No need to rush!
Today, I had David Cale from Cale Property call on me. David asked if he could come only and present his view of how best to approach the re-zoning / development situation.
I advised him that Tuesday night's (23 October) agenda is full but if members of the Common Good Group were interested, a meeting could be arranged for the following Tuesday (30 October) for him to give his perspective.
I have spoken to two contacts of mine who have had experience in re-zoning. Their advice was the same:
- There is no need to be hurried into signing up, especially at this stage. It would be best to wait until the gazettal of the re-zoning is closer.
- Once re-zoned, there is no need for an option as developers have certainty. Developers buy and settle quickly because a DA can be prepared based on the zoning regulations. An option therefore is unnecessary. This way, owners sell and get their price immediately.
- Signing an option now will tie you into 2 years in which you will not being able to sell your home during that period if you needed to, and lock you into a price that may not be the best once re-zoning is gazetted.
- Work as a group, but that does not mean everyone in the group needs to sign up with one developer. It might be that within the Common Group, 4 neighbours form one package that is tendered to developers; 6 other neighbours form another package that is tendered to developers, etc. There would be greater competition between developers and, once the re-zoning is gazetted, the sale by tender would be completed in a shorter time frame, if desired by the sellers.
After Tuesday evening, we will have had the benefit of hearing from two other real estate agents. If we invite David Cale the following week, that will be a third. It might be worth inviting the Town Planner from Hornsby Council to come to a meeting as well.
In summary, no need to rush into anything yet. Let's get as much information as possible before signing up.
I would also encourage you to contact Karen Harragon, Principal Strategic Town Planner at Hornsby Shire Council on 9847 6945 or by email [email protected] to hear first hand where any plans for re-zoning are currently at.
Mark
I advised him that Tuesday night's (23 October) agenda is full but if members of the Common Good Group were interested, a meeting could be arranged for the following Tuesday (30 October) for him to give his perspective.
I have spoken to two contacts of mine who have had experience in re-zoning. Their advice was the same:
- There is no need to be hurried into signing up, especially at this stage. It would be best to wait until the gazettal of the re-zoning is closer.
- Once re-zoned, there is no need for an option as developers have certainty. Developers buy and settle quickly because a DA can be prepared based on the zoning regulations. An option therefore is unnecessary. This way, owners sell and get their price immediately.
- Signing an option now will tie you into 2 years in which you will not being able to sell your home during that period if you needed to, and lock you into a price that may not be the best once re-zoning is gazetted.
- Work as a group, but that does not mean everyone in the group needs to sign up with one developer. It might be that within the Common Group, 4 neighbours form one package that is tendered to developers; 6 other neighbours form another package that is tendered to developers, etc. There would be greater competition between developers and, once the re-zoning is gazetted, the sale by tender would be completed in a shorter time frame, if desired by the sellers.
After Tuesday evening, we will have had the benefit of hearing from two other real estate agents. If we invite David Cale the following week, that will be a third. It might be worth inviting the Town Planner from Hornsby Council to come to a meeting as well.
In summary, no need to rush into anything yet. Let's get as much information as possible before signing up.
I would also encourage you to contact Karen Harragon, Principal Strategic Town Planner at Hornsby Shire Council on 9847 6945 or by email [email protected] to hear first hand where any plans for re-zoning are currently at.
Mark
Outcomes of Common Group Meeting held on 23 October 2012
Approximately 50 residents from Cliff and Carlingford Roads met to discuss the Winten-Lyon offer.
The majority of those present expressed the view that it is far too early to sign the option. Concerns were also raised regarding some of the terms and conditions within it.
It was agreed that, until there is greater certainty about re-zoning and its gazettal, it would be premature to enter into an option with any developer at this stage.
The meeting also supported inviting Karen Harragon, Principal Strategic Town Planner Hornsby Shire Council, to address the Common Good Group about the re-zoning process.
Mark Anderson
The majority of those present expressed the view that it is far too early to sign the option. Concerns were also raised regarding some of the terms and conditions within it.
It was agreed that, until there is greater certainty about re-zoning and its gazettal, it would be premature to enter into an option with any developer at this stage.
The meeting also supported inviting Karen Harragon, Principal Strategic Town Planner Hornsby Shire Council, to address the Common Good Group about the re-zoning process.
Mark Anderson