Talks continue over 'unsaleable house'

Deborah Quigley has been ordered by the bank to find a buyer by the end of the month. Photo / Martin Sykes

Negotiations are continuing over a property dubbed the "unsaleable house" after it failed to reach its auction reserve price yesterday.

The leasehold property at 7 Geraldine Place, Kohimarama, was passed in at $100,000 when it went under the hammer at the Autumn Home Show yesterday.

The auction, which started at $50,000, attracted 100 people and featured three active bidders. The highest bidder for the run-down corrugated iron home was last night in negotiations with the owners.

Part-owner Deborah Quigley put the three-bedroom property on the market a year ago but it attracted very little interest. She had been ordered by the bank to find a buyer by the end of the month.

The low sale price was due to falling property prices, the poor condition of the house and the bank forcing the sale of the section. Repairs on the rotting deck, rundown bathroom and exterior are likely to cost about $50,000.

Real Estate agent David Jones, from Century 21, said other leasehold properties in the area had sold for between $180,000 and $240,000.

Home Show spokesman Paul Blomfield said the turnout of potential bidders was very high due to media exposure.

Ms Quigley said she was attracted to the house's location and abstract design when she and her former partner bought it seven years ago.

She had longed for closure on the property sale.

* An earlier version of this story incorrectly said the house had been sold for $100,000 yesterday.