A villa that needs a lot of work in one of Auckland’s most prestigious suburbs sold under the hammer for $3.2 million last week.
The Herne Bay five-bedroom duplex villa, just two houses away from the ocean, sold to a developer.
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Barfoot and Thompson agent Will Gluestein, who marketed 43 Sarsfield Street said it attracted builders, architects, investors and developers, as it needed some work done.
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“There was fierce competition between two bidders and the auction moved so quickly, I think both buyers really wanted it,” he said.
An Auckland developer ended up securing the property with plans on keeping it as a rental until they decide how to upgrade the property. The old villa, one of a mirror pair, had been in the same family since the 1930s.
“It did need a lot of work but it had good bones with over 200sq m floor plan, but just needs some good TLC,” Gluestein said. "Prospects like this in Herne Bay are incredibly scarce."
31 Kelmarna Avenue had a pre-auction offer of $1.4 million and was auctioned for $1.815 million. Photo / Supplied
The property's 2017 council valuation of $2.475 million valued the five-bedroom do-up building at just $250,000. The house still had a fireplace, original board and batten ceilings and high studs and wide hallways, with a large north-facing back yard.
But the property sits on a 457sqm site zoned for mixed housing urban, favoured by developers and investors for the potential to add more density.
A short stroll away, another duplex villa in Herne Bay's southern slopes sold under the hammer for over $800,000 above its CV last week.
Bayleys agent Robyn Clark put the two-bedroom home at 31 Kelmarna Avenue on the market on Wednesday and just two days later, on the Friday, had already received a pre-auction offer of $1.4 million.
However, with auctioned moved forward, the buyer who made a pre-auction offer was outbid by other buyers, who eventually paid $1.815 million for it.
The Herne Bay villa, dubbed entry level in the marketing, had a 2017 rating valuation of $1.04 million with improvement value being $360,000.
Clark didn’t want to reveal who secured the two-bedroom home but said a good location and the fact that home needed work and new owners could leave their mark on it, made it attractive.
The property last sold for $490,000 in 2004, meaning the owners made a $1,325,000 profit, in paper at least.
