A family-sized townhouse is going to auction this week with a $1 reserve.
While it may sound too good to be true, the Auckland property with three bedrooms and two bathrooms across the three levels is scheduled to go under the hammer on Wednesday.
It also features leafy balcony views and a garage with an internal laundry.
Newsletters: Breaking news as it happens. Subscribe now
And it could go for less than the price of a cup of coffee.
A reserve price is the minimum price a seller would be willing to accept — and at just $1, this home is expected to go quick.
“That’s right — if you can bid just $1, this fantastic Parnell property will be declared ‘on the market’ for sale,” the listing states.
“Cotesmore Way is home to some of the most affordable terrace houses in Auckland.
“Your purchase price is almost laughable.”
The only catch? It’s a leasehold tenure, meaning you’re buying the right to occupy the building for a specific period of time but the developer owns the land.
Property manager James Mairs advised potential bidders to seek advice about “stratum in leasehold” properties before bidding.
In a stratum property arrangement, the developer owns the land and divides it into units, which are then typically sold individually under a leasehold agreement.
The Cotesmore Way home is “designed for family living”.
On the university side of the CBD, the home is strategically placed for a buyer with “little ones attending uni” or could be easily rented out to students.
A rental estimate puts the rent for the property at $660 to $800 per week.
“Our seller has committed to meeting the market and this sale is an important part of his ‘liquidation’ strategy,” Mairs said.