– it’s a bit of a mixed bag. I was interested to see how the market would react. I didn’t think it would be super-competitive at auction because of all the apartments around it.The guide was $2.6 million to $2.8 million. It went well above what I expected.The vendors are commercial property people. They’ve got a few residential things on the side. They purchased this in 2018 for $2.46 million at auction. It would have been a high price at the time. They intended to demolish it and rebuild.
Harder to get up: Render of the approved scheme for three townhouses at the 1a Brookfield Court site. In my experience, selling a site with plans and permits and having that as the main benefit is not an easy sale. It’s a bit complicated for a buyer. You’ve got to find a buyer ready to go with the project, with capital and ready to turn a shovel straight away. It’s a small buyer pool, whereas for Boroondara [council area] family buyers, there’s a lot of them around.
The advice from myself and Luke was that this was a beautiful home, it just needs a bit of love. Keep the plans, but market the home, style the home and market it for a family, a beautiful Tudor-style home. It was nice to see that that plan worked.We love our real estate. The house itself wasn’t in fantastic nick … [but] we knew the bones of the house were excellent, with magnificent big rooms. It was a beautiful old home.We were not satisfied just to throw something out there.
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Source: FinancialReview - 🏆 2. / 90 Read more »