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  1. #21
    Join Date
    Sep 2007
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    Auckland
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    + recently heard that the eve project on 201 hobson has stopped
    Interesting, got any links for that. The B&T link says 55% sold. So not sure why the banks wouldn't fund it.
    Squadly dinky do!

  2. #22
    Join Date
    Sep 2007
    Location
    Auckland
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    Quote Originally Posted by d2ba View Post
    Buying off the plans is not too risky as you think and you gain with low BC fees at start ---Location is key/Developer is key --you are not going to make money on any apartment ever in New Lynn in any market. Those two examples below are in really good locations
    http://www.thecitizen.co.nz
    http://www.lighthousekrd.co.nz
    so I reckon sure you will lose money in a crash but a well built apartment in good location will recover one day with rest of market. Theere is zero risk of different/less quality than expected if thats the case --you don't have settle if thats not what was sold to you and you can get your 10% deposit back
    Mate, you do have to settle, even if the apartment differs a bit from what you intended. You'd have to read the agreement. I think you'll find the developers have these things pretty well wrapped up.

    And as for the price recovering one day (in the event of a crash) I guess you could say that about any property. But with a development I reckon it's a bit worse because you are forced to settle for a price that is way over the top, in the middle of a recession.
    Squadly dinky do!

  3. #23
    Join Date
    Jan 2017
    Posts
    10

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    Quote Originally Posted by eri View Post
    hope it gets built

    but that's about the discount you'd hope for fringe without a car park and a long walk to the city

    on queen st. the st.james project fell over through lack of finance + recently heard that the eve project on 201 hobson has stopped

    The 59 France development will be roughly 10-12 minute walk to the K Rd CRL station. Couple more minutes and you're at Britomart.
    The Citizen (not far away and the same developer) is a 9 minute walk to Mt Eden station or 21 minutes door to door to PwC building (my token CBD location) by bus at time of posting - its close to Symonds St bus stops.

    Could always cycle too.

  4. #24
    Join Date
    Sep 2008
    Posts
    7,562

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    Quote Originally Posted by Davo36 View Post
    Interesting, got any links for that. The B&T link says 55% sold. So not sure why the banks wouldn't fund it.
    they announced 'demolition commenced' 9 months ago

    yet nothing seems to have changed

    last 3 posts this thread

    http://www.skyscrapercity.com/showth...1899287&page=2

    it seemed to be infered

    that they we selling off the plan based on $11k/m2

    but the 40% rise in building costs over the last year meant they couldn't profitably complete now

    so if they can't get early signers to commit to paying more

    better to refund deposits

    clean break the project + sell the site to another developer

    who can change the plans and sell at $15k?/m2

    to make it profitable to complete
    Last edited by eri; 03-09-2017 at 04:17 PM.
    have you defeated them?
    your demons

  5. #25
    Join Date
    Aug 2010
    Posts
    100

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    Quote Originally Posted by Davo36 View Post
    Mate, you do have to settle, even if the apartment differs a bit from what you intended. You'd have to read the agreement. I think you'll find the developers have these things pretty well wrapped up.
    Nope you don't have to settle --some examples where agreement is broken -----12.7m Ceilings advertised --actual standard ceiling size) , 2 Stone bench tops advertised , actual formica)
    My point is a lot of these new developments like the Citizen are awesome --- a vast improvement of what was built before the GFC. If you compare something like the Citizen to the Vault-whats not to like?
    http://www.skyscrapercity.com/showthread.php?t=1864814
    Last edited by d2ba; 03-09-2017 at 05:03 PM.

  6. #26
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    Sep 2008
    Posts
    7,562

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    imho

    price + location.. + ............
    Last edited by eri; 03-09-2017 at 05:13 PM.
    have you defeated them?
    your demons

  7. #27
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    Aug 2010
    Posts
    100

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    Quote Originally Posted by eri View Post
    that they we selling off the plan based on $11k/m2
    but the 40% rise in building costs over the last year meant they couldn't profitably complete now
    I think building costs have risen 16% not 40% over the last year? Forgive me if I'm wrong

  8. #28
    Join Date
    Sep 2008
    Posts
    7,562

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    ^

    16% does sound more realistic

    perhaps the teller mixed costs rises since project inception (over 5 years?)with costs rises of last year?

    another apartment BC cost issue was brought home the other day

    while houses can make do with smoke alarms with 10yr batteries that cn be maintained by the owner or tenant

    apartments must have pretty sophisticated hard wired alarms linking to fire panels and local fire stations (which tenants are forever messing with sothey can smoke burn toast etc.which results in $200 call outs by fire engineers to repair, billed to LL to try + recover from tenats etc)

    at 10 years old the entire system can require replacement at a cost of many thousands as all the wires have to be pulled and rerun etc
    Last edited by eri; 04-09-2017 at 04:01 PM.
    have you defeated them?
    your demons


 

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