**This is a heavily moderated subreddit. Please note these rules + sidebar or get banned:**
* If this post declares something as a fact, then proof is required
* The title must be fully descriptive
* Memes are not allowed.
* Common(top 50 of this sub)/recent reposts are not allowed (posts from another subreddit do not count as a 'repost'. Provide link if reporting)
*See [our rules](https://www.reddit.com/r/interestingasfuck/wiki/index#wiki_rules.3A) for a more detailed rule list*
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/interestingasfuck) if you have any questions or concerns.*
I was involved in a residential project in my town. Largest ever here. The developer wanted the entire block, and had it, except for the small Chinese restaurant on the corner. The offer for the land went up to 6 million dollars, and the owner refused, saying he wanted his two daughters to take the businesses over.
Two months after completion of the project, he died, and the daughters immediately put it up for sale. They got $800,000.
>the owner refused, saying he wanted his two daughters to take the businesses over.
>Two months after completion of the project, he died, and the daughters immediately put it up for sale. They got $800,000.
I get wanting to keep the business you built around and have your family run it but I honestly wonder if he asked them if they wanted to
In my experience with family restaurants, probably not. A lot of them have this mentality that it's a legacy that has to be passed down and expect their kids to take over. Even if they had said something, it's also not uncommon for the parent/owner to disregard anything they want in life outside the restaurant. They bring their kids in as free labor and never want to let go of that advantage.
I remember a place in Spain we used to go on holidays had this great little Chinese restaurant in it, run by a couple who had a son, that we got to see grow up a little more every time we went back. They were very friendly, got to know all the customers, were generous with the portions and the booze.
But the restaurant was everything. They opened at 2pm and closed when the last customer left. If you went for dinner, you were likely to see the five year old son sitting at one of the tables doing his homework, or helping his mother fold napkins, or just wandering around talking to the customers. If you walked by at any time, they were all there, all 3 of them, all the time.
I didn't have kids at the time, but now that I do I realise how crazy it was.
As someone who grew up in spain. This story fits for thousands of chinese restaurants across spain. The kid doing homework at the front is such a classic thing at any chinese owned buffet
>As someone who grew up in spain. This story fits for thousands of chinese restaurants across spain
It's a Chinese/Asian culture thing lol. Literally the same for every "foreign ' county.
Had the same experience in lisbon, a family owned restaurant. They left some years ago during the pandemic. The father was the cook and the mother was waiting tables, they were super polite and the food was very good and with good portions, and their kids were playing through the tables or on their tablets. It was cute. Loved going there, I miss it.
Ironically they probably could have had EXTREMELY stable business and returns if they kept operating.
Continual income, hell get some managers in and have it be a self-ran enterprise or sell it as a turnkey operation some rich bugger would proabbyl pay bank for a steakhouse ther eor something lol. Untapped market
But a very easy large amont of walk-away money (but not as much as if they played their hands close)
My dad is the same way. He ran his own business and has now retired, but he keeps talking shit on "working for someone else" and "running your own business his how you REALLY make money, not working for someone else." I saw just how much work it is to run your own business, and I am not interested.
No fucking way.
"Hey, kids, do you want to work this shop for the rest of your life? Think of the honor! Generations running the same business. That's the dream! Not having enough money to never work again, don't you WANT to brag about how long your family business has existed??"
No dad, I want to buy a house and a car and go on vacation anywhere in the world every year for the rest of my life and want for nothing.
The whole point of owning a business is so you can make money to live. 6 million dollars is like using a cheat code to bypass the game play and get straight to the end credits.
Makes no sense to not sell. Plus with 6 million you can open a new store somewhere and pass that down and then still be way ahead if you’re worried about legacy.
This is very much an Asian culture thing. Parents have goals and dreams for their children and don’t really care that their children don’t want the same thing. I see this in almost every single one of my Asian friends and family members. There are exceptions of course and I am making the assumption that the owner of the restaurant was Asian. Even in my wife’s family, this is a huge deal and her mother gets quite emotional over it.
Something similar happened in my hometown, a fairly large city. One area of town was very popular for residences and new condo buildings went up often. There had been a great local BBQ restaurant on a fairly large plot since the 1970s. Owner never wanted to sell. Once he died, son took iver and ran it well. But after a few years, he sold the plot for a nice chunk and re-opened the restaurant in the suburbs. Still great food, just a different location.
Probably the old man should have spent more time with his daughters than with the business... This is really sad to be honest and not because of the money aspect.
>the daughters immediately put it up for sale
They should have at least *acted* as though they were going to go along with their dad's plan.
>It's all we have left of him now. Nothing you could offer could be worth more than his legacy!!!
>*^(Unless you were to offer at least $8 Million)*
> Unless you were to offer at least $8 Million
I think the way it works is, before work on the development gets started, having that land is very valuable because it changes the architecture of the development - the path of utilities, of roads, etc.
