Unit Titling Update

The process of unit titling is going along fairly well.

The thing that has been holding it up is the new right of way (ROW) at the rear of the property.  This had to be redone because the existing ROW agreement is not bounded by height and my building goes over it:

So when the unit title plan is drawn, showing the individual units, there would have been a ROW going through the lounge and kitchen area of one of the apartments! Which is obviously no good.  So  a new ROW agreement had to be done.  And the owner next door had to agree to this.  Which he has done now. Phew!  So those documents are being signed right now.

And the resource consent for the subdivision (unit titling is a subdivision) has been lodged yesterday.  The council have 20 working days to process this and no doubt they’ll take all of that and a bit more!  I have my fingers crossed that the consent I get from them will be sensible i.e. not filled up with dozens of unnecessary conditions.

Mirrors Updated

The council have added another mirror (at their cost) to my building.  So it now looks like this:

Phew, this dangerous situation has been fixed! Actually, to be fair, it does improve the situation slightly, but only slightly.  And they made such a huge deal out of it. Also, when the sun is in the wrong position, you can’t look towards it anyway!

The funny thing about it was the team leader from the council rang me up and asked for a favour!  Could the tradesman who was putting up the mirror please have access to my carparking garage? she asked.  So that he didn’t have to carry his tools across the road?  I started to tell her how this could be arranged when I thought to myself “Hold on, you guys have been doing nothing but hold me up for 18 months to 2 years and now you want me to do you a favour???”  So I told her sorry, but the council have never helped me so I am not going to help you.

I hate being hard nosed about things, but really, they just don’t have any understanding at all of what they have put me through over the last 2 years.

Davo Tries Again (Continued)

Over the last couple of years I’ve been developing a property at Papakura, Auckland.  Here are 2 photos showing the property before and after:

Building at Start
Finished Building

And over this time I’ve blogged extensively on the project at Property Talk: here.

Now that I have my own website, I’d like to continue the story here.  So in the coming days and weeks I’ll be updating just where things are at.

Olly Newland’s June 2011 Column

Olly Newland has written a column a couple of weeks ago that was published on the Empower Education site: http://www.empowereducation.com/which-way-now-for-the-market/212/

It makes for interesting reading.  I agree with most of it.  And often I don’t agree with a lot of what Olly has to say.

So in amongst the usual ‘As I predicted’ comments every couple of paragraphs, there’s some good info there.  Just ignore the mentoring guff at the bottom.

As an owner of some residential property, I do hope he’s right that rents double over the next 2-3 years.

However, Olly paints this as only a good thing.  That is, inflation will increase incomes, which will increase rents. But what about inflation increasing borrowing costs too.  Don’t interest rates and inflation often go up together?  So investors might be getting higher rents but they might also be paying a lot more on their mortgages.

So I guess the trick is to not be too highly geared…

Hyperbole from the Herald (again)

Here’s a hysterical article in the Herald today:

 

Greek crisis crashes on to NZ shores

By Jamie Gray and Bloomberg

5:30 AM Wednesday Jun 22, 2011
 

Greece’s Government faces a confidence vote before trying to push through new austerity plans. Photo / AP

The Greek sovereign debt crisis has claimed its first New Zealand victim.

ANZ New Zealand has been forced to defer its first euro-denominated covered bond issue due to market volatility arising from Greece’s financial crisis, as the country once again goes cap in hand to the European Community for a €12 billion ($21 billion) bail-out.

Greece’s sovereign debt woes have weighed heavily on market sentiment in Europe and around the world, making debt more expensive for any institution wanting to raise money there.

Rest of Article

 

Really? The Greek Crisis Crashes on to NZ Shores?  All that’s really happening is one Aussie bank, with NZ operations is deferring selling some euro-denominated covered calls.  I bet they’re still selling them elsewhere.

So  a big beat up basically.   But I imagine the Herald needed a ‘Greek Crisis’ story for today’s edition and this was the best they could do.