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$1 house sells for $395,000

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  • $1 house sells for $395,000

    Sunday News | Sunday, 01 June 2008

    A three-bedroom home which had $1 reserve has been sold at auction for $395,000.

    The west Auckland house, complete with a partly-finished self-contained flat and sitting on a 1012sqm section, went under the hammer yesterday afternoon.


    Read the rest of the story here
    Patience is a virtue.

  • #2
    Great marketing by the agent and the owner, for a very successful outcome.

    But anyone who actually believes that there is really a $1 reserve is fooling themselves. There will always be a nominee bidder out there.

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    • #3
      Originally bought for $400K

      This property was purchased on 18/5/08 (one year ago, almost to the day) for 400K.

      Doing some very quick and rough calculations - now sold for $395K, advertising $4K(?), REA Commission $15K - vendor lost $24K on purchase price of 07.
      Patience is a virtue.

      Comment


      • #4
        On the TV news they also mentioned he had spent quite a bit on the property so the loss was much larger!!!

        John

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        • #5
          The vendor spent about $50k renovating according to the TV news. The agent seemed pretty reluctant to promote this sort of auction, considering the publicity it generated I'd have thought he'd be loving it.

          Comment


          • #6
            Publicity on a process that delivers a $75k loss is definitely something they could live without :-)
            two ears and just one mouth.. for good reason.

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