Apartments

[Tim]

how about compiling a list of these quality apartments
Quay West
Metropilis
Statesman

Who else shall we add.

[CJ]

Heritage
1 Hobson
Scene 1-4
Princes wharf
Viaduct ones.

[Arbitrage]

Good Historical Apartment Buildings:
Westminster Court (Parliament St)
Brooklyn (Emily Place)
Shortland (Shortland St)

[JBmurc]

I'm current sold out of my southland investment propertys for a good gain and am now quite keen to invest a small amount back into decent rental property whats the views on the auckland apartments which seem to be under alot of selling pressure now.
Would like at least a %8 yeild(I can get in Invercargill)

---Could there be a good mid-term bargins in the CBD aparts---------------------


CBD apartments hammered
5:00AM Thursday October 18, 2007
By Anne Gibson

Only one out of eight Auckland apartments auctioned yesterday sold for more than the previous sale price and three units received no bids, further signs of a decline in the apartment market.

A Mount St unit sold for $10,000 above its previous price but the units passed in all failed to reach reserves set by the vendors.

Other units auctioned by City Sales at the Hopetoun Alpha on Beresford St sold for less than the vendors had paid.

A studio unit in Queen St's City Life Hotel sold at yesterday's auction for $100,000. Mike Richards, sales manager at City Sales, said the vendor had previously paid far more for the level-19 unit leased to the hotel.

A one-bedroom unit in the 40-level Harbour City block on Gore St which had sold off-the-plans for $270,000 three years ago yesterday fetched just $196,000.

Yesterday's auction came after a string of low-priced sales in the last few months and Hanover Group's move to quit 92 units in Vincent St. Hanover put these up for tender after problems recovering its money.

Martin Dunn of City Sales said it was only units sold off the plans which were fetching low prices and other apartments were selling at good levels.

Bidding was strongest yesterday for a two-bedroom unit in the high-rise Mount Terrace block at 33 Mount St in the CBD. That unit on level 13 previously sold for $195,000 but yesterday fetched $205,000.

Three units passed in after vendor bids were placed with auctioneer Neil Newman were:

* A two-bedroom unit in Santa Fe at 21 Day St in the CBD. Vendor bidding on this place with one carpark got to $325,000 when Newman announced the reserve was not met. The owner bought it in July 2005 for $223,500.

* A one-bedroom unit with two carparks in a leaky project at 3 Morningside Drive in Kingsland was passed in after a bid of $155,000. The owner bought it in March 2002 for $158,000.

* A ground-floor two-bedroom unit in Eden Apartments at 32 Eden Cres in the CBD got to $140,000 before Newman passed it in. The owner paid $188,000 for this unit in June 2002.

Newman drew the auction room's attention to a clause in the Kingsland unit's auction sales contract which protected the current owner against litigation from a buyer over leak issues.

It said the buyer must sign off a clause stating they had been advised that there were extensive remedial works to be undertaken, so would release the vendor from warranties relating to structural integrity, water damage and weathertightness.

[Year of the Tiger]

I've been starting to look at the Apartment market in Auckland and have come across a block (3 years old) with a couple of Apartments for sale. These are leasehold title (I'm really only interested in freehold), but I thought I would check them out anyway. Currently there is a tenancy agreement with Housing New Zealand Corporation (HNZC) who manages the tenancies on behalf of the owner. Rent is guaranteed every week regardless of whether the property is empty or tenanted and they pay the maintenance costs.

I'm really just wondering if anyone on here has had any experience with these types of arrangements or has heard any stories (nightmare ones or not) that they might share.
Thanks and cheers
YOTT

[duncan macgregor]

I've been starting to look at the Apartment market in Auckland and have come across a block (3 years old) with a couple of Apartments for sale. These are leasehold title (I'm really only interested in freehold), but I thought I would check them out anyway. Currently there is a tenancy agreement with Housing New Zealand Corporation (HNZC) who manages the tenancies on behalf of the owner. Rent is guaranteed every week regardless of whether the property is empty or tenanted and they pay the maintenance costs.

I'm really just wondering if anyone on here has had any experience with these types of arrangements or has heard any stories (nightmare ones or not) that they might share.
Thanks and cheers
YOTT

YOTT, I bought a 3brm brick&tile at a mortgagee auction about five years ago. I leased it to the housing corp. I never went near it. I sold it to my daughter who visited the place twice once with a valuer to on sell it which was no problem. The housing corp were very good with us no problems whatsoever. Do the numbers if it makes sense then buy it. Be very carefull lots of leaky apartment buildings about. Exterior concrete or dont even think about it. Macdunk

[Year of the Tiger]

YOTT, I bought a 3brm brick&tile at a mortgagee auction about five years ago. I leased it to the housing corp. I never went near it. I sold it to my daughter who visited the place twice once with a valuer to on sell it which was no problem. The housing corp were very good with us no problems whatsoever. Do the numbers if it makes sense then buy it. Be very carefull lots of leaky apartment buildings about. Exterior concrete or dont even think about it. Macdunk

Thanks Macdunk, I was curious about the standard of tenant that housing corp put in (I know, I know, that is not very pc), but nice to hear your views. I will do the numbers and the research...thanks,
YOTT

[duncan macgregor]

No problems with bad tenants the housing corp fix all malicious damage at their expence you are only up for general maintanance redecorating etc. Macdunk

[Serpie]

I like the sound of that MacDunk.
I've got an ex- state house that is becoming vacant in the new year. I've just been checking the Housing Corp's website, and I think it may match their criteria nicely. I'll give them a call and see if they're interested. It would be nice to have a guaranteed tenant for the next 5 years.
Thanks for the tip.
Serpie

[Arbitrage]

I recently heard from owners in an apartment building in central Auckland who were concerned about the values of their apartments being reduced because one of the landlords had sublet to Housing Corp. This was in a quality building that had solid values in a good precinct. Can letting to Housing Corp do this or were they over reacting? Do Housing Corp tenants pay the market rents in these situations or are they subsidised?