Key Takeaways:
- Whitianga’s beach shed at 5 Carina Way is relisted for $571,000 after a buyer defaulted on the purchase.
- The property features a 90sqm garage with laundry and bathroom, but lacks consent for bedrooms.
- Interest in the property varies from adding a cabin or caravan to building a permanent home alongside the shed.
- Vacant sections in the Coromandel town tend to hover around the $500,000 mark.
- The vendors are still open to running another $1 reserve auction if the property doesn’t sell over the summer holidays.
Introduction to the Beach Shed
The beach shed at 5 Carina Way in Whitianga has been relisted for sale at $571,000 after a buyer defaulted on the purchase. The property was initially sold at a $1 reserve auction, but the buyer failed to pay the remaining sum by the agreed settlement date. As a result, the buyer lost their deposit, and the vendors are now reselling the 501sqm property.
Features of the Property
The large storage shed on the property has a kitchenette, laundry, heat pump, and smart vent system. It also includes a full bathroom, making it a unique and desirable feature. However, the shed itself does not have the required consent for bedrooms. Despite this, there is room on the section to park a tent or caravan, providing potential buyers with various options for use.
Interest in the Property
According to Bayleys listing agent Belinda Sammons, there has been a mix of interest in the property. Some buyers have planned to add a cabin or a caravan, while others have considered building a permanent home alongside the large shed. Sammons notes that the property is "entry-level" and "affordable" compared to other options in the area, with vacant sections in Whitianga’s Waterways selling for around $500,000.
Comparison to Other Properties
Properties with restrictive covenants can be picked up for around $500,000, while those in the older parts of town and with fewer covenants tend to sell for a premium. For example, a 1030sqm section at 1C White Street is priced at $595,000, offering more flexibility for potential buyers. Entry-level properties on freehold sections can sell for between $650,000 and $700,000, making the beach shed at 5 Carina Way an attractive option for those looking for a more affordable entry point into the market.
Vendor’s Perspective
The vendors are still massive believers in $1 reserve auctions, despite the initial sale not going as planned. They had previously run a $1 reserve auction for a caravan that had fallen over, but which resold for more on a second attempt. The vendors are open to running another $1 reserve auction if the property doesn’t sell over the summer holidays, and they have put a fixed price on the property to attract interest from holiday-goers.
Conclusion
The beach shed at 5 Carina Way in Whitianga offers a unique opportunity for buyers looking for an affordable entry point into the market. With its desirable features and flexible options for use, the property is sure to attract interest from a range of potential buyers. Whether you’re looking to add a cabin or caravan or build a permanent home, this property is definitely worth considering.