Why is that we in Melbourne are so intent on destroying nice family homes. Whilst looking for a family home in Bulleen. We came across an auction in Cuthbert St. The agent selling the home was Philip Webb-Doncaster. When approaching the house I asked what range the agents expected the home to sell for. The agent replied by saying that the vendors hoped that the property would attract the developers because it was on a "large corner block" and the 989sqm block had potential for 4 units. The agents also indicated that the property would fetch a high price due to developer interest.
These comments spooked me off immediately and therefore I didn't even bother inspecting the property. It is one thing to be competing at an auction against another family but to be bidding against a developer is useless.
I did not stay for the auction.
The property did not sell on auction date, which was about 2-3 weeks ago now. The property remains on the market for $920,000. Had the campaign not been directed at developers, ordinary folk may have been in with a chance and not been scared off even before the auction started.
There are lots of other properties advertised this way. Some examples being Newman St, Northcote, Darebin Rd, Thornbury, Osborne St, Williamstown, Park Ave, Sandringhams, just to name a few.
Melbourne is becoming the city of townhouses and apartments. Family homes are being destroyed to make way for square, brick homes. Homes that have no appeal. Homes that have no backyards and no style. The street which I currently am residing is a perfect example of this. What was once a family home dominated street, is fast becoming a townhouses dominated street. Just three doors up there is an application for 4 townhouses on the one block.
Tuesday, May 18, 2010
Saturday, May 15, 2010
For Sale by Tender Continued
As mentioned on May 5,2010 under Tender Please, Fletchers Real Estate Balwyn North were selling Vera St, Bulleen by tender. Auction date was scheduled for May 15, 2010. When speaking to the agent regarding this property, she said that the vendors were not quoting and wanted to sell the property by tender. As a buyer, I found this very strange. The property was not a commercial property and was not a property of high distinction. It was an ordinary, three bedroom suburban home.
I did not want to put myself in a position where I would be offering too much for a house that was not worth it. The property ended up going to auction and was not sold prior. It was advertised as POA (Price on Application).
Property sold at auction for $746,000. A little disapointing considering other properties in the area such as Sandra St, Bulleen sold for $825,000, Pinnacle Crescent, Bulleen sold for $915,000 and Barak St Bulleen sold for $945,000.
Perhaps if the selling price had been more transparent, interest in the property would have been greater. As for me, due to the vendors initial choice of sale (i.e Sale by Tender and I' not sure if this changed along the way) I ruled this property out long before it even made my short list.
I did not want to put myself in a position where I would be offering too much for a house that was not worth it. The property ended up going to auction and was not sold prior. It was advertised as POA (Price on Application).
Property sold at auction for $746,000. A little disapointing considering other properties in the area such as Sandra St, Bulleen sold for $825,000, Pinnacle Crescent, Bulleen sold for $915,000 and Barak St Bulleen sold for $945,000.
Perhaps if the selling price had been more transparent, interest in the property would have been greater. As for me, due to the vendors initial choice of sale (i.e Sale by Tender and I' not sure if this changed along the way) I ruled this property out long before it even made my short list.
Sold For Less Than I Expected
It has been a real mix this weekend with several properties selling between the quoted range or just over.
I wanted to put in an offer for Jenkins St, Northcote prior to auction but the Real Estate Agent said that the vendors wanted to take the property to auction. Auction was scheduled for May 15, 2010.
The three bedroom townhouse on offer was very nice. It had good design features, a manageable rear yard and a garage.
The auctioneer from Nelson Alexander started the auction. After accepting increments of $10,000, the auction stalled at $895,000. Asking price was $770,000-$850,000. The auctioneer went inside to consult the vendor and when he came out he told the crowd the house was on the market. After several calls of him saying $895,000 once, $895,000 twice.... the house finally fell under the hammer for (you guessed it) $895,000. That's $45,000 over the quoted range.
I felt somewhat relieved that the vendor had not accepted offers prior to auction. In the past, I had attended "open house inspections" only to see the house sell prior to auction for well over the quoted range. (Sometimes up to $300,000 over the range). Agents even telling me that I needed to put in a "substantial" sum on top of the asking price in order to secure the property.
Had the vendor at Jenkins St, Northcote taken offers prior to auction, I would have paid at lease $30,000 over the selling price. I have missed out on a few properties this way but as I can see from this example, sometimes it's best to wait for the auction to see what actually transpires on the day.
I must say I was very surprised that Jenkins St, Northcote sold for $895,000. Considering a similar home in Rathmines St, Fairfiled sold on February 27, 2010 for aprrox. $932,000. I thought Jenkins St, Northcote was a much better property. It had a larger laundry, bigger back yard and nicer finishes (especially the floor boards). Rathmines St, Faifield was one of three on the block and also was part of an owners corporation.
I did not bid at auction for Jenkins St, Northcote and that's because I finally secured a lovely property of my own.
I wanted to put in an offer for Jenkins St, Northcote prior to auction but the Real Estate Agent said that the vendors wanted to take the property to auction. Auction was scheduled for May 15, 2010.
