Prestige Palm Beach prices patchy, but still being tested
A Palm Beach beachfront retreat recently sold off market for $5.6 million to the Gazal family.
Title Tattle notes it last sold four year ago at $5.75 million, so premium prices are still patchy despite all the suggestions that the prestige market was making a comeback.
Imagine what it might have fetched before the global financial crisis. Indeed the then owners actually tried for $8 million plus back then in early 2008, though failed.
Once a modest cottage, the house was renovated and extended 25 years ago with plans designed by architectural firm Allen Jack + Cottier. It has title to the high-water mark.
Set at the sought-after northern end of Iluka Road, it has six bedrooms, four bathrooms, two living areas, sensational Pittwater views and a west-north-westerly aspect.
Just around the corner, and still on the sand, the retired financier and bookmaker Bob Blann has recently listed Snapperman House, his six bedroom, four bathroom beachfront retreat (pictured above) with ambitious $14 million-plus expectations through Amethyst McKee and David Edwards at LJ Hooker.
The 1940s-era house set on a double 1,400-square-metre block at 1129 Barrenjoey Road last traded when bought from Latina pasta co-founder Fraser Hopkins for $11,975,000 in 2009.
Macquarie banker Matthew Banks and his wife Melissa are the latest Palm Beach buyers after buying from Australia's former consul-general in New York, Phillip Scanlan and his wife Julie for $5 million.
The Geoff Watson-designed property on Florida Road was sold through David Edwards.
The Florida Road property was bought for $610,000 in 1993.