136 Page Street MIDDLE PARK

Comments on 136 Page Street MIDDLE PARK

Key Points

1.       136 Page is a large land parcel and therefore somewhat unusual. Unusually large parcels in this precinct are highly sought after, generally by people with deep pockets.

2.       The area is regarded as one of most expensive land per sq metres in Melbourne.

3.       Page is one the best streets in the area - this block is opposite a school.

4.       Side and rear laneway give excellent access on three sides.

5.       Good block width (10m) gives a real feeling of expansiveness.

6.       The home can best be divided into four parts

a.       Excellent façade and front rooms that could be reconfigured to include an ensuite and study/entertainment rooms etc

b.      Transition area between front and back that brings in light - works well, but needs an update

c.       Rear living space that is past its use by date and appears best demolished and rebuilt with the two bedrooms upstairs to give the home the necessary modern accommodation options

d.      Yard and garaging which needs a refurb/rebuild and perhaps should include open garaging which allows a feeling of space and would enhance any large entertaining requirements

7.       The main issues do not revolve around any doubt as to the quality of the offering they revolve around

a.      Renovations

b.      Price you have to pay to beat competition (which we would expect there to be)

c.      Strategy to secure against that competition

8.      In all likelihood a home that will require the buyer to fight if they are to be the purchaser 

I have a history with this property - two years ago an underbidder at mid $5m's, looked at it again as off market a few months ago and now considering it again under the hammer.

If you buy, you will be the fourth owner is as many years and nobody has spent a cent to fix it.

It cries out for a reno - it feels like it could be well reno-ed. I can't see why it has had so many masters/mistresses other than circumstantial coincidence.

The current owner must be thinking north of six in a normal world - for you, its how much north are you prepared to go and how far will you have to go - a few alternatives are sneaking onto both the on and off market scene and 91 Kerferd and 204 Page didn't fly come auction day - so maybe not 6.

Need a bidding and negotiating plan as $500,000 and then some are the starting parameters between good and not so good buying and selling - the latter two are diametrically opposed and $500,000 is a lot of money.