartment may look different to what you expect, or have a worse view
- there could be development next door, impacting your view and the location
- the developer could onsell the development, and so you end up buying from someone other than who you signed with
- the apartment may be up to 5% smaller than set out in the marketing plans
- the quality may be different to what you expect.
So take extreme care building off the plan, as you may end up paying too much for something that you don't like or want.
Mosaic The Valley is now being sold off-the-plan, with a large advertising campaign. It is located on Ann Street (the major road from the airport to the city), at Church Street. If there are enough off-the-plan sales, so that construction can start, the developer hopes to complete in mid-2012.
There are 16 apartments per floor, mostly small 1 bed apartments. The building is about 15 stories high. There are over 240 apartments. The building does not have a pool. Most apartments do not have a balcony.
The apartments are small. For example, there is a studio apartment which is 50sqm. The bedroom is located internally, with sliding doors that can open. A similar sign is 54sqm. The 54sqm studio apartment, with a car park, on a mid-level is about $500,000 (or $435,000 without a car).
The largest style apartment is a 2 bed, 2 bath, for example, 79sqm, plus a 7 sqm balcony. The two bedroom apartments are located at each of the four corners of the floorplate -- so two are on Ann Street, and the other two face West. Not ideal in either case.
The two bedroom apartments range from $505,000 to $700,000.
The developer is Leighton Properties.
As previously reported on this blog, a number of off-the-plan purchasers at Mirvac's Tennyson Reach failed to settle, and are being sued by Mirvac. Mirvac is now selling these apartments by auction.
"A
very frenetic listing week has culminated with the official listing of
nine riverfront apartments (under instructions from Mirvac Queensland
where the buyers have not settled). These apartments are to be auctioned in a line on Saturday the 14th November at 12 noon. Our clear instructions are that these quality riverfront apartments WILL BE SOLD.
Elsewhere, buyer activity in the middle and upper ends of the market continues to increase as we move into one of the busiest sales times of the year.
Warm Regards,Dianne Bauer
Associate
JOHNSTON DIXON
There are very few new apartment developments in inner city Brisbane under construction and nearing completion. This is good news for owners of existing apartments, as the number of apartments available for sale will not increase dramatically in the next few years. This is my list:
- Evolution - completed last year, overpriced, developer trying to sell remaining apartments
- Vision - developer in bankruptcy situation - unclear if this will proceed, and if so, in what form
- Trilogy - on hold
- Meriton's Soliel - under construction
- Meriton's Herschel Street highrise - advertised by Meriton as coming soon
- Devine's Hamilton Harbour - not in inner city - construction to commence January 2010, maybe Devine's last apartment project in Brisbane
- Rive at Breakfast Creek - construction commencing
- Waters Edge at West End - first stage landworks commencing
- Riverpoint at West End - first stage under construction
- Code at Bowen Hills
- Multiplex's Promenade at the Hamilton shipping terminal
- Mirvac's Waterfront at Newstead
- Macrossan Towers, under construction, one apartment per floor
- Yungaba at Kangaroo Point, about to start pre-sales in the next month
- Mosaic, in the Valley, in presales
Prices on the Gold Coast for apartments are going backwards. Some examples:
- Apart 1202, 12th floor, 2 bedrooms, sold off the plan for $445,000 listed at $580,000, sold in June 2009 for $300,000.
- Apt 607, 1 bed plus study, sold off the plan for $425,000, listed at $550,000 but sold in 2009 for $295,000.
- Eight 2 bedroom apartments were sold in one line (403, 404, 504, 1004, 1104, 1203, 1205, 1304), for an average price of less than $400,000 each, this time last year.
- Apt 2604, large two bedroom with ocean views, sold off the plan for $900,000, recently listed at $1M, then $795,000 but sold for $695,000 in September 2009 at a loss of more than $225,000.
- A two bedroom on level 3 is currently listed for resale at a price less than the buyer's purchase price.
Here is a great advertisement from Ray White, bragging about a sale well below listing price.
Another Property SOLD by the Ray White Surfers Paradise Group!
SURFERS PARADISEFeatures: Balcony
HEAVILY REDUCED $550,000 Now just $419,000
This property was sold for $380,000 at the end of September. (An apartment in Chevron Towers.)
It is interesting to review the information Devine has published regarding its French Quarter development, that it is in the process of selling. It gives a good idea as to developer profit margins and costs of new apartment developments, such as French Quarter. (The information was not password protected at first, now it is, so you will have to trust me on this.)
For the "Carrington" Building (268 apartments, with 302 car parks).
Revenue for residential apartments - $11,400 per sqm, totalling $411M
Revenue from selling management rights - $2.45M
Total Development costs, including land value at $49M and construction costs at $177M = $310M
Profit - $85M
Interestingly, marketing & commission costs are $22M.
("Marketing
Costs allowance 2.0% of Gross Sales Revenue. Commissions of 3.0% of
Gross Sales Revenue with 50% paid on unconditional contracts & 10%
deposit held.")
So, for a 2 bed, 2 bath apartment (110sqm in size), the average price would have been $1.2M. Of this, about $350,000 is profit, and $60,000 approx is marketing costs and commission for the sales agent.
A reader sent me this comment, that I post without editing:
GABBA CENTRAL APARTMENTS IN WOOLLOONGABBA BRISBANE
Don't buy these apartments. In August 2008 there were about 50 unsold apartments, out of 154 apartments in Stage 2 (i.e. Towers 3 & 4). Developer went 'broke' because they wanted to wash all the problems here off their hands. Now the developer's company is still under receivership, and there are still about 30 apartments unsold.
I am an owner (first hand) and have been living here for more than a year. Body Corporate has spent heaps of money fixing building defect (including external walls cracking, plumbing failure resulting in apartments flooded - thank god not mine).
Today the glass of a glass door between my bedroom and the balcony shattered by itself suddenly and without any prior warning! Had to get a glazier in to do urgent replacement and I don't know whether the cost would be covered by Body Corporate's building insurance."
El Dorado Indooroopilly redevelopment, which is running a year behind schedule. Prices have risen dramatically! It seems that about nine contracts have crashed since this time last year, as in Sept 2008, the price list showed that there were 25 or 28 apartments remaining for sale. Now:
"Apartments are now
selling off the plan with the development due to start
in 2010 and the expected completion date is early
2013.
More information along with floor plans is now available on the websites below.
Three bedroom apartments, were $805,000, now listed for $925,000Large two bedroom apartment, was $595,000, now listed at $780,000
Small two bedroom apartment, was $585,000, now listed at $705,000
One bedroom apartment, was $420,000, now $475,000
The property located at 96 Albert Street is listed for sale as a development site, zoned for high rise development. If developed, this will have a significant impact on the views from Festival Towers and M on Mary.
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