….Absolute Waterfront Properties

We had the pleasure of working with two adorable clients over what was a slightly longer assignment timeline than ‘normal’. We knew a longer process would be the case because their wishlist was quite specific, and the property was particularly rare. They were hoping to find their dreamhome in Patterson Lakes – with absolute water frontage, views across the lake, and to add to the challenge, offering a single-level floorplan.

I knew that the opportunities would be scarce, because Patterson Lakes is home to only a couple of hundred absolute water-frontage properties, and most of these properties have been so highly prized that the proud owners have built second levels to capture majestic lake views.

Still, I took on the assignment with optimism and my clients assured me that they weren’t in a hurry.

Patterson Lakes is an interesting development. The project was launched in 1970 and during this time, an entire community was developed around what the locals term the ‘tidal lakes’ and the three ‘quiet lakes’. The tidal lakes can be entered by boat from the Patterson River, and the tidal gates protect the private ‘beaches’ from high water levels as the high tide occurs. ‘Boaties’ enjoy the novel lifestyle that Patterson Lakes offers it’s beachfront residents. Most properties also own 99 year leaseholds on jetties and pontoons, making an early morning fishing trip or a waterfront trek past the local Christmas lights an everyday option.

We set up the searches, nagged the local agents (I mean – we really nagged them!) Big thanks to the boys at Mitchell Torre for all of their patience.

One Tuesday morning…. “bing”… a new search alert rolled in. This time it was exactly what we were after, and with an agency that was not so prominent in Patterson Lakes. An immediate call and inspection confirmed that it could be the one.

The property was large enough to suit our buyer’s requirements, featured everything in the floorplan that they’d nominated, and was dated enough to realistically be within budget.

We prepared for the auction, knowing all too well that we’d have tough competition. Assessing the value and determining an upper limit was the hard part though. This was a special property – it was to be a home. And knowing that it could have been another six months of waiting… perhaps even more, how could we place a price on the cost of the wait? Our strategy was firm though, and we headed to the Thursday evening twilight auction with as much confidence as we could muster. The crowd spanned past the back veranda and lawn, over the spoon drain and all the way down to the sand. Some 200 people had come to attend the auction and the crowd was buzzing.

The auctioneer’s preamble captured a few chuckles when he claimed that Patterson Lakes was a mere 22km from the city. Perhaps direct in his helicopter. But he had everyone’s attention and did well to muster such a large group. The bidding started with ferocity when the first bidder decided on decibels as his auction tactic. Several other local builders and boating enthusiasts jumped in and the bidding was quickly driven over the low reserve. At least eight bidders had come and gone when I stepped in with my million dollar bid.

Fighting it out with three more saw it to the very end. My lovely buyers were ecstatic and knew that they’d secured themselves a rare title.

Absolute waterfront properties don’t come along every day.

But when they do, we can always anticipate a tough fight at auction.