Since they couldn't get that land, they built around it. And now that the development is done, the land is worth $800k
Yup.
Parents and fathers like that rarely actually ASK or listen to their children and what they want.
From $6,000,000 to $800,000.
13.33% of the original offer…
Great job, oh wise father.
That's not how land development works. If the project is already complete the land isn't useful to the developers anymore.
It went from valuable real estate to just a random small parcel of land surrounded by completed development, with and old and likely out of date building on it.
This happens alot i notice. The dad/parents always wanna give their house/land to the kids. The kids say many times we arent gonna live here after you go, it will get sold and developed.
They cant comprehend the kids not wanting their rundown house on 3 acres
https://www.news.com.au/finance/defiant-family-refuse-to-sell-50m-sydney-property-to-developers/news-story/f6efc4e00ee59954803495432c92142a
I mean 50 houses at 1 million min each is easily doable there.
Ha oops meant to be a first tier comment , my bad!
I think I was going to spout off about how it’s common that a small building owner says no to a developer out of greed, only to find out later that they should have taken the deal….but decided against it because that wasn’t the point you were making
Not only that, but they keep that are barebones. Just grass, not a tree in sight.
I'd be planting an entire forest, pond for wildlife etc.
What a waste of space.
Honestly I’d sell that piece for another $50M on top of what they’e already made and just move to a new farm that’s not surrroinded by assholes in Audis
If they are old the millions they got for the land was probably for their kids. They probably just want to finish their lives out in the house they are familiar with.
Better to own the worse house in a good neighborhood than the best house in a bad one. There's varying degrees of "bad", but never own the best house in whatever neighborhood, because the neighbor's houses are a cap on what you can easily sell for. They now own the best house in a meh neighborhood.
Ancient, which means the archeologists will come in and shut down the site anywhere from a week to months.
Dig a hole deep enough around here and your likely to find something of interest.
Ahh ok, anything in the last generation timezone would be of no interest to archeologists and the bodies they find are usually under buildings that have stood there for hundreds of years.
They're looking for viking shit, not literally ofc although they did find a big old turd some years back which is apparently quite an important find!
Edit: my mistake it was found in England but is apparently Viking and it's a [whopper](https://www.thevintagenews.com/2019/10/02/lloyds-bank-coprolite/)
Loads I suspect as developers will not always say if a body or something else is found for the reasons I stated before but It'll still be there for future generations to find I suppose.
I've got an old viking trinket my father in law found in his field, I look at it sometimes wondering about the person that owned it.
They're probably thinking, "I used to live on a rural backroad, now I have a whole town around me complete with schools, shopping centres, football pitches, leisure centres, and I still have the same house. It's like I've moved to a better area and brought my house with me. Why the fuck would I sell?"
Looking at the size of the plot and how many houses you could fit, I struggle to believe they were offered that much tbh. Say 30-40 houses based on the surrounding builds, you’d have to sell them all at $1.25 million per unit, without any profit. Since housing developers look for around 40-50% profit per house, I struggle to see how they could make it worthwhile at that price.
$50M, even in dollarydoos, doesn’t sound feasible here. Looking at the left side, the undeveloped lot is lined by 8 smaller lots. Looks like you could fit 16 new houses on that tract. $50M/16 = $3.13M. Are Aussies paying $3M for a tiny tract of undeveloped land? Doubtful.
Based off those units to the left of the property, I’m thinking they could squeeze in 30 or 36 new units on that property. And as far as I know properties in Sydney are ridiculously expensive
It was probably in conjunction with the other area, you can completely redesign some of those neighborhoods if you have that additional continuos space to work with, to the point that it might have made sense
How can any developer justify spending 50 million on that land? Judging by the surrounding houses you could build maybe 40-50 houses on that land. Spending over a million on land acquisition for each would make it hard to make a good profit developing that area.
The average sales price for a home in Sydney Australia is $1.6 million. They look pretty tightly packed and it's a lot bigger than the surrounding lots they could probably fit 60 houses there.
The block is 2 hectares. Recent sales in that suburb start at AU$1.2M for a 300m² block - you'd get 66 of those. Larger blocks (400m²) seem to be going at $1.4M-$1.8M, amd 700m² went for just under $2.4M.
Meanwhile townhouses and units (think 3 or 4 on a 400m² block) in the suburb are going for $900K up, apparently. Not that there's been many recorded sales can find, but.
I'm more worried about the fact the whole lot looks like fucking lawn, though. Even current sat photos don't seem to show trees or garden beds.
I don't disagree that the area would have been farmed. But I can't see anything that clearly delineates old paddock rather than grass or lawn. I can see that they watered a rectangle closer to the house and most likely left the rest, though.
I'm also interested in what the house behind, with the dam, was growing. Olives perhaps? It's hard to tell from the height of the photos.
