It would be fair to say that the “as is where is” market is continuing to build momentum as the practice has simply become an accepted option when considering which way forward with a quake damaged property. Since late last year we have noted that competition for these perceived bargain properties has moved up a level.
Broader cross section of buyers
No longer is it only investors that are seizing these “opportunities” as high yielding rentals; we are now seeing a much broader buyer profile following this niche market. Active participants include builders and those in the construction industry who have the necessary skills and technology to appropriately remediate and return the property back to an insurable level. Also in the mix are parents assisting children into their first home and we now even have a good following for these properties being secured as the family home.
Filling gap of affordable housing
I’ve quoted this before, but in an unusual but positive way the ‘as is, where is’ market is providing a viable solution for affordable housing in Christchurch. Quite frankly I can understand why people say “at this price we can live with a crack in the floor slab or settlement of between 50 – 120mm”. While it is important to make a well-considered decision, take advice and to check over the reports in detail, unquestionably a large percentage of these homes are structurally sound.
My team and I have been have taken a consistent approach to insisting on professional reports and in making those readily available to the prospective purchasers when marketing these properties. This I believe has helped bring transparency and ultimately credibility to this emerging market, housing that we believe in most instances will be around for some time yet.
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I look forward to meeting you on the street in the marketplace and do feel free to make direct contact with one of my team or read more at Griff.net.nz.