These are some seriously fancy digs - they must have had significant pre-sales to get off the ground.
Pacifica is well underway, International almost finished, Seascape is a massive hole in the ground.
https://thepacifica.co.nz/
https://www.seascapeauckland.co.nz/
Similar to expensive buildings in Canadian/Australian/US developments where presale buyers have walked away from their deposits.
Why buyers are turning away from luxury property | Financial Times
Jun 26, 2019 - From Vancouver to Sydney, high-end apartments are lying empty despite prices ... Why China fell out of love with New York property ยท Real estate: ... forced to take over properties and deal with the sales slump themselves.
In Auckland today:
This Site to be liquidated at 50% loss - same developer as Pacifica/Park Hyatt.
https://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=12249814
Could be first sign of trouble approaching.
I don't see NZ'ers having the inclination/cash to fill the gap left by foreign buyers.
Pacifica is well underway, International almost finished, Seascape is a massive hole in the ground.
https://thepacifica.co.nz/
https://www.seascapeauckland.co.nz/
Similar to expensive buildings in Canadian/Australian/US developments where presale buyers have walked away from their deposits.
Why buyers are turning away from luxury property | Financial Times
Jun 26, 2019 - From Vancouver to Sydney, high-end apartments are lying empty despite prices ... Why China fell out of love with New York property ยท Real estate: ... forced to take over properties and deal with the sales slump themselves.
In Auckland today:
This Site to be liquidated at 50% loss - same developer as Pacifica/Park Hyatt.
https://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=12249814
Could be first sign of trouble approaching.
I don't see NZ'ers having the inclination/cash to fill the gap left by foreign buyers.
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