LOST AGAIN!
In October (scroll back...FIRST BATTLE LOST) we detailed the court case where the elderly Bartels, spruiked by a now bankrupt lawyer and Blue Chip into investing in the apartment market lost the case and are being forced to settle the unit.
The Bartels subsequently appealed - and if you're in a similar situation have a stiff gin before reading on.
Yes, the appeal has also been rejected by the court.
This is obviously a disaster for the hundreds of similar victims of the worst period of real estate rorting I have seen.
And, while we've complained about it the Commerce Commission just doesn't seem interested in the fact that ALL of these spruiked sales have been perpetrated by so called "financial advisors" illegally selling real estate for commission.
The mess is about to get messier but the good news is at last fortnight's auctions 14 out of 15 sold under the hammer (yes I was in bed, exhausted at 8.30 that night...no, I know you're not going to feel sorry for me) and the tailender sold last week.
And we're auctioning 26 this December and they will all sell too - but the lesson is there's plenty of buying appetite out there so.........you guessed........if you're considering exiting that apartment call us.
If possible, sooner rather than later.
And all the best for Christmas 09, we've enjoyed unbelievable support and success this year, going to have a week or two off at Pauanui if the kids ever let me use the bach...
Cheers for now,
Martin
MANAGING DIRECTOR
