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  1. #11
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    quote:Originally posted by ari

    quote:Property investment is the simplest easiest way to make money.
    On paper it is, but one of my new p/y's has been on the market since 10/3/05.
    http://www.open2view.com/Property/10...31335&offset=0
    Open homes every weekend till last weekend when I stopped them. Hopefully if someone takes the time to phone off signs they will be more genuine. Just sick of the wall kickers comming for ideas (even with cameras)and wanting it for $200K below listing price. The average 41 days to sell in this area has certanly gone.
    Anyone else suffering.I could well use the funds on next project
    Ari,

    Well a 4 bedrooms for $889,000 with a 'seaview in the distance' and split over 2 levels (or is that 3 levels) and concrete block lower level walls in shaded positions, min landscaping and a rough looking lawn.

    Sorry mate, even if the property market has boomed and someone down the road got such and such, I too would be offering 200K or even less! Maybe someone will be the bigger fool but the day of reckoning is coming for property worldwide (refer to The Economist article(s)).

    Lets take the example $889,000 at a 8% return on investment, represents $71,120 annual income.

    So if I simply put the money into alternative investments and collected $71,120, I could rent a $25,000 per year house and put the remaining $46,120 + $5,000 I save on rates etc., into the bank gaining me 5.8% per year.

    Are you sure that this property will gain 5.8% in value on average in the long-term excluding money spent on improvements? That is to say it is to be worth $1.562m in ten years, and GDP / wage growth is 2.5 to 3.5%, if we are so lucky.

    (assuming 100% mortgage for above)

  2. #12
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    Dough Boy...you're moving too far ahead. We all know what that sort of money can return but some people actually still buy new houses.
    It's actually on 4 levels with very high spec. Market is based on 2 new houses within 70m, with little view and on low side of road both sold for around $800k. Two more (new) within 500m sold 8mths ago for $850.

  3. #13
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    quote:Originally posted by ari

    Dough Boy...you're moving too far ahead. We all know what that sort of money can return but some people actually still buy new houses.
    It's actually on 4 levels with very high spec. Market is based on 2 new houses within 70m, with little view and on low side of road both sold for around $800k. Two more (new) within 500m sold 8mths ago for $850.
    Fool's gold I say, and if you can, get rid of it to the next bigger fool. Hope you don't have debt over it?

  4. #14
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    Ari are some people actually waking up to the impractablility of some of those showy fittings. One house I looked at marble vanity tops I looked and liked was tempted to buy. These very high quality practical fittings actually put me off the house as I could not move into it and I have seen the mess reasonably good tenants can do to such fittings.

  5. #15
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    quote:Originally posted by aspex

    Db,
    The stone wall is $200k of that price but the one at Mt Eden is bigger and better.

    However the logic of paying that much for a place to sleep at night is totally illogical (says he from his $700k dump)
    Frankly, I only live in something more than I need because I have grown used to it. I do like space in a house but I would never pay over the odds for "show". Certainly I would never takje on a mortgage that would be difficult to service.

    We shall see the intestinal fortitude of some of these buyers once the market starts to show a bit of unemployment.
    Oh well then, the stone wall sells it, and just imagine what great entertainment could be had showing guests the craftmanship of your rock wall and it perfect mortaring, they will be talking about it to friends for days after the dinner party.

  6. #16
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    quote:Ari are some people actually waking up to the impractablility of some of those showy fittings
    No not at all, not glitzy like some of the Asian houses, all very tasteful and minimalistic and practical in keeping with the design. All design work.....decour, colours, kitchen design, bathrooms, carpet etc by Scott Design, who are part of the Fletchers Group.

    And Dough Boy, you mentioned fools gold.....Mangakino?

  7. #17
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    ARI your bathrooms are all glitz and not practical I have seen some of those fittings pulled out in 6 months.

  8. #18
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    quote:ARI your bathrooms are all glitz and not practical I have seen some of those fittings pulled out in 6 months.
    You would not fekin know......dork!

  9. #19
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    quote:Originally posted by ari

    quote:Ari are some people actually waking up to the impractablility of some of those showy fittings
    No not at all, not glitzy like some of the Asian houses, all very tasteful and minimalistic and practical in keeping with the design. All design work.....decour, colours, kitchen design, bathrooms, carpet etc by Scott Design, who are part of the Fletchers Group.

    And Dough Boy, you mentioned fools gold.....Mangakino?
    Oh yes, I do recogonize that Mangakino does have a very lowly past, but even a modest rise in its 'station in life' will reap rewards. Have already made 18% in 9 months based on QV valuation, which is 50% of prices on the current market, which I admit to being hyped.

    Also an original $34,000 commitment is a small diversion of assets that is not providing cashflow.

    Suggest you look at Sydney as to future implications for Auckland's top-end market. Homes in Sydney have dropped from the likes of $800,000 to $700,000. I call that negative gearing with an overdrive.

  10. #20
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    quote:Have already made 18% in 9 months based on QV valuation
    Good gain for not so much capital, but at the end of the day we ain't made nothin, till that cheque book is prised out of that pocket

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