Freestanding home on 800sqm+ secured $200k under guide

10 Jan

Written By Billy Gleeson – Founding Buyer’s Agent

Overhead view of a freestanding house with spacious yard, highlighting extensive land size

▉ REGION: LOWER NORTH SHORE
▉ CLIENT: YOUNG FAMILY
▉ BUDGET: $2.5M

Webb & Co. purchased a large freestanding home in Castle Cove under considerably market value.

Background

Webb & Co. successfully navigated a property acquisition in Castle Cove, Lower North Shore, on behalf of a young family. The family, previously renting in Willoughby, aimed to purchase their first home within the Willoughby Council Region. With a budget of $2.5 million, they sought Webb & Co.'s expertise in this competitive real estate market.

Challenges

The acquisition process was marked by three key challenges:

Budget Constraints: The family's budget of $2.5 million restrictive for this particular Lower North Shore area, known for its high property prices. This budget limitation required a focused and innovative approach to find a suitable property within their financial reach.
Geographical Preference: The family's desire to stay within the Willoughby Council Region narrowed the search radius. This specific geographical preference limited the number of available properties, making it a significant challenge to find a home that met both their budget and location criteria.
Market Competition: The Lower North Shore property market is notably competitive, with high demand for properties in this area. This competition meant that desirable properties were often quickly purchased, adding pressure to identify and secure a suitable home efficiently.

Strategy

In response to these challenges, Webb & Co. adopted a comprehensive strategy. The team, led by Annabelle Webb and Billy Gleeson, utilised their extensive network to identify both off-market and on-market properties. They identified a distressed sale in Castle Cove, where the property had experienced a significant reduction in its guide price. Leveraging their industry relationships and negotiation expertise, they formulated a strategy specifically for this opportunity.

Outcome

The strategy's successful execution led to Webb & Co. securing the property for the family at $200,000 below the original guide price. This acquisition represented an extraordinary value in the Castle Cove area, marking it as the most cost-effective purchase per square meter for a non-main road property in 2023. The family was thus able to buy a home that met their specifications within their budget constraints, a testament to Webb & Co.'s professional acumen and client dedication.

Lower North Shore

Billy Gleeson – Founding Buyer’s Agent

Billy Gleeson has been a resident of the Lower North Shore for more than 20 years, living and breathing real estate in the area since his early childhood.

Having lived in both the United States and London, Billy has extensive experience consulting for some of the world’s largest brands, in the marketing, media and not-for-profit industries, and now brings his passion for success to Annabelle Webb’s team.