Forum Archive Index - January 2004

["Duncan MacGregor" <d-m_macgregor@xtra.co.nz>]

I visited this subdivision to keep up to date with the FA of hqp.
The subdivision covers a very large area by memory 146 hectares flat to slightly sloping with very little earthworks required to landscape.    the roads kerbs footpaths and services are all completed .         The sections are clearly marked with small sold signs on each one.    I drove up and down at least twelve streets searching for a section that was still for sale without luck.
Hundreds of sections the very cheapest one costs $220000 I was told later.  The real estate office was closed, so I called Into the first mreInz office on the way back to go over the building covenants, plus get more Info on how well It was selling.
The agent told me { exact words not to be taken as gospel}.    He said :fourteen sections left on this stage so far they have sold 76 million dollars worth".       I  asked how much did the greedy buggers pay for It In the first place he said 17 million.  
I was told one stage left to go, a smaller more high density living style suburb.
The covenants are the strictest covenants that I have ever encountered, a five thousand dollar bond for starters, with two sets of plans submitted for approval before being allowed to apply to council for a building permit.  About twenty pages In all to comply with.
Then even when you sell, the covenants are stuck to the title for perpetuity.
My own opinion Is they are getting double what was expected, selling at the top of a building boom after buying at the bottom.
That Is my last post on this company promise, but expect a I told you so In six months time.
I sold out on AIA, I chickened out If you will excuse the pun, I need Ideas on a new company to replace It.
Any one done the homework on fishing companies?. Fish export potential Is on the rise with this chicken scare.
                                                           cheers macdunk