The buyers were understandably “stoked” with their 'bargain'. 💸
“We are getting great deals at the moment, definitely, and it’s our job to find the opportunities and to pounce on it for our clients.Although the high-end market operates differently than the general market, with many not requiring mortgages, experts agree that the constant interest rate hikes impact on sentiment.Marketing photos of the interiors from when it traded for $13.1m last September.Cohen says: “I reckon by the end of the year, defnitely, we’ll see a lot more deals like this.
However, Ben Cassen of Ballard, who wasn’t the one to reveal the $11.5m result, says this sale isn’t a true reflection of the current prestige market, insisting it’s a “one-off”. “I don’t think at this level the market has dropped — this was a one-off where the owner had a change of mind on the property and wanted a quick getaway.”
The owners, who he didn’t want to discuss, had started to renovate the property and it was “half a building site ... they changed the way they wanted to go, it was no longer needed and they were after a quick deal.”Property records show the $13.1m sale was achieved at auction last September via the Sotheby’s managing director, Michael Pallier.Gilbert and her husband, Danny, are the co-founders of Footwear Chain Hype DC. They sold their Kangaroo Valley escape, Camp David, in 2021, for $4.
The Gilberts, who sold Hype DC in 2016 for $100m, bought the property a decade earlier for $1,575,000.
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