Jawdropping waterfront estate goes from Frying Pan to $2m fire-sale

first_imgMore from newsParks and wildlife the new lust-haves post coronavirus23 hours agoNoosa’s best beachfront penthouse is about to hit the market23 hours agoBut construction was abandoned eight years ago. Picture: Lachie MilllardOver 160 people had inspected the property, with 30 making offers on it and five contracts offered ranging from $1.4m to $2m, according to real estate agent Peter Grainger of Rock Real Estate, who marketed the property for a year before it sold for $1.94m.“It was a very tough sell because it was incomplete and also it was left for eight years, (so) it looked like ruins although it’s very strong construction,” he told The Courier-Mail.The $4m paid in 2009 was in an inflated market, he said, “at least $1.5m over what it should have been”.“It’s what we call an out-of-line sale, which is when a property sells for an extraordinary amount of money over and above the market. During that time a lot of those properties were at least 30, 40, 50 per cent over the market price.”Mr Grainger said the new buyers had paid a “good price however there are risk factors involved in buying a property like that”. The structure seems surprisingly strong considering it’s been open to the elements. Picture: Lachie Milllard The block looks back towards the Noosa Parade area across the water. Passersby in a file shot inside the shell of the incomplete mansion. Picture: Lachie Milllard The large plot has its own beach. You just have to visualise the possibilities. Picture: Lachie Milllard“Buyers don’t want to take it on with unknown risk and unknown risk will only be found when they (re) start construction. They still will need another million to finish it off – in cash as banks don’t generally like lending on half-finished houses.”He said if the property had resold six months after building activity had stopped “it would have been a different story.”“The difference is when it’s finished it could be worth anything, it’s 1.61ha in a totally unique, beautiful position.”Mr Grainger said it was a “very complicated sale”.“No wonder it took them 12 months to finalise. I thought for sure would be $3m but ultimately the market does decide what the price should be and it was well and truly tested with 160 views over that time.” FOLLOW SOPHIE FOSTER ON FACEBOOK FREE: GET THE COURIER-MAIL’S REALESTATE NEWS DIRECT TO YOUR INBOX undefined Lot 2 Frying Pan Track Noosa North Shore Qld 4565A BEACHFRONT owner has gone from Noosa’s Frying Pan to a fire-sale, after selling off her prized 1.61ha estate at a bargain $2m discount.The Singapore-based seller had paid a boomtime price of $4m for the jawdropping Noosa North Shore estate in mid-2009, according to CoreLogic records, but was unable to then complete construction of the 1100sq m mansion proposed for the site. BRISBANE SUBURBS RESIDENTS DON’T WANT TO LEAVE LIVE LIKE CLIVE PALMER’S NEPHEW, CLIVE MENSINK THIS IS WHAT $12M CAN BUY last_img read more

Awal :I’II perfectly replace John Boye

first_imgSouth Africa-based Mohammed Awal believes he is ready to fill in as a reliable defender for his injured colleague John Boye for the Black Stars crucial World Cup playoff against Egypt.Ghana’s defence stands depleted going into the crunch first leg match of the playoff tie against the record African Cup winners on 15 October in Kumasi.Head coach Kwesi Appiah must manage without three key central defenders against the Pharaohs.Isaac Vorsah has been sidelined by a long term knee injury while John Boye is also out as he prepares for surgery on a troublesome pubic injury.Jonathan Mensah has also had to withdraw from the October 15 clash due to a thigh injury while in action for his French club Evian TG.This means Ghana will present a new set of defenders in the expected high-tension game in Kumasi. But Awal who plays for South African club Maritzburg United says he is ready to become a successful back up plan for Appiah.“I am always waiting for the opportunity to play so if I am given the opportunity I will display myself for Ghanaians to see,” he said.“If someone is not there, somebody else can come and play and I believe I am ready to help the nation.”Awal will be competing with Rashid Sumaila, Jerry Akaminko and Edwin Gyimah for a place in Ghana’s defence against Egypt on October 15.Ghana want to record a resounding victory over Egypt to reduce the return encounter a month later to a mere formality.last_img read more

Hangover Scramble slated Thursday at Washougal motocross park

first_imgWASHOUGAL — More than 250 riders are expected to compete Thursday in the Jones Creek Trail Riders Association’s annual Hangover Scrambles.The dirt bike and all-terrain-vehicle races begin at 9 a.m. at the Washougal Motocross Park, 40205 N.E. Borin Road.Gates open at 6 a.m. Registration starts at 6:30 a.m.Entry costs $10 per person. Youth age 7 to 14 are admitted for $5. Camping costs $10 per vehicle.Entrants compete in hour-long races depending on skill level and vehicle type. The event happens regardless of weather conditions.Race entry is $36 for the first event, with a 50 percent discount off second and third events. There are two 30-minute youth races for $5 on a special course.The final race begins at 3 p.m.Riders come from as far away Canada and Nevada, said Mike Ames, president of the Jones Creek Trail Riders Association.The scrambles are the association’s main money-raising activity for the year. Proceeds are used to finance trail building and trail maintenance efforts by the association.There will be an EnduroX obstacle section that is very popular with expert-class riders, Ames said. The section is in the middle of a fieldlast_img read more