Bayleys claims Bay of Plenty record with $5.5 million sale of Mt Maunganui apartment

Friday 16th April 2010

Bayleys Real Estate is claiming a Bay of Plenty record for a residential dwelling in the Bay of Plenty, after a Mt Maunganui apartment sold for $5.5 million.

The sale price for the 4-bedroom penthouse apartment in the Eleven development overlooking Mt Maunganui beach eclipses the previous record set in 2004 of $3.2million paid for an apartment nearby on Marine Parade, Bayleys Mount Maunganui sales consultant Peter Clarke said in a statement.

The real estate firm said the latest sale was to a well-known Auckland businessman, who plans to use the apartment as a weekend retreat. It boasts a rooftop infinity swimming pool, home cinema and parking for eight vehicles, he said.

More than half the 65 apartments in the Eleven development have sold and the remainder are on sale at prices ranging from $895,000 to $3.45 million.

“While the economy may still be recovering from recession, there are still plenty of wealthy people in New Zealand who have successfully weathered the economic slump and are now in a strong position to take advantage of realistically valued property – both as holiday homes and as primary residences,” Clarke said.

Figures today from the Real Estate Institute showed both sales and prices of residential properties rose in March.

Businesswire.co.nz

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