Real Estate

mosman house sells 250k over reserve and seller plans next move

Written by The ReReport

21 Lennox St, Mosman sold for $2.8 million, $250,000 above reserve

A Mosman homeowner set an enticing price guide and reserve on his house to ensure a quick sale, enabling him to take advantage of the good deals on bigger homes in the rush to Christmas.
The result was that he attracted six bidders to his four-bedroom home at 21 Lennox St, with four of them competing strongly for the home that sold for $2.8 million, $250,000 above his reserve price.
The guide on the property had been $2.35 million to $2.55 million.
His agent, Anthony O’Gorman of O’Gorman & Partners, said: “He said to me that he wants to sell this quickly so that he can buy something else before Christmas… he wants something bigger with a pool.”

21 Lennox St, Mosman, offers huge potential

The “good guide” and “good reserve” paid off, with young families flocking to the home, which came with DA plans to transform it into a “luxurious contemporary residence complete with a master retreat and resort-style pool”.
Mr O’Gorman said the strategy makes sense — “He didn’t have to sell but he was really motivated.
“If you’re upgrading, the changeover gap is smaller the higher up you go because the bigger homes have come back more.”

Stylish interiors at 21 Lennox St, Mosman

“The buyers came confident in the knowledge that it was good value,” Mr O’Gorman said.
“And $2.8 million was a good result.”
The bidding had started at $2.3 million, with $25,000 increments to $2.6 million and then a range of bids from then on.
It was down to two bidders who really wanted it for the last $75,000 worth of bids.
The 527 sqm block is in a tightly held cul-de-sac above Sirius Cove and the property has rear access via Water Lane with scenic foreshore parkland, harbour beaches, Taronga Zoo and good schools all within easy walking distance.

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