When it comes to the world of luxury real estate, closing a deal can be as nuanced as it is unforgiving. Here’s how one of Melbourne’s top production teams sold a multi-story mansion in one of the region’s most desirable suburbs.
WHO: With nearly 80 years of combined experience in the marketing and sale of luxury properties, the management team of Global Private Property of Michael Gibson, Ken Jacobs, Tracey Atkins and Robert Flecher has amassed a long list of satisfied customers that include some of Australia’s most elite residents. Authorities on Victoria’s luxury markets, the team specialize in Melbourne’s most desirable neighborhoods and suburbs where they have completed a number of notable sales, including their most recent sale involving the historic Namarong Estate, which recently sold for more than 24 million AUD (about 16.68 million USD).
The what: Built in 1868 for a wealthy shipping merchant who chose the house’s perched hillside location to watch his ships entering and leaving Port Phillip Bay, Namarong sits on approximately 3,370 square meters of well-maintained grounds . The house’s iconic Victorian facade features ornate corbels and cornices, a gently pitched roof, and an ivy-covered facade. Inside, a clever combination of classic and modern elements blend together to create an atmosphere that is both timeless and contemporary. Traditional moldings, interior columns, and a series of glass patio doors sit alongside more fashionable touches such as minimalist framed windows, a bright orange carpeted staircase, and sleek cabinetry. Other highlights include a stately library, rounded terrace, and expansive tennis court, as well as a movie theater, wine cellar, and outdoor pool.
The OR: Located in Stonnington, just south of the well-known wealthy enclave, Toorak, Armandale sits alongside many of Melbourne’s most prestigious neighborhoods, says Gibson. As such, the central suburb is home to some of the most expensive properties in the state. “The municipalities of Stonnington, Boroondara and Bayside hold the majority of the key assets for homes across Victoria,” Gibson explained.
The how: Marketing was heavily focused on the rich history of the field, says Atkins. “Our company is built around a media and real estate approach to all of our trophies. So instead of just thinking about bringing them to market, it’s really important for us to place them and promote them and understand the story behind them, especially with this one because it has such a rich history . Keeping the estate’s pedigree in mind, the team also opted for an expression of interest campaign where potential buyers are invited to submit their best offer. “Typically, we run an expression of interest campaign in the middle of the market with a marketing period of about four to five weeks and an end date attached to it. Ideally, you have two parties in a private auction at the end of the process, and that’s what happened in this case. Finalizing sales with a private auction is “certainly common in Melbourne”, Gibson added, “with nine out of ten times the best price for the seller”.
The now: The sale comes at an interesting time for the Australian property market which is see a cooling after an unprecedented 2021. However, the luxury market appears to remain strong, according to Gibson. “Given that interest rates just went up and given other headwinds, like the pandemic, oil prices, war, it’s still surprisingly strong. In fact, we had another sale last week of just over 30 million, which together with this sale exceeded our expectations.
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