8 Viva Street GLEN IRIS (Stonnington)

665

/1000

$1,885,000

Resources
Ratings
Process
Help me buy

Welcome to James and a way of making better home buying decisions which as a buyer will give you better outcomes. Please note after a few visits you will be asked for your first name and email - this is primarily so as we can provide a better web experience for you.

Resources
At the top of this page are resources provided to assist you. Up to the minute independent Marketnews or the latest Auctions and Results, a thought provoking article on what really goes on behind the scenes in Masterclass or one of our thousands Home Ratings. Just click on something to start building knowledge, so as you can be more informed and make better decisions. Wherever you go the grey navigation bar will always show you how to get to where you want to.

Rating Dial

To help analyse a home we use the James Home Rating tool. James Home Ratings is a logical, scientific, independent and patented buying process that we invented over a decade ago to assist you the buyer maximise your emotional and financial outcomes.

Each characteristic is weighted to reflect its importance against other characteristics, according to our observations over the years. For more information on the logic and laws behind James Home Ratings please download the book.

Clarity - Assess - Value - Negotiate Process

A good buying decision means a better home (you didn't miss it to another buyer) or more money in your bank (you didn't pay too much and you still bought the home) or an option you never even considered (an off market or better alternative). Every home you look at requires decisions, so why not make them good ones. To make better decisions we have found a process that really works. So whether we are buying a Carpenter St Brighton investment in 1994 for $350,000 and selling it for $2,250,000 in 2005 or a single fronted in Highbury Grove Prahran for $1,000,000 (2007) and the client selling for $1,500,000 + (2012) when much of the market remained flat, we followed a process. When we acted for the government on a $31,000,000 initial asking price in Torquay that we bought for under $13,000,000 we followed a process - and one that works.

Help Me Buy Now
Can we help you with Negotiation, Values, Dealing with Agents or finding Off Markets. Initially your only commitment is a 5 minute conversation. Call +613 9804 3133
I bought my first home in 1985 and our company, James Buyer Advocates has been in its current form since 2002, any one of a number of qualified, experienced and local advocates can help you take the stress, time wasting, and misinformation out of buying a home.
You can see your local buying expert by clicking on the Architect Adam section. So relax and open your mind to something completely different when buying and home. Enjoy James, be informed and watch the stress disappear!

Thank you for your time.

BOUGHT* - $1,885,000

I always enjoy auctions conducted by Andrew Hayne because he has the timing of a seasoned comic - in his ability to create those unexpected moments while still keeping it light! Today was no exception. The self-proclaimed "one-and-only Vendor Bid Auctioneer" was in fine form in front of a 150 plus crowd. This big crowd enjoyed the winter sunshine while Andr...

Crowd Numbers: 150 people
Bidderman: 5 bidders

Read the full report

8 Viva Street GLEN IRIS (Stonnington)

Clarity

Good buying decisions on 8 Viva Street increase your chances of good long term emotional, physical and financial outcomes for you and your family.

All buyers have emotion and inherent biases on home decision making and many rely purely on intuition. While intuition can produce some stellar results; test after test shows it is inferior to expert value analysis.

Our role is to provide the home buying client with a proven process and the tools to make good decisions.

We begin on 8 Viva Street with Stage One Clarity.

Last year we rated 2000 homes, covered 1200 auctions but only bought 80 homes. We're picky! And you should be too.

When buying a home people want to achieve good financial and good emotional outcomes.

Buyers have to make many decisions - some have good results and some may have bad.

To maximise the good and minimise the bad, we at James Buyer Advocates take you through a process called James Home Ratings.

Clarity is the start of the Ratings process.

We can show you how clarity saves time, stress and ultimately money by encouraging you to focus on the important points about the home and only on the homes that really count.

If the home passes your 'sleep test' then it's onto the next, more detailed stages of our process:

Home Match
Expert Assess
Control Value
Negotiation

If at any stage you would like more obligation free information about how a James Buyer Advocate can help or you then please contact us on 9804 3133

Emotional	Physical	Financial
Happy Wife Happy Life	Too far from Future needs (eg secondary schools)	Too Big A Strain
A Fresh Start	Expansion for Future Needs (eg unknown addition)	Too Restrictive on Other Choices
A False Start	Too Close Internally (parents to kids - growth?)	Manageable

Clarity Question: Is 8 Viva Street the best home for you?

