Big Bower St sale brings Manly’s first $10m-plus deal for 2019
Manly has notched up its first $10m-plus property deal of 2019, with the sale of 83-85 Bower St.
Phone negotiations crisscrossed time-zones, multiple buyers and countries, and went well into the night, before the deal was finally done.
MORE: Prestige listing to challenge record
Fancy a townhouse with a rooftop pool
The prime 1416sqm property at 83-85 Bower St, was supposed to go to auction last Saturday, but sold prior, for more than $10 million.
Michael Clarke and Cherie Humel, of Clarke & Humel Property Manly, were staying quiet on the exact sale price, but said it did sell within the guide of $10,000,000-$11,000,000. The buyer is believed to be a local family.
“It is the biggest price for Bower St for 2019,” Mr Clarke said.
“It was a result the vendor was very happy with.”
He said potential buyers had come from around the world. In the end, phone negotiations had to be conducted via telephone as two of the three buyers, and the vendor were overseas.
“It was a logistical challenge with all the different time zones nit we got there in the end,” he said.
The much-loved family home was sold by businessman Mark Langbein, who had held it for about 20 years.
He undertook major renovations on the c1926 Californian bungalow, which included joining the rear of the house to the existing double garage.
A new kitchen and dining area was built, with decks that enhanced the home’s north aspect.
Given its size, the property was marketed with subdivision or redevelopment potential.
And there was a huge amount of interest in the property, notwithstanding its hefty price tag.
Mr Clarke said there were more than 100 groups who inspected the property, and more than 14 contracts were issued.
It took just 24 days for the property to sell, according to CoreLogic.
There are still two more big-ticket properties on the market in Manly looking for buyers.
The suburb’s only freehold absolute beachfront, at 38 Stuart St, is being marketed by Jake Rowe, of Rowe Partners Real Estate. It has a guide of $16 million-$18 million.
A waterfront at 11 Oyama Ave, being sold through Bulldog Realtor, has a $15.5 million guide.
SIGN UP HERE FOR THE NSW REAL ESTATE NEWSLETTER