A classic 1970s home in an “as is where is” condition sold under the hammer yesterday for $1.04 million, with the new owner buying the land and getting the house for free.
The auction for the 990sqm property on Rosecamp Road, in Beach Haven, Auckland, opened at $800,000 on Thursday, with two bidders making some fast offers until the auction paused for negotiation at $950,000.
The auction resumed at $970,000 and four more bids were placed until the property was announced on the market and sold for $1.04m. The sale price was well below the CV of $1.6m.
Barfoot & Thompson auctioneer Tony Loughran told the crowd that the deceased estate, which has panoramic views overlooking Charcoal Bay, was not for the faint-hearted but was a unique opportunity with plenty of potential.
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He said it was in a fantastic location and that the owner was “pretty much selling it for land value only, the house you get for free”.
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“What do you do with it? Do you renovate or detonate?” he asked.
The owner died and the beneficiary of the estate lived in Canada so could not guarantee what worked and what did not.
The listing agent, Paul Groom, said the house was a classic “worst house on the best street” scenario.
Photos of the property showed a pink kitchen, arched doorways, panelled wood veneer walls, and retro wallpaper and carpet in the bedrooms.
Groom said it was an affordable buy oozing potential.
While he wasn’t sure what the new owner’s plans were, he said most of the interest had been from people who wanted to live in it and improve it.
The large property boasted panoramic views over Charcoal Bay. Photo / Supplied
The pink kitchen was in need of renovation. Photo / Supplied
“There was a lot of interest from first-home buyers wanting to just get into the market and get something decent.”
However, Groom said those buyers could usually splash out $800,000 or $900,000 but were a bit stretched once it hit $1m.
“Essentially what you can get out there for a four-bedroom house and what you pay for it, it just doesn’t compare to what you’ve got here which is a very substantial, very solid property. Obviously, it needs renovation, but everything you do is going to add value and you can’t buy that view – it’s just amazing.”
He believed the property had sold for a fair price and said both the buyer and seller were happy.
Along with the two unconditional bidders, he said there had been four other conditional buyers keen to make an offer if it didn’t sell under the hammer.
“You can’t buy that view. If this was over in Takapuna on the east coast – you can double the number easily.”
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