The New Zealand real estate market is so hot, properties can sell for millions without even having a full bathroom.
Such was the case at 39 Ariki St. in the tony suburban neighborhood of Grey Lynn. The 1920s-era bungalow’s listing is straightforward about its shortfalls, while also acknowledging that — thanks to its enviable location — it’s likely the best bargain area buyers are going to get.
“Lacking a bathroom and in need of urgent renovation, make no mistake 39 Ariki St is the most affordable character entry to home ownership available in Grey Lynn,” begins the home’s listing.
On Thursday, the three-bedroom, no-bathroom (yet) property sold at auction for a startling $2.075 million, Stuff reported. Bidding opened at $1.7 million.
That despite it openly requiring “urgent attention.”
A local cafe and nearby road are noted not as attractions for future residents but as sites that will “no doubt” become “regular haunt[s] for your builders,” as the home is not currently livable.
At least the fixer-upper fell into disrepair on its own, over time, and not at the hand of a shortsighted construction crew or inept designer. “[There’s] no need to spend money fixing someone else’s mistakes or undoing their questionable taste,” the listing reads. “39 Ariki St provides you with a blank canvas to do it once, do it right and do it your way.”
While the lack of a toilet makes the property something of an extreme-seeming home to sell for such a price, the auctioneer told Stuff that it really wasn’t anything special in New Zealand, which currently has one of the most obscenely priced real estate markets in the world.
“Stock like that I do find, particularly in places like Grey Lynn, are really sought after,” auctioneer Campbell Dunoon said, while acknowledging that “it does need a little bit of work.”