How a street record in Mosman was smashed by over $3 million
Entering a home through a 25-metre long sandstone tunnel is not your everyday experience in suburban Sydney. The cave-like structure ran from the garage to an internal lift that felt more like being on set in a Bond film rather than a Mosman home. Indeed, with the property beating the street record by over $3 million the vendors could happily live a Bond lifestyle.
DiJones agent, Jacqui Rowland-Smith, told us how this unique Mosman property left the owners shocked with the price they were able to achieve. With high end landscaping across the 800 square metre block, an incredible tunnel entry and enviable views across Sydney Harbour, the property was in hot demand.
A street record sales price of $8.25 million was set in late 2021 and only a few months later this was smashed by over $3 million with the selling of this Mosman house.
What was so unique about the property?
Undoubtedly the sandstone tunnel but also the location gave this place wide appeal. The home was in a quiet pocket of Mosman in walking distance to a playground, beach and a dog park, as well as a short ferry ride to the city of Sydney.
The stand out tunnel feature was dug about five years ago by miners from Lightening Ridge. They had patented a small excavator and came to Sydney to do the work. The finished result makes the wall look hand dug while the nine metre high lift-shaft was in fact dug by hand.
This was the first time the property had been on the market for over 40 years. If offered five bedrooms, four bathrooms and parking for two cars, with a development approval in place to build a master retreat.
What improvements needed attention?
The home had an extensive renovation about 10 years ago so was still in good shape and just needed a fresh coat of paint inside and out. Jacqui didn’t want to offend the owners but asked, ‘Have you ever considered painting the orange roof charcoal to match rest of the property?’ With this the owner sprung to his feet and said, ‘Yes! How come we never noticed that?’
The roof was painted in two weeks and the new colour tied all the property together and gave the house a more finished and contemporary feel and in keeping with the lavish gardens.
Who were the ideal buyers?
‘The target market was a bit of a mix because the floor plan was very flexible and suited families of all shapes and sizes, old and young, out of area and locals,’ said Jacqui.
With most of the hard work done during the earlier renovation Jacqui talked to buyers about how the property worked for them today but still offered the flexibility for them to add their own features, such as a parent’s retreat or a wine cellar in the sandstone tunnel. ‘Understanding people’s lifestyles and helping them connect to the neighbourhood helps both the buyer and the agent get the best result,’ Jacqui said. ‘You don’t really know what people want until you meet them,’ she added.
An artistic advantage
The interior of the property didn’t require any tailoring as it all looked good for the photographs. However, Jacqui bought some of her own soft furnishings such as plants, flowers and a touch of colour to add some beauty to photos. ‘If I don’t think a property needs styling, I’ll help with my own stuff,’ Jacqui said.
With an architectural brain, Jacqui is often asking people to send their renovation plans before they begin any work. She can see if the plans meet what the market is calling for so property owners can get the best out of their investment. Many of her clients she has known for years and often call on Jacqui for real estate advice.
Why did the owners choose Jacqui?
The client had met with another real estate agent but they showed no enthusiasm in comparison to the excitement Jacqui expressed after arriving at the property. They had heard very positive reviews about Jacqui and her local knowledge.
So much happened in the background to make this deal possible along with a strong commitment from the agent to ensure the client got the absolute highest price that the market would bear.
Over a four-week campaign 83 groups came to view the home, unheard of in this price bracket. There was also television coverage on a couple Sydney stations. One story had the owner walking though the tunnel in shorts and a t-shirt to the ‘Goldfinger’ theme song.
What advice helped achieve such a great result?
Any homeowner thinking about selling today or in the future Jacqui advises to future proof their home so when it comes to them wanting to make a move, they are in a position to get the best price possible. Preparing for the sale is the easy part.
Any final words?
‘Tell a story about the property and people will come,’ said Jacqui. It is important to take time to get to know your clients and your buyers. Understanding the different needs of people rather than just relying o a marketing campaign is important. The clients expectations were far exceeded in this sale, they had no idea they would walk away with so much money in their pockets.
