Steve Fejos’s
JANUARY 2012
Year starts with fewer properties for sale The Real Estate market is now firmly in the peak summer season and with the more balanced market in terms of inventory of unsold properties on the market the options seem more open for both active buyers and sellers. The inventory of unsold homes on the market eased slightly in December following a fall first seen in November. The expectations from October was to have seen some rise over the summer but with keen buying activity the rise in new listings in November did not result in building inventory – quite the reverse. New listings fell across most of the country in December with just 6 of the 19 regions seeing any increase on a year-on-year basis. The Wellington Region saw a 5% drop in properties listed for sale in December. Source: realestate.co.nz
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Courtesy of Logan Brown Restaurant you are offered the opportunity to win dinner for two to the value of $250.00 To go into the draw fill in your name address and telephone number and mail your Newsletter by the end of the month to: “RE/MAX Leaders Logan Brown contest” PO Box 24262 Manners Street Wellington 6142 To email your entry: Email remax@homenet.co.nz and include the following details: Subject: Logan Brown contest Email: Your name, address, and contact phone number and the name of the agent who sent you the newsletter. Newsletter sent to me by
of RE/MAX Leaders
Name Address Telephone
Email Last month’s winner was: J Kirby of Newlands.
Mortgagee Sales and Insurance Sally was very excited to be the successful bidder at an auction for a mortgagee sale property. She had looked at and approved the LIM report and builders report for the property and had ticked all the boxes in terms of investigating the property before going to the auction. However, once the signed Agreement for Sale and Purchase was sent to her lawyer, her lawyer pointed out to her that the usual clause in the Agreement confirming that the property would be at the (insurance) risk of the vendor (or seller) until settlement had been deleted, as is often the case in mortgagee sales. This meant that the insurance risk for the property became Sally’s from the date of signing of the Agreement. It transpired that the property was not insured as the owner had not been able to keep up with payment of premiums. Sally found it impossible to get insurance before settlement as insurance companies were concerned that the current disgruntled owner who was being forced to sell was still in the property and that the property was likely to be damaged by that owner. Sally had to hope that the property wouldn’t be damaged (or burnt down!) before settlement which was two weeks later. When buying at a mortgagee sale, it is important to have a lawyer review the documentation before you go to auction. In situations like the above, insurance companies will often agree to insure if there is a term included in the agreement confirming that the property is at the risk of the purchasers from the date of the Agreement. The other option is to make the settlement date as soon as possible after signing the Agreement. By Claire Coe Rainey Collins Lawyers www.raineycollins.co.nz or follow us on Twitter @RaineyCollins
LOCAL REGION RESIDENTIAL PROPERTY ANNUAL PRICE MOVEMENT AREA Horowhenua Kapiti Coast Porirua Upper Hutt Hutt Wellington Wellington City & South Suburbs Eastern Suburbs North Wellington Western Suburbs Masterton Carterton
AVERAGE SALE PRICE
PROPERTY VALUE GROWTH
$219,323 $359,265 $408,759 $340,291 $374,985 $482,463 $473,665 $496,121 $451,233 $580,109 $242,216 $246,969
-2.6 -0.8 -1.0 -0.6 -1.4 0.3 0.9 0.7 -0.2 -0.6 -0.6 -0.5
Source: QV As at November 2011
PHONE 04-475-5021 CELL PHONE 0275-621-777 EMAIL sfejos@leaders.co.nz Disclaimer: All the information published in Property Update is true and accurate to the best of the publisher’s knowledge. No liability is assumed by RE/MAX Leaders, nor the publisher, for any losses suffered by any person or organisation relying directly or indirectly on this newsletter. Leaders Real Estate Group represented by: Leaders Real Estate (1987) Ltd, Northside Realty Ltd, Villa Real Estate Ltd. Licensed under the Real Estate Agents Act 2008
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