Real Estate

Patience pays off as Watsons Bay waterfront sells after 1945 days

Written by The ReReport
As seen in the Source link, written by news.com.au on 2019-07-01 11:35:58

The well-respected businessman Walter Marr — otherwise known as CK Ma — was once overheard saying: “I buy quick but I sell slooowww.”

Late on Friday night after an incredible 1945 days on the market, he finally sold his long-held Watsons Bay waterfront at 30 Pacific St for close to its most recent price guide of $17.5 million.

The last business day of the financial year is a time known to motivate both buyers and sellers.

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But the fact the price had recently dropped from $20 million, as first reported by the Wentworth Courier, was enough to get the deal done.

Over the years, the property had been with many agents but it was Richardson and Wrench Double Bay agents Glenn McMillan and Michael Dunn who finally clinched it.

Putting it up for sale with the revised guide in the expressions of interest campaign, first reported by the Wentworth Courier, with a closing date of June 25 looks to have been a very smart strategy.

They couldn’t reveal the exact price due to confidentiality agreements.

But other sources said the price wasn’t far short of the latest guide and it’s understood the buyer was an Australian businessman, not from Sydney’s eastern suburbs.

CoreLogic data, the source for the length of time for the property was listed, also shows Mr Marr put the property up for sale in 2012 (318 days on the market) and 2010 (532 days).

In the current market, achieving close to $17.5 million for the renovator’s delight is a remarkable feat.

The luxurious five-bedroom, six-bathroom home of Los Angeles-based founder of the NutriBullet blender, Colin Sapire, and his wife, Caron, at 8 Pacific St also had a $20 million price guide.

But that, on even larger 1176 sqm block, ended up selling for a mere $15.25 million last November, according to CoreLogic, to Anthony Halas of swimwear brand Seafolly fame and his wife, Andie.

However, as Mr McMillan told the Wentworth Courier several weeks ago at the time of the revised guide, 30 Pacific St was: “one of few waterfront properties in the area with its own boat mooring…..the house probably needs a bit of an update — but at that price it’s a bargain!”

Mr Walter Marr, or CK Ma, is a former director of Hong Kong’s media empire Oriental Press Group.

He owns a great deal of property across Sydney’s east and the CBD.