Selling your home? A small quick profit is a good profit when selling.
Last year a Gold Coast couple refused an offer of $14.5 million for their beachfront home development site. Last week they had to let it go for $9 million at auction as the financial crisis bites.
The house on the Gold Coast’s Marine Pde highlights the power of what former Treasurer Peter Costello 15 months ago dubbed the “financial tsunami”.
The beachside home, on 963sq m of land with 21m of direct ocean frontage, was bought for $13.5 million by Maxwell and Cleo Conrad in 2006.
The couple knocked back an offer of $14.5 million last year but yesterday were forced to swallow a hefty loss, as the house fetched just $9.01 million.
The couple had instructed marketing agent Ray White Broadbeach to sell the prime beachfront parcel for “whatever they could get”.
Bidding started at $5 million, but it soon became clear investors were being cautious.
The price inched up in increments of a few hundred thousand dollars before a late bid from the undisclosed buyer pipped a Brisbane investor by just $10,000.
The question is, was this a bargain, or will the home be worth $5 million next year. Only time will tell.
