- A two-bedroom home in Waikawa, Marlborough, with a $1 reserve, is heading to auction.
- The property offers views of Queen Charlotte Sound and has a notice to fix from the council.
- Listing agent David Searle reports strong buyer interest, highlighting the potential to exceed $1 million.
Start your property search
A two-bedroom home in an “almost mythical” location could sell for as little as $1 when it heads to auction next month - although the vendor would prefer a buyer who's willing to pay a lot more.
The property at 9 Cooks Ridge, in Waikawa, Marlborough, has clear views of Queen Charlotte Sound, sits on 1.03ha of mostly native bush and is being sold "as is".
Harcourts listing agents David Searle and Karina Tyson declared in their marketing that the property was a "once-in-a-decade opportunity", highlighting that their vendor was "absolutely committed to selling", hence the $1 reserve.
"This is real. No games. No waiting. No 'we'll see'," they said, noting that it was not a "mortgagee sale".
The vendor wants out after running into trouble with the council over consents. Photo / Supplied
Searle told OneRoof that the house was one of the few properties "where you can get a view of both the north out to Queen Charlotte and back south toward the Waikawa township. It's all-day sun effectively, because you get it in the morning, and you get it in the evening. It's lovely.”
The vendor had plans to expand the 1990s-era home but ran into trouble with Marlborough District Council over consents.
He had poured a lot of concrete and installed the cantilevered steel floor supports before approaching the council. “There's been a retaining wall put in that also probably should have got consent,” Searle said.
Discover more:
- NZ's next Arrowtown: Baches for as little as $500K and parking isn't a nightmare
- 'As is where is' sale of Mount Maunganui legacy properties with combined RV of $9m
- Luxury Kiwi lodge that's hosted Harrison Ford and Calista Flockhart sells for over $15m
“Probably a little bit of optimism in building the extension prior to a permit being issued. There's a notice to fix from the council. So there are some fishhooks.”
Searle is known locally for handling difficult sales. “Every agent has a different type of clientele. I tend to get the mortgagee sales and the ones that are quite difficult to resolve," he told OneRoof.
“I'm an auctioneer as well. It’s nice to be able to help out, but I'm not calling this one because it's my listing.”
The listing agent said the property benefits from "all-day sun". Photo / Supplied
Searle told OneRoof that $1 reserve was "100%" his vendor's idea. “He just wants to get rid of it. He just wants it gone.”
The Blenheim-based agent has never sold a property under the hammer with a $1 reserve and is not aware of any such sales in Marlborough in the seven years he has worked in the region.
He said he was working with another Harcourts auctioneer who had experience with them. “I have spoken to Shane Cortese, the Harcourts National Auction Manager, and he's done a few of them. It's good to be able to draw on that sort of support and knowledge.”
The listing has already piqued buyer interest. “Lots of phone calls, lots of enquiries. I even had somebody at the first Friday lunchtime open home [the day after listing]. I'm really happy with that. There's definite interest,” Searle said.
“The views are drawing people in. And the potential to add value. With work, it could easily cross over the $1m mark.” The property has a $1.18m RV.
- 9 Cooks Ridge, Waikawa, Marlborough, goes to auction on December 11
