Cheeky buyers are offering ‘as little as $1000’ for homes in cracked Mascot apartment block as engineers reveal the building is STILL cracking
- Buyers have offered low prices for the $770,000 units as they continue to crack
- Engineers claim the building is still cracking this week and don’t know the cause
- Home owners met and voted for a $1million levy to fund urgent repairs
Buyers are offering a humiliatingly low price of $1000 for units in the Mascot Tower apartment blocks after tenants were kicked out when huge cracks in the building were discovered.
The units, which had a price guide of $770,000, have received the low offers as engineers claim the 132 unit complex in Mascot, in Sydney’s inner south, is still cracking after residents were evacuated last Friday.
The inhabitants of the Bourke Street building are expected to be out of their homes for four weeks while engineers desperately try to determine the cause for the damage.
Residents were removed from the Mascot Tower apartment complex (pictured) last Friday when cracks were discovered in the building
Some apartment listings have been taken off the market after receiving offers well below their price.
‘We had a lot of ridiculous offers but we take those with a grain of salt. We’ve had offers as little as $1000, $10,000, $100,000,’ MGM Properties Michael Xylas told the Sydney Morning Herald.
Residents have been told that despite the building being stabilised, cracks were continuing to occur.
Engineers said a crack of 25mm was seen down one wall of the 10-year-old building this week, The Australian reported.
Cracking has also spread across seven bricks within three days.
Buyers are offering a low $1000 for units in the complex after engineers claim the building is still cracking
On Friday a spokesperson for the Mascot Towers said the beams in the basement ‘continue to show signs of increased cracking’ and groundwater was ‘still seeping within the basement’.
On Thursday night, residents of the apartment blocks attended a meeting where they voted for a $1million levy to fund urgent repairs.
The vote for the levy came about after residents feared they would be left out of pocket to repair the building’s damages.
Some owners said they have to pay $8000 but fear the total cost could reach $5million.
‘Multiple people on the verge of bankruptcy, there are multiple people on the verge of a nervous breakdown, because it’s ridiculous,’ one unit owner said.
Unit owners met on Thursday to attend a meeting (pictured) pushing for a $1million levy to fund urgent repairs after fears they will be left out of pocket
Banks including ANZ and NAB are offering financial assistance to some of the residents including home loan repayment relief for up to six months.
Unit owners who were unable to access their homes will be able to retrieve their belongings this weekend when they are given temporary access.
Mascot Tower residents are set to have another meeting with engineers next Thursday.