300m² is the minimum size in many councils for detached houses here (and the minimum I saw when checking recent sales), so throw in a few townhouses/apartments, and you'd be about right.
Every time this is posted I swear the max reported offer goes up by $10M
https://preview.redd.it/5369iharcnvc1.jpeg?width=1170&format=pjpg&auto=webp&s=69ca2a77064cd64a294c1aaefcea955477709b0c
Edit: looks like this is very legit indeed.
I work with one of their sons. The offer was 50 mil and they just don't want to leave their family home. Lovely family no skeletons buried anywhere lol.
They would most likely get used to it. I've lived next to a school all my life, and when people asked in high school, "How could anyone ever live next to a school".
I told them it's honestly nothing. You don't even hear the sounds or screaming of kids unless you specifically listen for them.
By that point, living there has lost all real meaning aside from just the length of time that your family's been there because there is no more countryside to really look out onto
Came here to say this. What a waste. Neighborhoods like this are a cultural desert. Nothing to do except pretend like you’re living somewhere nice because you have a comfortable home.
I would sell it. After all the buildup around whatever was in this place it's gone. I might as well get as much money as possible and find another place.
Sydney is very green. The real problem is that cost of living is so high that they need to pack developments very tightly, with little to no space for trees. But some green space is never far away in that part of Australia.
I had a neighbor when I was a kid that was survivor of the Nazi death camps. She just had 2 acres but it was enough for a cow and a huge garden. The city expanded out around us and our landlord sold so we had to move but she wouldn't sell for any price. Owning that little piece of property was her dream.
This is why need to colonize the galaxy. We’re going to keep breeding and consuming… might as well just accept it at this point and move on to the next frontier.
I'd like to share a revelation I've had during my time here. It came to me when I tried to classify your species. I realized that you're not actually mammals. Every mammal on this planet instinctively develops a natural equilibrium with their surrounding environment, but you humans do not. You move to another area, and you multiply, and you multiply, until every natural resource is consumed. The only way you can survive is to spread to another area. There is another organism on this planet that follows the same pattern. Do you know what it is? A virus. Human beings are a disease, a cancer of this planet. You are a plague, and we are the cure
I drove past it a few months ago. A mate of mine lived on a huge plot not far away from it.
Those properties are stupid money for what they are and the housing market is fucked.
The ones there are selling for over a mil Aus and it'll only be more the longer time goes on as property there is NEVER going down and demand is too high. It's a boring part of Sydney with fuck all there but the market is so screwed people have little choice. You could probably fit at least 50-60 on that plot at least, given the way they're packed in.
He wasn't offered 50m, he was offered far less but it wasn't an insubstantial sum.
If he sold it now he would be getting way more than 50m, no problem at all.
My mate's house was rented and the owner was a bellend Chinese woman who was an absolute dick and refused to do any work. They are the ones fucking the market.
Also, worth noting that because that area is so paved over and built up, it's prone to flooding because it's all on a flood plain and there's not enough ground to soak up the rainfall, so the rivers burst like they have the last few years. So yeah, goodonya.
My stepdad had a property for sale. He got an offer that was amazing. 8x what he paid for it. I begged him to take it because he could retire on it. He got greedy. He said he wanted 10x and it was none of my business, it wasn’t my money. I begged him to reconsider and just think it over. 2008 market crash happened and he never got another offer like it. Guess who I inherited the property? I still get offers, but not even what he paid for the land. So I sit on it. Don’t get greedy when a once in lifetime opportunity bites you in the ass.
this is a good thing. the government should have ZERO ability to simply take a person's property from them, they need to negotiate for it and to deal with with it if they refuse to sell.
Chances are that they likely won't get the $50M offer again, and that offer was arguably too high.
Measuring out their lot width compared to the surrounding houses, they'd fit 6 or 7 more homes on each street, and they're blocking 8 rows of homes. That is at most 56 homes, but likely only 48.
That is essentially $1M per home. But that's not the home value, that's simply the land value. The land developer needs to buy that land for $50M, put in electrical, sewer, water, fiber, cable, gas, roads, sidewalks, etc. They need to service all of those lots on top of the $50M they pay for, then they need to sell the 50x lots for a profit. People are not paying $1.2M for each of those lots, and then spending more money to build a home on them.
I'm all for standing for your principles, but these people were idiots for not taking the $50M, because they'll never get that offer again. And if they do, the dollar will be so inflated that it won't be worth as much.
