Sales on three Remuera properties that went unconditional earlier in the year have settled for a total of $30m, OneRoof can reveal.
And a clutch of other $10m-plus sales in the top Auckland suburb will also become public in the next two months.
All three settled sales were brokered by agents Terry and Diana King, of Remuera Real Estate Register, between February and August of this year.
The biggest deal was $11.5m for a sprawling 4649sqm estate on Waiata Road, while a grand five-bedroom 1920s-character home on Remuera Road, opposite King's Prep, sold for $10.1m in February. In April a five-bedroom arts and crafts house on Upland Road changed hands for its asking price of $8.4m.
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Terry King told OneRoof that another $10m plus deal was also in the works at the moment.
“There are a number of buyers trying to find properties with up to $16m to spend,” he said.
Terry and Diana King of Remuera Real Estate Register at their home in Bell Rd, Remuera, Auckland. Photo / Fiona Goodall
“Remuera has never been more desirable than it is now. It’s all about the private schooling. People who’ve lived over the other side [Herne Bay] want to come back because of the schooling. All their school friends are here, the parents want to stay in.
“One of the really nice things about Remuera is that it really is still a village. Lots of people live in the village, but at different levels. Some are in the $15m village, some are $2m, but it all feels the same. Remuera was originally developed from farms for wealthy merchants with big homes, whereas Parnell was originally working men’s cottages. It’s not as family.”
King said that his company, now 10 years old, has never believed in auctions, or open homes, for high end properties.
The Waiata Road property spread over two titles and 4649 sqm of land in the heart of Remuera. Photo / Supplied
“At this end, people only want to buy by price and the sellers want to know the price and who is buying. We’ve bought and sold two or three houses for the same people now - we’re facilitators for the string of transactions. When people say ‘can you find me XYZ’ we’ll act as buyers’ agents for a fee, the same as we would for a vendor.
“It's all about presenting things that people want to buy. We know their budget, there are not enough people to conduct an auction at that price, and they don’t want to be on display. Sellers like to meet the buyers. We often say ‘they’re just like you, only younger’.
“At this level, people are so thrilled when nobody knew anything about the sale.”
King said that some buyers are open to how their budget is allocated, either buying a property already done, or picking up something less expensive and leaving a few million in the budget to update.
“But it all depends on the age and stage of the children. If they’re 14 or 15 then by the time you’ve finished the house, they’re off and it’s too big.”
King said that buyers are prepared to wait “gone are the days of people buying just anything,” but the blockage for getting people to sell the big home is the lack of a better place to downsize to if they don’t want an apartment.
The grand house on Upland Road, Remuera that sold for $8.4m will be replaced by townhouses. Photo / Supplied
The Waiata Road property, a four-bedroom, five-bathroom house had been on the market since late last year. It had had only three owners, with the 800sqm house sited on a sprawling 4649 sqm site that included house, tennis courts and a second strip of land. The buyers, a young local family, plan to update the striking 1970s house designed in the style of noted American architect Frank Lloyd Wright.
The grand old five-bedroom Remuera Road home had last changed hands 20 years ago for $988,800 and while its 1689 sqm land was zoned for apartments, King said it was far more valuable as a family home.
“We didn’t advertise it and we only took three people through. Each made an offer, and we sold it unconditionally in two weeks to a family who plan to be there for a while, it’s just perfect for their kids.”
A developer did get lucky with the Upland Road property. Despite its provenance as an excellent example of much loved 1920s architect Sholto Smith’s style, the four- or five-bedroom house with a pool and 2237sqm of leafy grounds will be replaced by town houses.
King said the developer, who has sold stylish townhouses in nearby Ventnor Road, has already begun the consenting process. “It’s not in grammar zone, it will be a nice development for young couples or downsizer.”
King expects at least another five top end properties to make it to market before the end of the year, but “It changes within the day”.
