Controversial Munich real estate deal sparks accusations of insufficient action
In the heart of Munich's trendy Glockenbachviertel, a unique property has ignited heated discussions online. Up for sale is an unfinished attic, boasting a renovation permit and situated near Sendlinger Tor.
The seller describes the property as having significant renovation potential in a prime location, but opinions about the attic property are divided. Some users consider the price unreasonable, while others view it as not a bad deal in Munich, given the city's high real estate demand and prices.
However, a Munich real estate agent states that such a price is difficult to achieve. A local expert, on the other hand, considers a price per square meter of around 7,000 to 8,000 euros more appropriate. The property, with a usable area of nearly 190 square meters, includes gas heating and is considered suitable for connoisseurs who dream of renovating and moving into an attic in this location.
The costs associated with renovating the attic could be very high, and a crane might be necessary during the renovation process. The general effort required for renovating the attic is enormous, and the renovation of the property will necessitate significant investment and the organisation of a major construction site in the city.
Given the high real estate prices in Munich, especially in central areas like Glockenbach, assessing the investment potential of the property involves careful consideration. Key factors to consider include the price per square meter relative to market rates in Glockenbach and comparable neighborhoods, the condition and quality of the property, the legal or planning issues causing the controversy, long-term market trends, and rental yield potential if the property is to be rented out.
To make an informed decision, consulting a local Munich real estate expert or investigating current market listings and recent sales in the Glockenbach area for accurate pricing benchmarks is recommended. It remains to be seen whether the seller will find such a buyer for the property.
If you're interested in learning more about typical investment evaluation methods or finding reliable sources to benchmark prices in Glockenbach, feel free to ask!
The attic property in Glockenbachviertel, with its unfinished state and prime location, provides a significant investing opportunity in Munich's real-estate market. However, the high costs associated with renovation and the necessary investment make this a venture only for those with a keen interest in finance and a larger-scale investing approach, particularly in the realm of real-estate.
