oceanique sales., page-3

Hi Relaxan,
The book valuation on Oceanique was based on a half year impairment assessment.(I think it was $17M or $19M impairment). Since then, even with dramatically reduced prices on 8 units and with expensive prime time TV advertising, I understand they only sold 1 apartment. So I would not be surprised if the current assessed value didn't stand up to post restructure sales.
I agree with you that there may be others holding off , awaiting to see what happens, but on the basis of earlier responses, I also have some reservations as to whether the location meets the life-style preferences and the accessibility requirements to services, of many up-market apartment dwellers. The slow sales may not be just a result of the aftermath of the GFC but a mis -reading of market preferences.
I was not impressed by comments made at the AGM denigrating those who were holding off "like vultures", waiting to pick the bones once the company was in administration.
I don't think it is just a matter of price. I suspect that there may be concerns that any contracts signed now could get tied up with a prolonged process with an Administrator (if it gets to that). Also if the Company did go to the wall holding 30 apartments, will they still be able to employ a site manager, contribute to the care of communal property (Pool,grounds etc.)or will this fall on the other owners.
On top of the 30 unsold apartments, I think there are at least 5 of the existing purchased apartments that are back on the market. I also think there are 3-4 apartments that are available for overnight or holiday rental.
I think a good idea for anyone considering purchasing would be to stay a couple days in one of the rental apartments, to see if it meets expectations.
With the restructure, I wonder whether there may be an institutional purchase of the remaining apartments and release them at a later time when conditions improve. (Purcase cheap, hold and then sell on a hopefully more vibrant market).