Showing posts with label rive apartments. Show all posts
Showing posts with label rive apartments. Show all posts

Thursday, May 24, 2012

Sam Vecchio

An interesting decision regarding Sam Vecchio, who is the developer of the Rive apartment complex at Breakfast Creek.  Sam Vecchio's prior development was Fresh at Taringa.  A bad job was done on the stippling, and a few years later, it is still not fixed.  Vecchio has stacked the body corporate committee with family members, some of whom do not turn up to meetings.  Vecchio's business practices have been called into question.  As the Commissioner has found:  "The applicant disputes the committee resolution on the basis there is a conflict of interest between the committee member, Sam Vecchio, and Phoenix Drywall (the individual selected to perform the repairs). The applicant says Phoenix Drywall is currently working for Sam Vecchio. ... I am satisfied a serious legal question exists as to whether the costs involved in the resolution dated 16 March 2012 are reasonable."  See decision.

Thursday, November 17, 2011

Rivé Apartments

Rivé Apartments near the Breakfast Creek Hotel are nearing completion.

One bedroom (77 sqm total) from $409,000.  Two bedrooms (106 sqm and larger) from $545,000.  See post below regarding Vecchio's prior development.


Saturday, November 12, 2011

Improving Market?

It is useful to look at recent sales of apartments, and compare the price at which the apartment sold with the price that the vendor originally paid for the apartment.  In find this is more useful than looking at medium or average prices.  For example, if a building has a mix of 1 and 2 bedroom apartments, and for the last six months, only 1 bedroom apartments are sold, then the medium price will decrease.  This does not tell us whether the 1 bedroom apartments went up or down in value.

I recently had a look at sales in the Fresh Apartment building on boundary where Taringa mets Toowong, at 20 Campbell Street.   This building had its carpark flooded in the 2011 floods, but no apartments had water in.  The two magnificent pools were not flooded either.  It was developed by Vecchio, who is currently developing Rive Apartments (see post above.)

Apt 20:.  This apartment is 2 bedrooms, 2 bathrooms, 120 sqm (85 internal, 35 balcony).  In March 2007, it was advertised off-the-plan for $459,000.  The next year, it was still for sale off-the-plan for $504,000.  It was sold by the developer in May 2008 for $566,000 (probably this was above market price).  The first owner then resold it in November 2009 for $537,000.

Apt 23:  This is a 3 bedroom, 2 bathroom apartment, with a North East Aspect over the pool.  It is 148 sqm in total. It was sold off-the-plan for $669,000 in July 2007.  It resold in September 2011 for $569,000.

Apt 54:  This is a 3 bedroom, 2 bathroom penthouse apartment.  It is 117 sqm internal plus a large 84 sqm balcony..  It sold off-the-plan in April 2007 for $807,000.  It resold in August 2011 for $600,000.

So take care when buying off the plan or from a developer.

Sunday, October 11, 2009

New Apartment Developments in Brisbane

There are very few new apartment developments in inner city Brisbane under construction and nearing completion. This is good news for owners of existing apartments, as the number of apartments available for sale will not increase dramatically in the next few years. This is my list:

  • Evolution - completed last year, overpriced, developer trying to sell remaining apartments
  • Vision - developer in bankruptcy situation - unclear if this will proceed, and if so, in what form
  • Trilogy - on hold
  • Meriton's Soliel - under construction
  • Meriton's Herschel Street highrise - advertised by Meriton as coming soon
  • Devine's Hamilton Harbour - not in inner city - construction to commence January 2010, maybe Devine's last apartment project in Brisbane
  • Rive at Breakfast Creek - construction commencing
  • Waters Edge at West End - first stage: ground works commencing
  • Riverpoint at West End - first stage under construction
  • Code at Bowen Hills
  • Multiplex's Promenade at the Hamilton shipping terminal
  • Mirvac's Waterfront at Newstead
  • Macrossan Towers, under construction, one apartment per floor
  • Yungaba at Kangaroo Point, about to start pre-sales in the next month
  • Mosaic, in the Valley, in presales

Thursday, March 19, 2009

Rive Apartments Hamilton

If you have thinking of buying in Hamilton Harbour, have a look at Rive Apartments first. Similar location, larger apartments, and a lower price.

See also http://www.vecchio.com.au/news/2009-03-04.pdf