Declaring a Loss

In the port side city of Burnie, someone's had a gut-full of being a landlord. Two and a half months ago these two units were listed for sale at $315,000 and potential buyers were being lured with the promise of a  property that represents income plus growth.

While the income remains, that growth has quickly become the stuff of Santa Claus, the tooth fairy and a reformed Brendon Fevola. Like sands through the hourglass, so are the discounts on this property.

$315,000, quickly became $299,000, quickly became $290,000. And with that, evaporated the chance this vendor was going to experience any growth. Previous purchase price? $282,500, back in early 2008. Factor in the $10,000 or more in closing costs and the agent fees this time around and I'm not sure all those tax deductible, negative gearing losses are quite working out on this one.

Just remember, this is water off a duck's back. And you'll be reminded of such, next time you see a property story on news.com.au - after all it's you bum renters who are paying off this guy's mortgage....;-)