I have established a page to compile news on sales now this $40 million building is coming out of remediation. View at http://www.facebook.com/StadiumGardenNews
Archive for the 'About Wellington Apartments' Category
I and everyone else are pleased to see Stadium Gardens Apartments coming back to life. A large conversion near the Wellington Railway station and, you guessed it…the stadium. Years of litigation. A rumoured $10m payout, some from council. First time back there for me, for maybe 6 years, last week. Repairs not finished on one side, but the other is back to normal.
As the photos show, I was struck by the common areas. Forgotten how grand they are. An atrium in the middle that really works. Generous walkways. Max who I met, one of the owners, looks after the amazing plants. If you get a chance, go look through.
This Eastbourne 8 storey residential ’60′s highrise looms over the Village. It stoops brutally over the whole, pretty seaside township, and the wharf and beach. Building looks pretty here, in the twilight glow. Unimaginable opposition if you even talked of building it now!A town planning tragedy. Suspect strings may have been pulled, even back then this was inappropriate.
Great, concrete earthquake resitant design statement in Wellington. $327000 may still buy you one. Sunday Star Times last weekend. Completion about 10 weeks! Call me. 021 439 727
Body corporate fees in perspective.
I find new prospective apartment buyers often balk at first learning that, in Wellington, body corporate fees on a reasonable size (100 to 140 m 2) 3 bedroom apartment, valued at $ 500,000 to say $800 000 are typically $ 4000 to $8000 a year. Including a provision for maintanance, often based on a 10 year schedule, professionally prepared. The first buyer comment if coming from a house background is that they think that “a lot” .
Last night I saw it quoted that in NZ, the average homeowner spends $3000 a year on maintenance, but the true requirement ( calculated by some building authority) is actually $5000 a year. This is said to be one reason why most houses in NZ are in not very good condition by world standards.
There are economies of scale with apartments, balanced against the extra cost of running the body corporate . And of course the reason many buy apartments is the convenience of not wanting to bother with these time consuming issues.
All these mean that body corporate fee is generally a great deal!
QBA Apartments , top of Cuba st. Beautiful job!
Real Life story. Apreciation the same. I appraised apartment at $470k, conservatively. They paid $265k, 6 years ago. Took owners yesterday to Northland ( we call it inner suburban, 10 min to CBD) house to see if they would buy it ( They want a family) . The owners of that house paid $250k 6 years ago, spent $20k on kitchen & decks. That has new valuation @ @465k. When apartment owners turned up, it turned out they had looked at it but chose the apartment, 6 years ago!
So relative to each other, the same value increase.
So those that say apartments around Wellington do not get the capital gain houses do are proven wrong in this real life example.
WCC is about the second biggest social houser in the country. In a deal costing hundreds of millions with central government, the big number of bedsits are being amalgamated inot a much smaller number of really big units. Those going to get help, are in big groups aparently, so the council is going to give them what they need.
So where do the elderly & disturbed go, past residents of the bedsits?
Here is the monster demolition truck on site. Proves there is always demand even in tough times. Awesome tilt slab, 5 metre high 50 m2 design statments, I have one for $327 000.