Stonefields (Mt Wellington)

[Davo36]

Hmm the council won't be happy. Everyone has to live in an apartment. No single houses, they take up too much room and defile the planet.

[eri]

Managing director Evan Davies said sites around College Rd were being filled because market signals meant plans had to be reconsidered.

"When we took control, there were a significant number of sites with half basements," he said, explaining how earth had been prepared for larger, taller blocks.

But pre-sales on those blocks had failed so single residences will now be built. Originally, nine big apartment blocks were planned on the former quarry, Davies said.

http://www.nzherald.co.nz/property/n...ectid=10800681

[JABlog]

I agree , you cant put a price on family which is paramount. perhapes the LL always look at the ROI only

What U meant by Ghetto is when yes they pay $400- 500K and then decide to rent it for one reason or the other.

Same thing happended in some parts of Dannemora where Fletchers were as well.

[8ace]

Yes, we were the same. We scoffed initially then the more we looked the more it appealed with the school being a particular benefit with a young and expanding family like ours.
This capital value issue is less of a point than some think given the reality. The curent price of new homes there is already significantly above similar ones being sold a year ago yet they are still being snapped up. The people who got into Stonefields very early would have had excellent capital gain already despite the concerns alluded to on here. Furthermore, I reckon there's only a year or so to go in regards to building of detached homes. There simply isn't 'years and years' of new homes to be built.

As regards to 'ghetto' apartments, I would consider that very unlikely given the prices of them. Potential 'ghetto' dwellers won't and can't pay $700k for an apartment.

[MaxM]

We bought a 4 bed, 3 1/2 bathroom, 3 living area detached house 250 sqm living space including double garage. Plot area 394m. Price was towards the amount discussed.

All the homes are built by Fletchers (or subsidiaries of them) so don't be concerned about build quality despite another comment. The capital value comment is a valid one but I would say there's only maybe one more year of detached house building on the far side of the development so you should see capital gain sometime after that. We searched long and hard towards the Eastern Bays and prices were crazy and apparantly it's getting much worse. I still believe Stonefields offers good value for money.

Hopefully you guys enjoy it!

I have to agree, even though it "may" seem that the price range is a bit high, but if you look at the market and what is actually available (Eastern Bays is exactly where we've been looking for months), for the same price you get good address, almost no land, old house which would require quite a bit of money spent... Before we started house hunting I never thought the prices are so high, bizarre really.

I'll be very honest a month ago my perception of Stonefields was the same as most of people here, and couldn't not imagine even considering a place there, but it all changed when I actually spend a good amount of time driving around and chatting to neighbors.

And in the end of the day - a brand new house is a brand new house.

Regarding the future costs, from my perspective (i may be wrong of course) I only see the prices going up in the area. Once the area is fully developed the demand will be high, and very limited number of houses available for sale, so the prices will go up.


P.S. 8ace, we will be your neighbors soon

[Ivan McIntosh]

Also, the construction of so many new homes means that you will not be able to sell your used one for a premium as it will be competing with the continual development. It will be years before you will break even.

This last bit is extremely important, and a lot of people overlook it.

For years and years, if you try to sell your home you will be competing with the sales of NEW homes at the same price. Many buyers will go for new over "second-hand" (although arguably a house that has been lived in for a few years should have had some of the kinks worked out of it in maintenance and repair terms).

In other words, forget about being able to sell for quite some time, and you need to accept that your sale price, if you do try and sell, will be conditioned by the sale price of new dwellings in the development, not by anything relevant to you.

[JABlog]

They are building the first apartment block now and agree with some other comments that they do seem expensive. I think how quickly or not those apartments sell will determine, whether more blocks are built. I just don't see Aucklanders as being ready to pay that sort of price for an apartment which isn't in the city.

Thats how they ruin a good development. first they build really nice houses, ideal for young families then when they have sold these and area gets setablished they build apartments. Then it all turns to custard (or ghettos).

[8ace]

thanks for the update 8ace

i take it you bought a detached family home?

can we know the spec.size and price?

We bought a 4 bed, 3 1/2 bathroom, 3 living area detached house 250 sqm living space including double garage. Plot area 394m. Price was towards the amount discussed.

All the homes are built by Fletchers (or subsidiaries of them) so don't be concerned about build quality despite another comment. The capital value comment is a valid one but I would say there's only maybe one more year of detached house building on the far side of the development so you should see capital gain sometime after that. We searched long and hard towards the Eastern Bays and prices were crazy and apparantly it's getting much worse. I still believe Stonefields offers good value for money.

[KatieR]

Looked at Stonefields, and you can do better for that money. The construction is shoddy, the finishes are mediocre and the $850k will get you much more, almost anywhere in Auckland. Also, the construction of so many new homes means that you will not be able to sell your used one for a premium as it will be competing with the continual development. It will be years before you will break even.

[eri]

thanks for the update 8ace

i take it you bought a detached family home?

can we know the spec.size and price?

[8ace]

We bought in Stonefields late last year and are very happy so far. Compared to other similar sized properties around the Eastern suburbs you are getting a serious bang for your buck in terms of property size and build quality. I also think the best of Stonefields is yet to come with the shops opening up next year and further development of the school and landscaping. Admittedly, this sort of development isn't for everyone and we were very sceptical at first when people suggested it to us but the more we came here for a look, the more it made sense.
At a guess, I'd say two thirds at least of the detached family homes have been built now so and every time a new one comes up for sale it seems to go very quickly so it's proving very popular. There are also terraced homes being built which are similarly selling fast. They are building the first apartment block now and agree with some other comments that they do seem expensive. I think how quickly or not those apartments sell will determine, whether more blocks are built. I just don't see Aucklanders as being ready to pay that sort of price for an apartment which isn't in the city.

[Maccachic]

I would be wary buying something thats not built yet. How do you know what the quality will be? What protection do you have against the developer going under - there seems to be quite a few tales on here in this regard? 2500 houses I doubt you will miss out if you wait for a bit.

[revdev]

What would your exit strategy be if everything went Pete Tong in your private life, 6 months after your bought it?

If there is (supposedly) 2500 places being built, how many others could be for sale at the same time? Would next guy give you $850k for it?

[eri]

15-17 min to the city is excellent

is that 9pm on monday night, which would be typically quiet traffic

or 9am monday morning, which would be typically horrific traffic?

i haven't looked much at what is available at stonefields

but if it is basically apartment living

why wouldn't you look for something more central for less

http://www.trademe.co.nz/property/re...-455943537.htm

[MaxM]

I can tell you Stonefields is a fantastic place to live, a true sense of community. Need some help to purchase let me know I work for Barfoot & Thompson and live here.

Appreciate what you are saying, though would be good to hear it from someone who is not biased