The cute Hyams Beach whaler’s cottage with ocean views that had a sudden $1m price drop has sold to a Sydney “cash buyer” after a bidding war.
Interior designer Victoria Lillrud originally had hopes of $2.35m-$2.45m with Ray White’s Julie Gauci but yesterday News Corp broke the news that the guide for 57 Cyrus St had dropped to $1.45m after 60 days on the market with no buyer.
Gauci, who was on her way around to the vendor’s home with a bottle of Champagne on Friday evening, revealed that the unique property had just exchanged for $1.585m to a single man from Balmain.
The cashed-up purchaser, who sells antique cars for a living, fell in love with the stylishly renovated cottage with a view over Jervis Bay to Point Perpendicular and had been engaged in a bidding war with a couple from the Southern Highlands.
“It was tit for tat, with the offers coming in one after the other,” says Gauci of the Thursday night negotiations.
“He hadn’t been to Hyams Beach for a decade, but now intends to use the property as a weekender.”
Lillrud was keen for a quick sale. “The vendor just wants it sold, she’s off to Spain,” Gauci had said for the earlier story.
The interior designer had bought the circa 1926 original cottage last February for $1.25m, before giving it a luxury refit and extension costing more than $350k.
Then having decided to move to Spain, Lillrud put it on the market with lofty price hopes, before dropping the price last week intending an August 18 auction.
But when the offers started to come in, she decided to take the money and run.
This writer attended last Saturday’s open on the south coast and it was hard not to be impressed by the quality of the fit-out, let alone the view from the entertainment terrace.
The cottage has just one bedroom, which opens to the terrace, though there is also a loft sleeping area accessed by a ladder.
Along with the high-end finishes such as herringbone timber floors throughout, Lillrud added two bio-ethanol fireplaces, a beautifully appointed bathroom, plenty of storage and it’s also full of light thanks to six skylights.
It also comes fully furnished, with an exclusive collection of curated artwork thrown in.
As Gauci says, “it’s the perfect Hyams Beach weekender for a couple”, and the listing claims its current holiday earnings as a short-term rental are $70k-$85k per year.
The Cyrus St property was originally built by Francis Langridge who walked from Melbourne with his family looking for work, and it’s one of just two historic whalers cottages on the street.
Like many coastal areas, properties have been languishing on the market for months—in one case years—at Hyams Beach.
A newly built three-bedroom luxury duplex at 48b Tulip St was first offered to the market at $3m in 2021. It remains unsold with different agents and now has a $2.8m price guide.
TV presenter Sam Armytage had her Hyams Beach cottage on the market with a $3.2m guide in 2023 before accepting $2.75m in March.
Note: The writer has owned a property at Hyams Beach for a decade.
This article was originally published on realestate.com.au. Discover more stories. Read the latest property news at REA Group.
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