How many of the100 houses does Don own?
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Mega-Auction in South Auckland
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"Experts Frown"
According to the Herald today, a very large proportion of the properties put up for sale were owned by the promoter himself ( Don Ha). He confirmed that at least 20 of the properties were his but others say many more were also his.
The unloading of so many of his own investments displays a stunning vote of no-confidence in the market in general and his investment advice in particular.
Last edited by OllyN; 26-11-2008, 07:42 AM.
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Question answered.
Agent plays both buyer and seller at auction
4:00AM Wednesday Nov 26, 2008
By Anne Gibson
Don Ha. Photo / Kenny Rodger
Some of the South Auckland properties put up for sale at a mass auction in Auckland yesterday were owned by the same agent whose firm was selling them.
Don Ha of Don Ha Real Estate confirmed at the auction that he owned about 20 of the places for sale, but rival agents claimed he owned many more.
Mr Ha is one of New Zealand's wealthiest agents, with an estimated $50 million fortune. He is one of the leading salesmen for the Ray White Group, and a thoroughbred investor.
His Manukau firm manages hundreds of houses in South Auckland.
Property experts frowned on the part Mr Ha's company played in the auction, saying he had not been open about the fact that he was the vendor as well as the listing agent.
But Mr Ha said there was nothing unethical about an owner showing prospective buyers through a property.
"Well it's a free market, and it's the fairest way to buy. Some of them know and some of them don't, but it's really not important. They're buying the house, they're not buying the owner."
He said the value of a property was set by the market and agreed on by the buyers. There was no conflict in representing both parties at the same time.
Real estate rules bind agents to tell the public if they are buying a place. But the deal does not work both ways. Agents do not have to declare when they are selling their own places .
Critics complained that Mr Ha's sales pitch was misleading. "He's perfectly entitled to sell his own places," said one insider, who did not want to be named. "But it's not fair to say it's a mega-auction and make out like there's 100 vendors when there's really not."
Gordon Meyer, a former professional standards manager at the Real Estate Institute and a Disputes Tribunal referee, said it was questionable for agents to sell their own places without declaring it.
"The person dealing with the agent does so on the assumption that the agent is representing someone else. If he turns out to be representing himself, there's a conflict then he must disclose," he said.
Mr Ha said he had got less for his places than he had paid for them, and had sold them for personal reasons.
He employed agents to list the properties to keep the transactions "at arms' length".
About $30 million of property went under the hammer at yesterday's auction. Checks at the Companies Office and QV showed Mr Ha was the owner of some places being sold.
One property - 71 John Walker Drive in Manurewa - was advertised by Ray White as a "great house with big garage".
QV's certificate of title shows it is owned by 21st Century Investment Ltd. The Companies Office records this company's shares are owned by Duong Hai Ha and Don Ha Trustee Company.
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"There's one way to find out if a man is honest-ask him. If he says 'yes,' you know he is a crook." Groucho Marx
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Of the small amount of properties sold (8 ), was it possible to tell whether they were sold to investors or owner/occupiers??
To me having 100 properties on the sale card and only selling 8, sends a very clear signal to me that the investors are staying away in droves, 1st home buyers can't get into the market and owner/occupiers are staying put.
Don Ha should wait another couple of months and then hold another auction like this. He'd probably find a lot more buyers then, given the drop in interest rates.Patience is a virtue.
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Couldn't tell sorry, It appeared the number of investors was very sparse. Overall I didn't think there was many people there considering.
As for the girls in there racing outfits short chequered skirts, midrif tops skirts so short you could see.... well you know.... walking around pointing out bidders.....
Cheeeeesey
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Interesting on TV1 news it said about a quarter of the properties sold - so around 25 properties - but here the number is just 8 that is a big difference.
I wonder what it cost to put on the Auction - marketing, hosting with models, drink, nibbles etc?
Cheers,
DonnaEmail Sign Up - New Discussions, Monthly Newsletter, About PropertyTalk
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If unemployment increases greatly as forecast, and business confidence falls even further, then I doubt if lower interest rates will make much difference in a couple of months.
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Originally posted by OllyN View PostIf unemployment increases greatly as forecast, and business confidence falls even further, then I doubt if lower interest rates will make much difference in a couple of months.
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I work just down the road so I popped in.
I stayed longer than I intended due to the hot little numbers in mini skirts.
So yes I think more of these events is good, next time I will arrive earlier to allow time for more due diligence
There was 100 "houses" up for sale ie. some auctions were home and income's.
Many were sold prior or withdrawn.
TV1 grossly misrepresented (surprise surprise) things by saying 50 sold or were in post auction negotiations.
So I see only 8 sold.
The other 42 were most likely highest bidder roped in to condition reluctant vendors down, doubt the amount of sales will go up by more than 2 or 3 if any.
Interestingly enough there is one property I was keen on and followed up on this morning.
I e-mailed the agent half way through writing this thread if Don Ha owns it, answer just in now is "Yes".
I wonder how that affects my strategy now.
It as previosuly advertised at $699 and the agent told me this morning the reserve yesterday was $460.
Very interesting.Last edited by Bluekiwi; 26-11-2008, 11:49 AM.
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Originally posted by donna View PostInteresting on TV1 news it said about a quarter of the properties sold - so around 25 properties - but here the number is just 8 that is a big difference.
I wonder what it cost to put on the Auction - marketing, hosting with models, drink, nibbles etc?
Cheers,
Donna
Yes maybe they are quoting some that sold after AUCTION in their figures as well
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Originally posted by Bluekiwi View PostI work just down the road so I popped in.
I stayed longer than I intended due to the hot little numbers in mini skirts.
So yes I think more of these events is good, next time I will arrive earlier to allow time for more due diligence
There was 100 "houses" up for sale ie. some auctions were home and income's.
Many were sold prior or withdrawn.
TV1 grossly misrepresented (surprise surprise) things by saying 50 sold or were in post auction negotiations.
So I see only 8 sold.
The other 42 were most likely highest bidder roped in to condition reluctant vendors down, doubt the amount of sales will go up by more than 2 or 3 if any.
Interestingly enough there is one property I was keen on and followed up on this morning.
I e-mailed the agent half way through writing this thread if Don Ha owns it, answer just in now is "Yes".
I wonder how that affects my strategy now.
It as previosuly advertised at $699 and the agent told me this morning the reserve yesterday was $460.
Very interesting.
Im sure if you opened your chequebook you could have bid for those "hot little numbers as well".
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