IT’S tough being rich. You’ve got $10 million in cash burning a hole in your pocket but you just can’t find a Gold Coast mansion for love nor money – until now.
The Gold Coast’s high-end real estate market has been tight with wealthy buyers frustrated by the lack of stock, according to the Coast’s leading agents.
But two Monaco St mega-mansions worth $11m and $12m respectively are set to hit the market this weekend following a reported record $11m sale in the street recently.
Prestige agent Michael Kollosche said the sweet spot in the market was larger riverfront homes in the heart of the Gold Coast priced from $8 million to $12 million.
In-demand areas are along Monaco Street at Broadbeach Waters, parts of the Isle of Capri, but also the beachfront at Mermaid Beach.
“Those areas have very few willing sellers,” said Mr Kollosche of Kollosche Prestige Agents.
“The foundations of those markets are a lot stronger, with high net worth individuals regularly paying cash for homes and rarely borrowing against them.”
McGrath Surfers Paradise agent James Ledgwood said there were more buyers than available properties.
“If you break it down there’s only a few positions that can command a price in excess of $8 million,” he said.
“They’re very tightly-held. We’re currently seeing some strong demand which is producing some great results for sellers as buyers are starting to understand that they need to make strong offers to motivate the owners to move on from their prime positions.”
Ray White Prestige Surfers Paradise agent Robert Graham said the ‘rock star’ $8m-plus mansions sold quickly because “everyone wants one”.
Mr Kollosche recently sold Villa Cantarocco, at 255 Monaco St to a Gold Coast buyer despite it not being on the market.
He declined to provide details, saying both seller and buyer wanted the deal kept confidential.
The $11 million price is a record for Monaco St, which ranks with Paradise Waters addresses Commodore Drive and Admiralty Drive as a premier riverfront street.
The seller of the property, Demetrius Focas, set the record when he bought the home from developer Duncan McInnes for $8.5 million in 2010.
The Focas sale, in terms of riverfront deals on the central Gold Coast in the past nine months, matches an $11 million sale by veteran businessman David Baird on Cronin Island but is well short of the $15.5 million Mara Spong was paid for an Isle of Capri house.
The 1078sqm Villa Cantarocco sits on a four-lot 3296sqm site and in the 1970s was believed to be the city’s biggest house.
It has six bedrooms, six bathrooms, a granny flat, a helicopter pad, and lockup parking for six cars.
The new mega-mansion Monaco St properties set to hit the market this weekend offer resort-style living.
Number 75-77 has a dramatic “marble catwalk” surrounded by tiled reflection pools. The four-bedroom home also has a resort-style infinity pool which is flanked by twin dining pavilions.
Just up the street at 201-205, a potential buyer can also enjoy a life of luxury in the three-level waterfront home. It has a sweeping staircase, chandeliers, sport bar, gum, games room and home theatre among its features.
Originally Published: http://www.goldcoastbulletin.com.au/