Maybe

Yes

1. Will 8 Viva Street fall within my budget?

2. Do I like the feel of 8 - did it pass my first impressions test?

3. Do others like the feel of Viva - did it pass their sleep test?

	4. Do we like this GLEN IRIS (Stonnington) precinct - is it good for family, work, children?
	5. At 648 sqm is it big enough for what we want?
	6. With 4 bedrooms and 2 bathrooms is this what we need?
	7. Can and do we want to fix 8 Viva Street shortcomings? Eg. South facing rear (negative light issues), No car garaging
	8. 5 Year Flexibility - Can 8 be a longer term happy family home?
	9. Will 8 Viva Street hold its value long term as is or with renovations?

*Three of the questions we ask to establish your needs.

		NO	MAYBE	YES
	Clarity Decision: Is 8 Viva Street the best home for you?

4
2
3
648sqm

Assess

Guy Angwin
0412 022 998
guy@james.net.au

July 9th 2012 Comments on 8 Viva Street GLEN IRIS (Stonnington)

This well-renovated double-fronted Victorian timber home is located in a popular part of Glen Iris and will appeal to families looking for short and long term flexibility. Young families will appreciate the well positioned master bedroom and families with teenagers will be able to utilise the study and sitting room when looking for separation. What may concern some is the property’s southern orientation as it does impede natural light into the kitchen and family room. This has reduced the rating on the property from the mid 700s down to the mid 600s. The backyard is private and well-landscaped and offers ample space for children and parents to play and entertain in. Off-street car parking is available through remote control gates; however a lack of carport or garaging may be an issue for some. Located in a nice street with good neighbours and proximity to the many shops and cafes in High Street and Wattletree Road and schools this property is a goodie.

Gina's Comments on 8 Viva Street GLEN IRIS (Stonnington)

Good aesthetics and good design make this a good home for the smaller family seeking a modern lifestyle. However, the south facing rear could be a concern for those wanting a light and bright home as the design has not been orientated to capture the light and the many small windows do not allow light to penetrate into the rooms. Having said that, this single level home has a great street presence, a stylish interior which has retained the period charm and practical features such as loads of storage and one of the best laundries I have seen this year. The big cooks kitchen and walk-in pantry coupled with a good connection to the outside make it a great house to entertain and the study could make a great media room, particularly as the kids grow. However, the stepped up backyard is not ideal in terms of useability and outlook from the kitchen/family area but the cul-de-sac nature of the street, including the playgound a few doors down, will suit families with younger children. There is no undercover parking here, but rather tandem off street parking for 3 cars, although there may be scope to add a carport (STCA) adjacent to the sitting room. Overall, this is a good looking, good feeling home in a practical location to access transport options for the city, shopping and school commutes.

Assess Question: Is 8 Viva Street a good home?

665

/1000

Concerns

South facing rear (negative light issues)

No car garaging

Benefits

Excellent street presence & facade

Quiet and peaceful

Good access and flow to outdoors

High ceilings

Within normal walking distance to rail

		NO	MAYBE	YES
	Assess Decision: Is 8 Viva Street a good home?

$1,885,000

Value

Guy Angwin
0412 022 998
guy@james.net.au

Now that 8 Viva Street has sold how did Madeline Kennedy's quote compare to the actual result? So in the instance of 8 Viva Street was Madeline Kennedy a helpful quoter (reserve within the range) or an unhelpful quoter (step or underquoter)? The agent quote often changes during the campaign and there is no legal requirement for it to represent fair market value. The agent is legally required to work for the seller first not you the buyer.

There are a number of ways to calculate a market price. We use versions of two established methods – comparable and summation – forming a double check in the pricing process. We prefer a range rather than a single figure when establishing market price.

What is your opinion, the highest other bidders opinion and the seller’s opinion of the land component, the building component and the range of possible emotional components when looking to establish a foundation price for 8 Viva Street?

Control Value & Price

In Pricing and Valuing there are no absolutes, just opinions. Those opinions are wide and varied; biased or independent, good and bad..

However there are only three opinions that count

The sellers
The highest other bidders (if there is one)
and yours.

Of those three, YOURS is the most important - as long as it's informed.

To Price and Value homes - we use the James Control Value and Price Tool.

We follow a system like double entry accounting.

Firstly, we look at what other buyers, agents and sellers may think the land is worth. Then we look at what other people may think the building is worth. We add them together. This gives us our BASE price, the first of the three James Control Prices.
Next, we estimate the emotional content: how many bidders there may be. We use that estimate to arrive at a figure we call the IN THE MIX price. This is the price where we think you have a 50/50 chance of buying in a normal buy/sell situation - eg a public auction.
Thirdly, we look at what it may take to buy the home under strong competition. We look back at all our auction, agent and buying records. This gives you our third Control Price and Value, which we call the 90% BUY price. It takes a lot of data to support a recommendation for going over this price without proven strong competition.

We then compare all land + building + emotion prices against similar or comparable homes that have been bought recently - we call this our double entry TOTEM check.

