Purchasing in Wellington post Earthquake

[eri]

The problem is there is just one supply point for electricity into the CBD, and its failure, though earthquake or fire, would black out the CBD and the southern and eastern suburbs, including the hospital.

There is no back-up and a fix could take many weeks.
The solution is to increase supply security (maybe a second entry point).

Wellington Water has been also testing what levels of service could be sustained if the system was badly damaged, and the numbers aren't pretty:

for the first seven days, we would have to fend for ourselves while damage was assessed.

From 7-30 days, water would be connected to critical customers – Fire Service, hospitals, and rest homes – with others relying on water from collection points.

After 30 days, home connections would begin, but the last may not happen for 90 days. Remember, these are targets, though the network is getting stronger every day.

These issues present serious challenges, and we must meet them head-on.
Ratepayers must be prepared to play their part for better resilience if they want minimal disruption.

http://www.stuff.co.nz/business/indu...ying-questions

[propertybuyingNZ]

Thanks guys, PM both of you in a sec.

[Don't believe the Hype]

I'm looking to put in a tender in 2 days but I need to just a few hoops and even wondering if I shall bother.

I have seen 2 properties what I quite fancied on numbers but was 100% sure will be snapped up and interest will be high, and then turned out these are still on the market. Makes me question the best approach. Probably let the tender fail and just put in an offer afterwards.
Definitely with sunset clause just to keep the pressure on.

wait a week longer... You have no reason to rush now... The tender process does one of 2 things

1 - it finds the highest price for the vendor if there is a lot of interest/buoyant market
2 - tells everyone that the interest isn't there

This time it's no. 2 - you have the power in the negotiation from here... I've bought a few after deadline/tender for less than what was offered as part of the tender...

PM me if you want to discuss.

[Nick G]

You could put in an offer with 2 days DD or lower your offer or something. PM me the details? I'll let you know what I think. I am not bidding this week for sure.

[propertybuyingNZ]

I'm looking to put in a tender in 2 days but I need to just a few hoops and even wondering if I shall bother.

I have seen 2 properties what I quite fancied on numbers but was 100% sure will be snapped up and interest will be high, and then turned out these are still on the market. Makes me question the best approach. Probably let the tender fail and just put in an offer afterwards.
Definitely with sunset clause just to keep the pressure on.

[Nick G]

Peter A is and I am sort of looking now but unless something amazing pops up more likely in Jan/Feb since I've been a bit lax in getting finance lined up. Quite quiet in the last week or so, folks don't realise they can get insurance from the vendors perhaps.

[propertybuyingNZ]

2 more 7.5% or over gross yield multi flat properties did not sell on auction last week. One of them used to have sliding issues was fixed by specialist contractors. Noone put in any bids.

Anyone is actively buying , looking to buy in Welly? Would love to hear your reasoning and experience.
Cheers

[Davo36]

Yep, they only like the money to flow one way.

They like to collect the premiums, but they don't like to pay out.

[pooky]

On radio now. For lower North island to CHCH
Basically insurer's will let new buyers take over the existing insurance policy of the seller.
They won't allow you to increase the sum assured
They won't be issuing new policies at this time.

[pooky]

An update from the insurance council..which was updated again today I think. the interesting stuff is about 2/3rds down.

http://www.insurancebusinessonline.c...rs-227066.aspx

[Don't believe the Hype]

Hey Hype,
Guru shows it was sold in Sept 2014 for 195k, and no sale mentioned in Feb 2016? (or did you mean Feb 2013?)
anyhow, makes it 10% growth per year.

the previous sale I was refering to was Feb13 - sold for $151k... I didn't see the sale in sept 14 but that is neither here nor there... Feb13 to Nov16 delivered 60% growth in a location many of the 'experts' said there was no capital growth potential.

This location is a positive cash flow location and it delivered a strong CG

[propertybuyingNZ]

From a price perspective while this is only one example the below property sold for $240k, 60% up on the Feb13 selling price not bad for a couple of cans of paint, curtainsa good clean

Within the expected selling range

Hey Hype,
Guru shows it was sold in Sept 2014 for 195k, and no sale mentioned in Feb 2016? (or did you mean Feb 2013?)
anyhow, makes it 10% growth per year.

[Don't believe the Hype]

You're right... Not much will sell until properties can be insured... Will be interesting to see what happens at today's auctions.

Update on the auctions -

Harcourts down this way have added an insurance clause into their auctions contracts to provide buyers confidence to bid..11 out of 15 houses sold with a further 2 sold prior (possibly before Monday) which is better than I expected maybe the insurance clause helped that. Of the 4 that didn't sell one had serious code of compliance issues so was not a certainty to sell.

Overall a a good outcome given the week we've had!!

From a price perspective while this is only one example the below property sold for $240k, 60% up on the Feb13 selling price not bad for a couple of cans of paint, curtainsa good clean

Within the expected selling range


Porirua, 126 Champion Street

[Wellington Broker]

Youi are insuring new business and IAG have announced this afternoon they will accept transfers of existing cover.

Also if you need a bank who don't want a building report let me know

[eri]

nelson to new plymoth

keep'em on a short leash