Primary Residence at North Randwick

 

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Property Type: Primary Residence

Free Standing Address: Govett St, Randwick, NSW, 2031.

Listing Status: Off Market

Date of Acquisition: March, 2015.

Acquisition Price: Not Disclosed

Ownership Structure: Individual

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Macroeconomic Concerns

The clients had specifically identified North Randwick as their preferred suburb to settle and develop a family home. The clients had been actively looking independently for close to 3 years without any result. Not only were the clients feeling fatigued in the seemingly perpetual scoping and site inspections, they were under-whelmed by valued opportunities in what was listed.

Randwick has now formed itself as a highly desirable suburb of Sydney’s Eastern suburbs and achieved strong traction to blue-ribbon valuations. The clients wanted to craft the best position for capital growth over the long-term or an 8+-year hold.

Certain market perception indicates greater value can be found to comparable surrounding suburbs of Centennial & Queens Park but in tightly held markets and low-interest rate environment, that perception is quickly dissolved. Further, nearby interest areas by Clovelly, Coogee and towards Bondi simply do not present the same large, level land titles.

As a point of introduction to Randwick, the suburb size is approximately 5 square kilometres. It has 8 parks covering nearly 19% of total area. The population of Randwick in 2006 was 25,413 people. By 2011 the population was 27,739 showing a population growth of 9% in the area during that time. The predominant age group in Randwick is 25-34 years.

Households in Randwick are primarily couples with children and are likely to be repaying over $4,000 per month on mortgage repayments. In general, people in Randwick work in a Professional occupation. In 2006, 47.8% of the homes in Randwick were owner-occupied compared with 49.4% in 2011.

Source: RP Data, March 2015.

 

Stock Specific Mandate
6 bedroom / 3.5 bathroom / 3 garage

With the clients having young children, they expressly needed a home that they could grow into over the coming decades. Outdoor space to entertain, yet family friendly was critical as the children are highly sports oriented. Multiple living areas were also of great importance to allow for personal space in independent work, relaxation and leisure.

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On-Site Interactions

This was sourced and secured off-market

As the boundaries of North Randwick are relatively tight to only a dozen or so streets, magnifying the search to specific homes in those streets was reasonably straight forward but the challenge was going to be in the off-market approach. In initiating a select letter box and door-knock campaign, private inspections were arranged.

Negotiation & Bid Methods

Coincidentally, the ultimately acquired home in Govett St, North Randwick had recently engaged a real estate selling agent. The selling agent was very straight forward and transparent in dealings and attempts to find common valuation grounds.

It was very important in the off-market scenario to undertake a comprehensive negotiation whilst not losing momentum to an alternate bidder activity in an open market. In maintain a closed feedback loop with all stakeholders, the end result was successful for both the buying client and vendor.

Execution Rationale

This property in Govett St, North Randwick had not traded in over 20 years and is arguably the areas most prestigious and sophisticated family homes.

It was a thrilling off-market approach for the buyer with the further good fortune of the vendor being a motivated seller. The clients never expected to secure a home that they had had their eyes for years – the professional and aggressive approach won the day.

Client Feedback

We contacted Cohen Handler to discuss our property search in December 2014 following a strong recommendation from friends who had used Cohen Handler previously. Their willingness to understand our requirements over the phone and to ensure we were subsequently matched with the best possible agent and resources was immediately evident.

During our first meeting, Simon Cohen and Daniel Trelease remarkably sifted through our (at times conflicting) ‘information download’ to prioritise motivation, search area, specifications and budget. Daniel was immediately appointed as our Associate and we are thrilled to say that following an unsuccessful property search spanning three years, it took Daniel only three months (including the notoriously quiet Christmas season) to source and secure our next family home. Remarkably, not only has this result been achieved in such a short space of time, it has been without any need to compromise on our preferences regarding streetscape, block size or light-filled living spaces. Daniel met every aspect of our brief, including our preference for an off-market purchase.

After going it alone and being fatigued with a process that simply hadn’t worked for us, it was apparent early on that having professional representation as buyers provided us with an enormous advantage. Not only did it allow early access to unlisted properties but also meant that Daniel, as a property professional, was handling scheduling, negotiation and related aspects – something we had found difficult to co-ordinate in the past.

It was a relief to know Daniel was moving quickly on our behalf when we were otherwise occupied, or in matters in which we had little experience. We believe his professionalism, knowledge, manner and willingness to involve other colleagues when appropriate collectively resulted in an outcome well beyond our expectations.

Daniel stayed in regular contact and this kept us entirely engaged in the process. We inspected on market properties and multiple off-market properties and with each viewing we knew we were getting closer to the one that would be our next home. Daniel called one day to say he had found the one and he was absolutely correct. Importantly and refreshingly, we had some laughs along the way too! Daniel was our advocate and trusted advisor. We thank him for his extraordinary expertise, respect, interest and understanding. We thank him for keeping us on track, and for a fabulous outcome. We would welcome the opportunity to speak with anyone interested in engaging a buyer’s agent regarding our impressive journey with Cohen Handler, and specifically Daniel Trelease.

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