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High rise living |
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Tlazolteotl
Champion Joined: 02 Oct 2012 Location: Elephant Butte Status: Offline Points: 31448 |
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Posted: 03 Jan 2019 at 8:02am |
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"Moscow: Search crews in Russia pulled more bodies on
Wednesday from a huge pile of rubble where part of an apartment building
collapsed, bringing the known death toll to 33 and the number of
missing residents down to eight as the grim recovery work continued for a
third night." I'm surprised apartment blocks aren't collapsing all over the world- there are so many shonks about. Maybe they are. Where in the world can you have complete confidence in building regulation? Switzerland, maybe. The more you learn about the way it's done in NSW the less confidence you have.
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An honest politician is one who when he is bought will stay bought.
Simon Cameron |
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Redemption
Champion Joined: 09 Apr 2017 Location: Melbourne Status: Offline Points: 5387 |
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Ive been saying it for years on here.
Australia: "building tomorrows slums, today". Clearly its not just Australia. My friend and I always have a giggle, that in centuries from now, archaeologists are going to be digging up old neon Mcdonalds signs, and apartment building rubble. Buildings that were basically already rubble, while they were being built. Crap culture, pop culture, build for the "now", live for the "now", cheap, corrupt, "donations" from developers, etc etc Whole thing is a disgrace. You are essentially spending $half a million, for plaster. And cheap plaster at that. Hopefully the whole Opal tower debacle is now truly opening up the eyes of people that the property industry is a scam RIP to those in Moscow.
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maccamax
Champion Joined: 18 Jun 2010 Status: Offline Points: 41473 |
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Lot of sense in what has been said.
The developers are building to minimum strength. ON EVERYTHING |
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Tlazolteotl
Champion Joined: 02 Oct 2012 Location: Elephant Butte Status: Offline Points: 31448 |
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Apparently somebody's gas blew up in Russia. But that's the problem with living on top of one another like that- you are stuck with the stupidity of the biggest idiot in the village.
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An honest politician is one who when he is bought will stay bought.
Simon Cameron |
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Second Chance
Champion Joined: 02 Dec 2007 Status: Offline Points: 45811 |
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Thankfully none of us live in close proximity to...* * villagers are invited add the most appropriate names, as you would for a write-in at the US elections.
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Mr Prospector
Champion Joined: 08 Dec 2008 Status: Offline Points: 2025 |
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The latest public planning wants Australia to adopt High Rise living to a greater extent , but as the latest problem in Homebush highlights the consumer has minimal protection .
It looks like the Tower in Homebush was built on reclaimed swamp or mangroves and the liability may fall on to the builder or probably the professional liability of the Engineering firm who designed the Tower . Apart from that warranty , if the more unscrupulous developer has a company that fails shortly after each project or has no assets at all , then the consumer has no protection . No insurance will cover a buyer in that situation from what I understand . You hear some horror stories of buying of the plan in some of these projects . |
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acacia alba
Champion Joined: 30 Oct 2010 Location: Hunter Valley Status: Offline Points: 41536 |
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I have been wondering about that. Being built on reclaimed marshes. I know what that area was like when I was a kid, just swamp and marshy waste land right down to the river, with lots of chemical seepage from the plants in the area thrown in to the mix , and now when they have bragged about reclaiming it and building on it, I have always thought no way would I want to be living there. I am not at all surprised at whats happening with this building, having seen what the land was like years ago.
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animals before people.
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Mr Prospector
Champion Joined: 08 Dec 2008 Status: Offline Points: 2025 |
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There was a project some years ago in Chatswood with building defects that went to the high court and they ruled that the residents were investors and the builder had no liability outside of warranty .
How would you like to be an owner and have to front up for major repairs on a large multi story apartment block . Ouch! |
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Tlazolteotl
Champion Joined: 02 Oct 2012 Location: Elephant Butte Status: Offline Points: 31448 |
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Plenty of cities built on swampland, e.g. St Petersurg, Shanghai, but not Washington.
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An honest politician is one who when he is bought will stay bought.
Simon Cameron |
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Tlazolteotl
Champion Joined: 02 Oct 2012 Location: Elephant Butte Status: Offline Points: 31448 |
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Houston- they have a problem.
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An honest politician is one who when he is bought will stay bought.
Simon Cameron |
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acacia alba
Champion Joined: 30 Oct 2010 Location: Hunter Valley Status: Offline Points: 41536 |
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so does New Orleans.
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animals before people.
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Redemption
Champion Joined: 09 Apr 2017 Location: Melbourne Status: Offline Points: 5387 |
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Docklands, Melbourne.