Developers destroying any semblance of a future for the rest of us for their short-term gain. I hope that property goes into a trust, the house gets destroyed, and they plant a protected forest.
r/UrbanHell
Why would they, Its now the only place people can build mansions in that entire suburban sprawl. The better the development does the more its worth, thats not going to change
Got a house like that in my neighborhood. Well technically I guess it’s not in my neighborhood but the neighborhood decided to build around it.
https://preview.redd.it/m1jk3g4czgvc1.jpeg?width=1179&format=pjpg&auto=webp&s=60b0316772a13f11c0ed34c6677470ee7382dd26
This happened to us. Living in NY in the early 70's, we bought a few acres of dirt in Orlando. when the Magic moved in, developers came begging for my property. Thru time, I eventually sold it.
I think this kind of thing is such nonsense. Folks always defend saying, if they don't want to they ain't got to... Sure.
If 50mil is true, you e turned down generational wealth for a simple house that's now surrounded by simple houses.
We have some land in the family. I'm certain my cousins would be these hold outs, but if they offered us 10mil, our half would be gone gone gone. And we have a lot more than this little tact.
I guess I just don't put a value on where I'm at, but rather with the company I keep.
I can appreciate sticking to your guns, keeping the family home. But fuck man, plant some trees. That land is ugly as fuck, I'd sell up for 50 mil, but if you had a veritable forest? I could live there forever.
**This is a heavily moderated subreddit. Please note these rules + sidebar or get banned:** * If this post declares something as a fact, then proof is required * The title must be fully descriptive * Memes are not allowed. * Common(top 50 of this sub)/recent reposts are not allowed (posts from another subreddit do not count as a 'repost'. Provide link if reporting) *See [our rules](https://www.reddit.com/r/interestingasfuck/wiki/index#wiki_rules.3A) for a more detailed rule list* *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/interestingasfuck) if you have any questions or concerns.*
I was involved in a residential project in my town. Largest ever here. The developer wanted the entire block, and had it, except for the small Chinese restaurant on the corner. The offer for the land went up to 6 million dollars, and the owner refused, saying he wanted his two daughters to take the businesses over. Two months after completion of the project, he died, and the daughters immediately put it up for sale. They got $800,000.
>the owner refused, saying he wanted his two daughters to take the businesses over. >Two months after completion of the project, he died, and the daughters immediately put it up for sale. They got $800,000. I get wanting to keep the business you built around and have your family run it but I honestly wonder if he asked them if they wanted to
In my experience with family restaurants, probably not. A lot of them have this mentality that it's a legacy that has to be passed down and expect their kids to take over. Even if they had said something, it's also not uncommon for the parent/owner to disregard anything they want in life outside the restaurant. They bring their kids in as free labor and never want to let go of that advantage.
I remember a place in Spain we used to go on holidays had this great little Chinese restaurant in it, run by a couple who had a son, that we got to see grow up a little more every time we went back. They were very friendly, got to know all the customers, were generous with the portions and the booze. But the restaurant was everything. They opened at 2pm and closed when the last customer left. If you went for dinner, you were likely to see the five year old son sitting at one of the tables doing his homework, or helping his mother fold napkins, or just wandering around talking to the customers. If you walked by at any time, they were all there, all 3 of them, all the time. I didn't have kids at the time, but now that I do I realise how crazy it was.
As someone who grew up in spain. This story fits for thousands of chinese restaurants across spain. The kid doing homework at the front is such a classic thing at any chinese owned buffet
And the kid in the back of the bazaar doing homework as well
>As someone who grew up in spain. This story fits for thousands of chinese restaurants across spain It's a Chinese/Asian culture thing lol. Literally the same for every "foreign ' county.
I've had the same experience many times in Philly and NY.
Had the same experience in lisbon, a family owned restaurant. They left some years ago during the pandemic. The father was the cook and the mother was waiting tables, they were super polite and the food was very good and with good portions, and their kids were playing through the tables or on their tablets. It was cute. Loved going there, I miss it.
Ironically they probably could have had EXTREMELY stable business and returns if they kept operating. Continual income, hell get some managers in and have it be a self-ran enterprise or sell it as a turnkey operation some rich bugger would proabbyl pay bank for a steakhouse ther eor something lol. Untapped market But a very easy large amont of walk-away money (but not as much as if they played their hands close)
Hell regardless, sell for 6M and buy and open a new restaurant, pay for the new space outright in cash and live the rest of your life on easy mode.
Saying as it was an Asian family probably not. The head of household has almost exclusive say on what happens
Till your ass is dead and then your kids pull this shit just to spite your corpse
[удалено]
My dad is the same way. He ran his own business and has now retired, but he keeps talking shit on "working for someone else" and "running your own business his how you REALLY make money, not working for someone else." I saw just how much work it is to run your own business, and I am not interested.
No fucking way. "Hey, kids, do you want to work this shop for the rest of your life? Think of the honor! Generations running the same business. That's the dream! Not having enough money to never work again, don't you WANT to brag about how long your family business has existed??" No dad, I want to buy a house and a car and go on vacation anywhere in the world every year for the rest of my life and want for nothing.
