Written-off TC3 home tops $1m

LIZ MCDONALD
Last updated 13:10 19/05/2014
Fendalton, Glandovey Rd home
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GOING GOING GONE: The Glandovey Rd home, sold at auction, has three bedrooms, three bathrooms and a $1.87m rating valuation.

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Another luxury Christchurch home in as-is condition has sold for over $1 million.

The Fendalton house, written off by insurers and on TC3 land in Glandovey Rd, sold at auction last week for $1.25m.

The deal follows the recent $1.13m sale of a Rhodes St home in Merivale, also in as-is condition and on TC3 land (the most damage-prone category).

Demand for as-is homes began at the cheap end of the market as insurers ruled them uneconomic to repair, and has recently spread to the top end.  Typically buyers cannot get either mortgages or insurance on the properties.

Listing agent Cindy-Lee Sinclair of Harcourts said the home would have sold for $2m before the quakes.

She said demand for such properties was going unsatisfied, and 130 groups had checked out the the Fendalton house.

Such buyers were going in ''with their eyes wide open'' and some planned to rebuild or repair after renting. Some were attracted by luxury they could otherwise not afford.

Sellers were choosing to take cash payouts and move on.

"I think people are just getting tired . . . Typically they're shifting to homes where the repairs have already been done, while others are leaving Christchurch.''

The 1990s Glandovey Rd house is architecturally designed, with three bedrooms and three bathrooms, sitting on a rear section with a stream boundary.  It has a $1.87m rating valuation, of which $740,000 is for the land.

The seller was car dealer Rick Armstrong, who had paid $1.9m for it in 2005. Armstrong recently moved from Christchurch to Auckland after buying Toyota dealerships there.

Property valuer Natalie Edwards said more pricey as-is homes were coming on the market, including lifestyle blocks.

''I think there's still more to come in that upper price bracket, and there's still people running around with plenty of money.

''People have woken up to this as an opportunity for both buyer and seller, as long as they've got the cash or equity elsewhere.''

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