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Home arrow Articles by Topic arrow General arrow The great coastal property con? [Full article]
The great coastal property con? [Full article] PDF Print
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Articles - General
Written by Joanne Black, The Listener   
Friday, 15 May 2009
The mad rush to develop coastal property is over, leaving a glut of sections and owners facing big losses.

When Sherryn and Grant Davis first listed their Far North property for sale, it attracted plenty of interest. The 511sq m bare section is a sunny, slightly contoured, easy building site in a small fully serviced subdivision, just a minute’s walk from Hihi Beach in Doubtless Bay and 15 minutes’ drive from popular Coopers Beach.

Prospective buyers who went to see the property said they liked it, and no one suggested the $250,000 price tag was unreasonable, Sherryn says. But two years later, it is still listed on Trade Me, the phone has stopped ringing and the Davises have reduced their price expectations to $200,000.

Variations on the Davises’ story are common, especially in the Far North. In some beach areas, for-sale signs up to two years old stand as a silent testimony to the market for coastal property having come to a juddering halt.

The full text will be available online on 2/05/2009.
Subscribe online to the NZ Listener.

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