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2 properties earn speculator $600K in 3 days

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  • 2 properties earn speculator $600K in 3 days

    Hi All,

    Here's a good click bait article....

    NZH reports 2 properties next door to each other - sell for a fair market price then 3 days later both sell for $300K more.


    Different Agencies were used for the sales, a fair market price paid to the original vendors. Developers over paid for the properties. Or is something more sinister going on?

    Harcourts - say $1.15m - $1.25m was market value based on recent sales; Barfoot said $1.5m - $1.6m was the market value. Which was it?

    I think both were correct....as single property sales they probably were worth $1.25m - however collectively they were worth what the developer paid. I also think a lot of planning went into the transactions - that they didn't just occur by coincidence - however as the article says it will be hard to prove otherwise - as the homework has been done - T's crossed and I's dotted.


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  • #2
    Yeah sounds like one developer wanted to pay more than the other.

    Why someone would pay $600k more than someone else has just paid is beyond me though.

    Good couple of days for the real estate agents
    Squadly dinky do!


    • #3
      Houses with combined 1850sq m site which is zoned for terraced housing.

      is that really news.

      Just lazy journalism. Move on nothing to see here


      • #4
        I am sure the last previous owners before the last sales will be claiming compensation for their loss.


        • #5
          Only if they'd marketed the properties jointly. If they were selling individually, then I don't see any avenue for compensation.


          • #6
            If a property is undersold for the previous owner they can claim under the act for loss within the following 2 years.


            • #7
              Originally posted by Bluecoat View Post
              Houses with combined 1850sq m site which is zoned for terraced housing.

              is that really news.

              Just lazy journalism. Move on nothing to see here
              But they were still combined size of 1850sq m when the 1st person brought them.
              The first agent used, as part of their sales pitch to the sellers, that they dealt with developers.
              The first agent was effectively marketing as a 'combined lot'.
              And then the price jumped.
              Seems to me that the 1st agent isn't as clever and connected as they think they are.


              • #8
                wow 1st sellers must be peed off!
                1st buyers must have had 2nd buys lined up, but 2nd buyers must have known it just sold 3 days earlier for 300k less (or maybe they didn't but that would be hard to believe). But why buy it for 300K more 3 days later, maybe there was someone else willing to pay ~295K more?
                I think there is more to this, but we will never know.
                But be interested to see if the 1st sellers can get anything back on their 300k loss but I highly doubt it, but I am no expert.
                Market value is what someone is willing to pay for it, even if it is just 3days later, 300K increase.

                There was a quote/proverb someone had on here once which was something like but was alot better than i remember it:
                good times start, good times continue, corruption, good times end(crash)