$1 reserve auction of beach home
Red-stickered house expected to attract great interest
Only a handful of people have so far registered to put their hands up for a beachfront property selling for what is believed to be the Coromandel’s first ever $1 reserve auction.
The Thornton Bay property was a high profile casualty of the extreme weather that struck the Coromandel over Auckland Anniversary weekend. The storm caused a slip above the property that knocked the house off its foundation.
Homeowner Dennis Raines, 95, had been sleeping inside and had not heard the slip or the house creaking from the pressure. He was whisked away to safety after a local handyman checked on him.
His home of 27 years was redstickered and deemed uninhabitable.
The 95-year-old owner had not received enough insurance money to fund a rebuild so had purchased a unit in Thames after being evacuated.
He and his family have instead decided to sell the property at 312 Thames Coast Rd on an “as is, where is” basis with a $1 reserve.
Harcourts salesperson Steven Bridson said Raines’ sons Clive and Neil would be attending Saturday’s auction on behalf of their father, who was unlikely to be there.
Neil told The Valley Profile last week that the situation had been very stressful for his dad who had not returned to the property.
The family were now looking forward to getting closure, he added.
Bridson said while there had been
huge interest in the property, he only had a “handful” of buyers registered to bid so far.
He said people shouldn’t assume what it would sell for or dismiss it by thinking there would be a huge amount of competition.
“At the moment, it’s kind of like you’ve got to be in to win.” thames coast road slip house Those interested in the property, which has a rateable land value of $560,000, include those wanting to clear the site and use it as a base for their motorhome or to live on it in a tiny home, as well as developers.
A New Zealand buyer currently in France watching the Rugby World
Cup was also planning to bid online.
While other people had also contacted him after seeing the large, unmissable $1 reserve sign outside the property while driving along the Thames Coast Rd.
Interest had come from Auckland and Hamilton, as well as those living in other parts of the Coromandel such as Whitianga who were looking to cut their commute and move closer to Thames.
Bridson expected a big turnout from the community for the auction at Harcourts Thames, adding that they might even have to reserve the front seats for those registered to bid.
“It’s going to be the biggest auction for the region, I think. I’ve been here five years and I haven’t seen anything bigger than that.”
In his 18 years of calling properties at auction, this is the first one he’s done with a $1 reserve.
“I’ve done a quirky auction before with a marketed low reserve . . . I’ve also had other bits and pieces where the tractor is included or the boat is included.”
Oneroof understands this is the only $1 reserve auction in Thamescoromandel.
In the Waikato, there’s only been one property sell with an advertised $1 reserve, which was when Lodge real estate agent Trevor Palmer decided to auction off his threebedroom, one-bathroom rental property on Rhode Street in Frankton in 2012. The risky tactic paid off for Palmer who ended up selling it under the hammer for $232,000, which was within the estimated market value at the time. A second property at 160 Cemetery Rd, in Whatawhata, was due to be auctioned with a $1 reserve earlier this month, but the auction was postponed and a new date is still to be confirmed.