That is correct. Forge is set back from Yarra more-so than previous YE towers. Both low-rise and parkland sit below adjacent the water.
I was waiting at the corner of Exhibition and Collins St a few weeks back and saw a 60-something woman remark to her husband: *points at 101 Collins St* "awful isn't? Those buildings are the slums of the future! slums!"Love the comments...
Peoples idea of a slum is vastly different from the reality.
The problem could come down the line when owners can't afford/won't pay the Owners Corp levy, especially if issues with the building force them up sharply. The OC's ultimate remedy is to force a sale with it having first claim on the proceeds, but do this a few times and values start will spiralling downwards, vicious circle.I can' t remember if Alan Davies said it, but I will: units in towers that cost $900k new are not going to be slums. ...
over priced by 30 to 40 %$900K can become a slum if it's value plummets to $200K due to oversupply causing a housing bubble burst.
I live in (and own property in) London. Believe me when I say that Australia's property market is woefully overpriced. Something's gotta give sooner or later. I say this because I'm looking to buy in Melbourne next year....:-(
But many of the new apartments are not built with bricks and mortar. They are prefabricated concrete and aluminum cladding. Bricks and mortar implies that the building will last. These buildings age very badly and become eyesores and the value does not appreciate.How does it become a slum if prices plummet ? Bricks and mortar will stay the same whatever the starting price
But many of the new apartments are not built with bricks and mortar. They are prefabricated concrete and aluminum cladding. Bricks and mortar implies that the building will last. These buildings age very badly and become eyesores and the value does not appreciate.
Their appreciation has nothing to do with the building material
It is a generic term. But Bricks and mortar in real estate refers to the quality of the building and that it is a long term investment and its land. I see that with many homes and apartments built today they use cheap steel reinforced concrete that is not of a high quality and would develop concrete cancer except it is masked by aluminum cladding. Also they do not occupy land in old sense of the quarter acre block. There is a built in obsolescence with this type of building in opinion. I do not believe these pre-fab buildings will hold their value and could well become slums.'Bricks and Mortar' is a generic term