Auckland Apartment Valuer

[Player66]

Hi,

Just hoping for some advice/recommendation on valuers in Auckland for our Apartment. Its a older building in Emily place, and with all the issues with the over valued new apartments in the past couple of years - I just don't know how ours will of faired (hopefully better).

We have done a bit of work to it, but not totally finished. And as its owner occupier, this is more to help with knowing our financial position.

We are coming out of a fixed term in December also, so is it best to do it now or wait for December?

Thanks in advance for any assistance.

[eri]

you mean like this character apart in the 4 seasons 1920's building in emily place?

http://www.trademe.co.nz/Trade-me-property/Residential-property/Houses-for-sale/auction-305806443.htm

suggest you check it out, to compare to yours, check council website for CV, and maybe attend the auction to see what it sells for

if the sale price is way off what you'd expect, or it passes in

pay to find the recent sale prices in your the building, work out the difference from listed CV, say-10%? average and then work out why yours would fetch more or less than the CV

ie that apart faces south and never gets sun on the carpet but our does and we think that is important but isn't accurately reflected in the CV, so we think ours is fairly valued at -5%CV

is ak due for new CV's this Nov. or will it be 2011?

[Taupo Tiger]

Is that you eri?
You have changed your style.

[Player66]

Hi Eri,

Same building - but bigger, is facing the sea and has alot of sun. I was in-touch with the agent that sold another recently also - so good idea to follow this one.

I have been following sale prices in the building for the last year - not a high volume - but they seem to be positive from the info I do have.

I guess that is what I am worried about in getting the wrong valuer in - someone that would not understand the value we see - so would be a waste of $$.

The CV has increased, but is still on the low side (good for rates I guess). Not sure on the dates in Auckland for new CV - and not sure if the SuperCity stuff will change it.

[eri]

if you have/get the sales data for last 2 years and can reasonably explain your own changes to it then do you need a valuer at all?

ie a recently refurbished 45m2 apart sold for +5% CV last year on the south side at a lower level
and a tatty 52m2 apart sold this year on the same/sunny side as ours on a higher level for +10%

so we think that after our reno ours can be fairly valued at 8-15% over CV

hard to argue with the locals when they have the figures to back themselves

i think the CV's were calculated in 2005 and then again in 2008

so presumably AK won't do them again until 2009

agents rubbish them

but in a flat market they, and recent sales, give you the best idea, esp. for aparts

unless of course they are leasehold

then all bets are off as to what they worth at all!

[Player66]

Good call.

Does someone take that info over a "Official Valuer" - or is that the kind of info that you can talk with a valuer about to help influence their view point.

We never got a valuer in when we bought the property coming up 3 years ago and since the bank never asked for it - only official figures are the CV and what we paid for it

[eri]

if i were looking at a place and it was priced over 10% of CV i would expect the agent to justify it somehow

ie, "it's the metropolis/quay west 90% of sales here are over 10% of CV"

or "for this building the CV makes no allowance for aspect, the apartment on the south side has no sun, the same floor area and the view is blocked by the meat works, but on this side of the building you have a view over the domain to rangatoto and we have just spend $10k redecorating"

or "the market's hot right now, those CV numbers are 3 years old and at least 20% below current sales prices"

as you say sales data for that build is not that common

my own little file shows

1A CV$295k
1J CV$270k
wanted price $219k ? 1Bd 40m2
wanted price $615k 9A 2Bd CV$470k The 1 top floor penthouse

that was a big ask for the penthouse, don't know what happened to it but penthouses are a special case and if glorious go for more than CV, if a cashed up buyer can be found

[essence]

Is getting a valuation a waste of time? Perhaps.

It will "educate" you on what someone (who is employed by you) thinks the property is worth, compared to recent sales.

If the recent sales are low, then obviously your valuation will be similar. If they're high, ditto.

What selling really boils down to - is what you want, what you're offered and what you'll accept. Very often, these numbers aren't even close.

You need to decide BEFORE you list the property what your lowest price is that you will accept.

[Player66]

I had
1G CV $220k asking $255k 48 Sqm (Nov 09)
2A CV $275k asking $299k 75 Sqm (Nov 09) - but recently was sold again I think. CV now $365k and sure it was asking $420k?
7C CV $340k asking $399 100 Sqm (Nov 09)
9A came down to $580k before pulling I think - 146 Sqm

[eri]

from the very limited info available it would look like fair value is CV

pay to get the last 3 years of sales data

mix it with what you have

tweak it a little with your own knowledge of the inside of your apartment, aspect, noise volumes etc.

(note, while you may have paid a lot for painting your ceilings purple and installing a bidet any deviation from standard apartment fare is unlikely to increase the value, radical changes will drop the value as they reduce the potential pool of buyers)

and you've done the valuers job for less than a $100

now send me a beer!

[Jalice888]

Yes Taupo Tiger, Eri has gotten very eri lately and I used to once admire Eri but not any more.

We got our units revalued a year ago for reorganising the bank. Amazing to find Quotable Value doing the CV's are still way above value to help out developer communities and the Council scam a lot more money. The dumbo at Auckland City Council Valuations avoided me and sent a reply to our lawyer directed to our LAQC that didn't even own or have anything to do with the property and claimed that it was too late for the previous year when we wanted it for the upcoming rates in 2 weeks time. Bugger paying any rates until that load of theieves gets it's act sorted and sacks all the rates finance department like lots of people want, check out the double-dipping for refuse fees aswell when the bodycorp already does all that. ACC used QV value of $285k while the real valuation came in at $190k, which was still high for the sales at the time. BTW I can't find that valuers details sorry but he was recommended by my lawyer.
For new developements, the developers form a relationship with QV and once the property is developed the financiers can use QV valuation 3 years old to secure finance but if you look you get told QV can't value anything without 3 months of sales! Who do you think is trustworthy here at all?

[eri]

ok

bluff tiger

and 888

your codes are beyond me

feel free to pm

if you've something to share

be as harsh as you please

in cyberspace no one can hear you scream