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Signboard surprise delivers agent $4.31m sale

By Nick Bendel
11 December 2014 | 1 minute read

Outdoor marketing has paid off for one agent, after a country visitor saw his name and asked him to sell his long-time Sydney home.

The 720 square-metre, five-bedroom Clovelly home (pictured below) was sold at auction last Saturday for $4.31 million after the reserve was set at $3.7 million.

“The vendor was in town and he saw my name on a signboard. He took a photo of the signboard, Googled my name, and looked at my history and experience in the eastern suburbs,” said NG Farah partner Martin Farah.

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“I met him and his wife and built an instant rapport with them. I built their confidence within a one-hour meeting, and he proceeded to give me the verbal go-ahead to start marketing that night.”

Mr Farah told Real Estate Business that the sale was emotional, because the Grafton-based family had owned the block for about 70 years.

“We had discussed the possibility of achieving a great result, but we didn’t expect to get over $4 million,” he said. “Most agents gave opinions of $3 million to $3.5 million. We set the reserve according to the interest – we had 27 contracts out and a huge demand leading up to the auction.”

Mr Farah attributed the high bidding to the property's excellent ocean views and the fact it was set on three titles.

“There was a possibility to have three separate blocks of about 240 square metres each – and there were developers looking at it,” he said.

“It was bought by a home owner. If you’ve got a home owner bidding strongly and a developer bidding strongly and the home owner outbids the developer, you know you’re going to get a maximum result.”

Mr Farah told Real Estate Business that Clovelly’s beach-side location had driven massive growth in real estate prices during the 28 years he had worked the area.

He revealed that he'd written about $200 million of business in 2014 and expected to finalise four sales in the next week with a combined value of about $16.2 million.

His biggest sale this year was a mixed commercial-residential centre in La Perouse that was purchased for $8.2 million by a foreign buyer.

Source: NG Farah

Source: NG Farah

Source: NG Farah

Source: NG Farah

Source: NG Farah

Source: NG Farah

 

Signboard surprise delivers agent $4.31m sale
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