Former chemist cures property ailments
Saturday 15 May 2004
James Chan has another landmark Auckland CBD building on his books and this one is typecast for him.
By The LandlordIt's the oriental-flavoured, Choice Plaza building, at 10 Wellesley St which resembles a giant Chinese lantern.
The area is familiar territory to Chan. In partnership with David Bayley, last December he sold its neighbour, the Singapore -owned, gold-glass Hong Kong and Shanghai Bank (HSBC) building on the corner of Wellesley and Queen Sts, to an Australian-based Chinese buyer for $13.6 million.
Chan, winner of Bayleys Real Estate 2003/4 Commercial Sales Person of the Year award, was involved - in partnership with other agents - in the sale of 44 properties valued at $120 million in the past financial year.
The deals included the sale of the Strand Arcade Shops for $10 million and the former City Works depot on the corner of Nelson and Cook Sts for $28.5 million.
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There’s a major housing market downturn coming and it’s likely to reduce the number of investors in the market, according to ANZ economists.
Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.
Economists say that the Reserve Bank has left the door open to lower or even negative rates, as it kept the official cash rate on hold in its Monetary Policy Statement (MPS) today.