An unfinished home on one of Hamilton’s wealthiest streets fetched more than $2 million at a mortgagee sale.
A local homeowner, who won the tender over a raft of interested buyers, plans to continue with the previous owner’s vision and finish the dream riverside home.
Bayleys listing agent Michael Parker was unable to disclose the sale price to OneRoof, but confirmed it was more than $2m. Multiple offers were received when the tender closed last week.
Parker earlier told OneRoof an estimated $500,000 was needed to finish the high spec riverside property on River Road, in Queenwood. The home was a bare shell and had a long list of things it needed including a kitchen, two bathrooms, lighting and flooring to make it liveable.
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Despite the property being only three-quarters built, Parker said the riverside building site had attracted a huge amount of interest from a mix of builders, developers and speculators to families and owner-occupiers looking for their forever home.
“The reason it was popular was due to the location, view and overall design.”
Quality materials had been used including bespoke cedar joinery and there were designated areas for a gym and reading nook.
The sale process exceeded the vendor’s expectations and the home attracted more than 80 enquiries with 32 groups through the home during the three-week marketing campaign.
While some people thought they could grab a bargain given it was being sold as is, where is, he said astute buyers knew the value of the home regardless of the market. It was an “excellent result”, he added.
The Queenwood home has coveted views of the Waikato River. Photo / Supplied
Parker said the purchaser was a Hamilton homeowner who planned to finish the home to the previous owner’s plans and specifications.
The previous owners had paid $990,000 for the property in 2018 before bowling the existing 1980s house to make way for a new four-bedroom home.
However, their plans to build their dream home were never realised and instead a mortgagee sale was forced by a private lender.
While Parker has plenty of experience with mortgagee sales, he earlier told OneRoof this one was unusual.
“This would be the first where a private lender is essentially exercising their right under the terms of the mortgage to call in their funds.”
The sale was “amicable”, he said, and all the stakeholders supported it being sold by mortgagee sale.
The new owner still needs to install a kitchen, bathrooms, flooring and lighting. Photo / Supplied
Parker told OneRoof there was a growing number of properties being sold as a mortgagee sale, which he put down to as a “sign of the times”.
At the time of publishing, there were three properties listed as mortgagee sales in the Waikato on OneRoof including a three-bedroom, one-bathroom brick and tile property at 4 Couch Street in Ngāruawāhia, which is being targeted at “savvy investors or ambitious renovators” and a three-bedroom, one-bathroom family home on 24C Huia Avenue, in Forest Lake. Both are being auctioned early next month.
Parker warned there were more coming and had several other properties being sold by mortgagee sale due to hit the market soon.
“It’s a lot busier than [it has been for the] last three years for mortgagee sales.”
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