John McGrath sells Duffys Forest weekender at a loss
Estate agent John McGrath has sold his seven-bedroom Duffys Forest retreat for about $4.05 million. He paid $4.7 million for it when he bought it in April last year, before undertaking some renovations. Its sale represented a 13% drop on last sale price.
McGrath had bought it intending to use it as a weekend getaway but changed tack after the premium penthouse above his then Walsh Bay apartment went on the market.
In January McGrath sold his redundant Walsh Bay apartment on Sydney Harbour for $5.5 million, falling slightly short of its $5.95 million purchase price in 2009.
In the meantime McGrath upgraded to a pricier $6.95 million Walsh Bay apartment, his third upgrade within the landmark complex, taking the opportunity of very subdued pricing at the pointy end of the property market.
The Duffys Forest property took 14 months to sell before its purchase by McGrath in April last year, having been listed with $6 million hopes in February 2010.
It was listed last June after its renovations with $5.5 million hopes by McGrath through McGrath Frenchs Forest and then from February with $4.4 million-plus hopes in conjunction with WE Jamieson Forestville after its incorporation into the McGrath network.
The new McGrath office is the group’s seventh in the Northern Beaches, having opened its first office in Manly in 2003. It will service the suburbs of Forestville, Frenchs Forest, Killarney Heights, Belrose and Davidson.
