Quality apartments in Auck?

[Wayne]

The puzzling question I have for you Wayne is why do not more investors buy just the land?

Becauer they don't know how to get hold of it.
That's my reason anyway.

[Bobsyouruncle]

One reason Beano is that the volume of deals available is almost zero in Auckland.

[Bob Kane]

It's the last time I'm going to try this argument Bob, as you simply aren't seeing what I am so I feel like I'm wasting my energy posting it, but I'll give it one more go.

Yeah, we shouldn't get too wound up over this.
It's only our opinions about something we aren't involved with.

[Bob Kane]

The puzzling question I have for you Wayne is why do not more investors buy just the land?

The land in these situations is never offered for sale.
That's how these situations are created.
If they sold the land then the problem would go away as the new owner would set up workable rules, or alternatively, freehold the property.

[Beano]

The land in these situations is never offered for sale.
That's how these situations are created.
If they sold the land then the problem would go away as the new owner would set up workable rules, or alternatively, freehold the property.

No so Bob ...the agent that sold me a couple of dozen said the leaseholder did not want to purchase. ..they were offered twice before they advertise the freehold ....Colliers agent said to me (it was another agency who sold to me) "why did you buy the rubbish even the leaseholder did not want"
Bob not all the leaseholders think like you!
Bob everyone of my purchases were offered to the leaseholder first ....all rejected
I have seen over $50m of lessors interest offered for sale over the last 2yrs of which over $30m was from Auckland

[Beano]

One reason Beano is that the volume of deals available is almost zero in Auckland.

Over the last 2 yrs I have seen over $50m of lessors interest offered for sale ...of which over $30m were in Auckland
And these were only what I personally saw ... (received the IM ) there could have been many many more!

[Bobsyouruncle]

YEs which is nothing BEano. That's why "we" aren't buying it. There's nothing to buy. A teeny tiny niche market.

[Beano]

YEs which is nothing BEano. That's why "we" aren't buying it. There's nothing to buy. A teeny tiny niche market.

I am happy to a teeny share of a teeny tiny niche market !

[eri]

eve fell over

now saba?

The Saba development on Fanshawe St has recently been listed as a mortgagee sale - its problems rumoured to be due to the escalating cost of the build.

https://www.stuff.co.nz/business/973...nding-problems

[eri]

Land for an 11-level 120-unit Auckland apartment block is being sold by a financier in mortgagee sale.
The site of Saba on Fanshawe is up for sale in Auckland's Viaduct Harbour area.


Earlier this year, the borrower's loan facility fell into distress with an overseas lender, Kellow said.
"NZMS is now forced to sell the land to allow recycling of the capital into property projects with genuine momentum," he said.

NZMS is Auckland's largest non-bank property financer. In the past year alone, it has financed the completion of over 500 apartments, 75 townhouse units, 700 residential sections along with its normal bridging loans and land banking for $150 million of development land, Kellow said.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11933514

[Davo36]

Interesting. Someone with deep pockets will pick that one up.

I doubt the development would be done in the short term.

[Nick G]

Hi Eri, I'm considering buying a 1br apartment in Auckland, renting it on AirBNB when I'm not there and staying in it otherwise.

Which buildings do you think are well made and looked after?

[Davo36]

eri, I have a question too! You are the go to person on apartments.

What do you think of SkyView apartments? Scotia Pl, Auckland.

[eri]

6 scotia

i see it going up (unlike eve + saba) and the pics of the plans etc all look good

presumably anything built now should be fine

certainly haven't heard anything bad, but have't been looking

18 scotia was built poorly but has been fixed and is now getting good prices + reviews

8 scotia was winning architectural awards, until it developed a few leaks and is now going to be empty for 16? months while it gets completely reclad, half the balconies covered in and some? new windows...........what else will they find once she's naked?

the area is nice, being between, sometimes rowdy myers park + queen st.

the steep hill of at the top of queen gives good views at the expense of a long uphill walk from lower queen

start googling the developers + builders for more info on their projects

for all the bad press conrad got when they built their boxes MOST of them have been fine and their current stuff seems better

[eri]

6 scotia

i see it going up and the pics of the plans etc all look good

presumably anything built now should be pretty good

certainly haven't heard anything bad, but have't been looking

18 scotia was built poorly but has been fixed and is now getting good prices + reviews

8 scotia was winning architectural awards, until it developed a few leaks and is now going to be empty for 16? months while it gets completely reclad, half the balconies covered in and some? new windows...........what else will they find once she's naked?

the area is nice looking over sometimes rowdy myers park

but the steep hill up queen may make it less ideal for ABnB than something on the flat

start googling the developers + builders for more info on their projects

for all the bad press conrad got when they built their boxes MOST of them have been fine and their current stuff seems better

as a value seeker

i'd be letting the agents know i was ready to pick up a soon to be completed new build where the off-the-plan buyer couldn't get finance to make the final payment....then would work out what they had paid off the plan before making any offers