A luxury home overlooking the Waikato River and an elite golf course has seen its price tumble by more than $1.61 million in less than eight months.
The new-near four-bedroom, three-bathroom architecturally-designed home at 88 Braid Road, in Saint Andrews, Hamilton, passed in at auction this week and is now back on the market with a price tag of $4.88m.
The vendor had initially listed the home in May with an asking price of $6.49m - a price record for Hamilton - but the listing now makes clear he is under pressure to do a deal.
Harcourts agent Grant Shackleton says in the marketing ad that the vendor “is liquidating to pursue a business opportunity, and their expectations now echo the changes in the market”.
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Shackleton told OneRoof after the property passed in: “It’s not a $2m reduction, that price is reflecting the market. Last time it listed it was a very optimistic number, probably based on lifestyle properties.
“We’ve had 40 people through the property, a number of conditional buyers, there’s serious local interest, and these buyers exist,” he said, adding that most of the buyers were from Hamilton.
“The vendor is sending a clear signal.”
The property passed in at auction with a vendor bid of $4m, after opening bids of $3m and $3.25m from two bidders in the room. Shackleton and auctioneer Campbell Scott said that the property had some of the best views in Hamilton, overlooking both the golf course and the lake, and had a high level of luxury finish.
The vendor is realistic about selling the house, which has high-end finishes not seen in other Hamilton properties. Photo / Supplied
“The vendor is committed and in tune with the market,” Scott said.
The record for the most expensive house sale in Hamilton is held by a Liverpool Street home owned by former Hamilton mayor Andrew King who sold it to developers last year for $5.5m, while a luxury home on Lake Crescent holds second place at $4.605m.
This sale price could be beaten by a 4.5ha lifestyle property on Bollard Road, in the blue-chip lifestyle suburb of Tamahere on fringe of Hamilton, which is asking $5.5m. It includes a five-bedroom, 700sqm main house, a three-bedroom cottage and five-car garaging, a pool and landscaped grounds.
Shackleton earlier told OneRoof the buyer is likely to be a local.
“Everyone thinks it is going to be an out-of-town buyer, but we already have those buyers living in Hamilton they just haven’t had the opportunity to buy these houses because they are tightly held.”
Agents say the views of the golf course and river are some of the best in the city, and are attracting local buyers. Photo / Supplied
The 540sqm home on a 1200 sqm site is built to a quality not seen in Hamilton before, Shackleton said, and would be hard to replicate in today’s prices. It includes the latest home automation, wine and beer fridges, a luxurious kitchen with a 4.4m Brazilian granite bench, an office, gym and kitchenette in the principal suite.
An artificial turf putting green allows the golfer to practice before heading to the picturesque St Andrews course.
- Additional reporting by Nikki Preston
