AU Million-dollar discount on Lilli Pilli 'castle' home
Property Here - Wednesday, April 24, 2013
IMAGINE scoring a million-dollar discount on a fantasy home.
The dream became a reality for one lucky couple, who picked up a European-themed castle near Batemans Bay, south of Wollongong, for $1 million.
The stunning four-bedroom brick home at 202 George Bass Drive, Lilli Pilli features a spiral staircase, external medieval turrets, a music room, a library, an office, a lift, a heated lap pool and a spa room.
Built in 2000 for the vendors, the property first listed in 2010 with an asking price of $2 million. It languished on the market until now, thanks to shrinking demand for prestige properties in the wake of the GFC.
“The vendors came to realise that the home was very unique and original, so appealed to a smaller market,” said Mark Maranion, LJ Hooker Malua Bay and Broulee principal.
"People would say it was a beautiful home, but not practical.”
Mr Maranion sold the property to a Canberra-based couple after a rival agency took it to two unsuccessful auctions. The buyers are looking to lease the property to wedding parties.
“Many houses in the area are weekenders for public servants who end up moving here from Canberra to retire,” said Mr Maranion.
“A lot of people put retirement plans on hold thanks to the GFC, but now the market is picking up again, they are starting to pull up stumps and make the sea change.”
The home was the third local property to sell for $1 million or more since the start of the year, indicating better times ahead for the prestige market.
“Each of the three was languishing until this year,” said Mr Maranion. “Most agencies are picking up this year and we’re at the start of a recovery stage.”
Read more: http://www.news.com.au/realestate/news/million-dollar-discount-on-lilli-pilli-castle/story-fnd91nhy-1226628579372#ixzz2RM7NadKH