Hi everyone
I am on the inner northside of Brisbane and have just spent the past 5 years fighting with the council to get approval to build a small boutique development of 3 townhomes on my property.
DA and BA are in now place, site has been cleared and is ready to GO!
My father is a builder and he was going to build them for me but he has recently had a stroke and has had to retire so now I am finally at the stage to start building and with no one to build them.
I was initially going to keep all the townhomes on the one title and live in one and rent the other 2 out to cover the building costs. But since my father has had his stroke, I have realised that my parents aren't getting any younger and they are getting to the stage where they will need me to be close by and one of their neighbours has just told me that they are about to put their house on the market in the next few weeks and I would love to buy it but I can't afford to both build my townhomes and buy that property as well.
Do I sell and walk away or should I stick to my plans and build them? I would be much better off financially if I went ahead and built them but honestly at the moment I really just want to sell the project off because it would be ideal for me to buy the property right beside my parents and ultimately my family is more important to me than making money.
Any idea where you find buyers for development sites such as this? I have uploaded it onto realestate.com.au and I am getting a lot of responses but they are generally from people wanting to buy one of the actual completed townhouses then builders/developers wanting to buy the project.
The site is located in an elevated position on the Nundah/Wavell Heights border the development consists of 3 architecturally designed terrace houses that have been designed to capitalise on the stunning views!
Each with:
3 BRM / 3 BTH / DLUG and Private Rooftop Garden/Entertainment Terraces with awesome views!
If anyone is interested in having a closer look I have uploaded pics, floor plans etc. on realestate.com.au just search on property ID no. 2699609If anyone has any advice/ideas about which way I should proceed it would be greatly appreciated.
Thanks in advance
Renae
Any agent worth their salt would have several developers and investors in their networks – why hasn't the agent hit on their network? (I've not heard of this agent before).
Does the agent have a sole agency agreement or can you approach another more proactive agency?
One way to consider the project, depending upon how much you owe on the land, is whether you can achieve 2 presales and then get finance for the project (on top of buying the house near your parents).
Alternatively, do you need to sell this one to fund the purchase of the house? If not, then delay this project until you can secure funding for townhouses.
Hi Scott
Right now it is not in the hands of any agents…..(I'm not a big fan of real estate agents) Realestate.com.au allow builders/developers to advertise their own projects so as my father is a builder I was able to list the property on realestate.com.au under our company's name.
I will contact some of the local real estate agents tomorrow and get them to put it out to their contacts as well.
Renae
Seek out some of the more commercial agents (even though it is only a small resi project). Get a few of them to put a proposal to you including their estimate of site value, proposed method of sale (auction, EOI, tender or private treaty), their experience in similar sales, how many similar proposals that they may have on the market at the moment, market analysis (what is the market doing at the moment) etc?
(that explains why I'd never heard of the agent, you're not).
I would be inclined to sell. Building is very stressful and you probably wouldn't want the extra stress now. You can always do another protect in the future.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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