Pegasus Town

[suntboy]

Just drove past and needless to say turned around and had a look
SCaRy!!!
Will end up being called Peg town (cos there are lots of them)
The only hope they have is the fact that the people down here (that I have met over the last two weeks ) are so racist they may well lock themselves away in this commune and live happily ever after
Sad Sad Sad

[minimoke]

J the fact that the people down here (that I have met over the last two weeks ) are so racist

Ah – been experiencing some of our more broad minded views I see! Trouble with the locals here is that they haven’t had to deal with Taniwhas in their excavations so quite unused to some more creative cultural issues. Though it is rumoured some locals actually have met a Sth African and if you go to the right shopping mall it is said that you will actually see a real life Ethiopian.

[minimoke]

Will end up being called Peg town (cos there are lots of them)
The only hope they have is the fact that the people down here (that I have met over the last two weeks ) are so racist they may well lock themselves away in this commune and live happily ever after
Sad Sad Sad

Well Sunt Boy you're right on one count. It really will be known as Peg Town. But on your other point us southern rednecks aren't so dense as to be buying into Peg town.

And it looks like it continues to flounder. Brookfield Multiplex quit its stake and Pegasus has just lost $239m worth of funding so there goes the waterfront and hotel developments. There will be no shopping precinct and there is no sign of the school. After all this time there are now only 156 homes built or under construction (and I'm not sure how many of those are spec or show homes). There are 46 section with plans in for building consent in - but how many will actually get built? The town was sold on the basis of having 7,000 residents and all these "flash" amenities but perhaps it will end up being another Rolleston. Look for competition from Prestons (6,000 residents and only 5km form Christchurch), then theres Delamain in Yaldhurst and

[Arthur]

http://www.brookfieldmultiplexcapita...10%20FINAL.pdf

Invested Au?$28.7m originally. In the books at Au$16.4 and selling for $0.8m net. Can't go wrong with property mate!

[minimoke]

. Can't go wrong with property mate!

Ah - but you can go wrong with property and Pegasus is looking like a prime example.

[JBmurc]

Ah - but you can go wrong with property and Pegasus is looking like a prime example.

An Jacks-point(joke -point) 600k sections now not even selling for 250k (investors that paid the 10% dep on the 600k were told of how cheap they were getting them for LOL)

[minimoke]

An Jacks-point(joke -point) 600k sections now not even selling for 250k (investors that paid the 10% dep on the 600k were told of how cheap they were getting them for LOL)

One of my "Golden Rules" is to NEVER buy into a bareland subdivision. For a start they are always come with lots of hype and promises which get the crowd excited but the hype often does not live up to expectations. You also never know what your neighbours will be like. Inevitably as sections fail to sell and developers move on Covenants become less useful. So you see early investors putting up their 500sqm house only to find the empty section next door gets a David Reid home five years later. I never could quite get my head around Jacks Point except it appealed to big noters who thought putting $1.5m into an empty property was a good idea. Same with Pegasus - why build out there when the elements are against you and its further from employment (which is needed to fund the mortgage and justify the Work Visa) than many other suburbs closer to town.

[Serpie]

Pegasus isn't dead yet fellas.

[fungus pudding]

Pegasus isn't dead yet fellas.

No, but neither is Phil Goff - yet.

[minimoke]

Pegasus isn't dead yet fellas.

Nope it sure isn't. But with only 156 houses built (or under construction) that suggests that the pulse of the 7,000 potential community is very weak. Sure it can be force fed cash and glitz and promise for a while yet but at some point the heart beat needs to get stronger otherwise Woodend will have a rotting corpse on its backyard with grave robbers rushing in to nab the flash bits before they decay too much. People who bought at Rolleston 30 years ago were pretty patient - I don't think the buyers into Pegasus have that kind of stamina.