- An architectural masterpiece in Torbay sold to a US buyer for close to $8.995 million.
- The 550sqm home, designed by Fearon Hay, faced price drops due to buyer nervousness.
- The sale involved Overseas Investment Office approval and addressed concerns from Cyclone Gabrielle's impact.
An architectural masterpiece has finally found a new owner after an almost $6 million price drop and more than a year and a half of searching.
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The "X-factor" home on Cliff Road, in Auckland's Torbay, was snapped up by a US buyer for close to $8.995m this month.
New Zealand Sotheby’s International Realty agent Natalie Newton, who brokered the deal, said “process, timing and persistence” had been needed to get the sale over the line.
The 550sqm house, which was designed by star architects Fearon Hay and sits on a 3850sqm oceanfront site, first hit the international market in March 2024 with an asking price of US$9,104,938 (NZ$14.75 million).
The striking four-bedroom home was designed around the 25m lap pool. Photo / Supplied
The main living area has over 5m high glass walls giving 270-degree views of the sea. Photo / Supplied
Newton took in June that year and said there was a certain amount of buyer nervousness around cliff-top properties in the wake of Cyclone Gabrielle.
After several price drops, the property was sold for near its final asking price of $8.995m. Her buyer "had first enquired a year ago”.
The sales process involved working with the Overseas Investment Office for approval and a fair amount of due diligence work.
Newton said the property itself was solid, geotechnically sound, and had suffered no slippages, but wider concerns around coastal and clifftop properties after the devastating storms that hit Auckland in early 2023 had made selling the property challenging.
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“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. So it took time to find the right match and the right buyer.”
Negotiation was required by both parties to reach the eventual sale price.
“We say sometimes there’s a grumpy price where both are happy – the buyer’s grumpy but happy enough with the number and the vendor is grumpy but happy enough that he can get on with his what next, and that’s kind of where we got to.”
The kitchen, which was recently refurbished, features a new marble island counter five metres long, cabinets by Poggenpohl and American appliances. Photo / Supplied
The bathroom of the principal bedroom has views across the lawn to the sea. Photo / Supplied
The sale also gave both the vendor and the purchaser the chance to move on with their lives, with the sellers waiting almost two years to embark on their overseas plans and the buyer now planning to make New Zealand home.
“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 property had a 25m lap pool, a five-metre-long kitchen island, high ceilings and floor-to-ceiling glass to make the most of the sea views.
The home was completed in the early 2000s after an 18-month build process and had undergone a full makeover before hitting the market in 2024.
“The home is spectacular – what a home to sell,” Newton said.
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