Where $5.8 million wasn’t enough to buy a knockdown

103 Jefferson Lane, Palm Beach, passed in at auction for $5.8 million.

A weatherboard beach house at 103 Jefferson Lane will remain standing a little longer after the property passed in at auction last week.
Despite similar blocks along the prestigious lane recently selling for about $5 million, this wasn’t enough to satisfy the seller of No. 103, with the house passing in at a final bid of $5.8 million.

103 Jefferson Lane is metres from the sands of Palm Beach.

There were eight registered parties vying for the home and while none were willing to push to beyond $6 million on the day, selling agent Dan Donovan of Ray White said negotiations between interested parties and the seller were continuing.
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The three-bedroom property, which has polished timber floors and backs directly on to the sand at Palm Beach, has the potential to be transformed into a a chic beach home or knocked down to make way for Jefferson Lane’s next mega mansion.

259 Jefferson Lane, Palm Beach, sold last week for $4.975 million.

There are still up to 20 original cottages standing along the sought-after beachfront strip, but this could rapidly change if the strength in the market continues, with two similar properties changing hands along the lane in the past month.
Kollosche agent Troy Dowker was behind one of the sales – 259 Jefferson Lane.
The two-bedroom 1950’s beach home on a 429sq m block sold after ten weeks for $4.975 million to a local buyer.
Mr Dowker said the majority of interest in the property, which received five written offers, came from the Gold Coast and Brisbane, but there was also a strong contingent from interstate.

99 Jefferson Lane, Palm Beach, also sold recently for what is rumoured to be a deal for $5.2 million.

“There is definitely some strong interest from buyers in the southern states looking to deploy capital in what is, comparatively, a value for money beachfront location on the Gold Coast,” he said.
The third sale of the month, for No. 99 Jefferson Lane, was facilitated by Scott Wagner and Sean Lewis of Scott Wagner Beachfront Brokers.
Mr Wagner said the property sold two days after the close of expressions of interest on July 28, but he refused to disclose the sale price.

The cottage had been in the same family for 83 years.

However, other industry sources report the deal was done for $5.2 million.
Configured as two, two-bedroom flats on a 575sq m lot, the property had been tightly held by the same family for 83 years.
Despite a flurry of original properties changing hands on the Gold Coast, Mr Wagner said it was possible we would start to see more people choosing to renovate rather than knock down the buildings in a wave of nostalgia.
“The dream of the beachfront shack is still alive and if you can see the ocean from the kitchen table, you might find more people will live in these homes as they are for longer before demolishing them,” he said.

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