A Papamoa property is to be sold with an advertised reserve of $1.05 million as the owner prepares to take an eyewatering $250,000 hit on the home she paid $1.3m for at the start of last year.
But the owner of 67 Awatira Drive has bought elsewhere due to a change in circumstances and wants the three-bedroom, two-bathroom home in the high-end Coast subdivision sold.
She paid less than the RV of $1.36m in November 2021, which was at the peak of the market, but it didn’t settle until three months later.
According to the listing, the seller is “highly motivated” and the auction will be the chance to secure the beautiful home at a “bargain price”.
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Professionals salesperson Bernadette Griffiths told OneRoof it was unique for the Tauranga agency to advertise an auction reserve, the last time being in 2019. She was also unaware of any other properties in the city being sold recently with an advertised auction.
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The property has been for sale since the end of February. After failing to sell by deadline, it was then advertised with an asking price of $1.25m and after that failed to draw out a buyer, the price dropped to $1.15m.
Griffiths said the owner decided to take it to auction to do “something a little novel and different” and to see if there were any cash buyers around.
“We are hoping that by stating a below-value reserve that we do get interest.” Based on similar sales in the area, she said it was worth $1.2m in the current market.
The high-end kitchen is the hub of the home. Photo / Supplied
The high-quality home is immaculate, having had only two owners who both lived in it on their own, and at $1.05m is under market value.
The open-plan living area is the hub of the home with a kitchen “to die for”.
“While it’s six years old now, it’s like new because it hasn’t been lived in with a family or anything like that.”
A range of buyers including retirees, professional couples and young families has shown interest in the property, which will be auctioned onsite on May 12.
- Click here to find more properties for sale in Papamoa
