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Geez, you don't take a rest for a single minute do you
Will follow this with interest as well, can't wait to get into developing myself!
Good work!
If only I could find deals like this
you are amazing WM, how many have you got on the go at the moment? I am struggling dealing with my own place....
can't wait to get into developing myself!
This ain't no passive income
As a bit of a way of background I was looking for another dev sight for myself. Westminster pointed me towards a sight in Coogee. Very close to the beach. Without viewing the property it looked like it might have worked ok.
At the time I was still a long way from being ready, and week after week, I sat watching the site - trying to get my ducks in a row.
My row of ducks was taking a long time, and Westminster was also semi-keen on the site. She made a passing comment "we should do a JV" and so BlackMinster was born.
We went and looked at the Coogee site together, and decided it wouldn't work. The elevation of the site, and the development around it, made for a high risk.
Westminster in the meantime had seen this site and we thought it had potential. We went and had a look at it, and then had the arduous task of getting more ducks lined up - this involved agreeing T&C's and setting up entities.
Luckily the site has a few 'off putting' features - which makes it undesirable for the masses. It took us about 5 weeks from when we viewed the property - to when we were in a position to place an offer.
It has been on the market for over 600days when we got to it, and we managed to drop the price by $85K from the asking figure (15%) - though we did have to renege in a few other 'wants' (90day settlement).
We are still a bit 'rushed' at this point, given our deadlines (finance, DD etc) are a bit tighter than we had originally hoped for. We have had a few "oh crap" moments trying to get money into the right accounts in time to pay deposits. But this always happens with new entities.
Blacky
Well done. I'm really interested in your negotiations. What was the first offer and why was it so low? Waa this because it was on the market for 600 days without a drop in price?
Wow Westminster! I cant keep up... lol Congrats to you both.
Have you seen these http://www.realestate.com.au/property-apartment-wa-mindarie-115855471 ?
Is this the end product your going for?
Wow Westminster! I cant keep up... lol Congrats to you both.
Have you seen these http://www.realestate.com.au/property-apartment-wa-mindarie-115855471 ?
Is this the end product your going for?
Originally Posted by spanna View Post
Wow Westminster! I cant keep up... lol Congrats to you both.
Have you seen these http://www.realestate.com.au/propert...arie-115855471 ?
Is this the end product your going for?
We knew it's listing history:
24/08/2012 From $565,000
04/05/2012 $585,000
21/02/2012* $625,000
28/09/2011* POA
09/11/2010* $695,000
07/07/2009* $850,000
Then we opened verbal discussions to see how firm they were on the 'from $565'. Turns out not firm at all and REA said they would probably accept $510. Small wahoo moment.
Then whilst we were faffing around setting up companies, trusts blah blah another block came on the market down the street, a bit smaller but 'from $499k'.
We didn't want the other block as it wasn't as wide and we needed the width for the garages. But we used it in negotiations, ie if you don't accept our offer we'll just go buy that one.
We were originally going to offer $480 and prepared to go up to $510k but after more verbal discussions we told them that we were offering $480 and they said they would accept.
Finally all our ducks were ready and we offered $480 and they accepted.
I'm pretty sure if they were prepared to accept that, they should have changed the price on the listing as it probably would have sold sooner but they didn't
Surprised that agent is still operating - didn't their sister building company go bust earlier this year?
You can do better than that
Nice one
Westminster you are very good at finding development sites. What method/approach do you normally use to find suitable sites?