House sold double the CV...

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Oriphix

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#191836 17-Feb-2016 21:04

Seriously... Anyone else read this?

I don't think they would ever get there moneys worth for a house like this.

Real estate agent "i knew it would get that much"...yeah right.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11591122

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#1494393 17-Feb-2016 21:14

That seems like a lot. My first thought somebody must really want the location, no idea why but it is central to many north shore locations.

It appears in the photo twice the land area of neighbouring properties with room for a cross lease. Maybe g.v is low for some reason missing some of this value.

Quote from the agent:

"They haven't decided whether they will move in or just rent it out,"

Well if you have money to spend like that ok..

bazzer

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#1494446 17-Feb-2016 22:21

It's 837m^2, someone will definitely subdivide and build on the back. A better headline would be CV half property's true value.

mattwnz

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#1494455 17-Feb-2016 22:43

If you look at the house, and the land it has, the vast majority of the value is in the land. The house itself is probably worth less than 200k, as the house is bog standard. The funny thing is that 800sqm isn't that big. But I guess in Auckland they maybe able to get 3 properties onto it, or possibly built a complex, if they merge properties.

mattwnz

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#1494457 17-Feb-2016 22:44

bazzer:

It's 837m^2, someone will definitely subdivide and build on the back. A better headline would be CV half property's true value.

Although it is only worth what people are prepared to pay.

surfisup1000

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#1494460 17-Feb-2016 22:49

Don't worry about that, the average price of standalone homes in Vancouver is approaching 3 million bucks .

Auckland is cheap as chips, that 1.5 million is a bargain.

darylblake

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#1494461 17-Feb-2016 22:49

From someone who has just sub divided and is in the process of building, the land looks nice and flat which will significantly reduce the cost of any earth works work.

As for the location I rekon it might sell in the 1.2 mill range, I don't know if it had an amazing view or not. If it did you could build a really nice property for about 500-600k and sell it in excess of a million even though it is on a half site. Its too hard to speculate without seeing the property.

I looked at a house in chatswood in jan. I wouldn't pay more than 1.05m for it personally. It got passed in at auction and now the tender is up asking 1.495 million.. crazy. You could tell the renevators had gone cheap on paint and fittings, its a pitty cuz some of the other features were quite high spec.

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Geektastic

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#1494462 17-Feb-2016 22:49

bazzer:

It's 837m^2, someone will definitely subdivide and build on the back. A better headline would be CV half property's true value.

I am not sure but don't property CV's get updated to sale values when they change hands? If not, they should.

darylblake

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#1494467 17-Feb-2016 22:51

Geektastic:

bazzer:

It's 837m^2, someone will definitely subdivide and build on the back. A better headline would be CV half property's true value.

I am not sure but don't property CV's get updated to sale values when they change hands? If not, they should.

If they did your rates would go through the roof

pinkydot

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#1494477 17-Feb-2016 23:03

Yeah mostly just subdivided & sell. A year or two ago there similar land & house just down the road where I lives. The owner sold the house, and the new owner just subdivide it add extra 2 more brand new double storey houses from the back & renovate the front house he bought. And the end he sold all 3 houses in auction at the same time at the end. Easy money for him.

Now a days the CV just an idea for the house price.

mattwnz

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#1494496 17-Feb-2016 23:33

darylblake:

Geektastic:

bazzer:

It's 837m^2, someone will definitely subdivide and build on the back. A better headline would be CV half property's true value.

I am not sure but don't property CV's get updated to sale values when they change hands? If not, they should.

If they did your rates would go through the roof

It should be adjusted to a degree, but can take several years. The council does apparently get the sale price for all properties that sell, so they can update their records. But just becuase a property sells for above it's RV, doesn't mean the RV on it will rise, or rise by the same amount that the person paid for it. Simply the person may have overpaid, based on what other houses have sold for in the mesh block.

mattwnz

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#1494507 17-Feb-2016 23:48

pinkydot:

Yeah mostly just subdivided & sell. A year or two ago there similar land & house just down the road where I lives. The owner sold the house, and the new owner just subdivide it add extra 2 more brand new double storey houses from the back & renovate the front house he bought. And the end he sold all 3 houses in auction at the same time at the end. Easy money for him.

Now a days the CV just an idea for the house price.

A RV , previously called CV & GV, is an indicative market value at the date of valuation, as defined on the QV website.

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shortcircuit

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#1494555 18-Feb-2016 02:56

It's all about the land. Where I live (much closer to the coast) developers are quite happy to bowl fairly new houses and build 'luxury' townhouses. The townhouse across the road from me on a small half section, 3 bedroom with no yard and piece of grass out front the size of a bowling green recently sold for 1.7 million.

I'm guessing new owners (cough developers) of the one advertised in Hillcrest will build on the back half and double their money

Oriphix

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#1494561 18-Feb-2016 06:57

Yes okay majority are saying they will subdivide.

But like they already spent 1.5 million.

So if you subdivide + build on that that's around another 400-500k give or take.

So now your at 1.9 - 2 million.

You sell one for lets say 800k (land size is half now)

That's still close to 1.2 mill. Still quite a lot, not sure if its worth it but yea i guess if you have money for it sure why not.

Batman

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#1494578 18-Feb-2016 08:07

Here we go again ...

People are waiting for the bubble to burst since 2003.

The bad news is - in a free market [the govt did not control who can and cannot buy houses in NZ - not Labour, not National] nobody can make predictions and the crashes usually happen when least expected. External forces at play ... no bubble burst by the look of things?

xontech

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#1494620 18-Feb-2016 09:07

Council arranged property valuations are just a point in time estimate which is then used to proportion out the total rates to be collected. It has no relevance to what a property will sell for at that time or in the future.

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