Remember our tale of the house flip hopefuls over at 58 Cascade Street in Paddington from February? Back then, we factored in that the owners were about $3.288m deep on their acquisition and renovation of the property. The property, which failed to sell with $4m+ expectations last month, has now lowered its asking price to $3.5m. Agents Hamish Robertson and Joe Abboud of McGrath maintain the listing.
Flipping Out: Paddington Edition
Back in 2010, a “blank slate” single storey Paddington terrace sitting high above Cascade Street sold for $2.55m through McGrath’s Ben Collier and James Dack. Fast forward a few months and the Woollahra Council posted a DA application (submitted by Roth Architects) for the addition of a second storey, a water feature, and double garage with a total cost of work of $738k. My calculator puts the owners in at $3.288m thus far. Now we’re in February 2012 and 58 Cascade’s new facade, interior refresh, and second storey have been listed with $4m+ hopes also through McGrath (however Joe Abboud and Hamish Robertson have the listing, not Ben Collier and James Dack…perhaps I sniff drama?!?). With some solid financing in place, I wouldn’t be surprised if the owners flipping out does some good for their pocket book. The result is quite cool; I’m not going to lie.
Upsides: This pocket of three homes sits high above the well-trafficked Cascade Street (thus missing the zooming cars that always seem to be in a rush to get to Paddington Street) and forms its own nice little enclave with a scenic outlook; Five Ways close; double lock up garage a big plus in this parking tight precinct; large bedrooms all with ensuite; beautifully worked floorplan; coolest. water. feature. ever.
Downsides: It would help if it was a bit greener (ie. a tree here or there)
The listing: 58 Cascade Street, Paddington
