Yes!! We got unconditional approval! 4 villa development in Gwelup WA

MTR said:
So what that tells me is you got it right, design, location, staging, price .....and most importantly timing.
Fantastic, great work, enjoy the Champaign:)
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I'm a genius (cough cough). The house is lacking in champagne but I can solve that tomorrow.

oc1 said:
Nice :) Must have been a pretty decent offer.
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Indeed it was Oscar. I will share once it's unconditional next week

trqx said:
So the furniture worked well then :p?
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The furniture was great. I can go carefully play on it for the next 20 days and get my money's worth :D
 
Darn it !! Not sold.
Counted my chickens before hatched.
Final thing was being signed this morning and they got buyers remorse overnight.

Aaaaarghhhh

But home open today as planned so we will see what happens.
 
westminster said:
Darn it !! Not sold.
Counted my chickens before hatched.
Final thing was being signed this morning and they got buyers remorse overnight.

Aaaaarghhhh

But home open today as planned so we will see what happens.
Click to expand...

That's a shame but I'm sure more offers will come in this weekend! At least the sun is coming out a bit!!!
 
We had another offer the day the other sale fell through but not quite enough and they weren't prepared to increase it.

A few people have been through twice on the weekend so follow ups are happening.
 
Third offer was made yesterday and I accepted and all paperwork was signed before anyone could show an inkling of remorse.

It is subject to finance but hopefully all will be AOK
 
Well approximately one week until we are unconditional on the sale. All is looking good and I might start

I'm running the end of project sums and some of them hurt

Cost of mortgage repayments for the 16mths $112,000 for the $1.9m (believe me it hurt). It ate through all the IP income and offset and then through about $30k of personal income.

On the positive side.

Total Development Cost (inc holding) was $2.01m
Estimated Value $2.8m
Current Debt (No Sales Proceeds yet) $1.9m
Rental Income $97k
 
Hey WM,

The additional holding cost is due to delays in construction?
Hence the extra interest repayments, is this correct?


westminster said:
Well approximately one week until we are unconditional on the sale. All is looking good and I might start

I'm running the end of project sums and some of them hurt

Cost of mortgage repayments for the 16mths $112,000 for the $1.9m (believe me it hurt). It ate through all the IP income and offset and then through about $30k of personal income.

On the positive side.

Total Development Cost (inc holding) was $2.01m
Estimated Value $2.8m
Current Debt (No Sales Proceeds yet) $1.9m
Rental Income $97k
Click to expand...
 
LoneWolf said:
Hey WM,

The additional holding cost is due to delays in construction?
Hence the extra interest repayments, is this correct?
Click to expand...

Delays in Council for DA and Building Permit plus wet weather delays. It was never ending :)

So yes the holding costs were more than the budget but this is what contingency buffers are for. Unfortunately we had to put money over other projects so the buffer ran dry.
 
westminster said:
Delays in Council for DA and Building Permit plus wet weather delays. It was never ending :)

So yes the holding costs were more than the budget but this is what contingency buffers are for. Unfortunately we had to put money over other projects so the buffer ran dry.
Click to expand...

Duration of 16 months is from which point MW?
Even prior to permit approvals?
 
westminster said:
16mths is from Settlement as that is when holding costs started and continued until the 3 keepers were rented and one sold.
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My site is currently been tenanted out, which makes it Cash Neutral

Would you still consider this as part of your holding cost when it is cash Neutral?
I know you probably "rolling your eyes and thinking what a newbie"
 
Looks Great

I remember coming across this site a couple of years ago and thought this person had found a gold mind and when you got it cleared for 4 dwellings/villas it was always going to be a major success.

So how much did you buy the initial land and property for?
I havnt read every post but I believe you've sold some of the villa's and rented some others out. How much did you sell the villas for? How much rent p/w are you gaining?

How much did it cost to build all these villas in total?

I hope im not getting to personal. If I am just say so.

That stone from metreostone looks brilliant. Cant say ive seen it around too much before but looks fantastic.

Z6
 
Well I managed to stay up another night reading another development thread! :eek: Soooo addicting, haha! Well done! Hope the sale goes unconditional without a hitch and looking forward to hearing the final numbers! :D
 
Well we are almost there at the very end.

Titles were issues 2 weeks ago and the one we sold was due to settle on the 27th. It does look like settlement will be delayed but not by much. Valuations were conducted yesterday and Heritage Bank need them to do a partial release so the title for Unit A can be released for sale.
 
z611143 said:
I remember coming across this site a couple of years ago and thought this person had found a gold mind and when you got it cleared for 4 dwellings/villas it was always going to be a major success.

So how much did you buy the initial land and property for?
I havnt read every post but I believe you've sold some of the villa's and rented some others out. How much did you sell the villas for? How much rent p/w are you gaining?

How much did it cost to build all these villas in total?

I hope im not getting to personal. If I am just say so.

That stone from metreostone looks brilliant. Cant say ive seen it around too much before but looks fantastic.

Z6
Click to expand...

Hey Z6, sorry I never saw this reply.

I got the land for $849k
Complete construction was $1.05m (the 0.5 is a little rough but around there)
Villa A sold for $705k and the rest rented for $600-$640pw

I love that stone and it's actually very affordable now. It was around $110/sqm when I got it but Meteorstone now have it for $85sqm.
 
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