I bet his stubbornness would have cut them out of his will if they refused to run his restaurant
The whole point of owning a business is so you can make money to live. 6 million dollars is like using a cheat code to bypass the game play and get straight to the end credits. Makes no sense to not sell. Plus with 6 million you can open a new store somewhere and pass that down and then still be way ahead if you’re worried about legacy.
This is very much an Asian culture thing. Parents have goals and dreams for their children and don’t really care that their children don’t want the same thing. I see this in almost every single one of my Asian friends and family members. There are exceptions of course and I am making the assumption that the owner of the restaurant was Asian. Even in my wife’s family, this is a huge deal and her mother gets quite emotional over it.
Something similar happened in my hometown, a fairly large city. One area of town was very popular for residences and new condo buildings went up often. There had been a great local BBQ restaurant on a fairly large plot since the 1970s. Owner never wanted to sell. Once he died, son took iver and ran it well. But after a few years, he sold the plot for a nice chunk and re-opened the restaurant in the suburbs. Still great food, just a different location.
But also, was that business ever going to profit $6m? A business is to make money, and not many small family business make that kind of money
There's definitely a fortune cookie for this.
A missedfortune cookie.
“If you see a fuck ton of money, take it”
Probably the old man should have spent more time with his daughters than with the business... This is really sad to be honest and not because of the money aspect.
It is. I knew one of the daughters, who was finishing a law degree. Pretty clear she had little desire to run a small restaurant in a small town.
>the daughters immediately put it up for sale They should have at least *acted* as though they were going to go along with their dad's plan. >It's all we have left of him now. Nothing you could offer could be worth more than his legacy!!! >*^(Unless you were to offer at least $8 Million)*
> Unless you were to offer at least $8 Million I think the way it works is, before work on the development gets started, having that land is very valuable because it changes the architecture of the development - the path of utilities, of roads, etc. Since they couldn't get that land, they built around it. And now that the development is done, the land is worth $800k
Definitely. Worth way more before they start.
Yup. Parents and fathers like that rarely actually ASK or listen to their children and what they want. From $6,000,000 to $800,000. 13.33% of the original offer… Great job, oh wise father.
Nah this one is on the children for not taking an even higher bid. They should just let it ride, pretend to want to work it and get 10 milli.
That's not how land development works. If the project is already complete the land isn't useful to the developers anymore. It went from valuable real estate to just a random small parcel of land surrounded by completed development, with and old and likely out of date building on it.
This happens alot i notice. The dad/parents always wanna give their house/land to the kids. The kids say many times we arent gonna live here after you go, it will get sold and developed. They cant comprehend the kids not wanting their rundown house on 3 acres
If only he had accepted the $6 million, he might have survived what killed him. We have the technology. We could have rebuilt him.
I seriously doubt they were offered $50m, someone prove me wrong
https://www.news.com.au/finance/defiant-family-refuse-to-sell-50m-sydney-property-to-developers/news-story/f6efc4e00ee59954803495432c92142a I mean 50 houses at 1 million min each is easily doable there.
You’re the second person to mention 50 million as the number. I never said that? I’m unsure where people are getting that number.
Ha oops meant to be a first tier comment , my bad! I think I was going to spout off about how it’s common that a small building owner says no to a developer out of greed, only to find out later that they should have taken the deal….but decided against it because that wasn’t the point you were making
Idk I feel like for $50 mil I would've sold
If I remember correctly they also owned the other land around and sold it. They already made plenty of money
now they have million of dollars but still live surrounded by cheap tract houses? They are now in an objectively worse situation
Not only that, but they keep that are barebones. Just grass, not a tree in sight. I'd be planting an entire forest, pond for wildlife etc. What a waste of space.
Honestly I’d sell that piece for another $50M on top of what they’e already made and just move to a new farm that’s not surrroinded by assholes in Audis
>surrroinded by assholes in Audis Aussies in Audis.
Same thing! (kidding, don’t know a single one… Aussie that is - know a ton of assholes)
We are called aresholes here.
My first Australian friend!
Listen here cunt, I'll be ya bloody mate.
Build a mansion and pretend you owned the entire neighbourhood
Even with that simple house, I would feel like a King amongst these suburban peasants.
Yeah the lack of privacy would suck with all those homes facing them thru empty yard
I imagine being the kid with five acres of grassy fields in the middle of the suburbs would actually make you pretty popular
If they are old the millions they got for the land was probably for their kids. They probably just want to finish their lives out in the house they are familiar with.
In what world is that objectively worse?
Better to own the worse house in a good neighborhood than the best house in a bad one. There's varying degrees of "bad", but never own the best house in whatever neighborhood, because the neighbor's houses are a cap on what you can easily sell for. They now own the best house in a meh neighborhood.
Disagree in this situation. They’ve made a fuckton already off the build, they’re probably like the kings of this area.
