An uninhabitable deceased estate with “million-dollar views” out to the Wellington Peninsula is encouraging buyer enquiry over $699,000 after failing to sell at auction last week.
The 1960s property at 174 Nevay Road, in Karaka Bays, passed in at Ray White Remuera's auction room last week. Bidding opened at $300,000 and paused at $400,000 for negotiations. The auction resumed 30 minutes later at $500,000 when it was promptly passed in.
There were five registered bidders at the auction and the majority were property traders looking to do it up and onsell.
Ray White co-listing agent Paige Gemmell said they have given a price indication to give buyers something more tangible to work with when they are running their numbers.
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"A couple of them really wanted to restore the house back to her former glory, which is how we marketed it, but to also onsell as well."
The property, which was designed by the renowned architect Charles Fearnley and was inspired by an American ranch house, originally had five bedrooms and two bathrooms including a downstairs granny flat connected by a now unsafe spiral staircase.
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The house was last lived in almost a decade ago and deemed uninhabitable in 2018.
“So, you wouldn’t live in it as it is, absolutely not. It’s for the architect, the visionary, the top 1% high disposable income who can look past it and focus on the view and being able to secure a position in Wellington that’s a pretty rare opportunity,” Gemmell told OneRoof earlier this month.
While the pipes are some of the only parts of the kitchen remaining and the listing photos show missing doors and windows, Gemmell said the cedar home still holds some of its original charm.
“It’s all very original mid-century with beautiful beams and some of the original light fittings, brick work all of that kind of stuff.” The original Rimu floorboards remain intact.
It boasts impressive views out to the Wellington Peninsula. Photo / Supplied
The basement had been converted into a granny flat. Photo / Supplied
A company has been commissioned to produce an impressive 3D render of the property’s potential and what it could look like after a full renovation.
“I had the executors contribute to the brief to say there was a deck that went all the way around like this is actually how it looked, but obviously it’s a more upgraded version than it was 50 or 60 years ago.”
Family members still recall standing on the sundeck out from the lounge and being the first to see the ships arriving at Wellington port, as well as witnessing the tragic storm that caused the Lyttleton-Wellington ferry Wahine to sink.
The marketing describes 174 Nevay Road as having “priceless potential”.
“You can craft a contemporary masterpiece, rebuild with mid-century charm, or reimagine it entirely,” the listing added.
Located on the Miramar Peninsula, it has a rateable value of $1.37 million, including an improvement value of $100,000. However, Gemmell said buyers should ignore the RV, adding it is not just a flat drive in easy build.
An artist's impression of how the Nevay Street property could look following a major renovation. Photo / Supplied
Ray White salesperson John Callam, who is the Wellington-based agent for the listing, said Karaka Bays is tightly held, and properties do not come up that often. It is only one of two properties currently listed for sale on OneRoof. “In particularly, this location – the site here is quite unique. It’s genuinely a rare opportunity.”
Earlier this year two flawed homes attracted plenty of attention when they went under the hammer.
An abandoned three-bedroom house on Manuka Road in Stokes Valley sold in a mortgagee sale for $498,000.
While a house on Redwood Avenue, in Tawa, marketed as "detonate or renovate", fetched $520,000. The property needed remedial work and a Code Compliance Certificate.
Both homes sold in March for significantly below their RVs.
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