Sunday, June 17, 2007

Charlotte Towers

There were two auctions yesterday (16 June 2007) for apartments in Charlotte Towers (128 Charlotte Street, Brisbane). The apartments up for auction were apartments 703 and 903, which are lower floor, 2 bedroom apartments. Both failed to sell, despite a well publicised auction and marketing campaign. The highest bid for each apartment was $360,000.

Based on sales around town, it is my view that fair market value for a two bedroom apartment in Charlotte Towers would be in the range $400,000 to $420,000, depending on the floor, whether the apartment faces West, and whether it has one or two bathrooms.

Agents have reported to me that a number of apartments in Charlotte Towers have been rented to students, and that in some apartments there are over 6 students living in a 2 bedroom apartment, and that one apartment had about 10 students living there.

The management of the rental pool has been sold to Oaks Hotel group, and I wonder if the current manager cares about the quality of the tenants.

Also, the river views for this apartment building will mostly disappear when the Vision building is complete.

I can only see apartments in Charlotte Towers going down in value.

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