House hunting? Reminder for everyone to do their due diligence.

https://www.realestate.co.nz/42686559/residential/sale/49-jacaranda-avenue-beach-haven

EDIT: ASKING PRICE DROPPED BY 50K AFTER THIS POST. Crack up! THEY ALSO ADDED THE INFO TO THE DESCRIPTION:

\*The property was impacted by the Auckland anniversary floods. An insurance claim was lodged and an EQC payout was received. No remedial work has been carried out***

Original Post:

Thought 1.2M was a good deal for a coastal home with a direct path to Charcoal bay (even though its Beach Haven). The view is great!

The entire property is built on a slope and was sent all the documents and found out there was a slip during the Auckland anniversary. Spent 2 hours reading through all of the insurance details, geotechnical assessments, engineering reports etc.

There was an insurance and EQC payout for almost 200K to build 3 retaining walls, fill in evacuated land, add in some soil anchors, clean/repaint some cladding on the walls and fix the steps. Going through their initial LIMs report, I was surprised they didn't add these features in to begin with considering the slope of the land. I thought "this house is safer than before" with these additions.

Went to the property for a house viewing and found out that none of the work was done even though the reports indicate several imminent risks in the near future (this was at least a year ago). Turns out the owner is just pocketing the payout and selling the home.

Legal? Yes. Ethical? Probably not. It means that if you were to buy the house, you're working against the clock to fix the land incase of a slip after a bad weather event. Furthermore, insurance does not cover any existing damage so anything that can potentially happen might not be covered. There's also the high insurance premiums.

Anyways, the real estate agent said the house was fine and that the slip on the side of the property only needed an anchor mat + some landscaping. Also that the estimates to fix the slip is 50k to max 150k.

Documents clearly states ~200k worth of work (all itemized). She does not mention the evacuated land + cracking of the soil near the foundations, 3 retaining walls etc. and the imminent risks. Too many red flags from the nature of this deal (shady af).

Edit: 49 Jacaranda Avenue - For the google search algo.