Was it overpriced? No. Definitely not. They got a good buy.
What did you think it would go for? The most recent three-bedroom apartment sale in the building was $1.85 million, which I sold last February. That was the most comparative recent sale. But [this] was level two, on a lower floor and with a different aspect. I didn’t have any price indications.
Big spaces, but not new: The Ceol na Mara building was built in 1974.
Marine Parade in itself is a very tightly held strip of Miami. In the current town plan, you’re limited to three-and-a-half levels. But when this one was built in 1974, they got it through council at eight levels. It’s the only building of its size.
This one had 254 inspections or inquiries over 3½ weeks. In the past 12 months, there have been four unit sales all up on Marine Parade.
What was surprising about it?
There are no facilities in the building. There’s no pool, no gym. There is a lift. Strata fees are $217 a week, on the higher end. At the end of the day, you’ve got a big pool out the front – the Pacific Ocean.
It comes down to the demographic and the buyer as well. Some people are still working from home, living that active lifestyle and are happy to pay for a gym and a bar … but most people in these buildings are an older demographic. There were a few younger people who did come through. But keep in mind, this particular unit – it’s still dated and 30 years old. It’s not newly renovated.
For its age, it’s very well-kept. It’s one of the nicer-kept buildings on the beachfront. The garden is immaculate, it looks like the Toowoomba Flower Festival all the time – it’s ridiculous.
There are a lot people who’ve owned in there for many, many years; some who bought off the plan and still own them.
Unrenovated: The apartment hasn’t been touched in 30 years.
The vendors had regularly stayed in the unit … but decided to part ways with it given they’re now in their nineties and can’t travel to the Gold Coast any more. These original units from the 1970s really are a time portal. There are not many of them around any more, so this is a really nostalgic pick-up and real throwback to that golden age of the Gold Coast.
There were, probably, 80 people crammed into the apartment. There were nine registered bidders. The auction kicked off hard and strong at $1.4 million. It jumped pretty quickly to about $1.65 million, then it was just two couples – a couple from New Zealand were the underbidders. They missed out by $5000. These guys went to $1.73 million.
What’s the profile of the buyers?
They are older. I’m not too sure if they’re retired or not. They’re downsizing. It’s a bit of a lifestyle change. They live in a bigger property, further away from the beach. They looked at a lot of new builds, but they weren’t for them. They were cramped and small.
The Miami coastal strip now has a three-storey height limit, but the building constructed before that took effect is eight storeys high.
[Phil] It’s absolutely true that they don’t build them like they used to. The building has a charm and a soul that you don’t get with these modern complexes and high rises, especially on the Gold Coast. We glanced at a few newer apartments. But in the end, this one felt more homely and more “us”.
Do you reckon we’ll see another result like this: a) next week b) next year c) next cycle d) never?
b) next year. We’ll definitely see another sale like this. The last three-bedroom sale along Marine Parade was last February – 18 months ago. There’ll perhaps be another one in another 18 months.