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oneonesit
Champion Joined: 06 Aug 2012 Status: Offline Points: 37210 |
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Refer ALP Election Promises
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oneonesit
Champion Joined: 06 Aug 2012 Status: Offline Points: 37210 |
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Nightmare for some of those owners. One bloke paid almost a million for one as his first investment - highly geared. Cannot afford to live in it as needs a good income in order to help cover his repayments. Rents a much cheaper place himself for himself.
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Refer ALP Election Promises
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Whale
Champion Joined: 01 Jun 2009 Location: St Kilda Beach Status: Offline Points: 38719 |
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It seems to be a massive failure of regulatory and planning authorities.
Many cities around the world have thousands of high rise apartments which are very desired and pricey |
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Whale
Champion Joined: 01 Jun 2009 Location: St Kilda Beach Status: Offline Points: 38719 |
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According to this report (Page on Housingnyc) which is based on Census data, there were 2,581,170 apartments in New York City in 2008. With modest growth, I would guess the number is around 3M at this point in time
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Whale
Champion Joined: 01 Jun 2009 Location: St Kilda Beach Status: Offline Points: 38719 |
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Sorry but not a wise move to gear yourself so highly and totally require rental return to make repayments. Things always go wrong, trouble renting, rent not as high as you thought, repairs, bad tenants etc, I think people should always leave themselves some room to move, maybe the ability to ride out 6 months
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oneonesit
Champion Joined: 06 Aug 2012 Status: Offline Points: 37210 |
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Refer ALP Election Promises
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Mr Prospector
Champion Joined: 08 Dec 2008 Status: Offline Points: 2025 |
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An article in the paper this morning said the banks are already pushing many of those highly leveraged (interest only) loans to renegotiate to interest and principle .
On $1m loan you will need approximately an extra $1K per month . I'd be looking for a good Lawyer .
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Mr Prospector
Champion Joined: 08 Dec 2008 Status: Offline Points: 2025 |
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I wouldn't be surprised if some of those Class Action type of law firms haven't been on the phone already .
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Redemption
Champion Joined: 09 Apr 2017 Location: Melbourne Status: Offline Points: 5387 |
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They have been. Shine Lawyers are the likely rep at this stage. I believe the residents will win a class action, as from early reports, its been built with very poor foundations. The grounding foundations are everything for a buildings integrity. Decent engineers put massive emphasis and extra time into foundations until they are totally satisfied. Who knows though. Its the damn lawyers that ultimately win. Im hoping the Taxi Class action wins against Uber, as taxi drivers were totally screwed over on multiple levels. Same thing though, either way, lawyers win.
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Whale
Champion Joined: 01 Jun 2009 Location: St Kilda Beach Status: Offline Points: 38719 |
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Looking on the bright side at least they did not invest in Neo and sit back and watch their money grow as recommended by our resident successful "businessman " Dr E
Was $135 at the time is now $7.50, now that is real talent, losing 95% in 1 year
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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25% of Sydney's population live in high-density accommodation. That figure will increase because there is a growing number of people like Whale than we realise - people who can only live alone.
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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On what grounds? ... the last time that I entered into an interest only investment loan, it was only ever for a finite term (5 years I think) with principal and interest repayments to apply thereafter. Pretty sure it was always that way, and I assume all loans are the same ... you can't sue a bank for your own greed and stupidity, can you? ... the newspapers and Tracey Grimshaw would know.
