A 70sq m apartment on Auckland's Federal St was bought for $380,000 in February and sold, just two weeks later, for $435,000.
A 70sq m apartment on Auckland's Federal St was bought for $380,000 in February and sold, just two weeks later, for $435,000.
A lick of paint, some new carpet and Auckland's fizzing property market have increased an apartment's value by $55,000 in just two weeks.
A 70sq m apartment on Auckland's Federal St was bought for $380,000 in February and sold, just two weeks later, for $435,000 through Mark Barry and AliKarambayev of Impression Real Estate.
After the cost of renovation, and the agency's commission, the Herald estimates the before-tax profit earned over two weeks would be about $28,900.
On February 26, apartment 108/207 in the Federal Building was bought by Lomax Enterprises, a house construction, alteration, renovation or general repair business, owned by Suzanne Kidd.
Barry said it was then painted throughout, re-carpeted and some new furniture was added within two weeks.
Kidd could not be contacted by the Herald last night, but Barry said he guessed she'd have spent less than $10,000 on renovations, before it was put back on the market through the agency, whose commission was $16,100 inclusive of GST, and sold on March 10.
Barry said the agency had "four or five" buyers lined up before the property was even listed - showing a high demand for apartments in the city.
He said he knew of between six and 10 people that bought, renovated and sold on apartments at a profit for a living.
"They know what they're doing, and they take a bit of risk and they've had a lot of experience."
Two week turnaround:
February 26 - Purchase price: $380,000 Renovation costs: about $10,000 March 10 - Sold for: $435,000. Real estate agency commission: $16,100 Profit (before tax): $28,900
