If A Hovel is Worth $1.075M What’s Your Place Worth?

Auckland property: Grey Lynn hovel sells for $1.075m
By Lane Nichols
Wednesday Oct 8, 2014

 

 

 

Photos Jason Oxenham
A potential health hazard that comes complete with rotting floorboards and nicotine-caked walls has sold for $1.075 million this afternoon.
The badly rundown "do-up" in upmarket Grey Lynn was expected to fetch $1 million at auction, but sold for well above that, with three main bidders in an auction held today.

The late-1800s two-bedroom settler's cottage at 2 Leighton St was being touted as "the worst house in the best suburb".
The deceased estate has a 2011 valuation of $690,000, almost all of which is for its 381sq m of land. Real Estate Institute figures show the median sale price last month for the fashionable Grey Lynn postcode was $1,067,500.

The freehold property has no electricity or running water, with a rusting gas oven sitting marooned in the filthy kitchen.
The lounge walls are stained yellow with years of nicotine build-up, and weeds spill from the outside guttering.

link:

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11339278

 

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