UNDER REPAIR
IS THAT APARTMENT "SALEPROOF"????
With many of our Apartment Complexes now over 10 years old (the market essentially "started" in 1991) we are facing the phenomenon of buildings requiring "remedial work" some of it being more than simply deferred maintenance.
Does this mean that if you're landed with an apartment that leaks or needs specialist repairs it can't be sold?
No.
There are a number of buildings in the CBD that have recently won compensation from various professional bodies - including the City Council - and are in line for remedial work where frustrated Owners simply say to us: GET ME OUT!
As an Agent we have a serious duty of care to all parties to disclose as fully as is possible the actual status of repairs and litigation (that's why we're paid so much) but these apartments certainly can be sold and we are seeing here a whole new market for the risktaker.
We teach that "everyone's circumstances change ALL of the time" and these listings are examples of owners simply wanting to move on prior to the whole mess being sorted out.
Recent "Remedial Sales" are:
Westmount, upper Queen Street, nearly 100m2 two bedroom, two bathroom, one carpark, elegant concrete building with flashings being replaced progressively sold under the hammer for $245,000 fully furnished. Rental value about $450pw. This suite will be worth perhaps $320,000 problem-free.
Aucklander, by Central Library, nearly $1m in compensation settled but work to begin, spunky studio sold under the hammer $100,000 and one bedroom $124,000. An unencumbered one bedroom in the City is more like $180,000.
City Sales is uncomfortable selling these bargain properties by any method other than by Public Auction so that we cannot be criticised for the selling prices.
We currently send 2,500 "Auction Emails" of imminent stock and often feature these opportunities on our Thursday Newstalk ZB Leighton Smith programme at approx 11.25am. ZB is 89.4fm or 1080am.
If you would like to automatically receive the Auction Email prompt send us an email to: sales@citysales.co.nz and you'll be a victim for life.
As we predicted, our market is about to rock and roll so be there or be square.
Happy Hunting.
MARTIN
