This Week in House Flips (or Distressed Sales?)

Two multi-million dollar Eastern Suburbs listings emerged on the market this week that led to some raised eyebrows here at Radical Terrace. Both abodes are the result of book-time (2007/2008) speculative apartment redevelopments. First up (pictured above and below) is a full-floor unit in the 7-unit serviced apartment conversion ‘The Grantham’, situated in a tiny cul-de-sac at the tip of Potts Point. The development received significant positive press when it first came to market, but slugged along when it came to the actual sale of the units. Nonetheless, each full-floor apartment commanded a high price, with lower floors achieving $5.5m, mid-floors at $6.25m, and a high floor (presumably the now-listed Unit 7) for $7.25m.

It’s difficult to ascertain what listing agents Jason Boon and Geoff Cox (the original marketers of the block) want for the 3-bedroom apartment, but it’s currently the second most expensive home on the market in Potts Point, second only to the merchant villa ‘Bomera’. The Radical Terrace believes the owners will get around the $7m mark and take a small hit to their pocket books. And considering The Grantham (see above) resembles more of a Brazilian favela than a luxury apartment block, any price is a good one. The listing: 7/1 Grantham St, Potts Point

Heading a few kilometres east to Woollahra, we now check out a former inter-war apartment block on Queen Street that was converted into two townhouses in 2008. Sold “new” in September 2009 for $3.275m after spending quite some time on the market, 166A Queen Street is now listed 3 years later with reduced price hopes in the low-$3ms. The developer (Teh Howell?) initially bought the block of apartments for $3.68m in 2007 before embarking on a $700k renovation which saw the addition of a top-floor master suite and hydraulic lifts for the two units and the loss of any character features. D’Leanne Lewis and Patrick Moxey of Laing+Simmons Double Bay have the listing. Pictured below.