Some heated moments

Some heated moments

The real estate market certainly experienced some heated moments over the last week, to the extent where even the first case of ‘auction rage’ was recorded. Yes, a woman was king hit on the back of the head by her companion for going beyond her limit. As reported in The Sydney Morning Herald, “The atmosphere was really antagonistic and bidding was at a crazy level when it happened” one witness said. “After she was hit, everyone was in shock”. With agents reportedly selling last weekend at a clearance rate of 84 per cent, we are now not only breaking sales records, the clearance rates are fast approaching 90 per cent, which has never happened before.

The mood was much more to our liking at the ‘First 8’ auctions last Tuesday night with seven out of eight selling, and yes we had some amazing events to report as well. With any auction there is always going to be some tension, and it is obvious to some real estate agents, that a vendor receives the highest price when bidders are cool, calm and collected. Such was the atmosphere at the “Rowers Restaurant”. Interested parties dined on a sumptuously prepared menu of chilli salted squid, roma tomato, bocconcini and basil stacks, tempura oysters and my favorite, the asparagus wrapped in proscuitto. And as one successful bidder commented, when discussing the difference between our auctions and those of our competitors, “it is like comparing first class flights to economy”. No deep vein thrombosis at our auctions, just the prices climbing to amazing heights!!

Marize, led the way with 1/4 Mandolong Road selling for $486,000, which was $16,000 above reserve. I was next with 1C Mistral Avenue, which sold for $211,000 above reserve when the hammer dropped at $1,611,000. One bidder yelled out “Is the property on the market?”, and our Chief Auctioneer – Peter Baldwin (who is renowned as one of the best in Sydney) replied… “yes sir, it has been on the market for the last four weeks”!! (boom! boom!) Our team is always looking out for our Vendors! Then Richard and Mr. Sheen were up with 37 Iluka Road, which sold for $2,280,000 – a great effort. Our last remaining auction was 6 Bullecourt Avenue, which for some unknown reason stumbled on the floor and could not better a best bid of $1,120,000. After being passed in, off came the cufflinks and the sleeves were rolled up, as Steve and Richard went about some tag team negotiations. Just ten minutes after being passed in, the Chief Auctioneer was back at the podium conducting a re-auction. Bullecourt then sold for $1,267,000 which was $67,000 above the reserve! Just goes to show “where there’s a will, there’s a way”!! 29 Medusa Street is still under negotiation, and our Northbridge office sold two great homes in Edinburgh Road Castlecrag… an all round great team effort.

Seacliff, the Balmoral cliff top residence sold on Saturday for $8.8 million which is the highest price ever paid in Mosman under the hammer, and the second highest price ever recorded. And no we did not sell it!! What I did find interesting is that it was purchased for $5,100,000 in June 1990, and the capital gain for nearly twelve years was just $3,700,000. Granted it did have some title problems over part of the land, but it is well short of some of the capital gains achieved from nearby sales. Oh well as they say, real estate is not an exacting science, or is it!!

One subscriber e-mailed me last week about a Mosman home listed for sale at $9.75 million, then to the amazement of many it was advertised a week or two later stating a ‘dramatic price reduction’… you bet it was!! They knocked off 40% and it is now on the market at $5.75 million. This is without a doubt the biggest price reduction that I have ever seen, and I guess there also could be a clue! We will keep you posted on this one. Would have loved to have been a fly on the wall when the agent and vendor(s), were discussing such a large price reduction so early in the campaign.

I thought the real estate agents profession was the fastest growing profession around with all of the new agents bobbing up every time we open a paper. Well move aside, it now is property journalists! Yes even the Sunday papers now have property magazines about our beloved real estate industry, looks like they can’t get enough information about real estate. Who knows, in years to come it could take over the back pages… move the sport!! Not sure I like that idea!

It would not be a complete edition if I did not mention NSW Premier Bob Carr. Yes, it has now been legislated. Anyone found killing gropers (that being fish) in the Clovelly area, faces a fine of $110,000 – after the area was declared an aquatic reserve. C’mon Bob what happened to the legislation to protect vendors and purchasers from real estate agents who are fraudulently misleading people for capital gain. Looks like someone will have to kill an agent to get some recognition and see some overdue legislation implimentation… For some it just does not make sense, for a few agents it makes plenty of cents !! ^_^

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