Selling a property in Christchurch - advice on market

[Wayne]

Cancel your contract before talking to anyone else.
You don't want to sell it yourself and end up paying a commission as well.

[Orkibi]

I own in CHCH and traded there late last year. the market have slowed down significantly.

can you advise more details re the property location and the EQ statues?
which agency is it listed with?

• Is the house habitable? Yes, has always been habitable. Currently tenanted (front house for $449pw and back flat for $245pw)
• Is the house currently insured and with who? Yes, with AMI
• Did you submit a claim to EQC or your Insurance company? Yes
• Do you have a finalised Scope of work for the property? Yes
• Was your claim settled or repairs made by Fletcher EQC? Repairs made by Fletcher EQC on main house, and payout with repairs subsequently made on flat.
• Did you opt-out from Fletcher EQC?
• Did you receive a payout?
• TC of the land? (Technical Category TC1, TC2, TC3) TC2
• Any Land repair claim submitted or outstanding? No

Considering its insured and fixed sounds ok.
if you want a good selling Agent let me know i can direct you to.

[judos]

Thanks Wayne, good advice. I've been stalling, giving one more chance.... But yeah, I'll cancel tomorrow and start over.

Cancel your contract before talking to anyone else.
You don't want to sell it yourself and end up paying a commission as well.

[Razzzor]

I'm not seeing your property on there, did it sell already?

Last I looked, chch properties are selling 6% above GV. Which is far cry from the ridiculous figures most listings have on them, I saw one last week 30% above GV. Even cheap units are usually $20-$40k above GV. There's some greedy buggers out there especially considering most opens homes are dead. Obviously they often don't sell for that.

So you probably shouldn't be dipping below your 510 GV at all. Assuming it's a new build though, and I think those in the linwood area are not in high demand. I haven't looked at many because I no interest in a new build, but I suspect they are selling cheaper than expected. But 410? Someone's getting that for a killing! I'd look at it for $410k for haha, pm me the listing/address?

[Razzzor]

Oh never mind found it now - they don't even have it listed on realestate.co.nz!!! I don't even use trademe normally. And no open home. So yeah, hmmm I don't know it seems like a pretty high GV, due to the large amount of land I guess, and I'm not big on lots of land, just a big waste unless you plan on plonking units on it.

Decent yield though, if both the flat and house are rented and $499k it's 7.2% approx, but then that's assuming you have the granny flat rented out and in a calming rental market in CHCH, it could become more of a hassle to rent out. I'm not sure I would want the hassle rented it.

It'll appeal more to live-in-owners than investors I think, because if the flat wasn't rented you'd be sitting on a rather weak 5.7% yield, and I don't think you'd be able to rent just the house for over $500pw as it is really close to Linwood Ave. It'll eventually sell though, you should get way more than $410k for it if you wait.

Looking at the competition, featured listings for 4+bd in Linwood you've got this almost brand new place for $455k:

http://www.trademe.co.nz/property/residential-property-for-sale/auction-1034817440.htm

But half the land and I have no idea whre in Linwood that street is.

Then just down the road closer to CBD this 1920s 4bd for $329k: http://www.trademe.co.nz/property/re...1046599589.htm
No land but close to cbd.

What does everyone think of that second one?

[wheresnick]

I like Linwood, have a few properties there. It's such a spreadout suburb though . I don't really like the area in the eastern part. as for the agent, change agent... would love to know who they are ^^

[erinak]

Quote:
"Hi Orkibi, answers in red italics below, thanks"

Hi judos
I saw Orkbi's reply and your response and wondered why so many questions to your post initially. Seems Orkibi has own issues to deal with - not yours.

I agree with Charlotte and Jimo. Alternatively, you could challenge them, ask them for current stats and unless they can justify their claim, ditch them.

[Orkibi]

The questions Erinak to find out if its a deal and if it was of any interest to me?

What do you mean "Seems Orkibi has own issues to deal with - not yours." ?
how did you establish that i have an issue with the deal??

[SimonW]

I found Joe Laing at Mike Pero to be fantastic to deal with when I was selling my Richmond, Christchurch unit last year. He brought me a generous offer from an investor without even marketing the property. Mike Pero's commission fees are also cheaper than most, but not so cheap that they don't put any effort in....

[erinak]

That's great to know Simon. Cheers for that.