New cream-brick home that baffled buyers in the ’50s sells for $4.5 million

Was it overpriced? No, it wouldn’t sell at a high price. Nothing will sell if it is overpriced in this market.

House to move to: The owner, a builder, built the house for himself, but sold it just 10 months after it was completed, because he decided to move to Queensland.

What did you think was going on? Selling price.

What was surprising about it? It was a very modern house that looked even bigger than before. Not your typical beach house. If it was a classic beach house, it would be painted white.

That look, for many 50-plus folks, is the type of housing we grew up with. That’s your 1970s south-eastern suburban neighborhood home. I am from East Malvern. Every second house was red brick or cream.

The choice of brick makes it look very 80s. Eight out of 10 questions asked us about a renovation, not a new home.

Has the appearance of brick affected the market?

I don’t think it affected the price, but it was definitely confusing to many buyers who looked at it. The man built it for himself. He liked the look of it. If we were to do it as a development, you would choose something that is more convenient to what the market wants.

Sorrento’s home was on the southern tip of the Mornington Peninsula, close to the local yacht club.

One of the other reasons it didn’t sell is that the seller wanted a little more. He originally asked $5 million for the house. This is the main reason why houses are slow to sell.

When did the price drop?

A week before the sale. So, once the price came down, we had some competition and spirited interest in the house and that’s what drove the final price. In the end we had three buyers.

Have you discussed changing the color with the seller?

He gave me a contract saying that if we didn’t sell in a few weeks, we’d pull it out of the sale and bring it back nice and white in the spring. White is your best friend – it is less offensive; It is more independent.

Birds of a Feather: The eventual buyer was in his 40s – the same age as the builder-seller.

Is there a taste-price equation in real estate?

There is a ruler for everything. It was the builder’s own house – a 10 month old luxury build. But he went up north, decided it was a warmer climate for him and his family, bought there and decided to sell here. He is now living on the Sunshine Coast.

In the spring it sold for more, did you paint it?

Maybe at the same price, but we would have sold it faster. Maybe it will attract more buyers who want that traditional beach house compared to something trying to be the next fashion statement.

How old was the last buyer?

They are younger than me. The owner is only 40 years old. And I think these people are definitely in their 40s.

People who buy it love that retro – can you call it retro? I don’t know what to say – love that look.

Do you think we’ll see another result like this: a) next week b) next year c) next cycle d) never?

b) Next year. There is another house like this in Sorrento, a modern new house. This one is not a brick color, but a modern five bedroom house. It will be on the market next month, for sure.

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