The three bedroom townhouse on offer was very nice. It had good design features, a manageable rear yard and a garage.
The auctioneer from Nelson Alexander started the auction. After accepting increments of $10,000, the auction stalled at $895,000. Asking price was $770,000-$850,000. The auctioneer went inside to consult the vendor and when he came out he told the crowd the house was on the market. After several calls of him saying $895,000 once, $895,000 twice.... the house finally fell under the hammer for (you guessed it) $895,000. That's $45,000 over the quoted range.
I felt somewhat relieved that the vendor had not accepted offers prior to auction. In the past, I had attended "open house inspections" only to see the house sell prior to auction for well over the quoted range. (Sometimes up to $300,000 over the range). Agents even telling me that I needed to put in a "substantial" sum on top of the asking price in order to secure the property.
Had the vendor at Jenkins St, Northcote taken offers prior to auction, I would have paid at lease $30,000 over the selling price. I have missed out on a few properties this way but as I can see from this example, sometimes it's best to wait for the auction to see what actually transpires on the day.
I must say I was very surprised that Jenkins St, Northcote sold for $895,000. Considering a similar home in Rathmines St, Fairfiled sold on February 27, 2010 for aprrox. $932,000. I thought Jenkins St, Northcote was a much better property. It had a larger laundry, bigger back yard and nicer finishes (especially the floor boards). Rathmines St, Faifield was one of three on the block and also was part of an owners corporation.
I did not bid at auction for Jenkins St, Northcote and that's because I finally secured a lovely property of my own.
Sunday, May 9, 2010
Home Advertised "For Sale" Sold One Year Ago
I was looking to buy property in Pinnacle Crescent, Bulleen. Real Estate Agent Ray White Mannigham advertised the property as "Climb to the Pinnacle". As I was frustrated and sick of auctions I decided to climb that pinnacle and make inquires regarding the property. The house for sale was advertised for $750,000.
When I spoke to the agent from Ray White Mannigham (Blackburn Rd) regarding this property, she seemed surprised and asked me where I had seen the home. I explained that I had seen it on realestateview. She further went on the say that the home sold one year ago. Then she immediately went into sales mode and from here on it all made sense. It appeared to me that the property for sale was not really for sale and that it was only there in order for the real estate agent to obtain new connections. At this stage I went along with all the questions because I needed to find a house to live in. She took my details, asked me questions and also asked me to come into the office. I explained that I wasn't able to come into the office at that particular time but was interested in property updates.
I have not heard from the agent since. Also as of today May 10th, 2010 the corner property in Pinnacle Crescent remains advertised on realestateview, which leads me to believe that the only reason this property is still on the net is a desperate grab to get sales.
When I spoke to the agent from Ray White Mannigham (Blackburn Rd) regarding this property, she seemed surprised and asked me where I had seen the home. I explained that I had seen it on realestateview. She further went on the say that the home sold one year ago. Then she immediately went into sales mode and from here on it all made sense. It appeared to me that the property for sale was not really for sale and that it was only there in order for the real estate agent to obtain new connections. At this stage I went along with all the questions because I needed to find a house to live in. She took my details, asked me questions and also asked me to come into the office. I explained that I wasn't able to come into the office at that particular time but was interested in property updates.
I have not heard from the agent since. Also as of today May 10th, 2010 the corner property in Pinnacle Crescent remains advertised on realestateview, which leads me to believe that the only reason this property is still on the net is a desperate grab to get sales.
Wednesday, May 5, 2010
Section 32 Not Ready
Not sure what's going on out there in regards to Section 32's. I have emailed several agents requesting Section 32's only to receive no response. Upon further investigation the real estates have either been too busy or indicated that the Section 32's were "not ready yet".
I find this totally unacceptable. Firstly if a client has expressed interest in a property then all clients should be contacted. Receiving no response from an agent, makes the buyer want to go elsewhere. I have had to email certain agents 3 times in order to receive some sort of documentation. Secondly, Section 32's aren't even ready to view.
A house in Lookout Rise, Macleod was due to be auctioned this weekend May 8 2010. I requested documentation from Barry Plant, Rosanna. Upon requests the agency indicated that the property may not make it to auction because all relevant paperwork had not been prepared in time. I fail to comprehend this fact. A campaign usually commences 4 weeks prior to auction. Pamphlets are published, home is advertised on the internet, the paper and local magazines. Why after 4 weeks would the Section 32 not be ready?
The auction in Macleod has now been postponed. I found this out because I looked on the internet and not because I was contacted by the agent as a valued client.
Another house in Raleigh St, Thornbury is due to go to auction May 8. When I asked the receptionist on May 3, 2010 why I hadn't been emailed the the Section 32, she said that certain contracts weren't ready yet. I emailed this agent 2 weeks ago requesting documents. If the documents weren't ready yet why didn't the agent at least acknowledge my email? Anyway I received relevant documents that day. The house is being advertised between $750,000-$820,000. Can't wait to see how much it sells for.
Update: The house in Raleigh St, sold between $980-$990K.
