Tag Archives: Listings

238 ‘as is’ sales and counting

Pictured: 22 Titirangi Crescent - sold for a record 'as is' price in Tumara Park

Pictured: 22 Titirangi Crescent – sold for a record ‘as is’ price in Tumara Park

Celebrating our 238th ‘as is, where is’ sale is both rewarding and humbling, especially for a market that we didn’t originally set out to become specialists in. I have full respect for my team who have worked hard in a focused effort to help create the systems we have now, and the results simply speak for themselves. Of the 239 that we have listed 238 have sold! From the collation of property info packs both online and in hard copy to pre-drafting the sale and purchase agreement with appropriate clauses that protect both vendor and purchaser my team’s work ethic is nothing short of phenomenal.

Team Griff’s 99.6% success rate for ‘as is, where is’ sales
Such results are a direct reflection on our knowledge, expertise and systems. It may seem strange, but I am quite passionate about the process and the great thing about it is that process is very transparent. Post-quake and numerous scopes later, we have become “professional report” rich – great info to be able to prove the actual damage of a property.
Beware of the opportunists off the street or on the radio
With opportunity comes opportunists, and having heard some of their sales pitches, they are quite persuasive. The problem being their reality of value is based on both their perception only and in many cases, they pitch that conservatively to line their own pocket. Integrity is vital post-quake, especially so when people are vulnerable, some ground down by the process of fighting both EQC and their insurer for years. I recently met a gentleman who had been at it for more than six years – needless to say, he was at the end of his tether.

Marketing expertise
Effective marketing will bring you multiple parties and fair competition, a much more transparent way of establishing true market value.

1528 as is where is buyers as the click of a button
Team Griff have built up a strong following of ‘as is, where is’ buyers – as easy to unsubscribe as subscribe, our database has proved invaluable for both purchaser and vendor. With our first port of call being e-notifying 1500 plus as is buyers, vendors can be assured that their property is being marketed to those most likely to respond, let alone the phone calls we can make if the going gets tough.

The proven value of the auction process
Without question the auction process achieves better results for most properties. The reality is that it is very seldom that we don’t have multiple interest in an ‘as is’ property and auction is the best and fairest way of dealing with competition. There are more times than not where we get a better selling price than expected and with just one property last year that didn’t sell under the hammer, it is no wonder most sellers rejoice over an unconditional result that is on their terms.

The listings keep coming
While the ‘as is, where is’ numbers have eased a little over recent months there are still a lot coming through the system, so expect more of the same and be sure to keep in touch for the heads up on that new listing before it hits the market. Here’s to many more win/wins for sellers and buyers – both parties securing upside!

 

Surge of ‘as is’ listings provides greater choice

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If you thought you had been seeing an increased number of ‘as is, where is’ properties on the market, you’d be correct. A search of Christchurch listings on Realestate.co.nz with the key words ‘as is where is’ pulls up over 230 listings.

Undoubtedly this stems from the mainline insurers’ shift towards cash-settling earthquake claims as they struggle to meet deadlines.

Interest.co.nz reports:

As at January 31, IAG (excluding its newly acquired Lumley brand) had only completed repair of 258 of the 3952 property repair claims it had received. It had cash settled 1099 claims.

It had completed the rebuild of 435 of the 4299 rebuild claims it had received. It had cash settled 2085 of these.

IAG’s executive general manager of Canterbury Recovery, Dean MacGregor, says, “We simply can’t ask our customers who have not yet signed a contract to join a construction queue, if we can’t guarantee that we can reinstate their property within a reasonable timeframe.”

It also says it has received overwhelming feedback from its customers that cash settlement has put the power back in their hands and given them freedom to make choices that work best for their particular circumstances.

From the perspective of a person who sells a considerable number of ‘as is’ properties (we’ve just chalked up our 111th ‘as is’ sale since 2012), it’s apparent that buyers are currently are enjoying a greater deal of choice than they did 18 months ago.

The ‘invisible hand’ referred to by Scottish Economist Adam Smith prevails in such circumstances. Increased supply means diluted demand, and therefore less heated competition.

More than ever before, the skills of a proven real estate professional are imperative in achieving the best possible result. With so many ‘as is’ properties on the market, it’s no longer sufficient to plaster ‘AS IS, WHERE IS’ on your marketing materials and expect the punters to show up. With refined contact systems in place, and an ever-growing e-database of over 650 buyers, you can be assured that Team Griff can give you the best chance of extracting the very best from the market. We know this market like the back of our hand.

If you’re one of the 1,000 or so policy holders now embarking on the course of a cash-settlement, we invite you to make contact for a discussion about your options and the necessary precautions. Besides, we are known for achieving great results!

