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How it Sold: $475,000 Kirribilli unit out of bounds for first home buyers
by Michael Bleby
We speak to the team behind the most intriguing recent property sale.
The property: A 17-square-metre-studio with exclusive use of a separate bedroom at 1/40 Humphrey Place, Kirribilli, NSW. Sold before auction $475,000.
Who was the agent/agency? Dan Tussie, Deborah Richardson Real Estate.
How long was this on the market? 28 days.
Out of bounds for first home buyers: The unit at 1/40 Humphrey Place, Kirribilli sold for $475,000 but only to cashed-up ...
Out of bounds for first home buyers: The unit at 1/40 Humphrey Place, Kirribilli sold for $475,000 but only to cashed-up buyers who didn't need a mortgage. Supplied
Why did this one sell? [Dan] It was right in the heart of the Kirribilli village, right next to the Kirribilli hotel.
Was it overpriced? No.
What did you think it would go for? $475,000.
What was surprising about it?
I was quoting between $450,000 and $495,000, which attracted a crowd because of the lack of anything in Kirribilli under $500,000. Then came the questions of "Why is it so cheap?"
The ground floor studio became a one-bedroom apartment with the use of the separate bedroom.
The ground floor studio became a one-bedroom apartment with the use of the separate bedroom.
The building was built originally as a boarding house, with all studios. In entrance to building where Flat 1 is, was another door with hallway and storeroom. It was the office of the caretaker. But it wasn't used. So the owner, who built the block, Rob West, decided to give exclusive use of the office /hallway to Unit 1. The door leading to it was alongside front entrance to unit one.
The place has no windows. It's like a cave. But the position makes up for it. All that counts on the title is 17 square metres of studio with bathroom and a tiny kitchenette. But if you go into the entry and turn right – that was a normal door leading to storeroom. He added the little area to the flat. That area was exclusive use. There's the fear of losing it because it's exclusive use. However in the strata minutes of the meetings there is clear evidence that Unit 10 has exclusive use of what is known as Unit 11 and Unit 1 has exclusive use of the area marked. It can't be overruled.
Buyers all look at me sideways when I try and explain it to them. When I explained to the hordes of people that inspected that the hallway and bedroom were exclusive use, most of them ran out screaming. It wasn't normal. And it was quirkier than quirky.
But it is totally ironic. I did have the reams of first home buyers with $10,000 and saying "I want to buy it", "Oh, here's my chance for a unit in Kirribilli for $475,000. I can afford this."
The separate bedroom was accessed through a private hallway leading to the studio.
The separate bedroom was accessed through a private hallway leading to the studio.
"Oh no you can't," I said: "You've got Buckley's." This will require a substantial - mainly cash - payment for the whole thing, because the banks wouldn't lend on 17 square metres.
How has the lending environment changed since you sold the last one like this?
It's getting stricter. It's getting firmer. I understand that [one large bank], if it's going to lend on a studio, it has to be an absolute minimum of 18 square metres and [here] there's 17 square metres on title. The way the market is at the moment, they're not going to say: "We'll look over it." So, bye-bye first home buyers. It made my job a lot harder. Within a short time from the start of a four-week campaign, I had to come up with a cash buyer.
Why?
"The place has no windows. It's like a cave": The bedroom.
"The place has no windows. It's like a cave": The bedroom.
They're not falling out of the sky in droves. If a cash buyer walks into my office, I take photo of him. Which is what happened. The guy bought it cash. No mortgage.
Do you reckon we'll see another result like this: a) next week b) next year c) next cycle d) never?
c) Next cycle. Will the buyer give it back to me and make a profit in a few years? Yes - potentially, but will we see another unit like this? Definitely not. |
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石锅里的家常汤（方子补充上了，47楼长得像砂锅的石锅照） (2008-12-19) spicypig 
发表于 2018-10-15 18:31
