Selling a property whilst living overseas has it’s challenges at the best of times - having a local team helps, especially when a global pandemic hits.
Tower was delighted to recently be asked to manage the sale of a magnificent, century-old, brick Edwardian-style property in Camberwell.
The Estate’s Executor was time-poor and overawed by the process of selling a home full of such treasured family memories. Not only did we help manage the sale, but we also provided much-needed advice on how to maximise the value of the property to achieve the best possible price.
This story began many years ago in a tight knit suburban street in Melbourne’s leafy inner east. Two neighbours became close friends and enjoyed many happy occasions together. But over time, one of them developed dementia. As her family lived overseas and interstate, she turned to her long-time friend and neighbour to be her Power of Attorney and help her through the coming years.
You could be forgiven for feeling sorry for this wonderful family home nestled quietly in a leafy court in Wantirna South. It’s a house that has generated many wonderful memories, but eventually children grow up and parents grow old.
For those regularly browsing through local real estate listings, a 35-year old, two-bedroom Box Hill townhouse wouldn’t usually attract more than a quick glance. It doesn’t often excite real estate agents either.
But every house has its day. And for one particular townhouse, it couldn’t have come at a more important time in the life of the owner who was planning his transition into aged care.
There’s nothing more satisfying than seeing the result of a well-executed plan. And when it’s a plan that provides our client with $284,000…it becomes something extra special.
It’s a familiar story - a family with ageing parents, children living busy lives and the prospect of a great deal of paperwork ahead. But it is rare to find a family with such a strong connection to their community.
And when we first met this family in July this year, we discovered just how deep their roots were.
Last year Kathy and Doug were appointed co-executors of their late aunts will, along with a number of other beneficiaries in their extended family.
Part of the Estate contained a large heritage home in Camberwell which had been in the family since the 1940’s. The house was full of antiques and household goods collected over the years and its large garden was once part of the Open Gardens Scheme.
We were recently engaged by a professional couple needing to sell their property in an eastern suburb of Melbourne. Although they were going through a divorce, the parties were amicable and we were able to work with both sides to achieve the best outcome.
Faced with conflicting advice from local agents, the clients sought our help in deciding which agent to select and what presentation work to undertake on the home.
Recently Tower was asked to help a family sell a charming 1920’s home in a leafy eastern suburb of Melbourne. The owner had lived in the family home since the early 70’s, and had just moved into an Aged Care Facility.
One of the more rewarding sales managed by Tower was for their client ‘Lyndell’, who recently engaged us to manage the sale of her mother’s (Molly’s) property in Blackburn Victoria.
Proceeds from the sale were required to fund Molly’s RAD (Refundable Accommodation Deposit) payable to her Aged Care Provider. A quick sale and settlement were needed by Lyndell and Molly to settle the RAD and to avoid the ongoing cost of a DAP (Daily Accommodation Payment) being charged by the Aged Care Provider.
Tower was recently asked to assist the Power-of-Attorney for a client of an aged care placement agency. They suggested he contact Tower as they felt we could assist with many aspects of the sale.
The owner of this property had been living here for almost 30 years when the time came to move into Aged Care. By the time we met with the vendor, he had already been through the emotional, and often confusing, process of assisting a loved one transition into aged care.
One of the critical factors when making the transition into Aged Care is funding the Refundable Accommodation Deposit (RAD). Often this requires the sale of the family home.
We at Tower recently managed the sale of a unit in Clayton South for just this purpose. Time was of the essence for the owner was already in Aged Care. The Aged Care facility required payment of the RAD asap, and the cost of the Daily Accommodation Payment (DAP) was adding up.
On the 28th July 2018, Tower Property Advisory (Tower) concluded the sale of their client’s property - located in a sought-after golf course themed estate at 43 Greenways Drive Glen Waverley - with an outstanding auction result.
With the client’s reserve set at $1,300,000 and initial reluctance among the 45 attendees at auction, a vendor’s bid of $1,100,000 needed to be placed by the auctioneer to kick off proceedings. From there on, frenzied competition from six bidders ensued, and after a remarkable 191 individual bids, the price was driven all the way to $1,551,000. In golfing terms, the result could only be described as an ‘ace’!
It’s getting harder to sell property at auction – clearance rates are down to around 60% – and the number of unsold properties on the market are starting to climb. Buyers are now in a stronger bargaining position as they have more choice.
Gerry and Rosemary Franklin have made a bittersweet decision that empty-nesters right across the country are faced with each year.
The Canberra couple will move into retirement accommodation later this year and sell the family home where they have lived for almost half a century.
At 83, Mr Franklin is determined that he and his wife, 82, downsize together while they are both fit and well.