IT’S ONE FOR THE MONEY, TWO FOR THE SHOW. JUST TAKE THE MONEY AND, GO GO GO!!

IT’S ONE FOR THE MONEY, TWO FOR THE SHOW. JUST TAKE THE MONEY AND, GO GO GO!!

Faster than a Mosman Council ranger issuing a parking ticket, is the Mosman property market, posting some very fast lap-times. The paint is still wet on the auction boards, as sold-by signs are being plastered within a week of listing the property on the market. In the last week we saw an apartment overlooking Balmoral sell for reputedly $3.2m, after the one inspection. Then Eric Bana aka (The Incredible Hulk), put down his script, jumped onto the Internet, and turned green with envy when he spied a Balmoral listing. It was an immediate take and another property ‘bit the dust’. Then a Beauty Point property made a faster exit, when it sold apparently for $4m within 48 hours. This is not a market for the faint hearted, as vendors are trading places in a market that continues to defy. Another great litmus test is that all the failed auctions of 2002 that resurrected themselves for the 2003 market, have sold for more than the 2002 price expectations.

A few weeks ago, I suggested controversially that the average price for a home in Mosman would hit the $2 million mark, just love the dare to be different. Well it looks like I am on the money, with the latest figures indicating the average price thus far has climbed to $1.83 million in 2003. I was curious to read a journalist’s headline earlier this year,”Housing heads from boom to gloom”. Well sixty-five days after the article appeared, it very much looks to me that ‘Virtual Realty News’ got it right!! Now you may well say there is a clue here, however like most things it will in all probability ‘go straight through to the keeper’. With all respect to the economists, I still maintain that select agents are more accurate with their understanding of the property industry. We do after all, live and breathe it.

Balmoral continues to reign supreme with a Burran Avenue home selling under the hammer for $6.1 m, and if you think that was impressive, this week our very own Steve Patrick was appointed to sell one of Balmoral’s finest estates. This magnificent property has been in the one family since 1963, and is situated on an amazing 1854 square metres of land, poised magnificently on the cliff-top. This pedigree property probably holds the all time record for a Mosman residence, because of the countless numbers of interested parties and agents who have bombarded their letter-box over the years, attempting an elusive off market acquisition.

The picturesque ‘Mosman Rowers’ had standing room only this week as the market locked horns at our auction night and it was the potential purchasers who missed out, and were left pondering what might have been. A home at Courallie Road was snapped up at $1,425,000, then two houses on Edinburgh Road Castlecrag, sold above reserve for $2,560,000 and $2,375,000, then it was on to “The Quarterdeck”. This is a truly amazing property on 2732 square metres of land at Middle Cove. The bidding opened at $3,000,000 and was called on the market at $3,200,000, and then sold for $4,150,000. Just goes to show why auction is such a preferred medium. Then we submitted a Deceased Estate at Orlando Avenue Mosman, which sold for $1,200,000, which saw the sales for the night reach $11,710,000 under the hammer. Give me a small auction list any day. Agents would do well to remember ‘quality not quantity’.

The Mosman market will probably be a bit light on with homes prior to Easter now, however after the bunny has gone for another year, watch for May to be an all time record month. Already our May auction lists are nearly full, so for those out there still making up their minds I will leave you with this, “Minds are like parachutes; they only function when they’re open”. Cheers and clink… ^__^

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