Showing posts with label windsor. Show all posts
Showing posts with label windsor. Show all posts

Saturday, February 9, 2013

Stelvio Windsor

I received an email from an agent recently who is marketing a new apartment development at Windsor, called Stelvio.  It is a 33 apartment complex.  A colourful brochure (which includes a nice picture of a bird) is here.

The Stelvio complex has two buildings, one with an elevator and the other building is a walk-up.

Two bedroom two bathroom apartments are 85sqm internal, and with the balcony, the total floorspace is 99sqm.  The pricing is $520,000 to $550,000 with 1 car park.  An extra $40,000 for two car parks.  Estimated rents are $475 a week.

This seems to be a very bad investment to me.  But it is being pushed by financial advisors.  According to this website, the project was launched in August 2011, but not year sold out.  (I wonder why?)

Compare Stelvio to an existing apartment complex, not in Windsor (because there are few larger complexes in Windsor) but in Indooroopilly, which in my view is better located.  The complex I selected for the comparison is Ciana, which is about 3 years old, and has a pool and a gym, and a track record of full tenancy occupancy:

Apt 56 in Ciana is for sale, 2 bed, 2 bath, 2 car parks, 89 sqm internal, 109 sqm total, being listed for sale at $495,000, rented at over $520 a week.

Compare Apt 56 to Stelvio.  The apartments are a similar size, but the balcony in Ciana is double the size.  The rent in Ciana is greater.  Stelvio's pricing with 2 car parks is at least $560,000, more than $60,000 more than Apt 56 in Ciana.  Why pay more for a smaller apartment that gets less rent?

Or compare Apt 29 in Ciana, 2 bed, 2 bath, 2 car parks, 164 sqm total area, being sold furnished for $595,000, rented at $750 a week.  Or this apartment, for $450,000.  Or this?

It doesn't seem good value or good financial sense to buy a new Stelvio apartment when comparing it to an existing newish apartment.  So I wonder why financial planners are pushing Stelvio?

Wednesday, August 10, 2011

LionsGate

A small apartment development, called LionsGate, located in Windsor. The website does not say who the developer is! Priced from $367,000.