Buyers welcome more choice

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Having hit midpoint of an active spring market the buying public are relishing the higher volume of available properties coming onto the open market. The New Zealand Property Report shows that we’ve had well over 350 new listings in Christchurch from September to October. Typically post-winter, owners unbolt the hatches and as the warmer weather approaches place their homes on the market, hoping to source those perfect buyers for their homes in the countdown before Christmas.

While the theory and thought of selling in an active spring market is a positive one, as is the case currently we are seeing a significant lift in stock numbers which inevitably provides purchasers with the luxury of more choice. To appreciate this shift in dynamic, it is a little like children in a lolly shop – being spoilt for choice the decision becomes harder. While sellers have enjoyed a building momentum over recent months with average selling prices reaching new highs and property being fiercely pursued, a little reprieve for purchasers has come as a welcome breath of fresh air.

While the sky hasn’t fallen in it is just a wee seasonal correction in the marketplace that home owners need to be aware of, as a little intensity comes out of the market, open home attendees wane and purchasers flip flop between properties. There is one thing that remains constant with real estate, that being change!

I don’t know about you, but I am loving the warmer and longer days (not that my garden has been seeing any benefit of that). Enjoy spring as we fast approach the festive season.

August stats show steady growth

August 2013 StatsThe stats from REINZ present a picture of an active market here in Christchurch. The median price of $374,000 is up a modest 2.6% on this time last year, although the institute’s house price index (which adjusts for different types of homes selling) found city prices rose 6.1% in a year. Canterbury homes are also among the fastest selling with an average list-to-sell period of 28 days, with the national average at 34.

It’s apparent that this strengthening market is being primarily driven by investors and first-home buyers competing for similar types of properties. Investors appear to be keen to capitalise on the frenzy in the rental market, whilst first-home buyers are keen to secure a property quickly before the Reserve Bank’s LVR restrictions come into force.

It has been my own experience that these relatively modest properties which appeal to both groups are being snapped up very quickly. One of my recent listings at 202 Beach Road, your classic three-bedroom, one bathroom, Summerhill stone home sold above asking price after only four days on the market – and it was TC3.

Links:
Liz McDonald (The Press): ‘Scramble even for ‘very untidy’ homes
REINZ: Sales and prices rising in August real estate market
NZ Herald: Sales growth slows, property prices up $5,000
David Hargreaves (Interest.co.nz): House market ‘will cool off’, say Westpac economists
BNZ-REINZ Residential Market Survey: No good news for buyers

A strong finish to the financial year…

Having just signed out of another financial year on a very positive note I am pleased to report that the year finished a lot stronger than it started (2012 was one of my quietest winters on record). While in-house real estate rankings (in my opinion) are a not true gauge of success it was satisfying to finish the year as the number one salesperson for the Parklands office. 

They say success follows busy people and yes I definitely am that, however I prefer to say, that success follows good clients and I can certainly testify to a great clientele! What more can I say than a big thank you; for your support and your belief in my expertise. The success stories that we have created together has made it all worthwhile.

Autumn a positive start
As opposed to last year the Griff Team’s start to the new financial year is most positive – in fact intense would probably sum it up better – we have a large number of new listings due to be feed into the marketplace over the next 4-6 weeks, so watch this space, we have some quality stock about to be launched onto the open market.

Listed this week
9 Evergreen Place – a stunning home of prominence providing luxury and space for the modern or large family. The first open home is today (Wednesday) and the property will be open each Wednesday, Saturday and Sunday from 1.00pm so be sure to check it out.

List to sell period down…
As above, with 70% of my business being transacted through the auction process the average list to sell period for those properties was a mere 22 days! Now that has got to be a real winner for clients and while I generally strike up a robust and positive working relationship with my clients I think it is fair to say that most prefer minimal intrusion into their busy lifestyles when selling.

So again, thank you for your support and the opportunity to work with you over these last twelve months. I look forward to another positive year ahead and to the opportunity of assisting with real estate solutions in these exciting times during the rebuild phase of our city.

The week that was and that week that is…

Easter Weekend Vista of Mt Cook
Feeling invigorated after a much needed break over the long weekend I am welcoming the challenge and buzz of our current business; an auction on Thursday, and to give you the heads up, we have a couple of new local listings due to be launched next week –
so all systems are go here with the Griff Team.

May I just pay a small compliment to my new PA Karie, while at times I think she wonders what she has got herself into she is doing a great job and I can see myself spending less time in the office as she relieves me of the day-to-day admin.

