GOOD NEWS AND BAD NEWS
We are genuinely rocking and rolling with 70 apartments listed in September and in most cases they are out the door pronto.
As opposed to the Auckland Housing Market our Apartment Market is proving very robust and my prediction of escalating values in the “secondary” (existing as opposed to off plan) market has been proven with a record Highgate sale this month.
Highgate is an elegant complex sitting opposite City Sales House on the Karangahape Ridge. The building is unique in that it comprises only BIG two bedroom suites and three bedroom suites. This means the culture of the complex is reasonably sophisticated and most suites are “owner-occupied”. Any tenants in the building are pretty well heeled because, obviously, the building is expensive.
The subject suite was a south east corner, 100m2 with two bedrooms and two carparks and yes, you can stand on the balcony at night and watch the working girls work – or the odd burnt out Real Estate Agent crawling home.
We used to sell these suites for $250,000 to $350,000 and the subject was auctioned by City Sales 4 years ago under instruction from the Justice Department – (proceeds of drug crimes).
We insisted on marketing it “as is” even with the Drug Squad rubber gloves dropped in the middle of the lounge and cupboard doors ripped off walls. Our advertising was headed: BUSTED AND DUSTED and 93 punters turned up for the auction, a record number.
We also achieved a record price of $357,000.
This month, with no fanfare we sold it for $568,000 which, if we deduct the carparks at $30,000 each equates to $5,000m2.
These will be $750,000 before long.
So the good news is that I’m right again, the bad news is that the All Blacks blew it and Bollard is threatening to put interest rates up again.
Hmmm.
But as you all know by now, it’s all about Martin and Martin is happy.
Have a great October and if you weaken, call us.
MARTIN
