A Christchurch cottage surrounded by mansions, but deemed unworthy of its absolute beachfront location, has sold under the hammer for $1.675 million.
The owners had shelled out $1.6m for the development site on Beachville Road, Redcliffs, in 2020 with plans to build their dream home on the coveted site, but a change of plans saw them putting it back on the market last month.
The listing for the property said the house was “clearly not worthy” of the prime waterfront position surrounded by $2m-plus homes. The cottage was liveable and had been tenanted, but was uninsurable in its current state.
“Our sellers’ difficult decision to abandon their development plans is tempered by how settled they are in their new home in the countryside,” Harcourts agent Alison Aitken said in the listing.
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They had commissioned architectural plans and gained resource consent for a stunning home to be built on the 668sqm site, which was spread over two titles, before deciding to stay put, so included them as part of the sale.
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Harcourts Grenadier auction manager Karen Phillips said it was a good result for an “as is, where is” property because it was always hard to know how they would go in the current market.
The auction attracted three registered bidders with two bidding competitively for it. It paused for negotiation before finally selling for $1.675m.
Beachville Road was a prime location close to the water and away from any busy road noise, she said. “It’s a beautiful spot.”
Meanwhile, a classic brick bungalow in Christchurch’s blue-chip suburb of Fendalton also caused a bidding frenzy in Harcourt’s Grenadier’s auction room on Thursday.
The four-bedroom, one-bathroom home on Willowbrook Place sold under the hammer for $1.535m after 50 fast bids.
The two-bedroom home on Beachville Road, in Redcliffs, was habitable, but uninsurable. Photo / Supplied
The auction for a brick bungalow on Willowbrook Place, in Fendalton, went "nuts" with the property selling for $1.535m. Photo / Supplied
The five bidders were all eager to get into the blue-chip location, Phillips said. By the time it was announced on the market at $1.29m there were just two couples left fighting over it with the new owners believed to be buying it for their own home.
The elderly owner had lived in the property for 30 years, according to the listing, which described the well-maintained home as having great potential for renovation.
“It was nuts,” Phillips said. “That is an extraordinary result.”
Last month a four-bedroom, two-bathroom on Westburn Terrace, in Ilam, also sold at a Harcourts Grenadier auction for $1.473m after some heated competition.
Harcourts Holmwood salesperson Zani Polson said Fendalton properties were always in demand and especially at this time of year when people tried to move into the coveted Christchurch Boys’ and Christchurch Girls’ high school zone in time for the new school year.
Those who couldn’t find a house to buy often rented just to be in zone, she said. “We know Christchurch has a love affair with school zones - that’s just what we have.”
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