Key Takeaways:
- A luxurious clifftop home in Torbay, Auckland, has been sold to a US buyer for approximately $8.995 million.
- The property, designed by Fearon Hay, features a 25m lap pool, high ceilings, and floor-to-ceiling glass walls with 270-degree sea views.
- The sale involved a significant price drop of almost $6 million and required approval from the Overseas Investment Office.
- The property’s sale was affected by buyer nervousness due to Cyclone Gabrielle’s impact on coastal properties in Auckland.
- The sale allows both the vendor and the purchaser to move forward with their plans, with the sellers embarking on overseas plans and the buyer making New Zealand their home.
Introduction to the Property
The clifftop home, located on Cliff Road in Torbay, Auckland, is an architectural masterpiece that has finally found a new owner after a prolonged period on the market. The property, which was designed by renowned architects Fearon Hay, boasts a striking four-bedroom design centered around a 25m lap pool. With its sleek and modern aesthetic, the home features high ceilings, floor-to-ceiling glass walls, and expansive 270-degree views of the sea. The property’s interior is equally impressive, with a recently refurbished kitchen that includes a new marble island counter, cabinets by Poggenpohl, and American appliances.
The Sales Process
The property was initially listed on the international market in March 2024 with an asking price of $14.75 million. However, due to buyer nervousness and concerns surrounding cliff-top properties in the wake of Cyclone Gabrielle, the price was gradually reduced. New Zealand Sotheby’s International Realty agent Natalie Newton, who brokered the deal, noted that "process, timing, and persistence" were essential in securing the sale. The buyer, who had first expressed interest in the property a year ago, ultimately purchased it for close to $8.995 million. The sales process involved working with the Overseas Investment Office to obtain approval and conducting thorough due diligence.
Challenges and Concerns
The sale of the property was not without its challenges. Cyclone Gabrielle’s devastating impact on Auckland’s coastal properties had created a sense of unease among potential buyers. Newton acknowledged that the property itself was geotechnically sound and had suffered no slippages, but the wider concerns surrounding coastal properties had affected buyer confidence. The council’s and insurance companies’ reactions to the cyclone also had a significant impact on the sales process. As Newton noted, "It’s always going to be affected by what we saw across Auckland from that once-in-a-100-years episode, and how the council and the insurance companies reacted to it had a very, very big effect on buyers."
A Successful Outcome
Despite the challenges, the sale of the property has ultimately been a success for both parties involved. The vendor, who had been waiting almost two years to embark on their overseas plans, can now move forward with their journey. The buyer, who is making New Zealand their home, has acquired a stunning property that offers unparalleled views and luxurious living. As Newton observed, "Both sides are incredibly happy. Both can get on with their journey – one is starting their life in New Zealand, and one can go overseas, which is what they were trying to accomplish." The sale of this exceptional property serves as a testament to the enduring appeal of New Zealand’s luxury real estate market.
