After 16 open homes and more than two months on the market, an apparent Auckland bargain selling for a little over a third of its $1.2 million valuation still hasn't got a buyer.
Rob Facer wants to sell 66 Wheturangi Rd in Greenlane, a leasehold property incurring a $30,000 annual ground rent payment.
That is fixed until 2027 so there are no surprises, he says, adding that he and Annalisa Johnson are selling only because they need to shift for family reasons.
Michael Beck, a Ray White salesman, said the leasehold title deterred many people.
"We've got a lot of people viewing it. A lot are not familiar with leasehold but see the price and need to be brought up to speed with what it means. They say, 'Okay, we'd better look elsewhere'," said Mr Beck, who is assisting listing agent Martin Honey of Ray White Pure Realty.
The 289sq m house has four double bedrooms and stands on a 1093sq m section.
"You can have the home you could only have dreamed of," says the ad.
The house is close to schools and shops, in the Cornwall Park Primary School and Remuera Intermediate zones with internal double garaging and off-street parking for four cars.
Mr Facer said he did not plan to cut the price from $475,000. QV records show the property sold for $142,000 in 1989 and $382,000 in 1999. Mr Beck said would-be buyers expressed concern about not getting a capital gain from the place.
The length of the advertising campaign indicated people's unwillingness to buy leasehold property. "It's a long time. Most properties of a desirable nature have a three-week campaign," Mr Beck said.
The Real Estate Institute says Auckland houses took a median of 30 days to sell last month, faster than the national median of 34 days.