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A burnt-out Christchurch property is on the market for the third time in more than a year after a mortgagee specialist was forced to step in.
The property at 104 Estuary Rd, South New Brighton, was initially put up for sale in March last year while filled with junk, OneRoof.co.nz reported.
“The lawns and gardens are overgrown, the yard has car bodies, there’s even a caravan, someone’s junk is another man’s treasure, so be sure to check it out,” the agents told OneRoof at the time.
The "as is where is" property was then bought by a trader, who paid $368,000 and had intended to renovate the property for resale. The home caught fire just weeks after they took possession of it, leaving them with nothing but a burnt-out shell of a house and a pile of rubble. There was no insurance, so the property was relisted for sale.
But the trader took a big hit, selling the property for $8000 less at auction after the fire derailed their plans for the property.
Harcourts agent Harsh Singh told OneRoof at the time of listing the property his client had decided to count their losses and sell it for whatever they could get at auction.
Three buyers bid on the burnt-out shell in May this year, with offers rising from $70,000 to $210,000 before the auction paused for negotiations. It returned at $360,000 and sold at that level, inclusive of GST.
Singh said the vendor took the “little hit” but was pleased to move on. But Singh told OneRoof earlier this week the purchaser paid the deposit on the property, but never settled.
The property is now listed as a mortgagee sale, with Harcourts mortgagee specialist Tristan Harcourt tasked with selling it, OneRoof reported.
He declined to comment to OneRoof, but his listing says the significant fire damage had left the house uninhabitable. He pitches the 759qm section as “ripe for development”.
The current listing says it is "an excellent opportunity for builders, developers, or investors seeking a project with great potential".
-Allied Media