Saturday, April 14, 2012

Macrossan Residences Sale

I bet well-known Brisbane solicitor and Labor Party identity Con Sciacca is not happy.  He purchased an apartment off-the-plan in 2008 in Macrossan Apartments for $1,835,000.  The developer went bankrupt, and the remaining apartments have been bought by an investor, who is listing them for resale at "Almost $1 million below what they cost."
"Were Selling for up to $3M, Now Priced from $1.395M to $1.575M"

(I suspect that the real estate agent is exaggerating slightly - I doubt that the same apartment that Con purchased would sell for less than $1M.  So the million dollar discount is a bit of a stretch.  Video here.)

These discounts make it hard for an original buyer to resell without making a huge loss.

In any event, even these discounted prices are high for a 3 bedroom apartment that is not riverfront and that is sandwiched by Skyline and Soleil.

1 comment:

Scott Phillips said...

I took a look at the Macrossan residences, and I thought they were fairly priced in the current market. They were very large 270m 3 bedrooms, each on their own floor, with the option of having the lift open direct to the living room.

Views on the upper levels were unobstructed.

The rest of the building was a cut above the normal oaks managed rubbish.