Pottsville house on market for $5m
A TWO-STOREY, five bedroom beachfront home could set a new record for property sales in Pottsville with the vendor calling for offers over $5 million.
The previous sale record for the once sleepy seaside village was $2.7 million when the same Elanora Avenue property was sold by Pottsville agent Roger McLeod in 2005.
Tenders closed yesterday for the luxury home that has panoramic views of and direct access to the beach and Mooball Creek estuary, with offers of an unknown amount made by local, interstate and international buyers.
Darren Curtis, marketing the property for Ken Jacob's Christies' Great Estates, the real estate arm of the famous English art auction house, said there was a high level of interest in the property.
“Homes of this calibre do not come onto the market very often,” Mr Curtis said from his office in Sydney's Double Bay.
“There is a strong case to argue that this home is one of three of the best homes in Elanora Avenue, which is one of only a few streets on the Tweed that enjoys not only direct beachfront access, but elevated views.”
Agent Amanda Patterson, of the Owner Property Group in Cabarita Beach, has been working with Mr Curtis to show prospective buyers through the “lifestyle property”.
“The views from the property are spectacular; it's the perfect home to take advantage of the beachfront lifestyle.”
She said the house, known as Pandanus, was perfect for entertaining with large, covered alfresco areas on both levels that overlooked the ocean and a creek, as well as large open-plan living areas with vaulted ceilings on the top floor.
Designed to capture the panoramic views, the house offers dual living, with a kitchen, dining and living areas on both levels and a double garage and carport.
The elevation of the modern-style house affords the owners a “level of privacy greater than most beach houses”, according to the home's advertising.
While Mr McLeod said the home was one of the more beautiful in Pottsville and one of only about12 with elevated water views with direct beach access, he said the current market meant it was unlikely to sell for the asking price.
“I think the asking price is a bit ambitious and I would expect the property to sell for between $3.5 and $4 million, which will be a fantastic result,” he said.
“Even though it is a premium product and that end of the market is not as affected by the general market, it seems unlikely that the property has appreciated more than $100,000 to $150,000 each year since 2005.
“To achieve the $5 million asking price it would have appreciated by around $500,000 a year.
“But the asking price does show that there is still a great amount of confidence in the luxury product on offer on the Tweed.
“It indicates that instead of depreciating, these homes are appreciating which is bucking the trend beachfront areas on the Gold Coast like Jefferson Avenue in Palm Beach and Hedges Avenue in Miami.”
A two-storey, four-bedroom home in North Point Salt Village sold for $5.8 million in early 2008.
It still holds the record for the largest sale price on the Tweed, according to Salt Village Real Estate principal Andrew Ladd.