I find this totally unacceptable. Firstly if a client has expressed interest in a property then all clients should be contacted. Receiving no response from an agent, makes the buyer want to go elsewhere. I have had to email certain agents 3 times in order to receive some sort of documentation. Secondly, Section 32's aren't even ready to view.
A house in Lookout Rise, Macleod was due to be auctioned this weekend May 8 2010. I requested documentation from Barry Plant, Rosanna. Upon requests the agency indicated that the property may not make it to auction because all relevant paperwork had not been prepared in time. I fail to comprehend this fact. A campaign usually commences 4 weeks prior to auction. Pamphlets are published, home is advertised on the internet, the paper and local magazines. Why after 4 weeks would the Section 32 not be ready?
The auction in Macleod has now been postponed. I found this out because I looked on the internet and not because I was contacted by the agent as a valued client.
Another house in Raleigh St, Thornbury is due to go to auction May 8. When I asked the receptionist on May 3, 2010 why I hadn't been emailed the the Section 32, she said that certain contracts weren't ready yet. I emailed this agent 2 weeks ago requesting documents. If the documents weren't ready yet why didn't the agent at least acknowledge my email? Anyway I received relevant documents that day. The house is being advertised between $750,000-$820,000. Can't wait to see how much it sells for.
Update: The house in Raleigh St, sold between $980-$990K.
Tender Please
To Tender means to bid. It is a formal proposal to buy at a specified price. The only thing is that the price is not revealed by the vendor and the buyer is blindly left to put in his/her highest bid in order to beat his/her competitors.
Fletchers Real Estate Balwyn North are selling Vera St, Bulleen. Price on this home is advertised as "Price on application" but when further price requests were made the agent revealed that the home was being sold by Tender. This chosen procedure automatically ruled out this property for me. As a buyer how would I know where to begin?
Fletchers Real Estate Balwyn North are selling Vera St, Bulleen. Price on this home is advertised as "Price on application" but when further price requests were made the agent revealed that the home was being sold by Tender. This chosen procedure automatically ruled out this property for me. As a buyer how would I know where to begin?
Sunday, May 2, 2010
Have We Made Reserve Yet?
I requested a sale price for Pinnacle Cres, Bulleen. Fletchers Real Estate, Balwyn North's selling range was quoted as Price on Application but upon further request the range was quoted as $700K-$800K. This was discovered upon inspection because the agent had not answered my calls. On the day of sale, another agent indicated a sale price of above $800K.
The old 1970's home had 4 bedrooms, a lounge and rather a larger kitchen. It's laundry hadn't been renovated since it was first built. The garden was advertised as an "oasis garden".
On the day of auction, potential buyers were inspecting the property. The agents welcomed the buyers as they entered the property. The funniest thing happened when the agent introduced herself to one potential buyer. The client said "So your the one that doesn't answer my calls". I knew exactly how he felt.
Auction started slow but soon took off. Before we knew it the bidding had gone over the $800K. The auction stalled when one bidder asked if the home was on the market. The agent responded by saying the crowd was close. The crowd got a little annoyed as the price was heading towards the $850K mark and was still "not on the market". How much did the vendors want for an old 1970's home in Bulleen that was quoted $700,000 to $800,000 during its campaign. The agent replied by saying (whilst still taking bids) that they were consulting the vendor. The agent came out and said that the crowd "was close". The vendors wanted more. A potential buyer placed a bid of $500 but was not accepted at $860K. The bidder was asked to raise his bid by $5,000. This indicated to be that the property hit reserve at $865K, even though the auctioneer came out and said that the property was on the market.Eventually the property sold for $915,000.
If agents/vendor were looking at a reserve of $865K why not quote $800,000- $900,000, instead of saying "we are quoting $700,000- $800,000. I would not have attended this auction had I known.
The old 1970's home had 4 bedrooms, a lounge and rather a larger kitchen. It's laundry hadn't been renovated since it was first built. The garden was advertised as an "oasis garden".
On the day of auction, potential buyers were inspecting the property. The agents welcomed the buyers as they entered the property. The funniest thing happened when the agent introduced herself to one potential buyer. The client said "So your the one that doesn't answer my calls". I knew exactly how he felt.
Auction started slow but soon took off. Before we knew it the bidding had gone over the $800K. The auction stalled when one bidder asked if the home was on the market. The agent responded by saying the crowd was close. The crowd got a little annoyed as the price was heading towards the $850K mark and was still "not on the market". How much did the vendors want for an old 1970's home in Bulleen that was quoted $700,000 to $800,000 during its campaign. The agent replied by saying (whilst still taking bids) that they were consulting the vendor. The agent came out and said that the crowd "was close". The vendors wanted more. A potential buyer placed a bid of $500 but was not accepted at $860K. The bidder was asked to raise his bid by $5,000. This indicated to be that the property hit reserve at $865K, even though the auctioneer came out and said that the property was on the market.Eventually the property sold for $915,000.
If agents/vendor were looking at a reserve of $865K why not quote $800,000- $900,000, instead of saying "we are quoting $700,000- $800,000. I would not have attended this auction had I known.
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