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Tomorrow [Feb. 6th, 2009|09:45 pm]
dalekboy
[Tags|]
[mood |exhaustedexhausted]

It's been an absolutely mad week. Last weekend, there we were just plodding along, looking idly at a couple of houses, no intention of buying before the middle of the year, tomorrow we're going to the auction for a place with the intention of bidding.

Between Lex having his injections and needing lots of cuddles for two days, a big eBay mail-out (I only got 3 hours sleep last night because I was packing), and running around organising pre-approval, and tonnes of other related stuff - well, I haven't read any LJ, and I owe a few people emails.

Originally when we looked at the house, it was as market research. It was way outside our price range, based on the original price it was up for. But now it was up for auction, and knowing the original asking price, checking the house out, then going to the auction, would all give a us a feel for how the market was going in Canberra.

The previous house we had visited on Sat had been chock-a-block with people. This one, as we arrived, another couple left. For the rest of the viewing period, no-one else turned up. And we arrived right near the beginning.

As we were leaving, the agent asked us how much we thought it was worth. I said I knew the original price ($445,000), but given the state of the place and the current climate, probably $400K. The guy was surprised, and when questioned, he told us that most people had said $350-$380K. $350K is around what Sharon and I feel we can afford.

The property needs a little work, but the most expensive of it would be getting curtains and pelmets (it has none), wall, floor, ceiling insulation, and double glazing. While that's a substantial chunk, most houses here need the same. The rest of the work is bitsy stuff. There are other issues, including the awful shape of the lounge (for our needs), and the incredibly steep driveway, but we can live with those.

The thing is, the estate agents have done a truly dreadful job of representing the property. Six photos - one of the kitchen, one of the bathroom, and four outside shots. No mention of the low-care, native gardens with no lawns to be watered or mown. No mention of the large block of land, or that it has a reserve at the back of it. No mention of the fact that it has gorgeous views in every direction. No mention of the in-built LAN cabling throughout the house. They don't tell you just how big the family room is. And, they don't mention the secret underground lair!

So tomorrow we go to bid on it. We're pretty certain we'll get out-bid, simply because we're not prepared to go terribly high. If we get it, we need to spend at least $10,000 getting curtains and pelmets, and then there's the cost of all the other insulation. But we're going along because we just might pick up an absolute bargain.

Oh, and the most promising sign? Today the estate agent rang Sharon to make sure she's coming to the auction. I've never heard of that happening before, but it would seem to indicate a lack of interest from other parties.

*fingers crossed*
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Comments:
[User Picture]From: mireille21
2009-02-06 11:53 am (UTC)
I've never heard of that either. Good luck, it looks nice. Must admit, I thought property prices were lower than that in ACT.
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[User Picture]From: dalekboy
2009-02-06 11:56 am (UTC)
Thank you! ACT prices are generally a little higher, and slower to change. Secure government jobs being a big factor. Most 3 bedroom places in the ACT are sitting around $375K at the mo'.
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[User Picture]From: davidcook
2009-02-06 12:15 pm (UTC)
Oddly enough, I was expecting ACT prices to be higher than that, but it looks like Theodore is a fair way out from the CBD ? (the ad says 19.2km - on the other hand, all the houses we've been seriously considering buying are Nunawading or beyond, i.e. 20-24km out - but on the train line, which is handy)
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[User Picture]From: cheshirenoir
2009-02-06 12:09 pm (UTC)
*crosses fingers*
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[User Picture]From: davidcook
2009-02-06 12:13 pm (UTC)
Hmmm, looks like a neat house, although I agree that the ad isn't very informative (although the block size (1147m2! huge!) is mentioned on the left side panel). Worse (from my point of view), I looked at the ad on Domain.com.au for that property, and it doesn't include floor plans - to me, that's one of the most important bits in judging how well a house would fit our needs.
On one hand, it sounds like the agents haven't put the effort in - on the other hand, calling Sharon is probably a good sign, both of the market conditions in general, and the interest in this particular property.
(at every inspection we've done in Melbourne, they take a name and phone number, and if we sounded at all interested they followed up early the next week, and often the week after that as well, and also calling in advance of auction dates in a couple of cases. I think the market here is pretty slow, and the agents are having to work hard to get any interest going ... )

(in case you haven't seen rwrylsin's posts about our property search, we're still negotiating on our main house of interest - we think we're very close to an offer that the owners will accept, should be finding out in the next few days)
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[User Picture]From: purrdence
2009-02-06 12:30 pm (UTC)
*paws crossed*
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[User Picture]From: transcendancing
2009-02-06 12:40 pm (UTC)
Good luck!
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[User Picture]From: meljane
2009-02-06 01:18 pm (UTC)
That is one way cool house and a great view .

I didn't know you were thinking of moving ?
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[User Picture]From: stephbg
2009-02-06 01:45 pm (UTC)
Of course they didn't mention the secret underground lair. It's a secret.
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[User Picture]From: ariaflame
2009-02-06 03:34 pm (UTC)
Best of luck with it. That does look like a gas cooker in the kitchen, though the image doesn't zoom so good.

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[User Picture]From: tikiwanderer
2009-02-06 08:05 pm (UTC)
Well, if you end up buying/moving/renovating and want a hand, let me know. I'd love to come up and help. I don't do things quite as energetically as I did six months ago, which means we'd probably be able to race each other round the house just fine :-)
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[User Picture]From: leahcim
2009-02-06 11:09 pm (UTC)
The house actually look pretty sweet. The dungeon and networking is a bonus. Fingers crossed!
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[User Picture]From: kattilz
2009-02-06 11:50 pm (UTC)
Just had a look at the house on the web looks lovely, if anything i would buy it just for the views.
Good luck
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[User Picture]From: paul_ewins
2009-02-07 12:45 am (UTC)
Best of luck with that. It does look like the property owners have been stuck with a lazy agent who is happy to get the minimum commission. I can't believe anybody would be trying to auction a house at the moment - if it is stinking hot in Canberra you may be the only real bidders there.
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