A South Auckland home, stained by the horror of a destructive fire and burdened with an estimated damage of half a million dollars, has been sold for an exceeding sum of $350,000 at auction. The desolate dwelling, shadowing Coronation Road in Papatoetoe, bore the flames of an August fire that relentlessly consumed its upper levels and roof.
The vendors, represented by Ray White’s seasoned listing agent, Rubal Singh, expressed immense satisfaction with the selling price that surpassed early estimates, which were predicted to lie in the range of the $200,000s. The vendor, registered under the banner of investors, had initially procured the property in 2021 for a whopping $779,000, according to official records from OneRoof.
Drawing a picture of satisfied clients, Singh shared: “They are typical mum and dad investors who had selected this property as an investment prospect, and it was occupied by tenants at the time of the fire.” However, Singh went on to reveal that the extent of the destruction was so overwhelming that the vendors were not keen to undertake the refurbishment efforts required for this formerly pristine unit.
This transaction was not an isolated incident for Ray White, having been entrusted with the sale of two other fire-stricken properties in South Auckland. One, located on Gray Avenue, in Mangere East, was sold for $650,000, while another property on Lynmore Drive in Hill Park netted $500,000. Interestingly, five of the six buyers vying for the Coronation Road property had previously shown interest in these listings.
The new owner, among those cash buyers, harbors plans to resurrect the property from its state of ruin and decide its future fate. Singh added, beckoning a touch of mystery, “He may restore it for personal use or sell it, the decision is yet unmade.”
The realtors at Ray White had a busy week, having achieved another commendable feat by auctioning a rundown West Auckland residence for a surprising $675,500. “The competition was tough with a turnout of 23 bidders, the most I’ve ever seen,” said Ray White agent Melvin Plaisier, who had joined forces with Keith Bick to market the property.
Situated at 9 Luanda Drive, Ranui, Auckland, the dilapidated three-bedroom home was projected as a tempting challenge for craftsmen and DIY enthusiasts. It boasted of a tree-lined 670sqm site, prime for suburban density. The winning bid came from an investor with plans to overhaul the house. As for the condition of the property, Plaisier admitted, “While it does need a new roof and some intensive internal modifications, its layout remains untouched, thus eliminating the need for fresh permits.”
The residence, cozily nestled against a council reserve, had come out of the flood tests unscathed and was “positioned in a high and dry setting,” thereby indicating a promising restoration and rehabilitation project for the tenacious investor.
