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Buffettology: The Proven Techniques for Investing Successfully in Changing Markets That Have Made Warren Buffett the World's Most Famous Investor I NEVER buy books on stock market. Written Off Homes Selling In Christchurch. Last updated 05:00 14/01/2013 Houses judged by insurance companies as too damaged to repair are being snapped up at bargain prices by savvy investors who are then renting them out for a high return.
Real estate agents say they are seeing a growing number of sales where property owners have taken a cash settlement from their insurance company for the rebuild of their earthquake-damaged home and are then selling their property for the value of the land only. Investors are buying the properties and, in many cases, renting the houses out until they can realise their long-term development potential.
Christchurch-based Real Estate Institute of New Zealand (Reinz) director Tony McPherson said many properties deemed by insurance companies as uneconomical to repair were still habitable.
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