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  1. #21
    Join Date
    Apr 2009
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    1,009

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    What is your estimate of the market value ?

  2. #22

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    Quote Originally Posted by DaveW View Post
    What is your estimate of the market value ?
    Mid to high 500s. The upside is the street, its one of the best, in the best school zones and just a great area. Downside is that its dated and needs a makeover.
    "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".

  3. #23
    Join Date
    Apr 2009
    Posts
    1,009

    Default

    You can be sure of a decent tenant having the good school zone. If the tenant asks for some improvements in the property then you ask for an improvement in the rent to cover the costs.

  4. #24
    Join Date
    Apr 2018
    Posts
    260

    Default

    Quote Originally Posted by Frezzinghot View Post
    Offered 500k on a property today, CV was 570k listed at 600k, property is in one of the best street in the town but needs work, the principal signed the contract with me but knew he didnít like the offer, at the end of the day I am going to offer what I think itís worth and not what the agent or company think, market conditions have changed and I am offering what the market is willing to pay. Period.
    Can I ask what area Freezing?

    Yes Dave I see your point on 10% without outlay, almost like a finders fee, although legal fees still would need analysis.

    Ok the MRS is deadset on a House on the Hibiscus, my gut is 2020 we will have another correction in Auckland. I cant seem to get her to be rational, Im advising her there will be other properties. Her parents are aging and they love NZ, they want 3 months a year in NZ. Im fine with all that. I just dont want to see my Mrs lose her 170k deposit in a crash so Im trying to advise her to offer below Market value, if NO, then Walk Away.

    The property was valued in 2017 at $720k at the peak of the market. It is a subdivision with the next door property sold in March for $635k, identical property but more land so should be worth more, a large sold house up the nice quiet area sold for $670, it has nice tiles and solid brick, again much bigger section. I estimate the Market Value to be approx $640k, they have redone the kitchen to the original 2001 spec, it has wood grain Lino in kitchen and living areas (shudder, but looks ok). Thermal report shows cement panel cladding is doing a good job. Has a huge 2.5 garage (the entire house foot print). Downsides, think corregated rood, it gets FLAPPN hot and no heat pump, overall it just feels like a cheap but not bad quality subdivision, identical houses.

    The Neighbourhood is good and quiet.

    It goes to auction next weekend. What would be a price that may protect her a bit? If its not accepted, walk away? Once it goes to auction we cannot do "subject to inspection" can we?

    Im torn, I wish I had bought the one next door and left the tiles, even the kitchen was ok, so this one saying its been renovated, yeah, but from a profit perspective they have degraded the value imo.....

    Im sure vendor will want the qv of $710k~ despite next door selling for $635k and a much more solid house up the culdesac going for $670k (bargain).

    So if I said $630-640k subj to inspection I think they will say no and let it go to Auction.

  5. #25
    Join Date
    Apr 2018
    Posts
    260

    Default

    Agent just confirmed they want the QV they had redone in 2017 at the height of the market, WTF are agents and some vendors smoking? A property identical next door with 100sqm more land sold for $635k......

    Its like we are in the period where people are trying to offload 2017 prices in 2019 and wont budge. What do you do? Walk away?


 

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