Saturday, July 19, 2008

Charlotte Towers in Brisbane

Talking with agents in Brisbane City, it appears that apartments in some buildings are selling quickly and at good prices, while in other buildings the prices are not holding up. One building in distress appears to be Charlotte Towers.

This building has about 400 apartments, and was first sold off the plan by Devine in 2004. It now has become apparent that many of the original prices for Charlotte Tower apartments were too high.

For example, at present this appears to be the price range for apartments selling in Charlotte Towers:
  • 1 bed, 1 bath, no car: $280,000 to $320,000
  • 1 bed, 1 bath, 1 car: $330,000 to $380,000
  • 2 bed, 1 bath, 1 car: $380,000 to $420,000
  • 2 bed, 2 bath, 1 car: $400,000 to $460,000

Just recently, apartment 1707 (2 bed, 2 bath, 1 car) sold for $400,000.

There are many apartments for sale in Charlotte Towers.

My advice is never to buy in a building with more than 200 apartments.

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