Just offered $265k below asking

[handyandy]

This afternoon put in an offer on Commercial unit $265k below their wish price.

Looked it up on RPData and this time the property has been listed since June this year and previously it was listed at $565k above my offer and was on the market for most of last year having eventually dropped by $300k towards the end of 2012.

No feedback as yet but I expect a big reject. Never mind keep looking and offering.

Already set my sites on another. Problem is a lot of these commercial places don't list price and you burn a bit of time just finding out the basics.

Also had a bit of a laugh reading through a lease on the weekend that had been written by the NAB for a site that they obviously sold of in the past. Forget about the tenant paying everything. It was all 50/50 or worse in the tenants favour. Even my wife thought it was funny.


Cheers

 

[twobobsworth]

$$$$ don't mean that much if they are asking $20m.

What % off asking is it?

 

[handyandy]

Enough to make the returns better lol

 

[D.T.]

$$$$ don't mean that much if they are asking $20m.

What % off asking is it?

Was advertised at $266k

 

[handyandy]

Was advertised at $266k

Would have paid the asking price

All will be revealed once it's either thru or falls through

 

[MTR]

Would have paid the asking price

All will be revealed once it's either thru or falls through

They have already reduced it by as much as $500,000 I bet the sellers are dreamers and had it well over market value. That is a huge reduction.

What is the net return if you secure this property with current offer

Good luck
MTR

 

[Scott No Mates]

Yield will be the key to value on this one. If it is sitting outside of acceptable yield parameters no-one will touch it.

 

[handyandy]

They have already reduced it by as much as $500,000 I bet the sellers are dreamers and had it well over market value. That is a huge reduction.

What is the net return if you secure this property with current offer

Good luck
MTR

Not over the moon but acceptable. I feel the building has prospects.

Cheers

 

[redwing]

Would have paid the asking price

All will be revealed once it's either thru or falls through

Keep us posted, everyone loves a good deal

 

[tang]

This afternoon put in an offer on Commercial unit $265k below their wish price.

Looked it up on RPData and this time the property has been listed since June this year and previously it was listed at $565k above my offer and was on the market for most of last year having eventually dropped by $300k towards the end of 2012.

No feedback as yet but I expect a big reject. Never mind keep looking and offering.

Already set my sites on another. Problem is a lot of these commercial places don't list price and you burn a bit of time just finding out the basics.

Also had a bit of a laugh reading through a lease on the weekend that had been written by the NAB for a site that they obviously sold of in the past. Forget about the tenant paying everything. It was all 50/50 or worse in the tenants favour. Even my wife thought it was funny.


Cheers

which area may i ask handyandy?? south west??

 

[MTR]

Any updates on this???

 

[handyandy]

Any updates on this???

No progress so far or maybe a lack of progress.

They rejected my offer or at least wanted me to up my offer. I proposed that they need to counter offer and the RE seemed to be hesitant to come back with counter.

So it's all up in the air. I will proceed with this warehouse if they agree to my price.

In the mean time I have found another potential site slightly better return at 8.2% net. About to make an offer but so far so good.

Cheers

 

[westminster]

I made an offer today $410k below asking price
Hopefully it will give the Vendor a wake up call as to why no one has made an offer on it in 4 weeks when the market is white hot - it's over priced.

 

[D.T.]

I made an offer today $410k below asking price
Hopefully it will give the Vendor a wake up call as to why no one has made an offer on it in 4 weeks when the market is white hot - it's over priced.

What % does that reflect? 25%?

Is White after Red?

 

[westminster]

What % does that reflect? 25%?

Is White after Red?

Close about 28%.

You've lost me with "is white after red?"

 

[AlmostBob]

white hot > red hot > damn hot > coffee hot > warm > cool > icy > glacial > absolute zero > my neighbourhood

the tsx should have not as much to do with house sales, but it does​

 

[westminster]

white hot > red hot > damn hot > coffee hot > warm > cool > icy > glacial > absolute zero > my neighbourhood

the tsx should have not as much to do with house sales, but it does​

Ah now I get it! Thanks!
Dave was asking if white hot was hotter then red hot - yes?
Yes white hot is the hottest

 

[handyandy]

I made an offer today $410k below asking price
Hopefully it will give the Vendor a wake up call as to why no one has made an offer on it in 4 weeks when the market is white hot - it's over priced.

Good on you, it's exactly my thoughts on the offer I made. If they don't accept then at least you have conditioned them for the next buyer

 

[westminster]

Good on you, it's exactly my thoughts on the offer I made. If they don't accept then at least you have conditioned them for the next buyer

It's a community service
Well my offer was communicated Wednesday and it seems someone else offered Tuesday. They started negotiating with that buyer before my offer and if they can't reach an agreement then will look at mine.
Something will be around the corner, if this doesn't come off.

 

[HiEquity]

That is a big devvy site wm - you are going to have to spill some beans on that one for us whichever way it goes!