Sold! Downsizers snap up 20 luxury apartments in two hours, smashing Mosman property records.

By ANNA USHER

A luxury Mosman development has sold out in two hours, with a stampede of cashed-up downsizers rushing to purchase off-the-plan apartments at eye-watering prices.

Helm Properties Managing Director Mark Monk told Mosman Collective a “frenzy” of over 50’s local buyers scooped up 20 residences in the new “Reverie” complex when the sales suite opened at 8 am on Saturday.

By 10 am, not a single apartment was left at the Myahgah Rd address.

“There were extraordinary scenes with many people desperate to buy into the development,” Mr Monk said.

“Over the past two weeks, we’ve had 280 local families through the display suite and on Saturday, we were quite literally run off our feet.

“We could have sold the development three times over, which shows just how desperate downsizers are to find top-quality apartments.”

Mr Monk said all but one of the “Reverie” buyers lived within a two-kilometre radius of Mosman.

It’s believed the prestige development broke the non-waterfront record in Mosman more than ten times in one day.

“We are gobsmacked, that’s for sure,” Mr Monk said.

“There has not been a sold-out residential project in Sydney for the past seven years, so Helm is thrilled at the result.

“It proves that there is an extreme shortage of downsizer homes in Mosman village, which explains the stampede for the apartments.”

The 215 sqm penthouse in “Reverie” smashed local records, fetching north of $15 million, with three locals fighting over the residence.

“The price was driven up because the three parties were desperate to live in the village, within walking distance to everything,” Mr Monk said.

“It will overlook Allan Border Oval, with three bedrooms, three bathrooms, a powder room and a study, a six-car garage and a wine cellar.

Twelve remaining three-bedroom apartments facing Myahgah Rd fetched between $7.5 million and $10.5 million.

Mr Monk said the two-bedroom Vista St frontages sold for over $4 million each, with a three-bedder achieving “in the low five millions”.

The estimated price before the sell-off was quoted from $3.6 million for a two-bedroom and $6.5 million for a three-bedroom apartment.

A modern blend of rich textured timbers, tactile stonework, soft curves, and coffered ceilings of up to 3.15m, the Reverie homes each feature spacious alfresco zones for outdoor entertaining.

The designer kitchens are both stylish and functional with five-star finishes such as marble surfaces, timber veneer joinery, Zip water systems, fully integrated Sub-Zero refrigerators, Wolf appliances including a 760mm wide pyrolytic self-cleaning oven and a combi microwave oven plus large pantries.

“Our buyers are all over 50, with many over 70 years of age,” Mr Monk said, “and they have no intention of moving into a retirement home.”

“Lower north shore residents in this age bracket are active, fit, intelligent and social people who just don’t want their huge home any more.

“They don’t want to mow lawns and clean pools and be burdened with the upkeep of a massive house.”

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