The Sunshine Coast is bursting with opportunities for homeowners, investors and budding renovators aike. A property which provided ample opportunity for buyers, the sale of 2/17 Tolman Court, Maroochydore was a unique piece of Sunshine Coast real estate that generated wide interest.
Sold by Ray White Maroochydore real estate agent Kristy Cannon at $316,000, this DIY unit not only saw the dreams come true for the seller, but also for the budding renovator: the new owner. “This unit was absolutely perfect for anyone looking to truly make a place their own, without having to build from scratch! Attracting a wide range of buyer demographics, a love for renovating was definitely an interest that they all shared” says Kristy.
Owned and lived in themselves for a number of years, the seller decided to put the property on the market following extensive flood damage suffered by the building. A risk that some homeowners face near the Maroochy River, Kristy was determined to be as transparent as possible with interested buyers throughout the campaign.
“It was really important to us that we were 100% transparent with anyone who took interest in the property. The reason why the owner was selling was due to extensive flooding. He faced the decision to either spend $80K or so on fixing the water damage done to the unit, or selling it altogether and starting new somewhere else. As a sales agent, it is my responsibility to ensure that each interested buyer fully understands the situation, and any future risks before entering into an agreement” says Kristy.
Selling at over $100K above reserve (much higher than originally purchased for), avoiding $80K in outgoings to repair the damage, Kristy was left with one very happy client! As for the buyers? Although posing a repeat flooding risk, this property still proved to be a valuable investment for many.
“This Maroochydore unit holds so much potential. At first glance you see a gutted unit with a lot of work needed. However, what buyers didn’t fail to notice was the incredible benefits such as a prime Maroochydore location within walking distance to the river, beach, newly upgraded Sunshine Plaza shopping centre, and developing CBD. In addition to this, the two bedroom unit had a great floor plan with spacious rooms, a private courtyard for kids or dogs to enjoy, and was only one unit in a 3 unit complex” says Kristy.
With numerous open home inspections, 1 offer prior to auction and 6 registered bidders on the day, the property proved to be quite the popular one, as buyers “battled it out” at the onsite auction.
“We marketed this property as a bargain buy, and value wise that’s absolutely what it is! We didn’t however expect it to go for as much as it did. Despite all of the interest… both locally and interstate… in the week leading up to the auction we had 0 registered bidders. Come auction day however, 6 buyers made their intentions very clear and registered to aggressively bid to the end” says Kristy.
Offering substantial value location wise, this DIYers dream also presented the opportunity to get their hands dirty and renovate the unit in the way they want. With popular reality TV shows like The Block and YouTube series Three Birds Renovations, it’s no surprise that self renovations are rising in an upward trend. Keeping costs low, DIY renovations of smaller properties such as this Maroochydore unit, not only adds value to the property, but also provides owners with the option to capitalise on a great rental yield, either long-term or as a popular beachside Airbnb.
“At the end of the day we’re seeing the Sunshine Coast real estate market continuing to rise across all types of properties, and this definitely isn’t exclusive to the high rise water view penthouses. The Sunshine Coast’s residential proximity to the water wherever you are located is one of its charms, and in particular with a unit like this in Maroochydore, who wouldn’t want the convenient beach lifestyle that is attracting so many interstate relocators?” says Kristy.
If you’re looking for your next reno project or a property that you can add value to, contact Ray White Maroochydore’s Kirsty Cannon to find out what’s available.
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