Sydney’s New Home Listings Drop
The NSW capital’s market has seen a rapid decline due to COVID.
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The number of new home listings has dropped by nearly 20% in July. The sharp dip comes as vendors put plans to sell on hold amid surging COVID case numbers.
The data, from SQM Research, shows home listings under 30 days have plummeted the most in areas where harder restrictions were imposed. However, sellers in other parts of the city have also retreated from the market.
Parramatta saw the total listings fall 33.4%, Liverpool 30.7%, Canterbury Bankstown 29% and 21.8% in western Sydney.
By comparison, areas such as the upper north shore saw listings down 26%, eastern suburbs 23% and inner west 22.6%.
Other state capitals across Australia saw mixed results with Brisbane – which went into lockdown last Saturday – growing 2.6% over the month.
Elsewhere, Darwin posted a 41.4% drop in new listings while Adelaide fell 7.2% and Perth 4.2%.
More positively, Melbourne saw new listings up 9.3% alongside Canberra’s 11.4% rise and a 27.6% uptick in Hobart.
Year to date, total listings have declined 23.6% nationwide – Hobart the most affected with 36.7%.
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The 25-room mansion was built for an heiress and later belonged to a socialite and architect on the Empire State Building.
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A 110-year-old Colorado estate that has hosted Frank Sinatra and Lyndon B. Johnson just slashed $10 million off its price tag.
The 12,000-square-foot manor house—with 25 rooms—and its five accessory dwelling in the alpines of Evergreen was relisted on Friday asking $16.8 million, down from its initial $26.8 million price in 2023.
The sellers, Richard and Pamela Bard, who paid $1.3 million for the “legacy property” named Greystone Estate in 1992, have shopped it around on and off for the past 20 years, according to agent Jessica Northrop at Compass Real Estate.
Richard Bard, CEO of his own private equity firm, has “hosted many corporate events and retreats where important business is discussed but they are also able to relax,” Northrop said. “Greystone has a special way of making people feel at ease.”
Bard said “it’s not a casual effort” to sell. He said it’s difficult to find a buyer with the facilities to “take care of it.”
The Bards intend to move closer to their children in Denver.
Before the Bards, Greystone Estate had several eras—as a summer house, a guest ranch and a business base—since it was built in 1915 by Genevieve Phipps, an industrialist’s daughter.
Phipps, who spent her inheritance on the land, built the 54-acre summer escape with the “elegance and feel of a fine Adirondack mansion combined with a mountain rustic style,” according to an online record of the estate’s history.
Its heyday, arguably in the 1940s to 1980s, saw Sinatra, Johnson and Groucho Marx come through its doors, when its owner William Sandifer, a socialite and one the Empire State Building’s architects, operated a guest ranch out of the place.
The Bards, who used a carriage house on the property as their company headquarters, completed Greystone’s full modernization in 1997. They also opened up the living and dining areas to receive more light, raised the ceiling on the upper level and combined several rooms to create a primary suite.
They replaced an outdoor pavilion and its helipad with something more suitable for their daughter’s wedding in 2001, according to Northrop.
The main 25-room manor includes a wine cellar, bar, gym and library.
The additional structures, which include a cottage, a log cabin, a pool house, a carriage house and a pavilion and guest house, surround the pool area and overlook acres of aspen groves and mountains.
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