Monday, July 18, 2016

Why Is It So?

Today's  Herald runs a breathless story by a useless reporter who lacks the brains to ask 'Why is it so?

(Does anyone remember the remarkable professor Julius Sumner-Miller whose catch phrase was 'Why is it so?')

Image result for julius sumner miller

Apparently there are many high end residential properties in Auckland which have remained empty for many months and in some cases years.   I read the article, hoping for enlightenment but there was none.  Just some dreary statistics regurgitated by a tired scribe.

Of course there had to be a sensational picture.

A Spanish-style, turret-topped Herne Bay house at 81 Sarsfield St has stood empty for years and is now being demolished. Photo / Jason Oxenham

Auckland's most high-profile empty mansion is the Spanish-style, turret-topped Herne Bay house at 81 Sarsfield St, which is thought to be worth about $15 million. It has stood empty for years and is now being demolished.

It's pretty easy to figure out why so many high priced properties are vacant.  Nobody wants to buy the bloody things because the rice is too high.  Pretty simple really.  And as for the property pictured above, it's not worth $15 million or any where near it.  It is worth land value less demolition costs.


J Bloggs said...

I know at least 2 "Ghost Properties" near where I work in Auckland. The reason they are empty is that they have severe weather tightness issues and are uninhabitable. They have been up for sale for months and no one has bought them as yet.

It would not surprise me in the slightest if many of the so called ghost properties are in the same state, and for the same reasons.

PC said...

What business is it of the Herald what people lawfully do (or don't do) with their own private property? And as for that "former resident" who is "upset" at an empty house ... get a grip.

I have a car I hardly ever drive. Is that anybody's business but mine?

Johno said...

PC, you heartless bugger - a family could be living in that car!

Adolf Fiinkensein said...


Very droll. Very good!

The Veteran said...

Johno ... ditto

paul scott said...

I keep a close watch on PC, and rarely have to sanction him. He is right, usually and here. It is private property, and it is worth what it is worth.

Anonymous said...

Wrong again Flinko. Properties like this are are not for living but for investment by sometimes, offshore companies, they are not interested in providing living accommodation but in a long term massive profit....they will wait for decades if necessary.

Google Billionares Row Bishop Ave London.

The Guardian revealed in 2014 that in total 16 of the properties (an estimated worth of £350 million) are derelict and have not been lived in for several decades. According to one resident, perhaps only three of the houses are occupied on a full-time basis. One house, Heath Hall, was originally put on the market in 2011 for £100 million, but was later sold in 2015 for £25 million. Most of the properties in the most expensive part of the avenue are registered to companies in tax havens including the British Virgin Islands, Curaçao, the Bahamas, Panama, and the Channel Islands, allowing international owners to avoid paying stamp duty on the purchase and to remain anonymous.

Better than money in the bank......particularly if it dodgy money.

Lord Egbut Nobacon

Adolf Fiinkensein said...


You've outdone yourself. They are such good value that they have to be demolished.

Noel said...

Herne Bay properties average nearly 2 million. Not surprising its been demolished to build something more saleable for the investor.

Anonymous said...

The problem is welfare and super. Stop that and houses will be affordable overnight.