Mosman’s $30m home goes under contract as $15m home breaks street record
Records are falling in Mosman as prime property buyers with budgets of $18 million to $35 million buy generational real estate amid growing overseas concerns.
Records are falling in Mosman as prime property buyers with budgets of $18 million to $35 million buy generational real estate amid growing overseas concerns.
Commercial agent, Richard Simeon of Simeon Partners, said: “The more trouble there is overseas, the more people are taking refuge at home.”
This week, the remarkable estate at 31 Stanley Ave is under contract after just 27 days on the market and was priced at $30 million, making it the suburb’s new record holder.
Simeon went to great lengths to explain that the five-bedroom house with heated pool, head-to-head harbor views and extraordinary man cave was under contract but had not yet been traded.
“There is a contract with a specific buyer and some legal issues are being resolved, but it has not been traded,” he said.
CONTINUED:
One of Mosman’s largest estates for sale
Fairlight breaks house price record
This exchange should take place next week.
Property records show the Stanley Ave home is owned by Tradition Dubai financial brokerage director John Conway and his wife, Marjorie, who paid $12.3million in 2015, a non-riverline benchmark at the time .
RELATED: The $30 million trophy shoots at home for the record
Meanwhile, the same week, Simeon also found a multi-million dollar buyer for a house that is right on the beach at 15 Morella Rd.
The northeast-facing house on 888m² of land was sold for a new street record to a local family. Simeon could not reveal the exact price but the highest price paid on the street is $15.25 million.
With two of the most prominent suburban homes on the market at the same time, Simeon found himself talking to many cashed-in buyers.
“I can’t believe the number of buyers with budgets between $18 million and $35 million,” he said.
noted.
“There are dozens of them and over the past six weeks I have spoken to buyers from the eastern suburbs, upper north coast, western suburbs, locals, expats and international buyers with budgets amazing…I literally have buyers with $30 million to spend saying ‘what else do you have,’ says Simeon.
Records show Alan and Angela Smith occupied the house on Morella Rd for 24 years and undertook a major renovation 20 years ago.
RELATED:
The Chowder Bay waterfront has a $15 million guide
Simeon said buyers looking at the home, which opens directly onto the beach in Clifton Gardens, were also planning a renovation.
“I always knew I was looking for buyers between $18 million and $20 million,” he said.
One of the reasons for the strong demand for generational properties is that buyers are no longer looking just for a home, but also for a vacation retreat, the agent said.
“They know they won’t be spending much time abroad, so their priority is
to secure the ultimate family home that doubles as a vacation spot,” added Simeon.
Originally published as Mosman’s $30m home goes under contract as $15m home breaks street record