Trophy home sells for millions over price guide


A waterfront trophy home with stunning views over Sugar Loaf Bay has sold under the hammer for a whopping $14.5m.

A Castle Cove waterfront trophy home with stunning views over Sugar Loaf Bay has sold under the hammer for a whopping $14.5m – well over its guide of $11m to $12m.

Tim Foote, of Belle Property Mosman, says he had received offers on 32 Emerstan Drive within the guide in the lead-up to the auction, but the owners were confident to take the property to auction.

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“There was a mixture of buyers – there were some from offshore and also some local buyers,” he says.

Built in 2012, this grand architecturally designed five-bedroom home sits on a 1050sq m block that appealed to families, Mr Foote says.

Features include a three-car garage, open-plan living and dining spaces, a stone kitchen, home office, home cinema and a lift to every level.

For guests, an au pair or extended family, there is an additional top-floor space accessed via the lift with a big bedroom featuring a walk-in wardrobe, ensuite, personal balcony and private living area.

Outdoor features include a covered barbecue deck, landscaped gardens, saltwater heated pool, spa and sundeck.

Bidding opened at $10m and initially rose in $500,000 increments, slowing to $100,000 increments before the hammer fell on the final bid of $14.5m. The buyer was a family from the lower north shore. Mr Foote says they were among the buyers who tried to secure the property before auction.

“I think the prestige sector is still very strong and we will be busy right up to Christmas,” Mr Foote says.

The sale is just shy of the $15.05m suburb residential sales record set in 2018 with the sale of 17 Neerim Rd, Castle Cove, CoreLogic reports.

And latest data from ­realestate.com.au’s Market Trends report shows the suburb’s median house price has grown by 32.1 per cent in the past 12 months, to $3.5m.

SUPER-FAST MATCH

Di Jones Wahroonga’s Tim Fraser was on the money when he tipped he and fellow agent Eric Leung would have a buyer for a substantial Wahroonga tennis court property within a week of listing.

In fact, he sold 2 Wahroonga Ave a day shy of the week for an impressive $7.25m.

Buyers were scrambling to make offers on the sprawling 2257sq m estate on two titles, which sits in the suburb’s blue-chip east side, even before the property officially came to market.

Its grand c1902, seven-bedroom Federation home has some 521sq m of internal floor space, including formal living and dining rooms, a grand wainscoted billiards room equipped with a full-sized table and bar, and a granite kitchen

The level grounds feature sculptured gardens, rolling lawns, a solar-heated pool and a tennis court.

Mr Fraser says the big drawcards were the 2257sq m of level land and the tennis court.

“They (the buyers) are a family with four kids who attend schools in the area and they wanted to be close to those,” he says.

“They specifically wanted a property with a tennis court. It goes to prove tennis courts are back in vogue on the upper north shore.”

A run of tennis courts have been carved off north shore properties and sold for new homes and Mr Fraser says this has proved profitable.

“There are new places that were built on the tennis courts that are now worth $6m,” he says.

“People want the space and there is a definite status to them and for others it’s an opportunity to land bank.”

LONGUEVILLE ICON

The long-held home of the late Roslyn Baxter, a former Lane Cove mayor, has come to market with a guide of $3.25m.

The 100-year-old classic Californian bungalow, at 7 William Edward St, Longueville, has been the Baxter family home for almost 60 years and has beautiful period features including leadlight bay windows.

Ms Baxter served as Lane Cove mayor and as a local councillor for some 21 years and as a result of her tireless community work, she was awarded an OAM.

She was also a community activist and founder of the Lane Cove Bushland and Conservation Society.

Her son Mark Baxter says an architect has prepared plans to show buyers the potential for renovations at the home. He says it is an emotion-charged sale.

“It is with some sadness that my two sisters and I say goodbye to our magnificent period home,” he says.

The four-bedroom home is due to go to auction on December 11, through Simon Harrison, of Belle Property Lane Cove.

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Originally published as Waterfront Castle Cove trophy home sells for millions over its price guide



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