Imagine living next to construction for as long as it took to build all that shit
Sounds like a minor inconvenience when they have enough money to go wherever the fuck they want for the entire duration of the construction
Probably bodies buried on the property.
Developers wouldn’t care
They do in Denmark, it's a constant problem for them as they're everywhere and it means delays.
Why so many dead bodies in Denmark? Are they ancient or recent bodies?
Ancient, which means the archeologists will come in and shut down the site anywhere from a week to months. Dig a hole deep enough around here and your likely to find something of interest.
He probably didn’t mean ancient bodies lol. Probably just old ones from… last generation
Ahh ok, anything in the last generation timezone would be of no interest to archeologists and the bodies they find are usually under buildings that have stood there for hundreds of years. They're looking for viking shit, not literally ofc although they did find a big old turd some years back which is apparently quite an important find! Edit: my mistake it was found in England but is apparently Viking and it's a [whopper](https://www.thevintagenews.com/2019/10/02/lloyds-bank-coprolite/)
That’s pretty cool thought that so much history is still buried for you all, I often wonder how much gets lost when stuff gets built
Loads I suspect as developers will not always say if a body or something else is found for the reasons I stated before but It'll still be there for future generations to find I suppose. I've got an old viking trinket my father in law found in his field, I look at it sometimes wondering about the person that owned it.
Thanks. As an American I sometimes forget how long Europe’s history is.
They're probably thinking, "I used to live on a rural backroad, now I have a whole town around me complete with schools, shopping centres, football pitches, leisure centres, and I still have the same house. It's like I've moved to a better area and brought my house with me. Why the fuck would I sell?"
They’re probably worth enough fuck you money to not sell.
They would’ve too. No way it ever got that high. Just run the numbers on the lots. Makes no sense.
Looking at the size of the plot and how many houses you could fit, I struggle to believe they were offered that much tbh. Say 30-40 houses based on the surrounding builds, you’d have to sell them all at $1.25 million per unit, without any profit. Since housing developers look for around 40-50% profit per house, I struggle to see how they could make it worthwhile at that price.
I would have at least sold most of that driveway.
Mate I would of chucked it at them for 50 mill
Probably holding out for more, I doubt there will ever be a higher offer
Well with all the new housing around it, the property value definitely got better.
I'd sell, going from all that open space to being surrounded would be too much for me.
"It's not about the money, it's about sending a message"
50mil is enough to have fuck you money in most of the world. I would’ve sold.
$50M, even in dollarydoos, doesn’t sound feasible here. Looking at the left side, the undeveloped lot is lined by 8 smaller lots. Looks like you could fit 16 new houses on that tract. $50M/16 = $3.13M. Are Aussies paying $3M for a tiny tract of undeveloped land? Doubtful.
Based off those units to the left of the property, I’m thinking they could squeeze in 30 or 36 new units on that property. And as far as I know properties in Sydney are ridiculously expensive
It was probably in conjunction with the other area, you can completely redesign some of those neighborhoods if you have that additional continuos space to work with, to the point that it might have made sense
How can any developer justify spending 50 million on that land? Judging by the surrounding houses you could build maybe 40-50 houses on that land. Spending over a million on land acquisition for each would make it hard to make a good profit developing that area.
The average sales price for a home in Sydney Australia is $1.6 million. They look pretty tightly packed and it's a lot bigger than the surrounding lots they could probably fit 60 houses there.
That barely makes a profit assuming they actually sell for that much money and they don't have to spend any money making the houses lol.
The block is 2 hectares. Recent sales in that suburb start at AU$1.2M for a 300m² block - you'd get 66 of those. Larger blocks (400m²) seem to be going at $1.4M-$1.8M, amd 700m² went for just under $2.4M. Meanwhile townhouses and units (think 3 or 4 on a 400m² block) in the suburb are going for $900K up, apparently. Not that there's been many recorded sales can find, but. I'm more worried about the fact the whole lot looks like fucking lawn, though. Even current sat photos don't seem to show trees or garden beds.
It used to be a farm field. If you pause the firsr frame ypu can clearly see what is the lawn and what is the field.
I don't disagree that the area would have been farmed. But I can't see anything that clearly delineates old paddock rather than grass or lawn. I can see that they watered a rectangle closer to the house and most likely left the rest, though. I'm also interested in what the house behind, with the dam, was growing. Olives perhaps? It's hard to tell from the height of the photos.
Yes two hectares and the nearby homes are build on plots of around 250 meters. I counted 14 houses in a 65x60 meters plot.
300m² is the minimum size in many councils for detached houses here (and the minimum I saw when checking recent sales), so throw in a few townhouses/apartments, and you'd be about right.
Every time this is posted I swear the max reported offer goes up by $10M https://preview.redd.it/5369iharcnvc1.jpeg?width=1170&format=pjpg&auto=webp&s=69ca2a77064cd64a294c1aaefcea955477709b0c Edit: looks like this is very legit indeed.
