GREAT VIEWS, TWO TITLES, EASY DO UP

Listing Number:  1383
Posting Date:  25 February 2009






 
Price:$169,500
Listing:GREAT VIEWS, TWO TITLES, EASY DO UP
Type:House : Subdivision Potential
Category:Double Settlement
Bedrooms:3
Bathrooms:1
Region:Bay Of Plenty
Site Area:89 m2
Address: Login
Building Area:1406 m2
Property Image

Description:

Great opportunitiy - 3bdrm Home on 463m2 requring a simple renno with spare 943m2 section ready to be developed.

Currently the property is in two cross leased titles and both the existing house and section have views out over lake Rotorua.

The house requires a simple renovation or could be sold as is. Then you would be left with a flat 943m2 section that can have a house and a subsidary dwelling built or relocated onto it. ie: When the house is sold the 943m2 section will cost you nothing.

Alternatively you could lease option the existing house and develop the section.

Figures as follows:

PP $169.5k
Renno $ 8k
Total (say) $178k
Sell house $175k

Section Costs $3k

Develop Section $95k (max includes contigency and all costs)

The valuer has said that the back site with a 3bdrm dwelling in good condition on a 943m2 site that has the ability to have a subsidary dwelling and views of the lake would have to be worth $220k. Sell at anything under $200k for quick sale and realise profit or utilise equity created and go again.

I have 3bdrm house with deck available to relocate, requires paint only in lounge. Great house $68k sited. This allows $27k for sewer, water, power, driveway and contingency.

I have quotes for the whole job and am happy to project manage for a small fee.