290-300 Hereford Street was launched to the market by public tender mid last week – an exciting inner city development opportunity of 2400sqm of land ripe for the picking.

21 Sylvia Street is going to auction tomorrow – my first “as is” property to be sold with insurance and full geotechnical info available.

1/38A Tilford Street confirmed last week to a first home buyer who is prepared to wait until next January when the tenant vacates – testament to the scarcity of property and shows that buyers are beginning to think outside of the square.

New listings coming onto the market – a couple of fine properties, both offered for sale by public auction and both by vendors who are relocating to new towns (one to Auckland for golf and one to Central Otago for the good life!), so high motivation to sell all round.

While it would be fair to say that enquiry was a little quieter over EasterWeekend (great for fishing) in general the real estate market is “alive and well” with steady to strong enquiry in most sectors of the Christchurch market. I think the word is out amongst
purchasers“now is the time to buy”as evident price increases and bidding wars reflect a market of a building momentum. I echo this thought and would go as far as saying “now is
acquisition mode”and the best time to do it is immediately!

So do be sure to check out Griff.net.nz for this great line up of listings and of course for up-to-date property info.

Market Snapshot

Evident confidence is returning to the both the local and city-wide Christchurch market and it would be fair to say that the north-west of the city is continuing to experience high demand. This is underpinned by a city-wide shortage of property in most areas and consequently we are seeing evidence of an upward trend in property values.

Eastern suburbs
Sales remain steady in the eastern suburbs and this month to date 60% of our sales in the Parklands office have been in the east of the city – long may that continue! Local sales include a good cross-section of TC2 & 3 rated properties and our latest in-house stats indicate that 32% were categorised TC3, so yes we have the skills and procedures in place to help most buyers and sellers get across the line.

National sale prices increase
Nationally sales values are on the increase – year to date to the end of July values have risen by an impressive 5.1%. This is a welcome trend in a lot of centres around the country where the property market has been subdued.

Selling periods
For the last quarter the average “days on the market” for properties in the north east of the city including Burwood, Queenspark, Parklands, North Beach and North shore has averaged 27 days.

Damaged homes
We continue to have good success selling “damaged as is” homes and recently we sold 41 Forest Drive for $303,000 with approx 40 parties inspecting the property, good numbers attending the auction and strong competition of 46 bids! Understandably the seller was very happy with the result.

With snippets of spring on the horizon it appears that the property market is coming alive, with people unbattening the hatches and keen to get their immediate housing goals sorted by Christmas. Here’s to a week of heightened enquiry and many sold signs!

Housing Market on Sellers’ Side

Claire Rogers at Stuff.co.nz reports:

House asking prices edged up last month as, despite buyers having more choice than this time last year, the market remains on the side of sellers.

Sales outstripped listings at a faster rate than the historical average, listings website realestate.co.nz said.

The website’s latest property report shows 9411 new listings last month, slightly down on a seasonally adjusted basis but up 5 per cent year-on-year. Asking prices increased 1 per cent on June and are up 4 per cent year-on-year.

House asking prices in the three main cities all increased last month on June, with the mean price tag in Canterbury setting a new record price – up a seasonally adjusted 0.9 per cent to $393,433 – for the third consecutive month.

Watch this space…

Further to my last blog post, yes I have had the call up to market another property that has also been deemed uneconomic to reinstate so do keep an eye on my blog and website for more hot properties coming onto the market shortly.

Mum, Dad & the Kids plus Gran on 1255sqm
While this is a quite different scenario to the “uninsured” property, for those of you who were looking for BIG with multiple bedrooms and bulk then this is the property for you. The accommodation versatility this property offers with 6 bedrooms is really quite impressive. Understandably with 360sqm of usable space provided, this executive townhouse with attached unit is very persuasive viewing! Check it out at www.feature.harcourts.co.nz/49awainoni

Auction should be in the mix…
If there is ever the opportunity, or a possibility that a property may attract competitive interest, selling your home by auction should always be in your consideration basket. Why?  Quite frankly there is no other better system, pricing structure, or technique that provides this platform of success for a seller like auction does. Almost daily I am hearing stories of multiple offers and competitive bidding. While we might have reservations about the auction process, consider the results – they speak volumes and this is auction season!

Sold for a mere $395,000!

Spirited bidding wins the day…

Congratulations to our owners of 140 Inwoods Close who yesterday sold their property at auction brought forward by an acceptable pre-auction offer. With a well patronised campaign and competitive bidding, needless to say they were very happy with the final sale price! So happy in fact that they shouted lunch.

Not a bad result for a home that was deemed uneconomic to reinstate by their insurer.