- An elderly woman sold her South Auckland home for $1.01m after a failed $1.65m deal.
- The property was auctioned with seven registered buyers, selling after 20 bids.
- The sale allows her to move into a retirement village, ending four years of uncertainty.
An elderly woman sold her South Auckland home for $1.01 million this week, after a failed real estate deal four years ago cost her $1.65m.
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The 80-year-old is still smarting from the collapse of her house sale at the height of the market. A prolific developer had bought her three-bedroom property at auction in 2021, but never settled. He subsequently wound up his business and fled the city.
Ray White Manukau co-owner Tom Rawson said the vendor decided to try the market again this week. Her Papatoetoe property was one of more than 40 on the block at Ray White’s mega auction event on Wednesday.
Developers and land-bankers fought over the 900sqm site. Photo / Supplied
Seven buyers registered for her auction, five of whom placed bids. The action kicked off at $700,000, with the price of the home rising to $990,000 before the auction paused for negotiations.
An hour later, the house returned to the floor and was announced as on the market at $1.001m. The hammer came down after 20 bids at $1.01m.
The buyer is a local developer who plans to build three or four standalone homes on the 900sqm corner site, which is zoned mixed housing suburban.
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Rawson said the owner was supported by family members at the auction and was happy to have closure after four years of uncertainty and disappointment. The sale meant she could finally move into a retirement village.
“She’s very happy with the conclusion of it,” he said.
Rawson said the owner had accepted she wouldn’t get $1.6m this time. Listing agent Pat Lapalapa, who marketed the property in 2021, had worked hard to get the property over the magic $1m mark.
The three-bedroom, two-bathroom home is finally changing hands after 52 years. Photo / Supplied
Rawson said the vendor had stipulated a short settlement for this week’s auction after being burnt in 2021, and she was pleased the sale would be completed this year.
He said it had taken a long time to get over the failed sale, which had hampered her retirement plans. “It left a sour taste in her mouth,” Rawson said.
“It was unrealised money because she never got it, so she didn’t get it taken away, but you definitely start counting it and spending it once it’s there.”
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