Losses at Devine's Festival Towers

As far as I can tell, many early off-the-plan purchasers of apartments at Devine's Festival Towers at 108 Albert Street, Brisbane have made no money (or losses) on resales, particularly if you take into account stamp duty and agents fees.

Some examples:

• Apt 3601, purchased off-the-plan in April 2004 for $468,000, resold in October 2007 for $495,000
• Apt 3209, purchased off-the-plan in September 2003 for $491,000, resold in May 2007 for $505,000
• Apt 3201, purchased off-the-plan in September 2003 for $457,000, resold in July 2007 for $460,800
• Apt 3109, purchased off-the-plan in September 2003 for $483,000, resold in October 2007 for $475,000
• Apt 3101, purchased off-the-plan in September 2003 for $455,000, resold in March 2007 for $415,000
• Apt 3003, purchased off-the-plan in September 2003 for $414,000, resold in October 2007 for $435,000
• Apt 2903, purchased off-the-plan in October 2003 for $380,000, resold in October 2007 for $418,000.
• Apt 2902, purchased off-the-plan in September 2003 for $440,000, resold in October 2007 for $485,000
• Apt 2601, purchased off-the-plan in October 2003 for $441,000, resold in November 2007 for $460,000
• Apt 2501, purchased off-the-plan in October 2003 for $443,000, resold in February 2007 for $440,000
• Apt 2403, purchased off-the-plan in November 2003 for $369,000, resold in November 2007 for $435,000
• Apt 2303, purchased off-the-plan in September 2003 for $365,000, resold in June 2007 for $389,000
• Apt 2505, purchased off-the-plan in November 2003 for $301,000, resold in April 2007 for $294,500
• Apt 2404, purchased off-the-plan in September 2003 for $293,000, resold in November 2007 for $323,000
• Apt 2105, purchased off-the-plan in September 2003 for $296,000, resold in October 2007 for $310,000
• Apt 2006, purchased off-the-plan in September 2003 for $300,000, resold in October 2007 for $305,000
• Apt 1706, purchased off-the-plan in October 2003 for $296,000, resold in September 2007 for $305,000
• Apt 1501, purchased off-the-plan in October 2003 for $407,000, resold in April 2007 for $417,000
• Apt 608, purchased off-the-plan in February 2004 for $398,000, resold in October 2007 for $410,000

So take care when purchasing off-the-plan. Not everyone makes money. And with M on Mary and the proposed Empire Square blocking views from Festival Towers, it could get worse rather than better over time for some owners.