Browse Forums Real Estate 1 Jun 20, 2012 6:37 pm We're looking at purchasing a block of land in an established estate a few suburbs away from our current home on the Central Coast NSW. We've found a block which meets our criteria (modern homes, quiet, clean, views, large, relatively flat) and have been doing our research on it for a month or so now. The issue is that it has been on the market for $X for over 3 years now, It was originally purchased in 2007 for the same amount. It has been through just about every RE agent in the local area, Express Sale, Auction, offers above and between $x and $y. I've been to some of the agents but it's only been the ones pre-2010 and they don't have any info. It is quite obviously overpriced, 2 properties were sold for roughly the same amount at the beginning of the release (Whether this is the true amount, my property was listed as being sold for $15k above what we actually paid. Known to be common in the area when developers sell their first properties in the estates with cash back offers). All similar blocks were sold $100k or more less than these 2 original sales. I don't want to get emotionally driven this time so have been doing huge amouts of research on sales history in the area and particular estate and have a figure in mind I believe is fair but it is $40k below the starting price. I have talked to the current agent but he is useless. He won't sit down to talk with us (we're young and get the feeling we get walked over by some individuals quite often) all we want to do is chat about the property and come up with a reasonable offer but he wont accept anything under the starting price (even asked if we're interested in a swap for our house!!!???) . We've been told that the reason they are selling is because the owners are English migrants and due to some law.. They cannot build a house in Australia. We cannot find any information about this. We've got a few different copies of the contract from the agents and they have lived in 2 houses (we cannot see any rental history only sales) both homes are in the same estate, 1 only a block away. I'm thinking of getting a buyers agent as I work in Melbourne mon-fri and my partner works in the city, has anyone used one before?. Has anyone had a similar situation. Purchasing a property which is overpriced but the sellers are holding out for top dollar? My other issue is that I don't believe the bank will lend the amount to us. Re: Overpriced Property 2Jun 21, 2012 11:06 am If the agent won't discuss a lower price I'd say it's because he knows they won't sell below that. He wants his commission so it's not in his interest to put you off. If that's the case a buyers agent won't be able to change that. Are you only interested in new estates? They do tend to be overpriced with regard to surrounding houses. Might be time to move on. A buyers agent could help with another purchase though. I have access to RP data if you want any info on sale prices etc. Send me a PM. Re: Overpriced Property 3Jun 21, 2012 1:05 pm Hi there. If you make an offer the agent is required by law to pass that onto the vendor. its always in the agents interest to try and make sure your first offer is a 'good' one. It's yin your interest to start low but be prepared to negotiate. With that said I tend to agree with travel bug in that it looks like the agent knows he won't sell below that and doesn't want to waste his time (other properties to sell). Call his bluff if you think otherwise and simply say that you will be looking at other properties listed with other agents Building McDonald Jones Bronte Manor One Contracts Signed Dec 12 DA Lodged Jan 13 DA Consent w/BAL40 Apr 13. S96 Consent w/BAL19 May 13. Slab Complete Jun 13. Frame Brick & Roof Complete Aug 13. Re: Overpriced Property 4Jun 21, 2012 9:31 pm Thanks for the advice guys. No I'm not only interested in estates, but the home I want to build will not look right between two fibro shacks or an acreage I've given up on this property, I spoke to some more agents who were selling the property previously and they agree that the seller would not settle for anything other than top dollar, which I'm not interested paying. Looking elsewhere now. It's very difficult to find some quality land in established areas. They need to release more land near Hornsby area! Stop going west!! They have good rail line north, why not take advantage of existing infrastructure?? You might be able to apply to divert the sewer at your expense. In NSW you would contact a Water services co-ordinator and they would give you advice as to whether or not… 1 16130 Ask for some kickplate to be added and also for tradies to be requested to use lanyards on tools on that side of the building. Be respectful and have the discussion… 1 1685 The setback from the kerb is 4m. It is council land to provide an area for services like sewer main, gas mains, water mains, underground power or poles for overhead power,… 4 2389 |