Apartment in Eden Terrace,Sell or Hold

[nz_newbie]

Hi,

I have a 2 bedroom apartment,80 sq m. in Eden Terrace.Right now ,I am very confused over whether to hold or sell. Its an excellent apartment,which I bought at 310k a year back.I am moving out of the country ,and don't want to have the hassle of maintaining it. It rents at 420$ per week. Body corporate is around 5000$ per year.It is walk able to Mt Eden Train station and convenient to take the bus to the city.

Currently,it has some minor issues with rain water coming down the open courtyards etc.I do not see more than 5k$ in terms of repair.Also,it just got logged with WHRS,and they are doing building inspection.

Auckland real estate prices seem to be going up,but there is 2 apartments listed in this block in November,and doesn't seem to sell. However they are priced much higher . I am realistic ,and just want to take the money i initially paid,since I am moving to a different country,and would require the money for some other investments,however I am not in a hurry,if I need to hold to this property.

Please advise.
Thanks!

[grip]

if the apartment has just been lodged with WHRS, that explains why the 2 other vendors in your block listed, and there are no takers.
i would've thought it's better to get the issue fixed, then list at a higher price.
right now people would want a substantial discount just because it's leaky!

[elguapo]

A leaky apartment with a 5% yield after BC, yikes!

[PTILoveYou]

If I were you, I will get the problem fixed, get the WHRS thing removed, sell, and move on.

Good luck to the new country & new lifestyle!

[nz_newbie]

If I were you, I will get the problem fixed, get the WHRS thing removed, sell, and move on.

Good luck to the new country & new lifestyle!

Hi Gary,

I would like to have the problem fixed as well, however this is an apartment,and hence only the body corporate has to fix it.It is a problem in the common area,and is not related to my apartment as such. The body corporate is expecting the results in a month and would want to start fixing only starting by April. It should take around 3-4 months to fix is what I think.

[PTILoveYou]

Hi Gary,

I would like to have the problem fixed as well, however this is an apartment,and hence only the body corporate has to fix it.It is a problem in the common area,and is not related to my apartment as such. The body corporate is expecting the results in a month and would want to start fixing only starting by April. It should take around 3-4 months to fix is what I think.

Well depends on the time frame you would like it to be sold.

If you sell for a lesser price now, you could sell, but you loose some.

If you wait after the fix is done, then you look to sell in Spring, around Sept-Nov when the market picks up after winter, but the timeline is longer. Upside is potentially easier to sell, and at better price than now.

It's a decision you have to make I guess, depending on your personal circumstances, needs, and wishes.

[nz_newbie]

Well depends on the time frame you would like it to be sold.

If you sell for a lesser price now, you could sell, but you loose some.

If you wait after the fix is done, then you look to sell in Spring, around Sept-Nov when the market picks up after winter, but the timeline is longer. Upside is potentially easier to sell, and at better price than now.

It's a decision you have to make I guess, depending on your personal circumstances, needs, and wishes.

Thanks for your reply Gary,I am actually new to real estate investing,and very new to NZ.Hence I am not able to analyse how the real estate market works.If it was in my home country,I would be able to confidently say,that I would get my money back,but in NZ I dont know how it works ,in this kind of scenario. I dont want to loose dearly (> 20-30k)

[Rogue]

Just browsing and came upon this. Interested in the AKL apartment market but reading up on possible leaky scenarios. Wondering if you ended up selling your apartment or holding onto it?

[donthatetheplayer]

Just browsing and came upon this. Interested in the AKL apartment market but reading up on possible leaky scenarios. Wondering if you ended up selling your apartment or holding onto it?

Yes, I'm keen to know also. What happened?

[noreen]

Eden Terrace Apartment

Hi, Did you sell your apartment in eden terrace. I am interested please contact me. Where is your apartment in eden terrace?

Thanks,
Best regards



I have a 2 bedroom apartment,80 sq m. in Eden Terrace.Right now ,I am very confused over whether to hold or sell. Its an excellent apartment,which I bought at 310k a year back.I am moving out of the country ,and don't want to have the hassle of maintaining it. It rents at 420$ per week. Body corporate is around 5000$ per year.It is walk able to Mt Eden Train station and convenient to take the bus to the city.

Currently,it has some minor issues with rain water coming down the open courtyards etc.I do not see more than 5k$ in terms of repair.Also,it just got logged with WHRS,and they are doing building inspection.

Auckland real estate prices seem to be going up,but there is 2 apartments listed in this block in November,and doesn't seem to sell. However they are priced much higher . I am realistic ,and just want to take the money i initially paid,since I am moving to a different country,and would require the money for some other investments,however I am not in a hurry,if I need to hold to this property.

Please advise.
Thanks![/QUOTE]

[William J]

Hi there.. I'm guessing its long gone? Does shine a light on the whole Ak thing though.. potentially leaky 2 bed apartment with 5% yield for (I assume) well over 300k!? Jesus.. I actually just sold one in Takapuna.. Mon Desire after years of holding it. did well enough but the yields are rubbish. Leaky issues as well. Got on to a crowd in Ak that are representing a UK property club - global investor property they have got me into a 3 bed terrace brick and tile (no leaks) with a ridiculous 14% yield, fully tenanted an hour out of london. 2 weeks to settle and bought it outright for £32k!! no brainer.. long story short, i think its time to move a little out of Ak.. she's gonna blow I reckon..

[propertybuyingNZ]

Hey William,

did I get it right? £32k for a 3bed terrace 1 hr out of London? and 14% yield?
sorry but you were scammed, there is no way that is possible.

not even if its actually a 1hr flight away, even then you would be pushing it!

[propertybuyingNZ]

also, you guys are not checking the date of the original post?
its been 2y old, anything gets sold in AKL in 2 years

[Propertytrader]

me too i am keen to buy, i am the king of leaky apartments purchases