Sunday, October 30, 2011

Charlotte Towers - Recent Sales Results

There have been 5 reported sales of apartments in Charlotte Towers in the July 2011 to October 2011 period.  Charlotte Towers was developed by Devine, is managed by Oaks, and is located at 128 Charlotte Street, Brisbane.

All sales have been one bedroom, one bathroom apartments, without a car space for parking.

  • Apt 3101 - sold for $313,000
  • Apt 2605 - sold for $325,000 (purchased off the plan for $326,000; listed for sale at $349,000)
  • Apt 1406 - sold for $306,000 (purchased off the plan for $291,000)
  • Apt 609 - sold for $302,000 (purchased off the plan for $295,000)
  • Apt 3309 - sold for $302,000 (purchased off the plan for $347,000)
Taking into account stamp duty, legal costs, and real estate agent fees, all five of these original owners sold at a loss, and is some cases, for a loss greater than 10% (not taking into account inflation, interest costs and any furniture packages that may be been purchased -- so the overall loss will be somewhat more substantial.)  There are big risks in purchasing off the plan from the developer, and buying an apartment in Brisbane as an investment is not so easy.

Also, note that the highest reported sale for the whole building, for a four month period was $325,000.

With a tower being built across the road, values are unlikely to increase for some time.

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