He bought the apartment in 2021 for $5m, now he’s selling with a declared reserve.
An Auckland businessman is preparing to take a $1.3 million hit on his Mission Bay penthouse apartment after paying $5m for it almost two years ago.
The near-new three-bedroom, three-bathroom luxury apartment is being sold at auction next month with an advertised reserve of $3.7m – significantly less than its CV of $5.2m.
Brien Cree purchased the 194sqm penthouse at 404/250 Kepa Road during Covid-19 when he and wife Jill made the decision to spend more time at their Omaha property and use the apartment as a city base.
But their plans have since changed and they have bought a house in the area after deciding to live in Auckland permanently to be close to work and their grandchildren.
“It’s really a case of it’s not fit for our purpose now so we’ve bought another house and really it’s a property now that’s just not required,” Cree said.
“I’ve just got to face the reality that the market has shifted and we want to sell it so we will make sure it’s attractive in the current market,” he said.
Cree has decided to sell it while it is still in an immaculate condition rather than renting it out and risk it being damaged.
“It’s just we got caught in the market – we bought on the high and we are selling on the low and that’s life.”
The property was for sale for a short-time last year, but they have now dropped their price expectation.
“At the time we were looking for sort of a full price via what we paid and that’s not the case now.”
Cree said he’s had lots of ups and downs through his life, but had worked hard and his loss would be someone else’s gain.
“Really, it’s such an amazing apartment that it needs someone living there who really enjoys it.
“Basically, what’s going to happen is someone is going to come along I think and recognise that it’s actually a bargain. But we did very well buying the house that we bought and it’s just the reality – you buy and sell in the same market and you are no worse off really.”
Ray White listing agent Andrew Fava said he would be flabbergasted if the apartment didn’t sell at auction on March 8.
“It’s just an absolute deal. At that reserve its $1.3m under what he paid for it and $1.5m under the RV.”
Apartments in both the Horizon and neighbouring Outlook apartment blocks are selling for $24,154 per sqm which, he said, would value the penthouse at $4.589m.
“We are hoping it will sell with a four in front of it every day of the week.”
Fava said it is a “phenomenally” high-spec apartment with floor-to-ceiling windows looking out to Rangitoto that would suit empty nesters or baby boomers who live locally and are wanting to downsize.
The fully automated smart home includes electric blinds, lights, audio and video, zoned heating and cooling, and has triple glazing in the main bedroom to block out any road noise.
It also has a lift that opens directly into the apartment, an enclosed garden and a unique lockable garage within the underground carpark.
“Just walk-in. There’s absolutely nothing to do.”