7 August 2008
Dear Malcolm,
Re Market Valuation: 42-44 Spencer Avenue, Maketu
Thank you for giving Century 21 Real Estate the opportunity to inspect the above mentioned property and offer the following appraisal.
Details of your property:
1 42 Spencer Avenue
Legal Description Lot 6 DPS 7148 BLK IV MSD
Area 840m2
Rates $1500.00 approx
CV $242,000.00 approx
2 44 Spencer Avenue
Legal Description Lot 7 DPS 7148 BLK 1V MSD
Area 822m2
Rates: $500.00 approx
CV: $157,000.00 approx
The key selling features:
- Brick dwelling
- Lovely views from house site
- Mature trees including fruit trees
- Quiet peaceful location
- Cul de sac
- The section would need clearing and access would need to be clarified.
Current Market Conditions
Sales over the past twelve months have slowed considerably. The urgency seems to have gone out of the market although we are still experiencing sales, the time properties remain on the market is beginning to increase. We foresee a leveling out of values as more come to the market.
Recent Sales: NB. (There have been no recent sales in Maketu since May 2007)
Address Sale Price CV Land Size (m2) Date of Sale
86 Arawa Road $350,000.00 $288,000.00 809m2 Feb 07
20 Otimi Street $350,000.00 $287,000.00 1014m2 May 07
119 Townpoint Road $375,000.00 $330.000.00 1023m2 Mar 07 (section)
48 Spencer Avenue $253,000.00 $201,000.00 1482m2 Nov 06
16 Little Waihi Road $270,000.00 $182,000.00 526m2 May 07
Please be aware that the market is not what it was