Quality apartments in Auck?

[eri]

certainly would be

as little's labour would have choked-off banks long ago

[Kbkiwi]

The $250 million 39-level, 309-unit St James Suites apartments was to be built on Queen St beside the historic St James Theatre but developer Relianz Holdings is today telling buyers it is abandoning the deal.

despite significant efforts to secure replacement funding to allow the project to progress, difficult lending market conditions mean it has not been able to reach a feasible solution,"

"Unfortunately, this means the St James Suites apartment development is not currently viable and the development is on hold until further notice.

buyers will receive their deposits back in full, plus interest,"

will review the viability of the project should lending market conditions improve in the future

http://www.nzherald.co.nz/business/n...ectid=11770947

more tripe from developers - watch this same developer offer something within 6 months with 20% higher asking prices. The "can't get funding" argument is bollocks, this is pure greed plain and simple.

[eri]

agree we'll probably see this development back on track soon

but rather than blame the developers for plain and simple greed

i suspect this is more a shot across the bows of the banks + finance ministry

the auckland market is not suffering from the same over-supply as australia

and australian banks needs different criteria for it

will goff be up for the challenge

or will he stick to his labour roots

and spend his time writing laws to tax aucklanders + raise construction costs

rather than slashing red tape and allowing us to build our way out of the hole

dug by the disbanded ARC

[Davo36]

more tripe from developers - watch this same developer offer something within 6 months with 20% higher asking prices. The "can't get funding" argument is bollocks, this is pure greed plain and simple.

That's one of the more ridiculous posts I've seen for a while.

[Davo36]

agree we'll probably see this development back on track soon

but rather than blame the developers for plain and simple greed

i suspect this is more a shot across the bows of the banks + finance ministry

the auckland market is not suffering from the same over-supply as australia

and australian banks needs different criteria for it

will goff be up for the challenge

or will he stick to his labour roots

and spend his time writing laws to tax aucklanders + raise construction costs

rather than slashing red tape and allowing us to build our way out of the hole

dug by the disbanded ARC

Goff would have dreams consisting of new taxes he can apply to developers I'd think.

Money raining out of the sky; The poor hugging him after he gives them a hot meal ... the rich having sell one more gold bar ... the homeless giving him a ticker tape parade...

[eri]

such were a young lange's + helen's dream

goff a little more pragmatic

but time will tell

[Wellington Broker]

more tripe from developers - watch this same developer offer something within 6 months with 20% higher asking prices. The "can't get funding" argument is bollocks, this is pure greed plain and simple.

Nah. Savvy developer would wait 6 years then they can charge double

[Wayne]

Nah. Savvy developer would wait 6 years then they can charge double

Might cost them triple!

[eri]

someone's offloading

$12? million worth

of metropolis

http://www.trademe.co.nz/property/residential-property-for-sale/auction-1283383704.htm

[Davo36]

At 5%, yep, that's 12 million.

Borrow at 4% (say), you can make $120k per annum cashflow! What could possibly go wrong?

From the ad: Dale Matravers +64 21 937 355 or Shirley Chen +64 21 389 118 (English, Cantonese and Mandarin Speaking). Obviously still targeting Chinese buyers, along with everyone else.

[Davo36]

Good article on interest.co.nz on the pitfalls to watch out for when buying apartments.

http://www.interest.co.nz/property/89260/leaky-buildings-seismic-strengthening-and-leasehold-rent-reviews-are-just-some-issues

[Beano]

Good article on interest.co.nz on the pitfalls to watch out for when buying apartments.

http://www.interest.co.nz/property/8...st-some-issues

Good posting
Are many PT investors switching to be buyers of the land underneath the units?

[Bobsyouruncle]

In Auckland that's pretty tightly held. A lot of it by Maori.

[eri]

interestingly enough

in the uk, where we got the idea of leasehold land

there are complaints that expanding the victorian leasehold system to modern times

is a modern evil

the chief executive of the HomeOwners Alliance, said:

“Unscrupulous players within the industry have turned what has been a form of tenure for centuries into a money-grabbing scheme that has left thousands of buyers across the country trapped in properties that are now essentially unsaleable.


“Leasehold houses, doubling of ground rents and unfair clauses are leaving homeowners in a nightmare situation and the government is clearly not treating the issue with the severity it deserves.

These people need help and they need it now.”

https://www.theguardian.com/money/2017/may/16/leasehold-uk-homeowners-ground-rents

as bob says leasehold rights aren't commonly advertised here

and could attract negative attention

[Bobsyouruncle]

Exactly what's happening around Greenlane and Meadowbank, (Auckland). St Johns college trust board are raking it in. I saw a lovely 5 bed house go for 55K last year.