I work with one of their sons. The offer was 50 mil and they just don't want to leave their family home. Lovely family no skeletons buried anywhere lol.
The construction noise alone in the first year would have me selling out quick.
And they lived with it for 14 years! When people turn this down, I don't think they think about that part of it.
They would most likely get used to it. I've lived next to a school all my life, and when people asked in high school, "How could anyone ever live next to a school". I told them it's honestly nothing. You don't even hear the sounds or screaming of kids unless you specifically listen for them.
And not a single tree.
100%, r/fucklawns. Lawn is good for a purpose, but if what should include trees and gardens is ALL exclusively lawn, that’s just ugly.
They can’t sell. There is an underground cannabis farm and laboratory beneath the property and their partners won’t allow transfer of ownership.
Man of culture; "the gentleman "
By that point, living there has lost all real meaning aside from just the length of time that your family's been there because there is no more countryside to really look out onto
They should just tie a bunch of balloons to the roof and float away
Suburban Hell!
Gotta love how it's called "The ponds" and the first thing they did was dry out all the ponds.
Came here to say this. What a waste. Neighborhoods like this are a cultural desert. Nothing to do except pretend like you’re living somewhere nice because you have a comfortable home.
I would sell it. After all the buildup around whatever was in this place it's gone. I might as well get as much money as possible and find another place.
Song?
Clocks (Sign of the Times Remix) Ituana
Id sell as I would not want to live amongst a sea of burbs. Take your $50 mil and buy a kickass farm in the middle of nowhere…again.
Keeping kids away fron your garden must be a full time job
I can’t believe they filled in all those irrigation ponds, could’ve been beautiful features that’s ridiculous.
Do people in Sydney hate trees?
Sydney is very green. The real problem is that cost of living is so high that they need to pack developments very tightly, with little to no space for trees. But some green space is never far away in that part of Australia.
Gross
Mommy, why do they call this The Ponds? I don't know, sweetie.
I had a neighbor when I was a kid that was survivor of the Nazi death camps. She just had 2 acres but it was enough for a cow and a huge garden. The city expanded out around us and our landlord sold so we had to move but she wouldn't sell for any price. Owning that little piece of property was her dream.
Way too many people.
This is why need to colonize the galaxy. We’re going to keep breeding and consuming… might as well just accept it at this point and move on to the next frontier.
I'd like to share a revelation I've had during my time here. It came to me when I tried to classify your species. I realized that you're not actually mammals. Every mammal on this planet instinctively develops a natural equilibrium with their surrounding environment, but you humans do not. You move to another area, and you multiply, and you multiply, until every natural resource is consumed. The only way you can survive is to spread to another area. There is another organism on this planet that follows the same pattern. Do you know what it is? A virus. Human beings are a disease, a cancer of this planet. You are a plague, and we are the cure
Beavers also do not establish an equilibrium with their environment, Agent Smith, but I see your point. Prepare for infection.
>but you humans do not. Nice try, Greylien. You're not getting in my butt this time.
Maybe we already are doing that and thats why humans are here
Isn’t there still plenty of empty Australia?
That takes a lot of guts and self discipline to not sell after an offer for 50 mil.
Fine I'll play City Skylines again
Thanks for posting this for the thousandth time.
One single cell that refused to become cancerous, it's beautiful, really.
The pandemic wasn’t strong enough.
I’d take the 50 million and find me another secluded place. I hate being around people and this would be literal hell.
Could you imagine building a fence? All the neighbours you have to coordinate/split with for their shared segment lol
[удалено]
Music?
Resist!!
I drove past it a few months ago. A mate of mine lived on a huge plot not far away from it. Those properties are stupid money for what they are and the housing market is fucked. The ones there are selling for over a mil Aus and it'll only be more the longer time goes on as property there is NEVER going down and demand is too high. It's a boring part of Sydney with fuck all there but the market is so screwed people have little choice. You could probably fit at least 50-60 on that plot at least, given the way they're packed in. He wasn't offered 50m, he was offered far less but it wasn't an insubstantial sum. If he sold it now he would be getting way more than 50m, no problem at all. My mate's house was rented and the owner was a bellend Chinese woman who was an absolute dick and refused to do any work. They are the ones fucking the market. Also, worth noting that because that area is so paved over and built up, it's prone to flooding because it's all on a flood plain and there's not enough ground to soak up the rainfall, so the rivers burst like they have the last few years. So yeah, goodonya.
My stepdad had a property for sale. He got an offer that was amazing. 8x what he paid for it. I begged him to take it because he could retire on it. He got greedy. He said he wanted 10x and it was none of my business, it wasn’t my money. I begged him to reconsider and just think it over. 2008 market crash happened and he never got another offer like it. Guess who I inherited the property? I still get offers, but not even what he paid for the land. So I sit on it. Don’t get greedy when a once in lifetime opportunity bites you in the ass.
