55-year-old 'cottage’ sells for more than $3m
AN old but revitalised beach cottage in Palm Beach's most expensive street, Jefferson Lane, has sold for more than $3 million within 24 hours of being put on the market.
The 1960s two-bedroom home was listed for sale on Sunday at $3.295 million.
It sold the next day to an Australian family relocating from New York for $3.125 million.
The quick deal comes on the heels of billionaire Clive Palmer snapping up a new home in the street for $3.9 million before a scheduled auction.
The cottage that sold on Monday, at 265 Jefferson Lane, is one of a cluster of cottages built in the 1960s at the northern end of the beachfront street.
The cottage, on a 418sqm site with a 10-metre beach frontage, first changed hands for $30,365 in 1974.
The seller this time around, Donna O'Brien, bought the home, a stroll from the Tallebudgera estuary, for $2.675 million in 2004.
Multi-million dollar sales have become commonplace in Jefferson Lane over the past two decades.
The buy by major residential investor Mr Palmer, who also owns a $12 million beachfront home at Mermaid Beach, was earlier this month and involved an RSL prize property at 165 Jefferson Lane.
Tony Velissariou, of the Kollosche prestige agency, yesterday said the buyers of the O'Brien cottage, who were on the agency's data base, intended refreshing the property and making it a family home.
"They are very active people and love the beach and surfing.
"There are no plans to redevelop the site, which has a medium-density zoning."
Mr Velissariou said Jefferson Lane continued to be a drawcard for buyers wanting a relaxed almost village-like lifestyle by the beach.
"Many of the properties along the street have been redeveloped and the number that remain, and offer that potential, is dwindling."
Originally published as 55-year-old 'cottage' sells for more than $3m