Sunday, October 28, 2012

Done Dirt Cheap

Dirty deeds are suggested by the Sydney Morning Herald on property deals for cheap Cairns units:
IN SEPTEMBER last year Luke Bellamy was forwarded an email from a real estate agent who had looked around the outside of his investment property in Cairns. ''I have to say if I was an owner … I would not be happy … the complex looked and smelt like something in a Third World country,'' Tammy Salvestro wrote.
Salvestro was desperately trying to find tenants for one of the apartments in Maroubra Lodge, a former motel turned unit block marketed in 2007 to Bellamy and other interstate investors.
Not really a surprise for anyone aware of these units which are old former motel accommodation along Sheridan St. More surprising may be that when they were flogged at the top of the market back in 2007 they were described as "deluxe abodes".

The SMH backed up with another horror story for a similar Cairns investor: Dream of a new life turns into a nightmare! The description of this building may be confused and I believe it to be similar older converted motel style units on the same stretch of Sheridan St.

With strata costs topical the reports of investors being milked through excessive body corporate fees  is also interesting. Something to watch and I wonder if it will even make a paragraph in the Cairns Post?

Update: The SMH is still running on this with another featured today: Buried in debt;  &Loans in breach of super rules

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