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Poll: Market Direction

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  1. #1

    Default Market Turning Latest Great Deals

    I thought it may be interesting to start tracking the ever increasing number of great deals people are starting to get.

    My family and friends all laughed the other day when I said I was offering $150,000 under valuation for a property. And even I was amazed to get an accepted offer at 30% under valuation for not only the house but the adjacent section as well!

    The deals are there for the taking! If you have made any low ball offers and had them accepted let us know. I think the market is turning, lets start tracking it.

  2. #2
    Join Date
    Jan 2005
    Location
    Auckland
    Posts
    1,530

    Default

    Ivanw,

    Great post - how about giving us a bit more. Can you describe the purchase, the area etc. This might give us all an idea of how the market is moving in different areas. It seems the Auckland market has turned but it could be some of the smaller cities have yet to reach their peak.

    I realise the deal you have just talked about is exceptional in any of our markets and inspiration is a very strong motivater. Naturally you might like to keep some of your success formula to yourself, but if you can whett a few apetities it is no bad thing.

    Julian.
    Gimme $20k. You will receive some well packaged generic advice that will put you on the road to riches beyond your wildest dreams ...yeah right!

  3. #3

    Default

    Ivan

    I'll add my voice to that request - any info you can provide would not only be interesting but valuable. Thanks in anticipation.

  4. #4

    Default

    Hey people...sorry for not posting more details! I really do not have to much of a formula yet as I have just arrived back from the USA. This is the first property we have bought. I told my wife I would not buy unless it was a really good deal...we bought in about 2 weeks after arriving home!

    The deal was in the 600k+ list range with the two large sections. but we obviously got a much better deal! House is on the westside of Auckland in the country with views back to the city. I figure once we have sold the section we would have paid just over 300k for an executive level home with huge section and everything one could want! Probably sell the house in a couple of years for 500k! fingers crossed.

  5. #5

    Default

    I started to think last night about how your investing formula changes from place to place but then again for us it has actually stayed the same in a way. What has changed for us is the type of property and the value, but we have ended up doing the same thing as we did the USA!!

    See my post about our adventures in the USA here

    http://www.propertytalk.co.nz/posts2862-highlight.html

    So this is our formula for those who are interested....

    Buy everything with a plan to sell.

    Buy with instant equity! 30% under what it could be sold for is a good indication.

    Add value cheaply but well with decorating, painting and staging.

    Market the property to high end overseas/tenants via the internet and rent for 1-2 years

    Sell at a huge profit! :-)

    Don't worry about paying tax as you have made boats loads of money so stop complaining.

    Thats it! well not exactly all of it...but you get the basics.

  6. #6
    Join Date
    Jan 2005
    Location
    Auckland
    Posts
    1,530

    Default

    Ivan,
    Just re-read your incredible story of success in the US. Quiggles has achieved similar results also in the US. Hope you and Mrs W are going to come along to Quiggles' little gathering at the Kermadec on Wednesday evening (about 5pm) - down at the Viaduct Basin. It would be great to have the opportunity to talk with you both - and all the others of course!
    Julian.
    Gimme $20k. You will receive some well packaged generic advice that will put you on the road to riches beyond your wildest dreams ...yeah right!

  7. #7

    Default

    Hey Julian, I am not sure If we can make it at 5 as I don't really get home until 6pm and wouldn't get there until 7! Though I would love to meet some more people and share some stories.

    What type of property deals have you been doing recently in NZ?

  8. #8
    Join Date
    Jan 2005
    Location
    Auckland
    Posts
    1,530

    Default

    Ivan,

    Why not knock off work early? Priorities - let's see: work or talking property ...hmmm. In any case I'm sure it will still be going strong at 7pm. I'm usually one of the last to leave - same at parties, but that's another story.

    As for me I'm more of a commercial investor, well I have been up until now - just bought a place almost on the lake at Rotorua; the intention to operate a B&B out of it, but you know what they say about the best laid plans.

    Right now, after re-reading yours and quiggles' posts, I'm thinking I should be heading for the USA. Some people are a bit anti the US at the moment, but that's just the politics. The people themselves (most of them) are bloody nice, as a rule - least that's what I've found.

    And there would never be a better time to take cash into the US. Talk is our dollar is set to retreat from the greenback to around 60c by next year.

    See you at Kermadec, hopefully.

    Julian.
    Gimme $20k. You will receive some well packaged generic advice that will put you on the road to riches beyond your wildest dreams ...yeah right!

  9. #9
    Join Date
    May 2004
    Location
    Manawatu
    Posts
    242

    Default

    As usual I'm about to agree with Julian.....

    It has been my experience that Citizens of the good old US of A make fantastic hosts but lousy visitors....
    Counter cyclic means always swimming against the tide

    Manawatu Property Investors' Association

  10. #10
    Join Date
    Jan 2005
    Location
    Auckland
    Posts
    1,530

    Default

    Janesco,

    People in glass houses shouldn't throw stones. Some of us kiwis don't behave as well as we should when we are overseas. Ask the Germans what they think of kiwis attending their Beer Fest.

    Julian.
    Gimme $20k. You will receive some well packaged generic advice that will put you on the road to riches beyond your wildest dreams ...yeah right!


 

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