7/56 Darling st south yarra sold for 63% above reserve

[Bigtone]

What happened here? There must be a story behind this.

Reserve $720k sold for $1,180,000,

2 bed art deco, comparable sales low to mid $700's

http://www.domain.com.au/Property/For-Sale/Apartment-Unit-Flat/VIC/South-Yarra/?adid=2010771830

The market is hot but this is out of the box, what was involved?

*Ego
*Family conflict
* divorce
* millions hidden in the walls
* one owner nearly owns them all, wants the last ones at any price.

Please provide the answer

 

[Truly Exotic]

*Ego
*Family conflict
* divorce
* millions hidden in the walls
* one owner nearly owns them all, wants the last ones at any price.

Please provide the answer

none of the above, nothing sinister

its just a hot market, in a blue chip area, not on chapel st, not only that there were very few comparable sales, and the fact that its 160sqm makes it very unique and people were willing to pay extra for it

 

[S.T]

Pretty crazy, I think the building has architectural significance.

http://www.theage.com.au/business/118million-for-south-yarra-art-deco-flat-20131110-2x9vp.html

 

[willair]

Please provide the answer

Bet the agents happy,depends on the revenue they may see that no one else has looked into rather then the quality of the buyers decisions on the day..

 

[depreciator]

Melbourne really does have some amazing flats of that era. What a fantastic property it is - I would love to live there. Surely it's just a case of the agent misjudging the market completely.