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Record year for boutique real estate company

April 5, 2006

11 year record in March sales for leading Auckland boutique real estate company

Leading boutique real estate company Kellands today announced its financial year has ended with a March record sales level more than twice any previous record in their 11 year history.

The hugely high note Kellands achieved was a result some of the highest prices paid in Auckland in recent years for special residential properties and luxury apartments.

Chief executive Deborah Kelland was it was encouraging that despite some reports of other companies being substantially down on last year’s sales, Kellands were finding that New Zealand’s most wealthy wanted unique property.

``And as we found last month, prices are holding at the top end of the Auckland market.

``The top end residential market for unique homes and penthouses is alive and well and good premiums are being achieved as our clients appreciate unique properties.

``Other companies are quoting as being down by around 30 percent largely because they are mostly dealing in the low to middle bracket under $600,000.’’

Any property that could be bought for the same amenity and position would suffer in a tighter market but special properties were very rarely affected, Ms Kelland said.

Penthouses in prime positions like the ones Kellands recently sold on the cliff in Crescent Road and the new development at the White Heron Hotel site in St Stephens Ave are costed on land prices of four years ago.

It would not be practical to attempt to develop these types of properties now as building prices have so severely increased and land prices have also not abated.

``Buyers have appreciated their unique position and this opportunity. In the case of the White Heron we have conditionally sold some 20 million over the past few months for a new scheme plan we helped develop, currently processed through council,’’

“ The buyers are there but they want the best in town and will still pay for it,” Ms Kelland said.

ENDS

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