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People missing out on capital gains

Aug 21, 2015 | Property Market

This is a terrible story, people who have taken the risk of buying off the plan for the SkyPoint Towers in John Street, Lidcombe, were told last week their apartments are to be reconfigured.

Purchasers were told that the 64 apartments in the original eight-storey development at 42-44 John Street, Lidcombe would now house an additional eight flats on each floor. One couple who put a deposit on a $600,000 plus apartment in May saw their 150-square metre future home reduced to 94 square metres

Of course they have the option to rescind their contract and get their full deposit back if they are not willing the accept the change, But given what has been happening in the Sydney property market since they put down their deposits they are probably sitting on a good “paper” profit and will loose out on this. Instead the greedy developer will pocket the money.

http://www.smh.com.au/nsw/auburn-deputy-mayor-salim-mehajer-and-his-lidcombe-developments-20150818-gj1k1x.html

 

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