• Login:
Welcome, Register Here
follow PropertyTalk on facebook follow PropertyTalk on twitter Newsletter follow PropertyTalk on LinkedIn follow PropertyTalk on facebook
Page 3 of 4 FirstFirst 1 2 3 4 LastLast
Results 21 to 30 of 39
  1. #21
    Join Date
    Dec 2007
    Location
    Vienna, Austria
    Posts
    2,663

    Default

    That makes bizarre reading............. Charging NZ$12000.00 for ground rent.........IMI (In my ignorance) it seems like gouging more money out of apartment owners............and risking the whole economic viability of the complex.
    The mission of any business enterprise should include the aim to develop economic conditions rather than simply react to them.

  2. #22
    Join Date
    Apr 2005
    Location
    Wellington
    Posts
    1,584

    Default

    Yeah but what do they care, because they own the land already. If the apartment owners don't pay then they can repossess the apartments. It's a no lose situation for the landowner.

    The apartment owners have no choice, because they have too much invested.

  3. #23
    Join Date
    Dec 2007
    Location
    Vienna, Austria
    Posts
    2,663

    Default

    Quote Originally Posted by spurner View Post
    Yeah but what do they care, because they own the land already. If the apartment owners don't pay then they can repossess the apartments. It's a no lose situation for the landowner.

    The apartment owners have no choice, because they have too much invested.
    I'll have to check what happens here..............I suspect apartment owners own shares in the land..... and pay a maintenance company to maintain the building ( I know of at least one apartment building set up like that unfortunately a friend bought into it and a law suit one of the other apartment owners had serious water damage from a leaking roof and it seems all other apartment owners are liable.............
    Interestingly there is also a form of housing cooperative. To get a house, or apartment...........you pay to buy shares in the managing company (between 9,000.00 and 20,000) you then pay a low monthly "rental" ( with maintenance contract of about 300-500 a month). The accommodation comes as a shell the 'owner' does the internal fit up. When that owner wants to move on... they sell the fit up to the incoming owner, and are refunded their shares ( some with interest/appreciation some not) Many young couples move into them to set themselves up for future home owner ship ( yes some houses/apartments you can buy off the company) {I won't be surprised if someone tells me that is how it operates with some apartment buildings in NZ.
    The mission of any business enterprise should include the aim to develop economic conditions rather than simply react to them.

  4. #24
    Join Date
    May 2005
    Posts
    1,070

    Default

    Hi Austro
    The coy share ownership system was used here in the 50's mainly to get round Planning Consents as the Council wouldnt allow Unit Titles. The owners all had shares proportionate to the area they owned. There are several buildings in Mission Bay which are still like this.
    On Beaumant Quarter. The complex is all Unit Titles with the land then being leased to the "owner" (really Lessee).
    If you cap $12,000 pa at say, 7% then the piece of land occupied by that particular Unit would be worth $180,000. Doesnt sound too bad for property in St Marys Bay.

  5. #25
    Join Date
    Oct 2003
    Posts
    3,578

    Default

    Quote Originally Posted by captaincrab View Post
    If you cap $12,000 pa at say, 7% then the piece of land occupied by that particular Unit would be worth $180,000. Doesnt sound too bad for property in St Marys Bay.
    that puts it into perspective. The issue is they didn't pay $180k less than if it was freehold (ieg. you look at the apartment and say it is a $300k apartment, take of the value of the land and you offer $120k. These people bought for $300k).

  6. #26
    Join Date
    Dec 2007
    Location
    Vienna, Austria
    Posts
    2,663

    Default

    Quote Originally Posted by CJ View Post
    that puts it into perspective. The issue is they didn't pay $180k less than if it was freehold (ieg. you look at the apartment and say it is a $300k apartment, take of the value of the land and you offer $120k. These people bought for $300k).

    Not sure I understand you CJ? Are you saying they were charged the land price based on the assumption the land was a building section?
    The mission of any business enterprise should include the aim to develop economic conditions rather than simply react to them.

  7. #27
    Join Date
    Feb 2008
    Location
    Wellington NZ
    Posts
    1,802

    Default

    visionary urban design?

    Why? whats so visionary about it? looks like any piece of crap built around oriental bay in the past 20 years.

    Does it recycle water? produce any energy? any construction material of a recycled nature in building it ?

    The only visionary thing which Id class in the realm of fantasy land is that it has lots of large inventive numbers in deciding if its actually worth what its worth to rent...what a bland piece of crap...wouldnt pay 100 per week to live there...

