- A junk-filled Christchurch property is on the market for the third time in over a year.
- The property caught fire after being bought by a flipper, leaving it uninhabitable and uninsured.
- It's now a mortgagee sale, pitched as "ripe for development" to builders and developers.
A junk-filled Christchurch property with the worst luck ever has hit the market for the third time in over a year after the mortgagee was forced to step in.
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The property at 104 Estuary Road, in South New Brighton, Christchurch, first appeared for sale in March last year and was loaded inside and out with junk.
It was “not for the faint-hearted”, and the listing agents warned potential buyers they would need hard hats to view it. “The lawns and gardens are overgrown, the yard has car bodies, there’s even a caravan, someone’s junk is another man’s treasure, so be sure to check it out,” the agents said.
The house is unhabitable after about 70% of it was destroyed in the fire. Photo / Supplied
At the subsequent auction, the "as is where is" property was scooped up by a flipper, who fought off intense competition from six other bidders. They paid $368,000 and had intended to renovate the property for resale.
But their plans were thwarted after the home caught fire just weeks after they took possession, leaving them with nothing but a burnt-out shell of a house and a pile of rubble. There was no insurance, so the property was relisted for sale.
Harcourts agent Harsh Singh told OneRoof at the time of listing the property that his client had decided to count their losses and sell it for whatever they could get at auction.
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Singh said much of the interest in the property had been from builders and developers who planned to clear the 759sqm site and build a new home. Three bidders turned up at the auction in May this year, and one bought it for $360,000 – $8000 less than what the owner had shelled out for it a year earlier.
Singh confirmed to OneRoof this week that the purchaser paid the deposit on the property, but never settled. He did not know why.
The property is now listed as a mortgagee sale, with Harcourts mortgagee specialist Tristan Harcourt tasked with selling it.
He declined to comment, but his listing says the significant fire damage had left the house uninhabitable. He pitches the 759qm section as “ripe for development”.
“An excellent opportunity for builders, developers, or investors seeking a project with great potential,” he writes.
- 104 Estuary Road, in South New Brighton, Christchurch, goes to auction on August 14
