Summer Beach Spotlight: Rowen Craigie's Mermaid Beach misgamble
There was only Christmas cheer for buyers following from 2011's last prestige
It had been listed through McGrath Broadbeach agent Chez Fraser with $3.9 million-plus hopes. Roy Schwenke of Ray White CBD Residential notified RP Data of the sale in the week prior to Christmas.
Its sale price represented a 46% drop on its $6.75 million sale in 2008. It was marketed as the chance to secure one of the most affordable beachfront cottages in the strip.
"This property is one of the last remaining original cottages and offers the choice of an immediately liveable home or a fantastic opportunity to build your ideal beachfront home on its full 405 square metre block," Fraser suggested.
It had been for sale since its August 2009 auction, with its price expectations dropping from $5.75 million in January 2011 to $4.75 million hopes.
Craigie is certainly not the first to take a huge hit in Mermaid Beach.