That's our double entry. We support that figure with additional data from our extensive and unique auction and private sales database built up over many years.

Once you have the Three James Control Price and Values you can move onto the final step - Negotiation.

If at any stage you would like more information about how a James Buyer Advocate can help or you want to meet me or another of our buyer advocates for coffee, then please contact us on 9804 3133.

Value Too Low	Value Well	Value Too High
Never buy a home	Increased chance of buying the home	Harder to make Bank Loan stack up
Miss the home to another buyer	Increased Chance of Good Growth	Pay too much - Bigger Mortgage
Only end up buying what nobody else wants	Lower Chance of Overcapitalisation	Poor Capital Growth

Value Question: Do you have a clear idea of value for 8 Viva Street?

		NO	MAYBE	YES
	Value Decision: Do you have a clear idea of value for 8 Viva Street?

Sold - 10:30am Aug 11 2012

Negotiate

A number of clients engage us to negotiate only.

What should your offer be? And what response will Marshall White give you to that offer? Framing of offers and counter offers are so important.

Is Madeline Kennedy the key agent to be dealing with in trying to buy 8 Viva Street?

Do you have a plan? Is it a predictable one? Do you have an established history with Marshall White? In other words do they know more about you than you do about them? What are Marshall White's processes, habits and quirks when it comes to negotiation? Are those processes fair, can they be negotiated?

Contracts, inspections and terms - have you completed due diligence - can Madeline in fact sell 8 Viva Street to you today if you did start a negotiation. Yes or No! If no why start?

Many of our negotiations are win-win eg a fairly priced off market. At the other end of the scale auctions and highly priced homes are obviously designed to be adversarial - look at the bidder numbers on 22 Vincent Street or 34 Belmont Avenue North .

However the current auction hammer rate is 24% which means 76% are not actually selling during that 15 minute incredibly intense process. How will you handle a pass-in such as
125 Finch Street or 39 Erica Avenue?

It's been on the market in its current campaign since Jul 18 2012. It has a history - what is it? Is now actually a good time to start negotiating?

Negotiation decisions are critical to outcomes and they involve risk versus reward concepts.

Your intuition in negotiating homes is like intuition in anything else - it can work.

However your intuition plus a complete understanding of the process works better and finally your intuition plus an understood process supported by experienced professionals works best as your decisions are informed ones.

Negotiation

Welcome to the final part of the James Home Rating Process.

As the markets mature and the way properties are offered for sale becomes more complicated, it's becoming harder for buyers to negotiate well.

You negotiate to maximise your position financially and emotionally.

To negotiate well, we start with a James Negotiation Plan.

At the top of the plan we ask: What is it you are trying to buy - a price or a property?

On one extreme is the occasional buyer who is focused purely on price. At the other end is the buyer who wants the home whatever the price.

Most buyers fall somewhere in between on the price vs property spectrum.

Negotiation strategy is about risk vs reward: what risks are you prepared to take for which rewards? This will determine your planned strategy.

On the other side of the negotiation fence are highly skilled selling agents using sophisticated selling processes. Many agents employ two key techniques to maximise their clients' (the seller) position.

These are:

Suggestion and
Questioning

These techniques are used in both auctions and private sales.

A common variation of the above techniques is Step Quoting, where the asking price rises each time you have contact with the agent. It may start, for instance, at $2m when you speak on the phone, go up to $2.2m when you ask at the door, rise to $2.4m before the auction and then when the property is passed in you discover the reserve is $2.8m.

How do you deal with that? For more information read our article on Step Quoting.

Auctions are all about pressure. They're about gathering all the combatants into a ring and letting them fight it out. How do you know who your opponents are?

Sure, anybody can bid at auction - but even in good markets it's still less than 1 in 3 that are bought under the hammer and then the most common Bidder number is - yep - One, You. You are bidding all by yourself.

Do you understand how clouded many deals are with smoke and mirrors? While you are looking at your reflection is someone else doing to you what you needed to do to them? We won't let that happen.

Private sale is all about process. It's not a simple, consistent, easy to understand stated process either, but a protracted complicated process that's designed to maximise the price.

Not sure what we are talking about - its another one of the unknown knowns.

But surely anyone can negotiate!

Perhaps! But can you do it well?

You're simply more effective if you have professional representation protecting your position.

We use sophisticated technology, combined with years of experience and solid agent relationships to read the play, plan our next strategies and understand your true position.

All this is within the James Negotiation.

And remember, sometimes negotiating is not all about the money.

Sometimes the best strategy is Happy Spouse Happy House.

If at any stage you would like more information about how a James Buyer Advocate can help or you want to meet me or another of our buyer advocates for coffee, then please contact us on 9804 3133.