CBD apartment vacancies

[AMR]

Hi all,

Is it me or is this year looking quite nasty? There are almost 1100 listings in Auckland City Centre...almost as much as the whole of Manukau and Waitakere combined.

[eri]

those nasties being half the size are often less to build and buy

and so less expensive to rent

in a downturn it's not usually the cheapest apartments that remain vacant for long

[CJ]

The University year has ended so that could explain a few extra rentals on the market.

December/janurary is always the worst time of year for apartments.

[AMR]

Now there are almost 1200....ick!

[eri]

city sales has a couple of metropolis 1 bedroom apartments on their site now for $320pw

http://www.citysales.co.nz/property/2685/metropolis/

a year or 2 ago the same apartment would have been $350-$400

that kind of drop will hurt those who were only just cash flow positive

[Cadmium]

city sales has a couple of metropolis 1 bedroom apartments on their site now for $320pw

http://www.citysales.co.nz/property/2685/metropolis/

a year or 2 ago the same apartment would have been $350-$400

that kind of drop will hurt those who were only just cash flow positive

Went to an auction last week for a Metropolis "2 bedroom" 51 m2, high up with a carpark. CV was $440k, vendor reportedly paid more than that. Passed in at $365k. I don't like that particular floor plan but given BC fees + Rates, I saw value around the $300k mark.

[eri]

speaking of the metropolis

it looks like the bankrupt? builder kreker'sname? has had to put his top floor penthouse on the market

on trademe now for 4.6 mill...big ask as CV is 3.3mil

rates are $500 a week!