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BUYERS AGENCY PURCHASE OF THE MONTH

Renovators delight, Sydney Eastern Suburbs Bondi Period Home bought off market for 8% and $178k below its Nov 2019 market value for $2.097m

 

Highlights*

  • We bought off market for 8% and $178k below its Nov 2019 market value for $2.097m
  • Renovation opportunity for the new owner to create $350k-$700k in forced value
  • Can be completed within 9-12 months turnaround

How the deal happened:

Our client, a busy builder, engaged us to find a side project to his day to day renovations business. He had been trying to buy various properties for the last 8 months and didnt have time to dedicate to looking and negotiating. He had missed out on quite a number of properties already and was frustrated and wanted to get moving. He wanted something run down he could both renovate and get council approval to expand. We purchased this off market and negotiated a 6 month settlement which suited both the purchaser to organise their plans with council and their resources to perform the work and which also gave the vendor plenty of time to find their new home. The deal provides the opportunity for the new owner to create $350k-$700k in forced value and can be completed within 9-12 months turnaround.

Property highlights:

  • 3 bed, 1 bath period home, with rear lane access for 2 cars
  • Tightly held for over 41 years
  • Large for the area, long block of land – 255m2
  • Plenty of room for expansion to the rear and for a second storey
  • Dwelling of solid period construction with sound foundations

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Wishing you happy and prosperous buying
The Providence Property Team