Stuff.co.nz:
Real Estate company Bayleys is zeroing in on the mortgagee sale market with a new website specialising in distress sales.
Bayleys managing director Mike Bayley said the site, www.bayleysmortgagee.co.nz , was attracting a growing number of listings, reflecting tougher economic times throughout the country.
Last week it featured 26 properties across the country, ranging from Auckland CBD apartments to commercial and industrial properties and development land.
“The spread of property type and location reflect that the current economic climate is affecting all business sectors in New Zealand, not just housing,” Bayley said.
Mortgagee sale properties were coming onto the market for a variety of reasons, he said.
Some were investment properties which may have been part of a bigger portfolio. Others had been used as collateral to raise finance to invest in businesses.
The website also has a beginner’s guide to mortgagee sales for less experienced buyers and highlights some important differences to normal willing buyer/willing seller sales. Read more.
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So these are distressed sales in New Zealand? Hmm, I wonder if the credit crunch is actually a global trend?
By the way, I just wrote an article about the chance to invest in an independent movie being filmed right now.