I'm not surprised, and actually believe it.
When we moved in, the lease stated that the property had already obtained planning approval for sub-division, with another house to be built on the back half of the block. The lease stated that the sub-division wasn't going to happen during the lease, but was likely afterwards.
Not long after we moved in the owner had a valuer from the bank come through and value the property, as he was intending to re-finance.
In January he put the house and the full block on the market. His original asking price was in the range of $700k - $770k, which in my mind was at least $100k above the actual value of the house. His angle was that he was trying to sell both houses, the one that was actually here and the one that had planning approval. Sell the dream, as it were.
No one was interested. His asking price dropped to $690k - $750k, and then dropped again to $675k - $725k, and still no one was interested. The Melbourne property market was in a slump, and the number of buyers was way down.
He took the house off the market end of March. About a week afterwards he got another bank valuer to look at the house, as he was trying to refinance to build the back house himself.
And then today we get the notice to vacate, with the reason as the owner or relative of the owner is intending to move in.
To me, that says the valuation was no where near what he wanted, and he's over-extended himself financially. I think that he and his new wife are going to move back in, meaning they don't have to deal with whatever house they are currently living in, in an attempt to save money, and maybe do the sub-division later.
Which is a real fucking shame, as I like this house. He's a fuckwit, but it's a nice house.
So, Travis and I start the house hunting again next week.
The one good thing is that he really wants to move in as soon as possible, so he's included a clause stating we can end the lease at any time prior to the end of the lease with 2 weeks notice. This means we can jump when we find a good place and not have to worry too much about juggling timing.
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