I tried to “flip” a luxury apartment – in search of a million fees – E24

I tried to “flip” a luxury apartment – in search of a million fees – E24

Former footballer Havard Nordtveit has had no luck selling luxury apartments.

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Since Christmas 2022, Håvard Nordtveit has been trying to sell the 305 square meter luxury apartment at the far end of Tjuvholmen.

He bought the apartment for 76 million and tried to sell it for 90 million soon after, with expensive artwork included in the price.

The apartment was purchased using the so-called blank title, which is a common practice when you want to “flip” apartments, i.e. make money quickly from resale. The purpose is to avoid paying the state document tax, which is 2.5 percent of the sales price.

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Paying property tax for the terrace: – Hard to believe

After a heavy year for the luxury market and lack of sales, Nordtveit now pays more than NOK 1.9 million to pay the tax.

– We realize that we are paying the document fee, so we will take it as quickly as we want. “Now the market is coming back, so maybe we should wait until it rises and nods again,” Dag Rune Christiansen, real estate agent and managing director at Pelevin, tells E24.

When you buy with a blank deed, you have papers proving that you bought the apartment, but it is registered in the name of the previous owner.

Håvard Nordtveit played more than 50 international matches for the Norwegian national team.

– Suddenly terrible again

Nordtveit, through its company Howie AS, was listed as the seller of Norway's most expensive apartment for sale on the open market earlier this year.

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The apartment is now rented until August and will then be put up for sale again. The plan has a proposed price of NOK 85 million, the same as the previous price, according to Christiansen.

It has four bedrooms with floor-to-ceiling windows in three directions, including towards Oslofjord and Holmenkollen.

– How do you see this market now?

– He's suddenly terrible again. In February, we sold more homes in four days than we did in the entire fourth quarter of 2023. “We feel like it's pretty much back on track again,” the real estate agent says.

The apartment area is 305 square meters and it was announced at a price per square meter of about 280 thousand.

-There is no great drama

When the asking price was set at NOK 90 million, a number of works of art were included in the price. Among them was a print of Edvard Munch's famous work “The Vampire”.

It was published again last year, but without the art and with a reduced asking price of NOK 85 million.

– How do you look at the decision to buy and try to “flip” in that market?

– When we bought it, the market was very positive. But once the acquisition happened, we just jumped into the fray. There was no great drama in it. You know that when you're buying a home like this, you know it may take time, and that's part of the game, Christiansen says.

The real estate agent did not hide the fact that the apartment was bought in a “panic”.

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Last year, Nordtveit sold an apartment in the building next door, Kavringen Brygge, for NOK 48 million, NOK 11.5 million more than he bought the apartment a year and a half ago. Also at that time, Christiansen was a real estate agent for Nordtveit.

E24 has been in contact with Håvard Nordtveit through the estate agent. The former footballer does not want to comment on this issue.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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