Quality apartments in Auck?

[eri]

interesting

the development at 88 broadway is being greatly scaled back

presumably the sky-high costs killed demand

prime position on broadway

3 beds, 3 bathrooms, large deck, reasonable views

from $2,000,000.00

car parks extra

http://www.trademe.co.nz/property/re...-907190573.htm

[eri]

last week, city sales had the embarrassment

of staging an apartment auction where nothing sold

down the road, ray white sold most of theirs

this week, buyers deserted ray white

http://www.propbd.co.nz/all-8-passed-in-at-apartments-auction/?utm_source=Bob+Dey+Publishing+List&utm_campaign=faf6ec31f1-Bob_Dey_Property_Report_newsletter_F6Nov15&utm_medium=email&utm_term=0_7b04bb0d30-faf6ec31f1-284800325

but it mainly seems to affecting flippers

most of these stalled auctions seem to be for properties that are being sold only a month after being bought

[eri]

harbor city, the oaks, 16 gore st

first it had leaks

now it has shootings

where no one says a thing

One couple staying in the building said they didn't hear anything out of the ordinary - but they were concerned about staying there with the shooter still on the loose.

http://www.nzherald.co.nz/nz/news/ar...ectid=11556857

[cal]

What do you folks think about Waldorf Celestion apartment block? 19-23 Anzac Ave. Not too keen on the design but purely as an investment, it's new (2010) and location seems decent, rentable. Anyone here owns or rents there?

[KevinR31]

What do you folks think about Waldorf Celestion apartment block? 19-23 Anzac Ave. Not too keen on the design but purely as an investment, it's new (2010) and location seems decent, rentable. Anyone here owns or rents there?

Hi Cal, I believe the question was raised sometime back The Celestion was built in 2010 so yes its quite a new building. And there're two new residential apartment buildings being built next door (The Maritime Apartments & Block 7 Apartments) so you will see some capital growth in the future. But make sure to buy one out of the hotel pool to get the full potential if you're looking for cashflow. I'm a property finder & I specialise in apartments. Do let me know if you're still looking...


Kevin - 021 216 6176

[Beano]

Aucklanders are being told to embrace apartment living, with houses likely to remain unaffordable even if prices drop 20 per cent.

...the median Auckland price reached another record high of $755,000 in June.

Economic research agency Infometrics said that was the equivalent of 11.3 years worth of average income.

Even if prices dropped 20 per cent by 2020, the ratio would remain "highly unaffordable", at 8.6 years.

"By clinging to the Kiwi dream that we should all be able to own our little piece of New Zealand, a significant proportion of society is effectively being priced out of the housing market."

While the cost of land made up 27 per cent of the average nationwide house price in 1984, it had doubled to 55 per cent by 2006.

http://www.stuff.co.nz/life-style/ho...artment-living

So better to buy the land not the apartment ??

[Wayne]

So better to buy the land not the apartment ??

Yes
Generally land can not be made (yes I know they do in UAE etc) but buildings can be.
Despite what the IRD (Govt) says buildings depreciate but land appreciates because you can't just magic it up.

[eri]

bob dey report

A few developers I’ve spoken to recently have been concerned about pricing & costs – projects that might take 3 years to reach fruition if all goes well aren’t something you sensibly start at the top of the market.

For apartments, the sale price range last year was $10-15,000/m², and now it’s heading above the top of that range, for a slim profit margin…

[Davo36]

bob dey report

A few developers I’ve spoken to recently have been concerned about pricing & costs – projects that might take 3 years to reach fruition if all goes well aren’t something you sensibly start at the top of the market.

For apartments, the sale price range last year was $10-15,000/m², and now it’s heading above the top of that range, for a slim profit margin…

Yeah it's a risky business, with not much reward a lot of the time.

[Propertytrader]

Hi Eri, send me a PM i got 2 apartments in zest building that i need to sell, both tenanted.

APts on 2, and 13 floor, 2 bedrooms.

Thanks

[eri]

thanks propertytrader

but i'm good at the moment

certainly zest seems to be looking good and doing well now with Ray, the new building manager running a tight ship

its BC minutes suggest the building has no issues

and its construction date of 2005? seems to be just out of the problematic period when developers were signing off their own work

the water bills of $20-$40? a week are certainly a pain for tenants

but the demand is still there for the country's biggest apartment building

http://www.trademe.co.nz/Browse/CategoryAttributeSearchResults.aspx?search=1&cid=5748&sidebar=1&132=FLAT&selected135=7&selected136=89&134=1&135=7&136=89&216=0&216=0&217=0&217=0&153=zest&122=0&122=0&123=0&123=0&59=0&59=0&178=0&178=0&sidebarSearch_keypresses=4&sidebarSearch_suggested=0

[eri]

whole article good

http://www.stuff.co.nz/business/85165680/sst--auckland-apartment-market-stumbles-but-far-from-falling

[Davo36]

From that article:

And this apartment cycle was also fundamentally different.

Oh yeah?

And also I wonder what they mean by this:

Building costs had "escalated significantly," and things were taking longer. "Builders aren't tendering these days they're negotiating,"

Comma at then end of the sentence, so maybe the sentence is incomplete...

[BlueSky]

Building costs had "escalated significantly," and things were taking longer. "Builders aren't tendering these days they're negotiating

Due to high costs , they need to negotiate e the price as opposed to tender to get work and accept required margins.

bet the margins are so thin so its crucial just to stay afloat.

[BlueSky]

From that article:
And this apartment cycle was also fundamentally different.

...

So who are the owner occupiers?