Bankers are supposedly bailing, but Mosman’s Mandolong House reputedly sells for bullish $18 million
Prominent Goldman Sachs Sydney stockbroker Richard Coppleson advised his clients last week he'd heard stories that Mosman was in a "huge state of distress" as bankers bailed from the prestige property market.
He soundly suggests that many Mosman properties were not advertised for sale. It's true that there are many for sale that don't show up on in the agency windows, websites or brand-enabling print advertising.
But Coppleson then went on to suggest his estimate - that for every 10 properties publicly listed for sale, just one is advertised
Richardson & Wrench Mosman Robert Simeon say Mosman presently has 144 houses on the market using the Domain website as his source.
Noting Mosman had 4,900 houses, Simeon deduces that represents 2.93%.
"If you apply the multiple factor (stated above) that would equate to approximately 1,444 houses being available for sale, which is 29% as against the current precise number of 2.93%."
Simeon suggests that during the GFC and beyond, Mosman posted one of the lowest delinquency rates in Australia – and no houses in Mosman sell for less than $1 million. No one would dispute prices are down, but there's been a significant uptick in prestige sales in the lead-up to Easter.
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Meanwhile Mandolong House (pictured above), one of Mosman's most coveted estates, has been sold for a bullish $18 million. Its reputed buyer is to Markus Kahlbetzer from the polo playing pastoralist family headed by John Dieter Kahlbetzer.
Despite the lack of significant Middle Harbour views, the Mandolong Road property sale set a suburb record price for a non-waterfront residential property. The previous record was $15.25 million for a Stanley Street residence that sold last year through Raine & Horne Mosman agent Brendan Warner, who secured the latest sale.
Set high on the slopes of Balmoral, Mandolong House sits on 2,909 square metres of grounds that come with a north-south tennis court and pool. The 1885 residence was transformed four years ago by architect William Smart of Smart Design Studio.
The five-bedroom, six-bathroom mansion features a grand entrance hall, formal reception rooms, a state-of-the-art kitchen and entertainment areas that open to wide terraces. There's also a self-contained pavilion for guests.
Markus Kahlbetzer's current home is the penthouse in the 1970s Stuart Murray-designed Elizabeth Bay apartment block Deepdene. Set on the Elizabeth Bay Road loop, Deepdene stands between the waterfront properties of Oceana and historic Tresco. The architecturally iconic apartment complex was constructed by the builders A.F Little as five separate apartments.
Pastoralist John Kahlbetzer acquired the penthouse in 1980, then finished his consolidation in 2006 with the purchase of two units costing $6.6 million from Fay Parker of Parker's Wines. The penthouse outdoor entertainment area was remodelled by landscaper William Dangar with a structure designed by architect Richard Goodwin.
Mandolong House was sold by Barry Roberts-Thomson, deputy chairman of Hutchison Telecommunications, and his wife, Victoria, and had initial $20 million hopes last year. It lasted traded for $3,375,000 in 1989 from the Damon family, who had owned it for about 50 years. The house has had only four owners. Of the five Mosman properties sold for double-digit millions during the past year, Warner's taking credit for three.
The top end market has achieved recent turnover, albeit at subdued levels and pricing. The waterfront estate of car dealer Laurie Sutton sold earlier this year to Ying Li for a reputed $20 million short of the property's price tag in 2009 when Sutton listed it with hopes of exceeding Mosman's $22.5 million price record. Sutton has owned the property since the late 1970s when he bought it from Bob and Dolly Dyer, hosts of the long-running television show BP Pick a Box. Measuring 5,154 square metres, the Bay Street property is Mosman's largest waterfront estate with views across Quakers Hat Bay. The four-bedroom, five-bathroom residence is set in gardens with a tennis court, pool and boating facilities including a shed, slipway, jetty and floating deep-water marina.
Last November there was the $19 million sale of a Hopetoun Avenue waterfront property to Ros Oatley of the Oatley wine family. The house was now demolished, having sold in boomtime for $22.5 million.
The unsold listings include the stark white Mosman landmark called the George Williamson House but colloquially known as the igloo house has been listed for sale. Following its design by architect Harry Seidler in 1951, the Modernist Parriwi Road property caused traffic mayhem as Sydneysiders sought to get a glimpse. It was saved from demolition in the late 1990s and heritage listed in 2002. It now comes with approved extensions and a new harbourfront wing overseen by the Seidler architectural practice, which was commissioned by the current vendors, Ian and Tanya Oatley. Set on a 1,700 square-metre Chinamans Beach holding with 40 metres of beachfront, it's been listed by Sandie Dunne of Dunne Mosman with $20 million-plus hopes.
