Ties that bind… the living area. Vendors Corinne Smith and Amara Jarrat.
Renters from a new residential development in Erskineville became owners on Saturday, splashing $758,000 on a two-bedroom apartment.
The top-level apartment 3417 on 2/Nassau Lane had many features to offer, but the most valuable asset was something money can’t buy; the community feeling.
It was therefore no surprise for vendors Corinne Smith and Amara Jarrat when the winning bidder turned out to be their neighbour.
While the new owner wanted to remain anonymous, he had competition from two other renting parties of the block.
”You get a sense of friendship and community here that stays with you even when you move out,” Ms Smith said.
Although the development is only three years old, residents in the ”Motto 2” building have developed close ties.
”I think we bonded so well, because we all moved in at the same time in 2009. That night most of us went to a nearby pub and we have been on good terms ever since,” Ms Jarrat said.
The building has a large outdoor pool, a landscaped garden, and there’s plenty of space for visitors parking.
Designed by award-winning architects Allen Jack+Cottier, the building seems to have the right mix of public and private amenities.
The unit is split over two levels, with the master bedroom with an ensuite bathroom, a 33 square metre entertainer’s terrace and the entrance upstairs on level four. The large south-facing terrace is tiled and partly covered.
Downstairs is the main living area with an open-plan kitchen, a second bathroom with bath tub and two balconies adjacent to the large living and dining room with city views and the second bedroom.
The property has 129 square metres of combined indoor and outdoor living space, single security parking and a handy nine-square-metre storage space.
Real estate agent Ercan Ersan recorded 92 inspections in the past four weeks and issued 16 contracts, with six registered bidders present at the auction.
Progressing in increments of $20,000 to $30,000, the auction was driven by four active bidders, three of them residents of the building.
After the reserve price of $725,000 was met, increments were reduced to $5000 and further reduced to $2000 and $1000 before the hammer fell at $758,000.
The vendors are moving to Earlwood, where they have purchased a house with plans to start a family. They had paid $695,000 in 2009.
The original release of this article first appeared on the website of Shanghai Night Net.