Hi all,
Can you trust real estate agent advice?!?!?
I own a 894 sqm block with existing run down house on a corner intersection. I had a home designer have a look at the property and provide preliminary drawings to council. Although 6m short of subdivision, a variation can be applied for or better yet a strata plan which would then allow up to 3 townhouses to be built.
There are some technical complications. Being on a corner property, the building/s need to be in line with others which creates a double whammy and reduces my land building area. The properties on both sides have built right up against the fence which restricts me again due to shadowing.
Although, here is the trend:
The lot directly across the road from me is strated. The property on the dagonal corner of the intersection is strated. The next 2 lots beside this one have been strated and now demolished. All have been strated to build 2 town houses. I am looking at the opportunity to place 3 townhouses – does this seem out of reach?
Speaking to local real estate agents on their advice and opinion on townhouses. They said that townhouses are not a flavour of the area and don’t sell unless used as rental properties…
…BUT, the gentleman (who seemed to know my life history and everything about the property) said he could have a buyer for me within 2 phone calls and even above my last valuation?!?!?!
Does this seem suspicious? Although odds are against me at the moment, There is a strata trend at the moment and a real estate agent believes he can sell it in an instant.
It sounds like this estate agent knows I’m sitting on a gold mine and I just havn’t worked it out yet. What to do?
Lee.
you definitely need to do your own research as sales reps are just people with opinions at the end of the day. they could well be right that townhouses aren’t right for the area… some areas don’t lend themselves to the resale values that you need to get to justify the extra expense and construction for going to 2 storey. half of the public is too old to walk up the stairs anyway so they sure won’t be paying more for the privilege of 2 storey! some development sites are better off being sold as is than developed. why?? because a lot of the genreal public believes development is easy and they forget to factor in many costs, so their development feasibility allows them to pay more for the land. I have seen some developments go ahead where I reckon they would be lucky to be making less than 10% gross for all their trouble and risk.
http://www.megainvestments.com.au
Extensive list of ‘Off The Plan’ property available for sale in Perth.
John – 0419 198 856
I agree
do not ever trust a real estate agent for anything. take what they are saying into consideration but do your own due diligence.cheers
Xenia
We buy properties in all conditions. Quick settlements, no agents required
[email protected]
phone 0412 437 582
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