at 18 Shaw Street Petersham on 1,562sqm sold at auction on 26 November 2011 for $2,722,000 (I suspect much to the owners dissatisfaction).
This property was listed in August 2010 for over $3.6m as the owners (the Theodoris family) had purchased it in October 2004 for $2.75m (from the previous owners who purchased it for $1.551m in 1998).
All that the real estate agent involved could say was "The house is in shocking condition and I thought we would get low twos, but to have that intense competition was extraordinary
Whereas in August 2010 when the same real estate agent listed the property for over $3.6m he stated to the newspapers that "At that figure, it’s a very good buy
I know that you can lose money investing in property in Sydney but this is ridiculous, not even purchase price paid 7 years ago never mind the stamp duty however the owners did substantially devalue the property by the destruction of the interior.
The sale included an approved development application to subdivide the block, build 2 other residences and knock down the reception room. Lets hope that doesn't go ahead.
Subdivision Sept 2008.JPG [ 29.38 KiB | Viewed 3059 times ]
The property was a wedding reception venue, Trethaway Gardens
, from 1954 until 2002 and the current owners did the property no favours when they purchased it 7 years ago.
Who repaints the exterior of a property when the interior and roof is in such a shocking state?
Trethaway 2001 and 2011.jpg [ 130.92 KiB | Viewed 3059 times ]
As you can see from the destruction in the far left of the following photo and the base of the archways in the foreground.
Trethaway Aug 2010 Foyer.JPG [ 60.59 KiB | Viewed 3059 times ]