Hi peoples,
I may have a problem here with one of my investments I have had for almost 3years now.
I bought in mt gravatt (central) in brisbane and In that area now they wanna make it high density which was good however my house is smack bang in line with what they call CROSS BLOCK / ACTIVE transport link. I’m thinking its a pathway or rd or something.
At this stage letter says its a (Strategic proposal and that the locations r indicative at this stage) have no idea how long this takes to go ahead. Wonder if they r trying to fool me.I have called to arrange a meeting with the town planners and am waiting for a reply. I don’t wanna sell at a forced low price by the government as I have heard this has been done before.
I don’t mind selling it if a reasonably hi price is asked.
Do I have any powers, can I do much if all this goes ahead?
I’m also thinking if all this goes sour then ill talk to all the residence affected about this c wat comes of it.
Has anyone gone through something like this or close too.
Thanks in advanceNinh,
Welcome to the club………. running thread on the topic below.
https://www.propertyinvesting.com/forums/getting-technical/legal-accounting/4333928
Have a read and I'm happy to fill in any blanks you may have from there…
Reasons to be Cheerful Part 3
I looked into it further and I think its a pathway for pedestrian/bike. U wud think that’s a lot of money to resume houses just for that.
Shud I even look at trying to sell before all this occurs, as I don’t wana b ripped off by government.Leave the emotion and the conspiracy theory alone and focus on what you already know is logical and in your control.
Proceed with your meeting with the Cross Block Link representative (there must be a contact on the letter you got) and /or if that the town planner you mentioned earlier.
Drill down on the council’s timeframes… when are decisions going to be made on their preferred route ?
When is the project expected to get council /government funding to commence works after that ?
Familiarize yourself with timing of rezoning in the area.
Work out if all that suits you… bearing in mind that you may have your LMR rezoning by then (they have to value it for acquisition purposes on its best and highset use …$$$…)
If that doesn’t suit your time frames drill down on your eligibility for early buy out.
Re-evaluate from there. If you decide to sell now not only do you have a duty of disclosure to any buyer but also the wise words from Scott No Mates from the other thread to consider.
Scott No Mates wrote: – the unknown is a powerful tool in the negotiation process when buying. If the vendor & agent are not fully acquainted with a proposal (and you are prepared for a long term hold, until there is certainty and the infrastructure is declared or built), then you are in the driver's seat.
This has happen before to other land owners in around around Brisbane. They usually pay your fair market price based on fair market valuation. As mentioned previously, your land has zoning of LMR which could change to MR or similar to the area, so they would value it based on this zoning.
See a good private town planner who has experiences with land resumption, they can advise you on this situation. ( not a council town planner)
I have discussed with them and they say its a bike/walkway path. And also said that it will only be put into plan when anyone of us decide to develope that they wud include it into the plan, which does that mean we lose some land to a silly pathway if I or someone else decide to develope. Anyway ithey also say sometime 2011 they will get all who is affected to a meeting to discuss the issues. So far in my opinion nothing is gonna come good of this less land to a path when a developer ever wants to buy it. Selling when the market piks up is also on the table
How big is the block……..how much land do they propose to resume,,,,,. whats present zoning?
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