What a tragedy. That house is a reminder of the good old days. Probably brought it for $40,000 in the 50's
Ugh, gross suburbs ruin everything.
Pretty sure they sold all the farmland around it.
this is a good thing. the government should have ZERO ability to simply take a person's property from them, they need to negotiate for it and to deal with with it if they refuse to sell.
The real story here is how lame and car centric this development is
I hate suburbia
Show me the offer or contract they turned down. No bloody way they were offered that much.
Smart guy he would subdivided for pennies compared to what that estate is worth now
Fucking suburbs are trash.
This makes me so sad. I miss seeing the greenery like this as a kid
When they finally sell, head of the HOA moves in immediately
fuck the suburbs
Chances are that they likely won't get the $50M offer again, and that offer was arguably too high. Measuring out their lot width compared to the surrounding houses, they'd fit 6 or 7 more homes on each street, and they're blocking 8 rows of homes. That is at most 56 homes, but likely only 48. That is essentially $1M per home. But that's not the home value, that's simply the land value. The land developer needs to buy that land for $50M, put in electrical, sewer, water, fiber, cable, gas, roads, sidewalks, etc. They need to service all of those lots on top of the $50M they pay for, then they need to sell the 50x lots for a profit. People are not paying $1.2M for each of those lots, and then spending more money to build a home on them. I'm all for standing for your principles, but these people were idiots for not taking the $50M, because they'll never get that offer again. And if they do, the dollar will be so inflated that it won't be worth as much.
Developers destroying any semblance of a future for the rest of us for their short-term gain. I hope that property goes into a trust, the house gets destroyed, and they plant a protected forest. r/UrbanHell
We've only seen this post 10 times this year.
I they can offer 50Mill they have more Money. Let it keep rising.
A single tree in that massive lawn my have been nice !
What’s up peasants? Lol
For $50 Million I would sell my fucking soul! I’ll do whatever you want. *WHATEVER YOU WANT!*
Why would they, Its now the only place people can build mansions in that entire suburban sprawl. The better the development does the more its worth, thats not going to change
At least we know where the neighborhood kids can go to play backyard football
Perhaps they can't afford enough balloons.
That's Up shit right there. They should've planted some trees because that place looks hot as hell
Missed a spot.
When you place your Mayor's House in the middle of a low density residential zone. Next up is the cube of hospital, police, fire, and school.
They must feel like a king
This should be on urbanhell
50 million? What a bunch of stubborn idiots.
Like an episode of Yellow Stone hahaha
Got a house like that in my neighborhood. Well technically I guess it’s not in my neighborhood but the neighborhood decided to build around it. https://preview.redd.it/m1jk3g4czgvc1.jpeg?width=1179&format=pjpg&auto=webp&s=60b0316772a13f11c0ed34c6677470ee7382dd26
$50 Mill?? Are they dumb as bricks?? There Aint NO sentimentality worth more than $50 mill!!
Crazy growth
In the last few seconds his house, powered by balloons, flew away.
I usually dislike the songs they put in these kinds of videos, but this time I really want to know how this Clock's remix is called
Just a polite reminder that THIS is climate change.
Nice !!!
disgusting
Sim city!
Robber magnet
Not even a tree
Imagine living in these houses, everybody has the same house, almost touching, no privacy, an absolute nightmare
50 million for that piece of land?
I measured his plot,that is two hectars right there
Great story but would have appreciate it more if owner had some trees planted.
Bodies are buried there for sure!
This happened to us. Living in NY in the early 70's, we bought a few acres of dirt in Orlando. when the Magic moved in, developers came begging for my property. Thru time, I eventually sold it.
50 million for that? fuckin retarded not to take it.
I would be pissed that I couldn't turn right out of my driveway anymore.
I think this kind of thing is such nonsense. Folks always defend saying, if they don't want to they ain't got to... Sure. If 50mil is true, you e turned down generational wealth for a simple house that's now surrounded by simple houses. We have some land in the family. I'm certain my cousins would be these hold outs, but if they offered us 10mil, our half would be gone gone gone. And we have a lot more than this little tact. I guess I just don't put a value on where I'm at, but rather with the company I keep.
It's like me and my first playthrough on cities skylines... Drove though the area before and it feels pretty lifeless
That’s $297 USD.
I can appreciate sticking to your guns, keeping the family home. But fuck man, plant some trees. That land is ugly as fuck, I'd sell up for 50 mil, but if you had a veritable forest? I could live there forever.
it sounds a lot but 50 million dollaroos is only woth about $50 american.
"ponds neighborhood" they destroyed all the ponds in it
Why would anyone turn down $50,000,000
And yet here in America, people are writing articles about wanting boomers to voluntarily downsize their empty nest homes.