Sunday, October 21, 2007

What is happening at Charlotte Towers?

There have been protests in the street by tenants living in Charlotte Towers, due to Oaks taking over management of the apartment building and trying to turn it into a hotel.

Devine, the developer, has been advertising that only two apartments remain for sale. For example, in the Courier Mail "Home" section on 20 October, there is a half page advertorial titled "Guaranteed return" saying that there "are only two residences remaining for sale in the recently completed 416-apartment development". According to the article, one residence is a one bedroom priced at $367,000 and the other is a 2 bedroom priced at $498.000. Devine is offering a rental guarantee on these apartments, but says nothing about Oaks and its efforts to move the building to short stay rentals. Ken Woodley, the Devine national marketing manager (who, lives an a Mirvac apartment on Alice Street in Brisbane) is quoted in the "article".

Strangely, Colliers PRD project marketing team just listed a number of apartments for sale in Charlotte Towers. I wonder if this is developer stock? It looks like developer stock. If so, how can Devine honestly say that only 2 apartments remain for sale?

The newly listed apartments include:
Devine's own website lists four apartments for sale in Charlotte Towers:
Do you believe Devine that only two apartments are left for sale in Charlotte Towers? My guess is that the developer is holding more stock than this.

Devine's shareholder report states that about 30 apartments remained for sale on 30 June 2007, and that sale of all the remaining units were expected in the December 07 half.

It is noted that 2 bed apartments on the lower level failed to sell at auction earlier this year, with the best bid being $360,000.

I would avoid Charlotte Towers at all cost!

Kingshome Apartments - Taringa - Auction Result

Kingshome Apartments
310/190 Swann Road, Taringa
Ray White reports as follows:


Sold Friday 05-Oct-07

SOLD - Under the Hammer - Record Price - $1,350,000

Magnificent 3 bedroom apartment

Panoramic north-easterly city skyline views

2 car secure parking with storage lock-up

Saturday, October 13, 2007

Skyline's views to further diminish?

Before you buy or rent in Skyline, read the Skyline posts below. Also, have a look at this area plan, available on the Internet. You can see that Skyline could easily become boxed in, with limited views in most directions. (Similar comments for Macrossan Apartments.)

In addition, the Australian Financial Review reported this week that Meriton lodged plans to build a 70 storey tower on the corner of Boundary and Adelaide Streets, with 200 serviced apartments (not to be sold), 200 residential apartments and 3 floors of offices. This will impact Macrossan and Skyline.

Tall Building in Queen Street, next to Aurora

Be careful if you intend to buy or rent in Aurora apartments in Brisbane. A huge building is proposed for next door.

See the pre-sales website. Hotel, offices and 109 apartments.

I hear that Aurora has many other problems. For example, count the number of lifts and the number of apartments. What is the average waiting time? And how many people are in each apartment? What is the condition of the common facilities -- are they getting too much use because of the number of people per apartment? What about the cold storage room for groceries and the residents workshop? Does the iris scan security work? Who is the resident manager, and what is the relationship between the resident manager and the developer?

FKP's Albion Development

FKP has an interesting project planned for Albion, called the Albion Mill. See http://www.themillalbion.com.au/ and
http://skyscraperlife.com/showthread.php?t=7627

South Bank - Arbour on Grey - Recent Sale

Apartment 2218, 180 Grey Street, South Bank
Arbour on Grey, a Mirvac development
Sold at auction for $635,000.
2 bedrooms, 2 bathrooms, Stage 2, 2nd floor.

Tuesday, October 9, 2007

Recent Apartment Auction Results and Apartments for Sale

These are auction results from the Ray White auction rooms, for a series of auctions taking place on Friday 21 September 2007.

  • Charlotte Towers - Apartment 4405 - Level 44 - 2 bedrooms, 2 cars, facing North West - $610,000
  • Aurora - Apartment 331 - Level 33 - 2 bedroom - 107sqm - 1 car - $620,000
  • Aurora - Apartment 509 - Level 50 - 2 bedroom - $515,000
  • Festival Towers - 2 bedroom - $495,000
Ray White has these apartments el cheapo apartments listed for sale (as at early October 2007) in Festival Towers,

108 Albert Street

:
  • Festival Towers - Apt 604 - 1 bed, 53 sqm internal, H type with no view - very small balcony (3 sqm) no car park - $295,000
  • Festival Towers - Apt 1405 - 1 bed, 53 sqm internal, I type with no view - very small balcony (3 sqm) no car park - $300,000
  • Festival Towers - Apt 901 - 2 bed, 2 bath, 75 sqm internal - E type on corner - very small balcony (3 sqm) - $417,000
  • Festival Towers - Apt 1311 - 1 bed, 54 sqm internal, M type with no view - very small balcony (4 sqm) no car park - $315,000
  • Festival Towers - Apt 1401 - 2 bed, 2 bath, 75 sqm internal - E type on corner - very small balcony (3 sqm) - $435,000
  • Festival Towers - Apt 1408- 2 bed, 2 bath, 83 sqm internal - D1 type - looking into back of M on Mary, very small balcony (3 sqm)- $415,000
  • Festival Towers - Apt 3601 - 2 bed, 2 bath, 75 sqm internal - N type on corner - balcony that can be closed in (10 sqm) - $515,000
  • Festival Towers - Apt 3702- 2 bed, 2 bath, 87 sqm including balcony - O type, one of the better plans - looking into Charlotte Street, however view of river to West will be lost when Westin Hotel is built on Elizabeth Street, small balcony (5 sqm)- overpriced at $525,000
  • Festival Towers - Apt 3902- 2 bed, 2 bath, 87 sqm including balcony - O type, one of the better plans - looking into Charlotte Street, however view of river to West will be lost when Westin Hotel is built on Elizabeth Street, small balcony (5 sqm)- very overpriced at $555,000
  • Festival Towers - Apt 2502- 2 bed, 2 bath, 87 sqm including balcony - O type, one of the better plans - looking into Charlotte Street, small balcony (5 sqm)- auction at end of October