The property was bought last autumn, with the hope of a huge profit. The broker believes that a large part of the potential buying group has moved from the country.
CUT: The apartment has a suggested price that has been cut by 12 million since December. Photo: BelèvenPublished:
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It is still the most expensive apartment open for sale in Norway, but the asking price has been cut by NOK 12 million.
The broker responsible for the sale says that they still have hope that the seller will be able to break even, but that they have made a plan for what to do if a buyer does not come along this round either.
The apartment is located in a fashionable area in the center of Oslo. Photo: Belèven
Buyers have moved
Former national football player Håvard Nordtveit is listed as the seller in the prospectus, through his company Howie as.
The apartment on Tjuvholmen in Oslo was bought for NOK 76 million last autumn, before it was flipped and put up for sale in December.
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At that time, the asking price was NOK 90 million. This gives a price per square meter of NOK 302,500.
At the time, the broker confirmed to E24 that the apartment was bought with the intention of flipping it, that is to say that Nordtveit does not intend to live in it himself but wants to make quick money on resale.
E24 has tried to get a comment from Nortveit, but has so far been unsuccessful.
PROPERTY INVESTOR: Håvard Nordtveit entered the housing market after his football career was over. Photo: Terje Pedersen / NTB
The home was bought with a so-called blank deed, blank deed, A deed (the document used to transfer real estate to a new owner) which is signed by the seller, but where the field for the buyer is left open for later completion and land registration. Using a blank deed is associated with risk. Advokatfirmaet Ræder writes on its website that the buyer can, among other things, risk that the seller’s creditors will foreclose on the property. then you don’t have to pay document tax if you sell it on within 12 months.
If the apartment had been sold quickly, you would have been left with a solid profit. Now expectations have been lowered, says broker Dag-Rune Kristiansen at Beléven estate agent.
– Now we have a two-stage plan underway, where we first try to sell for 78 million, as it stands now. But we have seen that since this was bought, something has happened to large parts of the buying group. They have moved, says Kristiansen.
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Given the purchase price and the document fee of 2.5 per cent, Nordtveit would have had to shell out NOK 1.9 million if he had refrained from using a blank deed. If the apartment is not sold within the one-year deadline, the bill must therefore be paid.
Kristiansen says they are now considering selling the whole thing as two apartments, if a buyer doesn’t come along soon.
– So what we are going to do if it doesn’t work this time is to section it. Originally, there are two apartments that have been joined together. It will require a bit, including a new kitchen. But it will go well, and it should also be easier to sell, he says.
The broker confirms that they have now given up making big money from the sale.
– As it stands now, you quickly break even, he says.
Photo: Experience
Sales of Norwegian luxury homes
Kristiansen says that brokers who work at the expensive end of the market notice that interest rates and prices elsewhere in society have gone up, and that it is therefore not as easy to sell luxury homes.
But the ongoing krone crisis may, on the other hand, have opened the door for other possible buyers.
– It goes without saying that there are a lot of foreign inquiries, he says.
The broker says that he is experiencing a large influx from foreign stakeholders on other properties that are out on the market.
And if one interprets the signals, he believes that foreigners with money see that they can make a good purchase in Norway, now that the krone is weak.
– We are talking about Americans and Germans, people who trade with other currencies. It is clear, if you trade in euros during the day, you have a 15 percent discount, he says.
Removed art
The apartment at Tjuvholmen has now been reintroduced to the market several times.
First, works of art were installed in the apartment, including an original Munch worth NOK 5 million.
Later, the art has been removed, and the apartment has been advertised several times with increasingly lower asking prices.
Håvard Nortveit has done several real estate deals on Tjuvholmen. Among other things, in October last year he sold an apartment for NOK 48 million, which five months earlier was bought for NOK 36.5 million, the property register shows.
2023-07-03 19:01:27
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