I didn't intend to come across as suggesting that they should...

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241 Posts.

11/06/20

15:49

Post #: 45164872
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Originally posted by kingpins: ↑

Further to your "buyer" you most defiantly have nothing if you don't have an offer in writing, as on a signed contact, which you will then negotiate to the best possible figure

Every business person MUST investigate every option or be sorry they didn't, all you lose is your time in negotiating

Never take any advice from others who do not know all your circumstances, only you know that and it is far more than a simple price discussion, so get information from everyone you can so that when you make a decision you are fully aware of all the facts.

Digglet appeared to suggest that the best option is to build.
But can you build and hold the property for the next 5 to 8 years if the recession/depression takes hold?

Any decision you make must be one that puts you in a better position than you are in and maybe the buyer can expedite the required paperwork much quicker than you, maybe the buyer is setup to get it built and on the market within 6 months, what is your time frame to completion

Do your research and at this time with so much uncertainly in the economy don't be greedy in trying to get the maximum out of it, quick easy profit can be sweet

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I didn't intend to come across as suggesting that they should build. Just that in the absence of any hard offer they should continue with whatever strategy they had before this "potential buyer" and government grants.
In the absence of any information on their circumstances I can only assume that they have done due diligence on their pre-existing strategy which appears to be a subdivision. If they actually get an offer then of course consider it, but I wouldn't change my strategy based on ifs and maybes.

Personally, if it was me, I would just hold onto it and "land bank". I believe(d) Perth was at or near the bottom around end of last year (for a number of reasons I wont get into), but the effect of unforeseeable COVID and China issues is yet to be seen. If everything goes tits up with China I wouldn't want to be sitting on a pile of debt, and if it all blows over I wouldn't want to sell at the bottom of the market. That being said, if they sell and buy in the same market it makes little difference what stage of the cycle it is. (All based on my personal circumstances of course)
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