Prices have slumped at an inner-city apartment block that is struggling with its own financial problems and a general downturn in the market.
Last year, a one-bedroom unit in Wakefield St's Metro City Apartments sold for $195,000.
Now, because of serious financial problems with the company that owns some of the tower and a downturn in the apartment market, $100,000 is the asking price for the same unit.
The receivership of Metro City Apartments Ltd has revealed debts of about $10.5 million.
Sixty-four of the 109 units in the tower are still unsold since completion late last year.
The rest were sold to private investors.
Now receiver David Davidson, of PricewaterhouseCoopers, has called it a day and told the real estate agents to sell those apartments.
But price expectations are fairly low.
They are expected to fetch about $6.5 million, giving an average of just $100,000 for each of the one-bedroom and studio units.
The block is being touted overseas in the hope that a foreign investor might want to buy into the languishing sector.
Apartment price has nearly halved
AdvertisementAdvertise with NZME.