Header Ad Module

Collapse

Announcement

Collapse
No announcement yet.

Albany apartments and units

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Albany apartments and units

    I am considering buying a unit/apartment in a wider Albany area that includes Pinehill, Oteha and other neighbouring areas in North Shore. The price range I am looking at is 200K - 300K. I am hesitating mainly because of the two issues below. I'd like to hear what people on the forum think about them.

    1. Long term capital gain

    I know that Albany has kept up pretty well with other areas in North Shore. However, I cannot find
    any specific data on apartments and units. I believe that apartments in the city have good prospects because whoever wants to live in the city doesn't have any other choice. In Albany though, there are plenty on houses, and on top of that, there is quite a bit of spare land for new developments.

    2. Leaky buildings that have been fixed

    There seems to be a few buildings on the market that have been recladed. They got a new certificate of compliance from the council in accordance with the new building code. Presumably, they got it right this time and there shouldn't be any further technical problems. But I still don't know what is the market perception towards those fixed buildings. I am concerned that if I bought one of them now and then had to sell it in a few years, I would have to offer a big discount.

  • #2
    I know one young fellow who bought one of those apartment "investments".
    It's -ve geared and the loan is more than the leaky property will ever be worth.
    Been for sale for 3yrs(?) now.
    Pretty tough with growing young family and issues with job security.

    Personally I would stick to cosmetically challenged older 2 brm unit in small block with a land component and would not touch anything in large leaky block.
    The three most harmful addictions are heroin, carbohydrates and a monthly salary - Fred Wilson.

    Comment


    • #3
      We have remediated buildings which have been incorrectly remediated (full cause of issues was not correctly identified) in the first and in some cases second cases. The owners have lost a lot of money so don't assume beacuse it has been fixed that it is weathertight.

      Comment


      • #4
        Originally posted by dd14 View Post
        I am concerned that if I bought one of them now and then had to sell it in a few years, I would have to offer a big discount.
        Correct.
        As well as thinking like a buyer, it is very wise to think like a seller in case circumstances change a year or two later.
        The next buyer you need to attract will be even more suspicious that you are selling so soon.
        They just won't believe the divorce or job loss story you tell them, even though it may be true.
        Property is not very liquid (pun intended), so always have this possibility as one of your 'what ifs'

        Comment


        • #5
          If you're going to buy a "remediated" property, then buy it after some pretty thorough investigation and a big discount...say 20%. A hundred k on a half mill property gives some leeway. You are right..future buyers will discount it in turn. But the longer you hold it with no problems, the less that discount will likely be...

          Comment


          • #6
            Originally posted by Maccachic View Post
            We have remediated buildings which have been incorrectly remediated (full cause of issues was not correctly identified) in the first and in some cases second cases. The owners have lost a lot of money so don't assume beacuse it has been fixed that it is weathertight.
            I presume you remediated them correctly?

            Comment


            • #7
              http://www.prendos.co.nz/wp-content/...ay12-EMAIL.pdf Page 10 (8 of 12)
              Last edited by Maccachic; 21-09-2012, 11:47 AM.

              Comment


              • #8
                It is scary that some building leak a 2nd or 3rd time. Just saying that you do it right (not you Maccachic) doesn't mean you actually do. Prendos does seem to have a good name and they did highlight the issue so many years ago. Their site has some amazing (amazing to me anyway) of where leaks can happen and certainly opened my eyes.

                I suppose it is reasonable to steer clear of ex-leaky buildings. As Ivan points out - only time will heal.

                Comment


                • #9
                  Hopefully but have just had a 2011 residential with leaks.

                  Comment


                  • #10
                    i read a prendos report on 1 badly made central auckland apartment building

                    the list of problems was huge

                    2 that come to mind were

                    - the decks being same level at the doors, so water on the deck could be blown under door seals
                    which is why most decks are built 100mm below door level

                    - the concrete drains in the bathroom floors being too small
                    so when tenants used cheap washing powder in the new combination washer/driers. they over-foamed, shorted the cct board, flooded the washing machine, flooded the bathroom, and as the drains couldn't drain the water fast enough
                    flooded the rest of the apartment carpet and started dripping down into the apartment below

                    that building has since been remediated

                    but i don't think they lowered all the decks 100mm and i can't see how they could increase the size of the drains cast into concrete floors...
                    have you defeated them?
                    your demons

                    Comment


                    • #11
                      Originally posted by Maccachic View Post
                      Hopefully but have just had a 2011 residential with leaks.
                      what was the cladding etc? Was it a 'typical' leaky senario?

                      Comment


                      • #12
                        I know the area pretty well and have good friends variously bought into the general area over the last 10 years. My take is it is a bit of a shambles and while a small selected number of streets are rather nice the area would not be my choice. The place is in my opinion what you get when too many planners and social engineers get let loose with their fantasies. Dont get me started, Overloaded bus stations with no parking yet acres of grass around and too far from the mall. In Aus at least the mall albeit a westfield would have been a logical place to integrate services. The developers got greedy and tried to go down the leasing route and what a failure that was. The place is too hilly and sprawls making walking /cycling a right mission. To cut to the chase some older suburbs on the shore I believe offer better capital gain potential and lifestyle and can get you much closer to services. Sunnybrae, Glenfield, Forrest Hill offer many places in the cheap or bargain range. Better an old dump than a newer potential leaker I reckon.

                        Comment


                        • #13
                          Pretty much does have some EFIS, same problems that the majority of weathertightness reports I type up have (Im not a surveyor by the way).

                          From what I have seen in my time here I would have to think very hard before I brought into a BC way too many problems when you have many people and different personalitys.
                          Last edited by Maccachic; 21-09-2012, 12:32 PM.

                          Comment


                          • #14
                            I have been looking at short sales in Albany NY & Buffalo., Buying sight-unseen. dollar for dollar, can any one give me their preferences on the two cities?

                            Comment


                            • #15
                              Wayneneill this is a New Zealand section and is referring to Albany in Auckland, New Zealand.

                              Comment

                              Working...
                              X