Bay of Plenty Times
  • Bay of Plenty Times home
  • Latest news
  • Business
  • Opinion
  • Lifestyle
  • Property
  • Sport
  • Video
  • Death notices
  • Classifieds

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • On The Up
  • Business
  • Opinion
  • Lifestyle
  • Property
    • All Property
    • Residential property listings
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
  • Sport

Locations

  • Coromandel & Hauraki
  • Katikati
  • Tauranga
  • Mount Maunganui
  • Pāpāmoa
  • Te Puke
  • Whakatāne
  • Rotorua

Media

  • Video
  • Photo galleries
  • Today's Paper - E-Editions
  • Photo sales
  • Classifieds

Weather

  • Thames
  • Tauranga
  • Whakatāne
  • Rotorua

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Bay of Plenty Times

Lakes subdivision sections 'over priced'

Bay of Plenty Times
2 Mar, 2011 12:42 AM2 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

Sections at The Lakes subdivision ended up over-priced and contributed to slow sales, building industry sources say.
The receivership of the giant development in Pyes Pa West has been received with sadness by the development sector and city leaders.
Building firms contacted by the Bay of Plenty Times said they
would provide land and house packages at a more affordable $400,000 and less, by paying around $130,000 for a 500-600 sq m section.
One firm said it was interested in buying 20 lots but the developer wanted to sell individual lots and create competition amongst the builders.
"We were never prepared to commit to buying land at the prices they wanted, but there is real demand in Tauranga for houses under $400,000," said the firm's manager, who spoke on condition he was not named.
"I feel for Grasshopper - they had the costs of the development, the council fees and the medium density dreams forced on them," he said.
Tauranga mayor Stuart Crosby said Grasshopper had been open and professional to deal with.
"I feel for them. They have put so much into the community and the city should be proud of their product.
"Their pre-sales didn't eventuate and that severely impacted on their cash flow. It created a cascade. They were caught at the wrong time by the credit crunch," said Mr Crosby.
He said the receivership was no risk to the council - other than the economic slowdown. "There are 2000 sections available across the whole city, and there needs to be a price adjustment.
"Talking to the bankers and developers, a $10,000 difference to a section price can make a world of difference in selling a land and house package."

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.
Save

    Share this article

Latest from Bay of Plenty Times

Bay of Plenty Times

Rugby showdown: Local teams gear up for Baywide semis

09 Jul 06:00 AM
Bay of Plenty Times

Rain train: Weather watches keep rolling in for Bay of Plenty

09 Jul 01:32 AM
Bay of Plenty Times

'I wasn't prepared to wait': Youngest Govt MP on seizing his big opportunity

09 Jul 12:26 AM

From early mornings to easy living

sponsored
Advertisement
Advertise with NZME.

Latest from Bay of Plenty Times

Rugby showdown: Local teams gear up for Baywide semis

Rugby showdown: Local teams gear up for Baywide semis

09 Jul 06:00 AM

Whakarewarewa dominated Te Puna with a 57-10 win in Rotorua.

Rain train: Weather watches keep rolling in for Bay of Plenty

Rain train: Weather watches keep rolling in for Bay of Plenty

09 Jul 01:32 AM
'I wasn't prepared to wait': Youngest Govt MP on seizing his big opportunity

'I wasn't prepared to wait': Youngest Govt MP on seizing his big opportunity

09 Jul 12:26 AM
'Ecstatic' reunion: Cat found after year-long disappearance

'Ecstatic' reunion: Cat found after year-long disappearance

09 Jul 12:00 AM
Solar bat monitors uncover secrets of Auckland’s night sky
sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • Bay of Plenty Times e-edition
  • Manage your print subscription
  • Manage your digital subscription
  • Subscribe to Herald Premium
  • Subscribe to the Bay of Plenty Times
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • Bay of Plenty Times
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP