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wellington - what's your opinions on 49 Manner Street

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  • wellington - what's your opinions on 49 Manner Street

    Hi guys, as the title says, what's your opinions on the units at 49 Manner Street. I had never looked at apartment before, and I don't know much about appartments. Thanks guys!

    -James

  • #2
    In my opinion these are low quality apartments in a low quality building. Not sure of the age, but I'd certainly be looking at its earthquake rating. If you are considering it, read all the Body Corp meeting minutes and look closely at the Body Corp levies. These apartments are cheap for a reason. The numbers may look attractive at the moment, but I'd expect little if any capital gain, and in a slower market they will be very difficult to sell on.
    Having said that, there are good apartments around - My rules are: less than around ten years old, no reclaimed land, no leasehold land, decent size. And do lots of research.

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    • #3
      Originally posted by MikeC View Post
      In my opinion these are low quality apartments in a low quality building. Not sure of the age, but I'd certainly be looking at its earthquake rating. If you are considering it, read all the Body Corp meeting minutes and look closely at the Body Corp levies. These apartments are cheap for a reason. The numbers may look attractive at the moment, but I'd expect little if any capital gain, and in a slower market they will be very difficult to sell on.
      Having said that, there are good apartments around - My rules are: less than around ten years old, no reclaimed land, no leasehold land, decent size. And do lots of research.
      Hi Mike

      Thanks for your reply. Why no reclaim land?Are they not safe in long term? And what's size is decent size?

      Thanks!

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      • #4
        In an earthquake, damage to a building on reclaimed land will be greater. This will affect insurance premiums through to the amount of time it would remain empty after an earthquake.
        banks have different policies on size, but generally they will only lend 50% on apartments under 50m2. I would suggest minimum 70m2 for 2 bedrooms.

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        • #5
          Originally posted by MikeC View Post
          In an earthquake, damage to a building on reclaimed land will be greater. This will affect insurance premiums through to the amount of time it would remain empty after an earthquake.
          banks have different policies on size, but generally they will only lend 50% on apartments under 50m2. I would suggest minimum 70m2 for 2 bedrooms.
          Hi Mike, thank you for your useful info.

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