The Block- Auction Day

 

The Block was Auctioned Last night with only one of the Vaucluse units sold above their $1 million cost. The most expensive apartment fetched $1.1 million. The cheapest was passed in at $865,000. 

We will not find out who has won the $100,000 prize until tonight, when the reserve prices for the units are revealed. All four contestant couples are entitled to pocket any difference between their sale price and the reserve. Neisha and John were in the box seat to take the prize.

I am a bit of a numbers Girl, so when a Friend (Alison) sent me this article from the SMH today The block proves a bankbuster for nine I couldn’t help but grab my calculator and start doing the figures  

Costs:

$3,400,000 million the property was purchased in 2010.

$160,000 cost of stamp duty.

$40,000 for a quick update (Estimate cost only)

$95,000 renovation cost for John and Neisha in apartment one.

$90,000 renovation cost for Mark and Duncan in apartment two.

$94,853 renovation cost for Erin and Jake in apartment three (highest strata fee).

$89,974 renovation cost for Cheryl and Brenton in apartment four.

$100,000 was spent on improving common areas.

$4,069,827 Total cost

Sales:

So I am going to look into my crystal ball and give you my predictions for tonight’s auction results:

Apartment 1: $995,000

Apartment 2: $865,000 Passed in??

Apartment 3: $1,100,000

Apartment 4: $985,000

$3,945,000 Total income (predicted only, not including agents and selling fees…)

Profit/ Loss: -$124,827 (loss)

My sales rationale in summary

I am thinking Apartment 3 will sell as it is a first floor unit and is impeccably styled by Erin & Jake, I believe it could be a toss up as Unit 1 Neisha & John will also do very well as it is a ground floor unit with a massive courtyard.

The rationale behind me thinking that apartment 2 Mark & Duncan would be passed in is that it is a ground floor apartment with a back deck, the outlook is over the rear car park.

I am sure channel 9 got plenty of advertising incentives to make this a worthwhile Development...Television Show.

Who do you think will take out the prize? What Unit do you think got passed in?