15 May 2017

In Christchurch, what is an ‘as is where is’ property?

From Christchurch Dilemmas, 6:00 am on 15 May 2017

Paul and Anthony are speculators in the booming "as is, where is" property market -  a uniquely Christchurch real estate offering.

Earlier this year, they bought a broken house in New Brighton for $290,000. The previous owners had cash settled with their insurer and used that money, and the sale proceeds, to settle elsewhere.

The pair said they spent $140,000 repairing and upgrading the house, and it was recently re-listed, seeking offers over $530,000.

Former mayor Garry Moore and his wife Pam Sharpe could sell their home "as is", but won't. They fear the sale of un-repaired properties will result in an unstable housing market, with many people living in unsafe, damaged homes.

Christchurch Dilemmas speaks to the speculators, a real estate agent, a lawyer, and seeks an explanation from the Christchurch City Council as to how the sale and purchase of severely-damaged properties can go un-recorded on property files.

What are the implications for home buyers 10 or 20 years down the track?

The warning is clear. Caveat emptor, buyer beware.