FROM BAD TO GOOD

When I first became involved with Manhattan West & Bel Air (or 4 Dover Court & 2 Murray Avenue) in Mosman Park these apartments were known as the "battle street" apartments.

Yes they had such a bad name with the people that lived in them, street fighting which of course made the police attend every few hours -  they were "BAD".

Perfect !!  Just what you want to invest in right?

Well 16 years later and still looking after these two groups,  I became involved on the Council of Owners (if you own Strata you should at least have a couple of years under your belt) and the complexes have become a very desirable place to lift.  This can be a very time consuming and frustrating job at times, with people resisting change every which way you try to turn, but believe me patience is the key.  Slowly, slowly and show people the benefits of what you are trying to achieve - i.e. I renovated a unit to what I thought was a high standard at the time, invited all the owners in to view the property, gave them a sheet of contractors so that when their time came they too could renovate their apartments.  Now it cost me a little to do that but the return on that really is immeasurable.  When the apartments became vacant the owners were renovating especially when I told them my rent from $55 per week to $110.00 per week.  Took about 6-7 years but eventually all the rents went up, except those tenants that had been there already for 12 years and they were already in their 60-70's they are no bother anyway.  So over time most of the apartments if not fully renovated have been upgraded and the standard of tenant is high.  Credit to all the fantastic property managers doing a fabulous job in picking the right people to place in there.
Also we have two fantastic caretakers, one lives in at the Bel-Air complex, the other comes in daily by actually having caretakers around you avoid problems.

There is also a vegetable garden started by one of the owners and now there is a few people planting and picking.  Large below ground pool that we (meaning the owners) have spent thousands and thousands of dollars bringing up to the latest regulations !!  Sometimes I think it's easier just to fill it in but no it's a great relief for those poor English people that come out in Jan, Feb, March when we are running at our hottest.  Lovely space to go and read a book and lay in the sun (two new sun beds).

These days instead of me getting the responses of "oh no not the battle street flats" not going there, people are now acknowledging that these apartments are now some of the best maintained with a good community spirit, high rental return and an being in  an excellent position between the river and the beach.  Close to all the amenities shops, trains etc.  
(now we are getting new bars to add to the ambience of the Glyde Street precinct - perfect)

Bel-Air apartments are between 57-64 square metres excluding their large balconies which are like another room.  First home buyers love these apartments as they are big enough for them to be able to rent out the smaller bedroom, they usually say they will stay for a year but some of them are still there 3-4 years later.  These properties are an excellent foot in the door for the first homebuyer or the first time investor.

If you have not viewed these apartments then I encourage you to go and have a look around at the beautiful gardens, secure parking, some have a bay on their title (Bel-Air) the one and two bedrooms in Manhattan unfortunately only the top and bottom have car bays. (work in progress though).

I guess what I am trying to say is that if you are the type of person that thinks they can add value then maybe you should be trying to get onto the Council of Owners, glide in there see how the lay of the land is and then start suggesting things (backed up of course with quotes) you will find that most people what to advance and change, just not the pensioners that have been here since the building was built as it's a real money issue with them (understandably) but there are other ways for them.  The mere fact is it's your duty of care as an owner to look after and maintain your complex.  There needs to be some cash sitting in the bank for a rainy day, I just remember having special levies every year for about 5 years but they were only for $1,000 each so wasn't so bad.  That's why I decided to buy in a complex of 120 one group and 77 the other as $197,000 usually fixes most things, whereas you buy in a small complex you will be up for bigger special levies.

Dont let people put you off buying in a strata just because they have had a bad experience, strata allows the first home buyer to buy in an area that they want to live in, first time investors also are able to buy in, not everyone has the money to buy house and land.

If you are thinking of buying into any complex in Mosman Park pretty sure I will know a lot about it so ring me for the low down happy to help !!

MAKE YOUR OWN DECISION AND GIVE IT A REAL GO !!