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  1. #1
    Join Date
    Mar 2013
    Location
    Auckland
    Posts
    1,666

    Default I'm kicking myself because.....

    This is the thread in which we share those stores of the one that got away. That great deal that we missed out on. I'll start:

    Rotorua Council was auctioning off properties it had acquired for a through-road that was now not going ahead. I viewed a few of them. One in particular was a very nice property. Great area, close to town, modern house with great tenants, very tidy and ticked all the boxes.

    However, it was going to sell for over $300K and having just contracted to but another one, I was down to a budget of $200K, so crossed it off my list. The return also wouldn't have reached my requirements.

    A week after the auction I asked the agent what it had sold for. She told me that there had been a real issue with being able to get people through and I was one of the very, very few that had seen it. Consequently, any bidders were bidding blind and it went for $215K. I would have got instant equity of over $100K and fantastic cashflow if I'd bought it. The actual buyer got an absolute bargain.
    My blog. From personal experience.
    http://statehousinginnz.wordpress.com/

  2. #2
    Join Date
    Aug 2003
    Posts
    7,624

    Default

    oh bugger!
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  3. #3
    Join Date
    Feb 2015
    Posts
    374

    Default

    And not having to lift a finger reno wise. Bugger again. In a hot Auckland market I would have crossed it off too but Rotovegas?
    Is it that much price variance there what would happen in a slump?

  4. #4
    Join Date
    Mar 2015
    Location
    Brisbane Wellington Auckland
    Posts
    795

    Default

    Quote Originally Posted by sidinz View Post
    This is the thread in which we share those stores of the one that got away. That great deal that we missed out on. I'll start:

    Rotorua Council was auctioning off properties it had acquired for a through-road that was now not going ahead. I viewed a few of them. One in particular was a very nice property. Great area, close to town, modern house with great tenants, very tidy and ticked all the boxes.

    However, it was going to sell for over $300K and having just contracted to but another one, I was down to a budget of $200K, so crossed it off my list. The return also wouldn't have reached my requirements.

    A week after the auction I asked the agent what it had sold for. She told me that there had been a real issue with being able to get people through and I was one of the very, very few that had seen it. Consequently, any bidders were bidding blind and it went for $215K. I would have got instant equity of over $100K and fantastic cashflow if I'd bought it. The actual buyer got an absolute bargain.
    But being an auction or you need is 2 keen parties and the price changes from a bargain to overpriced!

  5. #5

    Default

    Hah! A property I turned down 15 weeks ago just went for 250k more than I could have had it for.

  6. #6

    Default

    This is a great idea for a thread... A few years back I was in the box seat to buy 4x3br units in Cannons Creek Poriru with a $290k purchase price. Not much needed to be done to the property and was tenanted at $250/wk each. A lazy 18% gross yield at purchase price.

    At the time there was not much interest in property full stop, let along multi unit properties in P-town and when the agent came back to me trying to squeeze an extra $10k out of me I called their bluff... alas they weren't bluffing and someone else picked up that beauty for $300k! - I think about that one quite often

    Today about 5 yrs later 2x3br units in same street selling for over $300k with rents for high quality 3br units between $270-$290 wk - 20% yield on purchase price

  7. #7
    Join Date
    Feb 2015
    Posts
    374

    Default

    Back in 2005 I saw a 4 bedroom B&T house in East Auckland, I missed out by 2K SP $372K . . I was new in AKL and was just starting out was scared of that amount after purchasing own home

    It just got sold for $1M.
    Last edited by Bluecoat; 01-05-2016 at 09:41 PM.

  8. #8
    Join Date
    Mar 2013
    Location
    Auckland
    Posts
    1,666

    Default

    I can relate to the East Auckland one. When I first moved here (2007), I was starting to look at property. Chatted to an agent and mentioned Wai-O-Taiki Bay and Point England. The agent put me off due to the high proportion of state housing and the opinion that it would never be any good. No gentrification probability.

    Instead, I bought a 2-bed unit in St Heliers that turned out to be a lemon and set my investing back several years, while those little cottages in Wai-O-Taiki Bay, that were between $200-$300K at the time are now worth typical Auckland prices and HNZ has sold off a lot of properties in the Glen Innes/Point England area and even those houses have had big capital gains.
    My blog. From personal experience.
    http://statehousinginnz.wordpress.com/

  9. #9

    Default

    Biggest mistake I ever made was to sell any property! Could have been mortgage free by now.

    FH
    "Remember, people will judge you by your actions,not your intentions.You may have a heart of gold -but so does a hard-boiled egg".

  10. #10
    Join Date
    Sep 2004
    Location
    Central Otago, ChCh, AKL
    Posts
    2,443

    Default

    I'm kicking myself because.....
    This happens to Everyone, happen to me at list once a year... but often a better deal is just around the corner.
    happens even more often in a raising market. just keep your eyes on the market and around the corner something will come.

    its all a learning curve.
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