- Whitianga's beach shed at 5 Carina Way is relisted for $571,000 after a buyer defaulted.
- The property features a 90sqm garage with laundry and bathroom, but lacks consent for bedrooms.
- Interest varies from adding a cabin or caravan to building a permanent home alongside the shed.
Whitianga’s fanciest beach shed has been relisted for sale two months after it sold for $571,000 at a tense $1 reserve auction.
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The South Island buyer paid the deposit for 5 Carina Way in October but failed to pay the remaining sum by the agreed settlement date.
Bayleys listing agent Belinda Sammons said she had never experienced this before in her 24-year career in real estate.
The buyer lost their deposit, and the vendors were reselling the 501sqm property for $571,000.
The large storage shed has a kitchenette, laundry, heat pump and smart vent system. Photo / Supplied
The well-appointed storage shed also includes a full bathroom. Photo / Supplied
“Obviously, the owners are gutted because it was just before Christmas, and they were expecting to move on. But hey, they obviously want it sold,” Sammons told OneRoof.
They had put a fixed price on the property to attract interest from holiday-goers, but had not ruled out running another $1 reserve auction if it didn’t sell over the summer holidays.
The original auction attracted more than 20 registered bidders and saw 68 bids placed. The underbidder had missed out by $1000, but had since found another property to rent while they built, so they were no longer interested.
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Sammons said the vendors were still massive believers in $1 reserve auctions despite the sale not going as planned. They had previously run a $1 reserve auction for a caravan that had fallen over, but which resold for more on a second attempt.
The Carina Way property is unusual in that it comes with a 90sqm garage and utility building that has a full laundry, benchtop and bathroom. The shed itself does not have the required consent for bedrooms, but there is room on the section to park a tent or caravan.
Sammons said there had been a mix of interest in the property. Some buyers had planned to add a cabin or a caravan, while others planned to build a permanent home alongside the large shed.
Sections in Whitianga's Waterways such as this one at 8 Norma Way can be picked up for between $450,000 and $500,000. Photo / Supplied
Properties with fewer covenants, such as this 1030sqm section at 1C White Street, give buyers more options and tend to fetch a premium. Photo / Supplied
“It’s entry-level," she told OneRoof. "It’s affordable in the sense that you’ve got something on it, not just a section.”
Vacant sections in the Coromandel town tend to hover around the $500,000 mark, with one such property at 8 Norma Way, in Whitianga Waterways, for sale for $495,000.
Richardson's listing agent Abby Lawrence said sections with restrictive covenants could be picked up for around $500,000, while those in the older parts of town and with fewer covenants sold for a premium.
Lawrence said while the covenants helped to protect the character of the town, there were still property owners who wanted sections with fewer rules.
“If we have a section that has relaxed covenants, generally those sell a bit quicker because you can come and holiday with a caravan on the section for as long as you need. Being the king or queen of your own castle now is actually getting a bit rarer.”
An example of a section with basic covenants was 1C White Street, which is on a 1030sqm section and priced at $595,000.
Meanwhile, entry-level properties on freehold sections could sell for between $650,000 and $700,000.
Lawrence said 8 Joan Gaskell Drive, which is priced at $695,000, was a good example of a private two-bedroom property on a freehold site at the lower end of the market.
“It’s an absolute central secret. It’s immaculate,” she said. “You could just turn up. Put your food in the fridge because it’s being sold fully furnished, put your clothes in the wardrobe, and you could literally get on with life.”
- Click here to find more properties for sale in Thames Coromandel
