In today’s new market, $2 million is what it takes to buy a do-up in Auckland’s desirable inner city suburbs.
A Grey Lynn villa, dubbed "a project” by the real estate agents, has a CV of just under $2 million. The house, which has been with the same owner since the 1970s, is valued by the council at a mere $150,000, the value is all in the 513 sq m of land.
Further around the isthmus, a bowl-down home in Point Chevalier is asking $2.05 m. The Council values the 809 sq m site at $2.35 m.
Not surprisingly, Professionals real estate agents Jo de Beer, Derek and Lawrence von Sturmer are marketing the 72 Wainui Ave property as the opportunity of a lifetime.
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The property’s CV of over $2.4m values the house at just $75,000.
Lawrence von Sturmer says neighbouring Point Chev properties sell for over $3m so at the asking price of $2.05m there’s a good buy.
“The buyer will probably end up removing the existing house. It’s not in the best condition, it’s liveable but only just,” von Sturmer says.
The current 1940s wooden residence has three bedrooms, two bathrooms, a laundry room, kitchen with open plan dining and living areas. It also has a single garage and an eight sq m deck.
The clincher? The water’s edge freehold section has views over the harbour and Meola Reef.
“All you’re paying for is the section, which is a very nice north-facing spot with amazing views,” von Sturmer says.
The bungalow on 28 Elgin Street has a CV of $1,925,000 and is being sold as a project in Grey Lynn. Photo/ Supplied.
Closer to the city, in trendy Grey Lynn, Ray White agents Paul Grace and Angela Saunders are auctioning the 58 Elgin St “project” on February 19.
“If you're looking for a project, have the vision to create a dream family home or simply want a character home with a large garden, this park side paradise is a must view for you,” they say in their listing.
The 115 sq m two-bedroom and one-bathroom bungalow has a rich history with current owner - New Zealand’s renowned actor who has lived in the house since the 1970s.
The property on a good sized 531 sq m has a spacious west-facing garden with potential for a third bedroom built as an add-on.
“This comfortable home is very liveable as is, while you make your future extension plans,” the listing says.
Check out the listings below:
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