PHOTO: 28 Radar Road, at Hot Water Beach, Thames-Coromandel
A multi-million-dollar clifftop home with sweeping views over the Coromandel is to be sold in a mortgagee sale. This sale comes amid warnings from mortgage brokers that more properties could face forced sales as financial pressures mount and lenders act on defaulted loans.
Data from OneRoof-Valocity reveals a rising trend in mortgagee sales, with 68 recorded in the first four-and-a-half months of 2024, compared to 50 in the same period last year.
One of these mortgagee properties is a designer five-bedroom, six-bathroom home at 28 Radar Road. This property, set on a 14-hectare site overlooking Hot Water Beach, will be auctioned next month. The expansive 600sqm property has an RV of $4.48 million and was last purchased for $1.25 million in 2014, according to OneRoof records.
The overseas owner had borrowed from a private lender to acquire the house, and it appears the lender is now calling in the loan. Harcourts listing agent Adam Fuller described it as “an extraordinary property, one many dream of, but very few will own.” Fuller mentioned that no expense was spared in its construction, highlighting the use of premium materials and outstanding engineering.
Designed by award-winning architect Barry Copeland and built in 2004, the home is surrounded by native bush. Features include a “work of art kitchen” with stone benchtops, an infinity pool, white-washed timber ceilings, eight-car garage, natural timber floors, and multiple outdoor living areas with potential for a helicopter landing pad.
Photos of the property showcase its infinity pool, expansive outdoor spaces, and panoramic views over the tourist hotspot.
The expansive property includes an infinity pool and multiple outdoor living areas. Photo / Supplied
The Barry Copeland-designed home boasts panoramic views over the popular tourist spot. Photo / Supplied
“The elevation ascends you to a very special place with breathtaking ocean views in all directions,” the listing states.
Fuller suggested the property could appeal to a range of buyers, including active retirees, investors interested in running it as a lodge or events venue, or multiple families seeking a large holiday home.
SOURCE: ONEROOF