So in September of 2013 I published a post talking about the difference between Company Title and Strata Title. The example that I used to illustrate this was a one bedroom apartment located in Potts Point in Sydney. This time capsule of a property had been boarded up for over 20 years and was in largely original condition. Whilst that post was talking about the restrictions that may be in place with Company Title, today’s post is quite different. The apartment itself was snapped up quickly (for a value of around $435,000) and someone’s been pretty busy over the last 8 months!
By the looks of the sales pictures the unit was taken back to its bare bones and given a new lease on life. With only 53 sq m to work with it’s a pretty small canvas but what a result! Who would have thought that in less than a year the same place would be showcased with descriptions such as beautiful polished hardwood floors, a streamlined Caesar Stone kitchen with integrated stainless steel appliances and a stylish designer over-sized bathroom (over-sized for 53 sq m I’m guessing). They even managed to squeeze in a concealed laundry.
As with the first sale it came on to the market and was under offer in no time, this time at $610,000! Click here to see the agent’s listing. Although I’m not a professional renovator I think we can safely guess that the renovation itself would not have cost $175,000 so there is a tidy profit in store for this savvy flipper. The catch with this property though is that it still falls under company title so landlords looking for a good investment would have no luck as leasing is not permitted in the building. I’m guessing that it will make a nice pied-à-terre for an executive on the move! Check out some of the before and after images below.
You wouldn’t be wrong if you said that property investment and the subsequent property management that goes along with it can be a competitive business. It can take a good amount of research and experience to decide on what your criteria is that makes the ideal property manager for your requirements. Whilst my property manager Jamie and his team always do a great job, it’s also interesting to see some different approaches that property managers may take. Coral Sea Property Management in Townsville, Queensland, have certainly gone down a different path with their recent advertising of properties to rent and it’s caused a bit of a stir in the community. Whilst it’s given me a good laugh I’m not too sure if I’d want Monica out the front of one of my rental properties, what do you think?
Click here to view their complete range of rental posters, full marks for creativity!
So it’s federal budget night in Australia and there have been rumblings for some time now that the government might be looking to reform their negative gearing policy for property investors. The most frequent suggestion that I have heard is regarding the possibility of introducing grandfathering arrangements for current property investors whilst restricting any future negative gearing to newly constructed properties. Whilst this has the potential to save the government billions of dollars, there is still plenty of debate as to the flow-on effects that it might have. Whilst on one hand there are those stating that negative gearing has done nothing but escalate property prices for those wanting to purchase their own home (Check out the beer coasters here that encourage abolishing negative gearing), others view it as a key strategy in encouraging investment and maintaining a healthy supply of rental properties on the market. Time will tell after the budget announcement tonight and you can rest assured that whatever happens it won’t please everyone. Check out the links below to read some of the recent commentary on the potential impact on negative gearing in the 2014 budget. Stay tuned!
Negative gearing is on the chopping-block
Budget Night: What’s Going To Happen To Negative Gearing?
Always on the lookout for a good bargain, this listing has appeared in the media a lot over the last day or two. Called the Hiram B. Scutt Mansion and located in Joliet, Illinois (not all that far from Chicago), this impressive building was constructed in 1882. The three-storey, 4,960-square-foot red-brick mansion is on the National Register of Historic Places and has been listed at an amazingly low US$159,000 after the property was foreclosed on.
There is always a catch with something that appears to be such a good bargain though. Just looking at the marketing pictures would be enough to raise an eyebrow about the potential for some ghostly history in this place, investigating the building’s history just confirms it! Listing two murders as well as two other mysterious deaths within it’s walls, some say the original owners are still there and ghost hunters (a respected trade and career) say the place is haunted. There have been séances and searches throughout the mansion and the videos below give a better overview of what it’s like inside now (it certainly requires some work) and also some idea of the supposedly supernatural elements that may still be hanging around!
And here is something much more reputable from the Paranormal Anomaly Search Team. Any place that is full of old dolls always indicates haunted to me. Be sure to put this on your list of assessment criteria for any future investment properties of your own!