Warehouse Loft Conversion














Price Guide

It's an over-used cliche in Real Estate speak, but this building is unique, especially in the sense of there being nothing to compare it with.

There are few, if any, standalone warehouse lofts in Auckland that have these views, have this much space inside and out, and with this access to facilities.

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When you're setting a price for a home, there are (at least) three possible ways to determine it

1. What the CV says it's worth

2. 'Auction' price - what a bidder might say it's worth

3. What it's worth to the seller

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1. CV

From 2006 the CV of this place was $500,000 - it was a plain warehouse, and valued as such. In 2014 the council simply increased that to $630,000, (land $410,000, improvements $220,000) without any knowledge of what had changed inside. Suits me because keeps rates lower.

So don't get too hung up about the CV - it's the value of an empty warehouse, not what is actually here.

2. Auction value

One way to (try to) guess is to consider what you'd pay for it in the places where they do have similar buildings.

If you could find this in a trendy suburb, say Ponsonby or Grey Lynn, with similar space and views, I'd guess it would be worth upwards of $2 to 3 million, maybe more depending on views and access to coffee bars etc.

For comparison:

A 2 bedroom original 1950s condition bungalow in Mt Roskill sold (Sept 2015) for $1.8 million.

A tiny 2 bedroom, (79sq mtr) do-up in Glen Innes sold (July 2015) for $810,000.

3. What it's worth to the seller

In this case, this is the only relevant number - for me this place will be hard to replace - it's secure, it's warm and comfortable, it has great views, and I have everything I need at my doorstep. (And what will it cost me to buy the equivalent in today's market?)

So the minimum price today is at least $1,500,000

We fully realize that this is a high price. We're not interested in negotiating downward - we're quite happy to stay here forever, but we'll sell if someone is prepared to meet our price.




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