  8. #28
    Join Date
    Dec 2007
    Location
    Vienna, Austria
    Posts
    2,663

    Default

    Quote Originally Posted by Badger View Post
    visionary urban design?

    Why? whats so visionary about it? looks like any piece of crap built around oriental bay in the past 20 years.

    Does it recycle water? produce any energy? any construction material of a recycled nature in building it ?

    The only visionary thing which Id class in the realm of fantasy land is that it has lots of large inventive numbers in deciding if its actually worth what its worth to rent...what a bland piece of crap...wouldnt pay 100 per week to live there...

    I agree.................Alfred Loos and the modernist Architects are responsible for some of the greatest travesties in taste with respect to Architecture. The art in architecture has been removed; especially with the reliance on CAD and straight lines!!!!!!!!
    The mission of any business enterprise should include the aim to develop economic conditions rather than simply react to them.

  9. #29
    Join Date
    Feb 2008
    Location
    Wellington NZ
    Posts
    1,802

    Default

    Ive restored a fair swag of olde welly houses, from the eastern suburbs to kelburn and thorndon and even though many were very shabby the detailing in them was superb. This from Kunstlers site sums up the tragic error of garbarge building that NZ has also partaken in...




    This monstrosity stirred up a lot of shock and consternation as it rose up on a middling-quality block on the north side of Saratoga Springs. The general complaint was that the building was "too tall," but this was actually the least of its errors. (See photo below.) The problems obtain not from its height but from poor proportioning and design. Basically, what you have here is a crab shack on top of a three story packing crate. Note that they have used a "heavier" (darker color) in the upper floors rather than the base. That makes the building look top-heavy." Notice that the volumes are simply stacked, like pallets in a frozen food warehouse. Notice the "change of materials" gambit on one side of the ground floor. It was supposed to give the base "weight" but it actually looks incongruous (and dumb). Notice the poor quality materials used for the screened-in porch, and especially the flimsy appearance of the columns. The windows are mere holes in the walls. There is absolutely no meaningful or graceful ornament. The neighbors are right about it being an ugly monstrosity, though, and that they will have to live with for the rest of their lives. Our knowledge and skill in building has been reduced almost to zero in this culture.




    19th century four-story (inc. tower) house in the eclectic Second Empire style, Saratoga Springs, NY . Whatever else you might say about this exuberant building, notice that no one has ever complained about it being "too tall."


    Have restored a few houses like the 19th century one above. Earliest was 1870 cottage in thorndon and even then it had detailing not found in todays bland mono tacky box of moldy leaks with no eaves and no boxed corners...



    Last edited by Badger; 31-03-2009 at 08:22 PM.

  10. #30
    Join Date
    Oct 2003
    Posts
    3,578

    Default

    Quote Originally Posted by Austrokiwi View Post
    Not sure I understand you CJ? Are you saying they were charged the land price based on the assumption the land was a building section?
    Sorry I didn't make myself clear.

    A land value of $180k doesn't seem unrealistic. The issue is the price they paid for their units didn't really account for the fact it was leasehold (ie. they paid near freehold prices, so they paid for the land even though they dont own it and have to pay an annual lease payment).


 

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Lemons and Lemonade
    By Amadeus8574 in forum Property Investment (NZ)
    Replies: 28
    Last Post: 03-05-2013, 06:18 PM
  2. Merchant Quarter New Lynn
    By d2ba in forum Commercial Property (NZ)
    Replies: 4
    Last Post: 04-03-2013, 11:06 PM
  3. No CCC on 14 Beaumont St Building
    By fudosan in forum Commercial Property (NZ)
    Replies: 3
    Last Post: 24-03-2010, 03:49 PM
  4. Replies: 0
    Last Post: 25-06-2009, 12:47 PM
  5. Who do the lemons belong to??
    By Mojo in forum Tenant Stuff (NZ)
    Replies: 5
    Last Post: 01-12-2008, 02:30 PM
  6. Hefty rent rises for leaseholders
    By muppet in forum Property Investment (NZ)
    Replies: 0
    Last Post: 27-01-2008, 11:12 AM
  7. Jack & Jill's LVR- spot the lemons, Wisdom please.
    By Jaberwoky in forum Property Investment (NZ)
    Replies: 0
    Last Post: 12-10-2004, 05:48 AM
  8. Retirement and selling off your lemons
    By whitt in forum Property Investment (NZ)
    Replies: 5
    Last Post: 17-06-2004, 05:26 PM
  9. End of the quarter-acre paradise
    By muppet in forum Property Investment (NZ)
    Replies: 0
    Last Post: 05-06-2004, 09:32 AM

Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •