Tuesday, February 14, 2012

Scott Street Apartments Go Under

Bank of Scotland has become mortgage-in-possession of the remaining unsold apartments in Waterford Properties' Scott Street development at Kangaroo Point.  The luxury complex, with one apartment per floor and a total of 12 apartments, was completed in 2010.  It has Brisbane city views, but looks West.  The development has at least $30 million of unsold stock at current list prices (that may be revised downwards).  Photos here.

The penthouse sold for $7 million, and other apartments sold for $7.65 million and $4.06 million.  One of the purchasers was Scott Hutchinson, who was the builder.

According to the AFR, demand for the high end of the market has been sliding in Queensland.

Place real estate agents said that the premium market had dropped back.  "Realistically, the top-end apartment market has come back 30% and in some cases 40%.  The market was overinflated.  We were going through a boom and the prices were ridiculous" said Lachlan Walker of Place.

Now I bet Place real estate agency didn't tell buyers a few years back that the prices they were paying were ridiculous!

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