Real Estate

Couple outbid for Collingwood warehouse conversion as they signed contracts

Written by The ReReport
As seen in the Source link, written by on 2018-12-18 06:14:49

54 Sydney St, Collingwood

The warehouse conversion at 54 Sydney St, Collingwood had a unique floorplan — and a heartbreaking end to its sale.

A Collingwood couple, pen in hand to sign a contract for their new home, have had the deal swiped out from under them.

The pair came within a pen stroke of sealing a post-auction deal for 54 Sydney St, Collingwood before an investor offered $1000 more.

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Nelson Alexander’s Cameron Ingram said the cruel twist showed the impact home lenders were having on the market, with the pair understood to still be waiting for pre-approval and unable to bid unconditionally at the auction.

54 Sydney St, Collingwood

The unassuming facade at 54 Sydney St, Collingwood hides an interior that prospective buyers fell in love with.

The vendor had verbally agreed to a $1.33 million offer, subject to finance, after the unique warehouse conversion — with a car park in the living room and a double-storey piece of street art on the back wall — passed in on a $1.25 million vendor bid.

“While they were signing up, another person came up with a $1.34 million unconditional offer and the owners decided to take that,” Mr Ingram said.

The unfortunate pair had been quite good about the last minute change, having got as far as filling out a handful of documents with their details — but not having signed the actual contract of sale.

54 Sydney St, Collingwood

The rear wall has a double-storey piece of street art showing Pinocchio.

“They accepted that that could happen and said it wasn’t meant to be,” Mr Ingram said.

The investor from Balwyn North then finalised a deal about 45 minutes after the converted warehouse passed in.

The unique property had attracted substantial interest, though its proximity to commission housing had deterred a handful of potential buyers.

A third post-auction offer at $1.225 million was rejected.

54 Sydney St, Collingwood

The living room also included space to park a car if so desired.

Despite the home initially passing in at auction, the sale had shown buyers were still out there, Mr Ingram said.

“Buyers are hesitant and sitting back and waiting to see, but they still know good property and good parts of Melbourne,” he said.

And as spring had turned to summer there had been a few hints that the market was stabilising after a correction earlier in the year.

“The last few months have been tough because of the changing market, but we are seeing a pretty steady end to the year,” Mr Ingram said.

“Which gives us some confidence going into the New Year.”