Sunday, February 10, 2013

Festival Towers

I visited Festival Towers recently for an open house.  The building and common facilities are looking tired, the apartment looked worn out, and there were a large crowd of tourists in the small lobby area.  The building is used as a "hotel" by Oaks.  It is a building that is popular for touring escorts.

Values are not holding up.  For example, apartment 3607, on a high floor, has 2 bedrooms 2 bathrooms.  It was sold off the plan in 2006 by Devine (now running Metro Property Group) for $530,000.  It was resold in late December 2012 for $455,000.

The apartment next door, apartment 3608, sold off the plan in 2006 for $546,000.  Two beds, two bathrooms, 2 cars, 103 sqm.  It resold in early December 2012 for $485,300.

Either a good building for bargains, or a building that has long term problems, depending on your view of the world.

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