News — May 2009

31 May 2009

A BUSY MAY

May has been another busy month for us with some good sales. Sue Hatton sold 4 Bannerman Rd and 12 Kingsley Street in the last 7 days and reports that she is currently dealing with a number of cashed up buyers who simply need to purchase as their own settlement dates loom closer. The result she achieved at 12 Kingsley was what I would call "wow" money. Well done Sue. The written vendor reference says it all: Sue was the perfect choice for them.

All of our agents are right in the thick of the action, so if you are looking for good honest property advice, or want to take advantage of our marketing specials or would like to benefit from the way we do things please feel free to contact one of our team members.

It's their job to help you.

29 May 2009

A BIG DOSE OF VITAMIN REAL ESTATE

It's been outrageously busy and we are loving it.

Let's cut to the chase and discuss the positive effects that two key factors are having on the local market.

The BNZ talk of a migration boom that is happening here and now. New Zealand is enjoying a sharp increase in net migration inflows. This is brought about by fewer Kiwis leaving and an increase in the numbers returning home.

We are definitely seeing the effects of this at a local level. Genuine enquiry for local property is sky high at present. Earlier this year we sold a property in Grey Lynn. At the time 5 offers were presented in one evening and the home was sold.

Approximately eight weeks later, the person who was the silver medallist in the multi-offer situation phoned to express his frustration at not being able to find any other decent housing for his family, and he wanted to offer the new owner a $55,000 profit to on-sell the property.

The market had changed dramatically and become more buoyant in those eight weeks and his was a genuine offer to the new owner who politely declined.

I have not heard of this happening for a number of years.

The ASB reports that confidence in the housing market has continued to rise. In its most recent housing confidence survey, the ASB state that 6 out of 10 respondents report that this is a very good time to buy. Confidence is a huge factor in any market and it is clear that it has returned to Greater Ponsonby.

We are fielding plenty of buyer enquiries that totally support the findings of that survey. The bank's chief economist Nick Tuffley said that respondents have become "increasingly enamoured with the housing market." 

We say this is absolutely true. Buyers are falling in love with property all over again. But here at Custom we don't talk 'enamoured, we ask the buyers directly: Fallen in Love Lately?

15 May 2009

Two Interesting Sales to Give You A Snapshot

Last week was a busy one.

Kerri Wayman had to bring the Set Sale date forward by a week on 15 Moira Street due to the level of interest in the property.

One unconditional buyer in particular made his intentions very clear and owned the property within hours of making his offer. Our vendors were very happy, their written reference says:

"We are really pleased with a swift and excellent deal from Kerri and John. The team at Custom are very motivated and able to produce great results in an unstable market."

Nic Blackie continues to get the job done and sold another Grey Lynn do-up through her huge database of local buyers. It was a highly sought after property in a great location and it lasted all of 48 hours on the market! The fantastic bay villa with original fretwork, original fireplaces and high ceilings still intact sparked a mass of buyer activity with 3 offers coming in (2 of which were unconditional) and the property was sold on Sunday night for a premium figure setting a benchmark for other do-up properties in Grey Lynn.
 

Needless to say - our vendors were delighted, please read what they had to say:

"Nic, thanks again for all your hard work and efforts over these past weeks and especially today. It's all quite surreal and we still can't quite believe it as it's all happened so quickly and without any stress. I don't think we could have asked for a better outcome really, the approach and strategies you put in place were perfect. Mum just got the best Mother's Day present ever!" 

Read more glowing references here...

15 May 2009

The Pendulum Has Swung

Not since 2004-2005 have I received so many phone calls from buyers who are wanting to know: "What have you got coming up?" and "What can you get me through?"

All of our agents are getting similar phone calls on a weekly basis.

The fact of the matter is that we are currently dealing with a pool of buyers who have very itchy feet. Most have sold and have a settlement date fast approaching or are already cashed up and wanting to move out of the rental property into their new home. These people are motivated buyers with genuine urgency and the desire and wear-with-all to get their name on a property title.

Last year we heard all about motivated vendors, but in recent times, the pendulum has swung. Big time.

We are currently working with 8 families who need a renovated 4 bedroom, 2 bathroom home in the Avenues, Northern Slopes, Grey Lynn or Westmere. Will pay from $900,000 to $1,600,000.

This is a biggie: we have over a dozen young executive couples looking for do-ups in Grey Lynn, Westmere, and Greater Ponsonby. They'll pay up to $800,000 but must be a Bay villa or Square front villa or a Bungalow with genuine character.

We also have executives who don't want to lift a finger and will pay to move into a fully renovated 3 bedroom home in our area. Will pay in the region of $800,000 to $1.2 million.

Vendors who are prepared to make a commitment to us get nothing less than 110% effort from their Custom Residential agent plus our whole team. If you're prepared to make a commitment to sell with us, we're prepared to make a huge commitment to you. Our results (see our recently sold here) speak for themselves.

6 May 2009

A LOCAL MARKET UPTURN?

Last Sunday, a major weekend newspaper reported: "A cautious murmur of optimism can be heard from some economists, property companies and estate agents: they are hoping that a slight upturn in house sales may herald the start of the recovery."

On that same Sunday, we ran our auction at 6 Grosvenor Street in Grey Lynn on which our Auction Report below gives you the story in full specific detail.

What we saw that day confirms that in our area, the appetite and interest in relation to quality property is well and truly back. There's no disputing this, and it's great news for local home owners.

It may well be, that the newspapers are on to something here.

6 GROSVENOR STREET AUCTION REPORT

The specifics: 

•  197 Groups viewed the property over 3 weekends.

•  120 People (approximately) attended the auction.

•  There were 5 bidders on the day. One starter and 4 taking it forward.

•  $1,100,000 was the sale price on the day. Comfortably exceeding the vendors reserve.

•  Nic Blackie did a superb job with all the ‘unseen' preparation that goes into a day like that.

Our vendors are thrilled with the result, and we have since fielded plenty of phone calls from parties interested in the result but couldn't attend on the day.

I believe that after an initial market upswing about 6 weeks ago, things have just raised another notch in terms of enquiry levels on all properties and personal phone calls from buyers who are frustrated that they can't find the home they need.

Finally, some genuinely encouraging news for vendors who have had to read some pretty dire reports over the last 18 months or so.

 

2 May 2009

WE ARE LOOKING FOR YOU!

Due to solid growth of the Custom Residential brand over the last 5 months, we now require a small number of quality local people to join our team.

 

We are speaking with both established agents and people who are completely new to the industry. We have a team culture that is based on service and success. We see exciting times ahead and provide full training and support for the right applicants.

 

Success breeds success and we believe we have the fire power and know-how to propel our agents to the top of the tree very quickly. These positions are commission only and require the highest levels of customer care.

 

If you love property, enjoy working with people and are prepared to roll up your sleeves, you should contact us today and find out why now is a perfect time to act.