Archive for May, 2007

Thumbs Up From the Valuer – A Canvas for Universal Design

Monday, May 14th, 2007


Part of our investment process was to enlist the services of a local valuer in Mermbula to inspect any prospective purchase. To ensure that we had a consistent approach we developed an Inspection Checklist for the valuer to use. This covered all of the key points we wanted inspected.

The inspection for 7 Imlay Street came back with what we expected, basically the worst house in one of the best streets with some great views. We expect to have to make some significant changes to the property to renovate it using the principals of Universal Design, so being a substantial “Fixer Upperer” does not really worry Desiree and I.

The property was recently “sold” but the sale did not complete due to the purchaser not being able to raise the finance. We want to get the property off the market fairly quickly as we believe that it represents great value in todays market. Consequently we have drafted up a letter of offer (Imlay Street Offer) which we send off tommorrow.

A Place to Start

Saturday, May 12th, 2007


After months of searching and looking at hundreds of places we have finally found a blank canvas on which we are willing to make an offer. It is really the classic worst house in the best street situation.

Here is a picture of the place.

7 Imlay Sterrt MerimbulaThe story goes that the place was built as a holiday shack in the early 1970’s. Over the last 10 years   it has fallen into disrepair and has been on the rental market for a long time. The last tennant is apparently now in the care of the prison system after a run in with drug dealing.

I guess that you could not get much more down than that. The landlord has decided to chuck it all in and has put the property on the market.

So what is the attraction? Well it is situated right on top of the hill in Merimbula and has some great ocean and lake views.

Imlay Street Front View    Rear View  Imlay Street  Ocean Views Imlay Sreet

It also has some great views out the back to the mountains in the hinterland. With a lot of tender loving care this property could be made into something.

We are about to put an offer to the owner.