Christchurch Meeting - 8th April 6.30pm at Speights

[rob_gourdie]

Ummm is there a limit on International Jetsetters???

Hi,

My wife and I fly back to the UK on 13th and I think I can make the 8th. We should have never picked up the Blue Book when we got back to Christchurch... and the Realtor... and the Property Press... oh well.

cheers
Rob

[ream]

Orkibi,

Speights Ale house on Bealey Ave at 6.30 - 7.00pm, Tues 8th April.

See you there!
Eli

[Orkibi]

Thanks Eli ,

See you .

[Scott Miller]

Hi Guys,

The new list as below

Scoob x 4
Gerken x2
Ream x2
deliveryman x1 (international traveller)
Charlotte x2
property_now x1
Gypsygirl x1
Orkibi x 1
Jamie x1 ?
rob_gourdie x2
tange x1

Thanks guys for your support, please continue to spread the word.

[Orkibi]

Orkibi x1

Cheers
Hadar

[Scott Miller]

Thanks Orkibi - I have made the necessary change.

[Scott Miller]

Thank you to all those who turned up last night.

I would like to thank Craig from Minor Miracles for his talk last night particularly for his response to the Q&A session at the end.

I will keep you informed of the next meeting.

[Monkeyboy]

Hi Team

Great night and great ideas. Look out for the next one as it will be a great evening for all hopefully with some more special guests.

[Orkibi]

Thanks , It was nice to meet you all.

Hadar

[Minor Miracles]

Thanks to all that listen to me dribble on -- yeah i know im not a public speaker but i hope i gave you a rough idea on what is involved and more importanly what can be achieved out of it -- for those that are interested i have been working on 15 sections suitable for relocating houses that all ready have titles -- Just had the word this morning that its all going ahead so i am going to release 4 sections only ( im keeping the other 11) to others interested -- if you want to know more you can e-mail me or ring me -- you have my card -- there is a gd 70K + from it to be made in todays maket-- builders terms available as well--Chez Craig

[rob_gourdie]

Cheers and we did buy a 3rd place in the end

Scoob & MonkeyBoy - thanks very much for a great evening for this "international jetsetter".
For Mike, Andy, Jamie and the others I were chatting too...
We finally bought a 2 bed place on Kotare Street on Thursday. We saw this one on TradeMe and thought it was a better option than the one we had initially looked at on Kotare Street. Interestingly, by way of a market commentary: It was on at $369k in December and then was passed in at Auction at $310k 4 weeks ago. The vendor accepted our offer of $289k. It was previously tennented at $340/week and a Harcourts agent is already chasing us to move in herself - which argues well for the future.
Also the bank gave us a 20 point discount on a 24 month term, and I told them to sharpen their pencil again before confirming, which they said they would.

so now we appear to be "landed gentry of Fendalton"... ooooo errr!

cheers again
Rob

[Monkeyboy]

Well done Rob.

See you at the next meeting. We'll give you plenty of time to get here for the next one.

[essence]

The state of the market

Interestingly, by way of a market commentary: It was on at $369k in December and then was passed in at Auction at $310k 4 weeks ago. The vendor accepted our offer of $289k.

Given the comments that came out from QV today, http://www.stuff.co.nz/4478532a11.html

"If sales volumes stay down at present levels, prices are expected to continue falling, with Deutsche Bank forecasting a 10 per cent price fall nationally."

Having a $80K drop in one property over a 5 month period is huge. What does that say about the coming winter months and the houses on the market at present??

[rob_gourdie]

Statements about where the market is going

Essence - yes that price drop does say something about where the market is heading. Obviously all good punters will be getting their cheque books ready and know that the recovery will come eventually.
However, I think it is also worth mentioning that we looked at a place in Ayr street, right next to the HSOB's clubrooms - a 3 bed townhouse 10yrs old and looking a little dated. Originally marketed at $425k, on at $395k when we looked at it. My gut reaction was that $325k was a fair price for this and although it did have location, it didn't have the monopoly on it.
Interestingly, after numerous follow-up calls from the agent, I told her my $325k assessment and she said that, that was what the vendor had paid for it 18months earlier. She thought it was a fair assessment to say that in the last 12 weeks prices had receded to where they were 18months ago.
Clearly nothing in the property had been touched in the last 18 months and they were just looking for a quick $100k. The word that came to mind for both my wife and I was "rude".

I think the slippage in the market may initially wipe out unfathomed gains from those who thought property was a licence to print money - without understanding the principles of underlying value etc.