Second Home owners John and Sharon Russell have used the same method to sell another Jack’s Point apartment and a home in Queenstown’s Middleton Rd which featured in the TV series, Grand Designs New Zealand.
For this second Jack’s Point apartment, being built in Village Works Quarter, people pay $378,000 for a one-eighth share which gives them six weeks’ use a year.
They also acquire shares in a Mitsubishi Pajero Sport VXR seven-seater with ski, snowboard and bike racks.
Annual fees of about $9780 per owner include Jack’s Point levies, rates, insurance, electricity, gas and Wi-Fi.
According to the information pack, given Queenstown property values have risen 7% a year in the past 10 years, your Jack’s Point investment could increase about $356,000 over the next 10 years while you enjoy 60 weeks’ use of your apartment.
On the other hand, renting similar accommodation for 10 years would cost about $460,000.
John Russell, who says they’ve bought off the plans another Jack’s Point apartment, at Lake Tewa Alpine Residences, notes their buyers are typically retired businesspeople or professionals who are buying for their whole family.
"We are getting some inquiry for an apartment in central Queenstown so when the right opportunity comes along we’ll look at doing that."
