Sold 205/166 Wellington Pde. (Sept 2012)

[John]

205/166 WELLINGTON PARADE, EAST MELBOURNE

 

[real.estate.investor]

Thanks John, I just saw this property listed on Cain's website as well.
FYI this unit changed hands less than 2 years ago in Dec 2010 for $599,000. Will be interested to see if that price can be achieved in this current depressed market. Unit is open for inspection Saturday 8th Sept. 1 to 1.30 pm.

 

[frankJ]

I looked at this property on the weekend. Nice neat unit with pleasant outlook to the pool area.
Pity the body corporate fees are so high (agent told me ~$4000!) making it a questionable investment.
Why are the BC fees so high in this development ?
EDIT: Contacted the agent about another property and she told me this unit is under offer. I didn't ask how much was the offer)

 

[real.estate.investor]

Hi John and Frank,
This apartment has officially been sold for a respectable figure of $565,000 by Caine real estate.
It was always going to be hard for the vendors to get their money back considering the local market deterioration since Dec. 2010.
I am curious why the vendors sold it now, holding it for less than 2 years.

The annual body corporate fees are actually more than the figure you were quoted. They are currently a staggering $4,785 per annum ($1,196.45 a quarter) and I share your disbelief. Then of course, you have your Rates, Water & Sewerage & Insurance on top of that.
For this reason I could not recommend this apartment to any of my clients.

(John, This one can be marked as "Sold" in the title!)

 

[John]

(John, This one can be marked as "Sold" in the title!)

Done!

 

[David]

If the Body Corporate fees are so high, could we maybe ask to get the pool heated so we can use it in winter? Rather than air-conditioning the foyer (although, granted, that has been good in the recent hot few days)...