Vendor turns down offer for CBD shoebox that was $40,000 higher than he paid for it in March – aims for $99,000 price gain

The Heritage Farmers building in Auckland.

A $40,000 price gain in four months was not enough for the vendor of an Auckland CBD apartment at this week’s City Sales auction.

According to QV.co.nz, the 42 square metre, one bedroom apartment with a car park in the Romano building on Anzac Ave, on the border of the city’s university precinct and CBD proper, had been purchased in March this year for $340,000.

When it was put back up for auction this week there were multiple bidders for the unit but bidding stalled at $380,000, which would have provided a price gain of $40,000 in four months.

The vendor obviously believed he could get more and it was passed in for sale by negotiation, but a sale did not eventuate on the day and it was put back on the market with an asking price of $439,000.

Apartments in the Heritage Hotel building on the corner of Wyndham and Hobson Streets continue to sell well and buyers do seem deterred by the fact they will likely be faced with hefty bills for some major maintenance work over the next year or so.

The historic building which was known to generations of Aucklanders as the Farmers department store, needs a new roof and repairs to its facade and the cost of this work has been estimated at $4 million to $5 million, most of which will likely have to be raised by a special levy on the owners of apartments in the building.

However that did not deter the two telephone bidders for a one bedroom apartment in the building that came up for auction this week, and they were obviously not put off by the fact it was vacant and had body corporate fees and rates costs of $9824 a year. It sold under the hammer for $282,000.

At the same auction, a Remuera house which had some major issues which the auctioneer said could make new owners want to consider demolishing the house and rebuilding on the site, sold for $790,000 compared to its rating valuation of $1.06 million.

The full auction results are listed below:

  • 733/35 Hobson St. Heritage Farmers building. A 50 square metre, fully furnished, one bedroom unit. Vacant. Sold for $282,000. Rates were $1175 and the body corporate levy $8650. According to QV.co.nz the unit last sold for $236,000 in July 2011. The agent was Georgia Featherstone.
  • 1H/75 Anzac Ave. Romano building. A 42 square metre, fully furnished, one bedroom unit, with a car park and storage unit on a separate title. Vacant. Passed in with a highest bid of $380,000. Rates were $1212 and the body corporate levy $5700. According to QV.co.nz the unit had been purchased in March 2015 for $340,000. The agent was Habeeeb Urrahman.
  • 203/11 Union St. Harbour Green building. A 41 square metre, two bedroom, fully furnished unit with a car park and a separate building manager’s office. Vacant. Sold for $385,000. Rates were $1310 and the body corporate levy $5184. According to QV.co.nz the units was previously sold for $470,000 in 2007. The agent was Steve Kirk.
  • 149/6 Dockside Lane. The Docks building. A 30 square metre, studio. Vacant. Leasehold. Rates were $1088 and the body corporate levy $3378. Sold for $135,000. According to QV.co.nz the unit was purchased in 2006 for $246,000. The agent was Georgia Featherstone
  • 3/17 Ascot Ave, Remuera. A three bedroom, three bathroom house, offered on an “as is, where is” basis. Vacant. Sold for $790,000. According to QV.co.nz the property had been purchased for $730,000 in 2013. The agent was Gene Lim.

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