68 replies to this topic

[concorde]

^hmmm, got any names?

[Mike K.]

Just put a property up for sale. You'll see.

 

A rental property is very lucrative especially in a new building. Lefevre is selling his newly built heritage rental on Government.

[sdwright.vic]

with the way the laws are written in the tenants favor.

I am sure if most rental management companies weren't corrupt they wouldn't have to be written in the tenants favor.

Lived somewhere for ten years. Rent increases every year. Asked for a paint job... Wasn't gonna happen. Painted the place after I moved out and rented for less than I was paying.

[concorde]

^they have to be written in the tenants favor, its the law.  But of course bank contracts are 100% written in the banks favor.  People don't have to rent, but they have to have bank accounts.

 

You obviously dealt with a bad management company

[sdwright.vic]

^People don't have to rent? Really?!? I rent because it's difficult for me to get a mortgage because I am a term employee. Renewed every year, but still a term. The bank always ask "and how to you intend on being able to make payments when this job ends. They don't see it as a job I have had for a number of years, they see it as a liability. Also what about those people who don't have good jobs and can barely make ends meet? They have so much money laying around for down payments?

Lots of people rent, not by choice. Crappy management companies are also more the rule then the norm. Few people I know have" oh, the place that manages my building is fantastic " as the first thing out of their mouth when they speak of where they live.

[Mike K.]

I think concorde was referring to the option of renting for many but the lack of an option for a bank account.

[concorde]

^correct

 

speaking as an apartment building owner, the net returns offered over the current value are typically poor so its difficult to invest large monies back into the property.  would I love to rip out and replace all the kitchens in every unit, yes of course, but its based on a business decision that people will not pay enough of an increase to justify that investment.  Now of course all major work does get done such as new roofs, balcony membranes, etc.

 

I think SDwright's example is a good one where he asked for paint and was denied.  They paint the place after be moves out and rents it for less money.  Does that sound like a good investment

 

Anyway, lets get back to the Chambers

[Mike K.]

Is the developer Kang & Gill, by chance?

[Linear Thinker]

A letter from the architect to mayor and council in late 2013 says the owner/developer is "Chambers Street Holdings Ltd"

Doesn't help much

[concorde]

Is the developer Kang & Gill, by chance?

I am pretty sure it isnt

[concorde]

I heard from someone this weekend that this project is significantly overbudget and may not happen

[concorde]

word is construction should start in the next few weeks

[jklymak]

Looks like the site is being prepared today...

[Mixed365]

Looks like the site is being prepared today...

Are you able to provide any photos jklymak?

[jklymak]

I was driving a little too fast, I'm afraid...

[Mike K.]

I can confirm this will be a rental project.

[MarkoJ]

Lots of developments jumping on the rental band wagon.

[MarkoJ]

 

[MarkoJ]

 

[MarkoJ]