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Mr Prospector
Champion Joined: 08 Dec 2008 Status: Offline Points: 2025 |
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Borrowers with interest-only mortgages worth about $300 billion are bracing for a credit crunch as their fixed terms, taken out at the height of the property boom, begin to expire. About 900,000 loans – or about one in six mortgages based on the nation's $1.7 trillion mortgage loan book – will need to be extended with their existing lenders, switched to higher principal-and-interest repayments or transferred to a new lender. It is contributing to explosive growth for the lightly regulated shadow banksthat are targeting subprime borrowers with easier terms and faster approval times, according to new analysis. It catches federal politicians in a three-way bind between the impact on voters in this year's election, the continuing need to cool the property market, and dealing with the findings of the banking royal commission, due next month. Investors who fuelled the boom in property prices about 2014-15, particularly in Melbourne and Sydney, are estimated to account for 40 per cent of buyers facing increased rates. < id="google_ads__/21671780509/afr/realestate_1" title="3rd party ad " name="google_ads__/21671780509/afr/realestate_1" width="728" height="90" scrolling="no" marginwidth="0" marginheight="0" border="0" -google-container-id="2" -integralas-id-ce5e789f-372b-3142-4569-fd0b94cd2e9a="" -load-complete="true" style="-sizing: border-; word-wrap: break-word; border-width: 0px; vertical-align: bottom;"> A borrower with an average interest-only loan of $316,000 will need to find an extra $400 a month to meet the higher principal-and-interest rates, according to analysis by Finder.com.au based on typical repayments. For a $1 million borrower, the monthly repayments from switching to a principal-and-interest loan will blow out to about $880, its analysis reveals. "Red lights are beginning to flash. It's going to be a tough period for many property buyers," said Graham Cooke, insights manager at Finder, who based his analysis on research published by the Reserve Bank of Australia and Australian Prudential Regulation Authority. In some cases lenders are forcing buyers to make the move to principal-and-interest before the fixed-term loan rate expires. RelatedAggressive shadow banks grow market four-fold by cutting rates, easing termsBy Duncan HughesJulie Klein, 64, who is paying off an apartment in Kew, a leafy inner-Melbourne suburb, said her lender demanded she switch to principal-and-interest after she lost her job because of health problems. Ms Klein, who bought her apartment about nine years ago, said: "The bank basically told me it was going to happen and there was nothing I could do about it. I had been a loyal customer for more than 40 years and they basically told me that was 'too bad'. I am too small for them to matter." |
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Red Hare
Champion Joined: 11 Jan 2015 Location: Victoria Status: Offline Points: 4233 |
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The shonkiness isn’t limited to high rise construction. Sunland, for example, are having to undertake a multimillion dollar rectification on their townhouse developments because the contractors they hired didn’t build the inter-tenancy walls (the fire barrier between dwellings) to spec.... at least in this case, the developer is on the front foot. |
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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This is nothing more than the ALP's print media doing a little bit of gratuitous "bank bashing". I work for myself, always read contracts and ask questions, always paid my insurances, and I'm afraid I'm sick of hearing about these "victims". ... even Julie Klein would have known what she was required to do after her interest-only period expired, after all, she has been a bank customer for 40 years! ... I wonder why she didn't take up the insurance that the banks are always vilified for offering to clients, to cover them in case of sickness and incapacity? Oh well, it looks like she might have to sell her unit in Kew and downsize to a unit in Frankston or Altona ... I just hope she isn't concerned about the threat of African Youth Gang Violence.
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Whale
Champion Joined: 01 Jun 2009 Location: St Kilda Beach Status: Offline Points: 38719 |
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and I'm afraid I'm sick of hearing about these "victims".
How dare they complain, don't they realise you and your kind have an inalienable right to use any tactics in pursuit of the dollar. So they have been lied to, misdirected, talked into unserviceable loans, pressured, confused, just suck it up and shut up And after all you have donated $500,000 in kind to
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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I'm sure that you would be one of these pathetic victims Whale! The bank didn't kidnap you and make you take out a loan at gunpoint, did they? No, you were too greedy, and wanted to spend more than you could afford, you deceived the bank, and didn't bother to read the loan contract ... the bank did everything that they can possibly do to assess your position, and explain the terms and conditions, and then provided you with enough documents reiterating that to kill a tree, and even suggested that you seek legal advice before you proceed if you are unsure ... but of course, the virtue signalers at the ALP are claiming that YOU are a victim. Take some responsibility for your greed and stupidity for goodness sake, you pathetic moron! You made your own bed, you sleep in it ... I should imagine a cardboard box under a bridge in your case! |
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Whale
Champion Joined: 01 Jun 2009 Location: St Kilda Beach Status: Offline Points: 38719 |
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[
I'm sure that you would be one of these pathetic victims Whale! The bank didn't kidnap you and make you take out a loan at gunpoint, did they? No, you were too greedy, and wanted to spend more than you could afford, you deceived the bank, and didn't bother to read the loan contract ... the bank did everything that they can possibly do to assess your position, and explain the terms and conditions, and then provided you with enough documents reiterating that to kill a tree, and even suggested that you seek legal advice before you proceed if you are unsure ... but of course, the virtue signalers at the ALP are claiming that YOU are a victim. Take some responsibility for your greed and stupidity for goodness sake, you pathetic moron! You made your own bed, you sleep in it ... I should imagine a cardboard box under a bridge in your case! This from the person who is so money hungry and scared of missing out when others are making profits, that he recommended crypto currencies, which he had no understanding of I posted exactly that at the time, his gilt edge recommendation Neo, has gone from $135 to $7.50 , a loss of 95% The only thing that saved him from his stupid avarice was the difficulty he had in actually buying the things, now that is luck The cardboard box under the bridge insult belongs to a member who has not been seen on this forum for years, it is as effective now as then
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