Mortgagee Auctions Draw Strong Interest
Bargain hunters were able to buy waterfront property for less than half the price paid by the last owners at a mortgagee auction conducted by Hookers in Gisborne yesterday.
Portside Hotel - 3 apartments were offered at Mortgagee Sales
One apartment in the popular Portside Hotel development went under the hammer for $90,000 and another, fronting the swimming pool and port, went for $104,000.
Both were also subject to arrears in body corporate fees of around $10,000 but were still under half the original prices paid by out-of-town investors and both enjoy high occupancy rates from the tourism and corporate markets.
Another apartment in the building was passed in at $75,000 at an auction conducted by Bayleys at the same time.
85 Wairere Rd - Beachfront Mortgagee Sale
A beachfront property at 85 Wairere Road, Wainui attracted nearly 20 bids in a long, drawn-out auction of small increments from two telephone bidders.
Auctioneer Allan Cameron for Hookers was forced to drop the opening figure progressively from $750,000 to $500,000 before he could attract any offers on the 1009 square metre site with a three-bedroom bach, which was sold to the last owner for $1.4 million less than five years ago.
It was passed in at $610,000, with the bidder upping this to $650,000 after consultation with Westpac Bank, the mortgagor. Negotiations between the two parties were to continue yesterday.
The property has a rateable value of just over $1 million.
source: Gisborne Herald
