41 Binnie Street BRIGHTON EAST

Comments on 41 Binnie Street BRIGHTON EAST

There is no question that this is a home of the highest quality of concept, build and finish. And the thirty people (yes, thirty) that were also there at the mid week open for inspection I attended would have all been thinking the same.

The quality of build is evident everywhere, from the virtually "industrial-strength" windows to the solidity of the floorboards under foot. It's got the name brands in the kitchen and the wet areas all have floor-to-ceiling tiles - all ticks - but there's also the finish quality. When you look closely you notice the crispness of the edges on the plaster, the tightness of the joins on the architraves. It's like a custom-made suit or dress. It gives you a special feeling of belonging to the space you are in. Then there are the clever details like the strip of roof glass on the cabana that makes the difference between a slightly shaded kitchen and a brighter one.

But it's not the tricks that get me involved in this home. These are things that lose their gloss in time. This home is all about the kinds of things that endure over the long term, such as the connections between the space and the people within it, the proportions, the flow and the feelings it evokes.

Perhaps a master bedroom downstairs, rather than than the multiple and very large living spaces to the east, might have given the owner multiple options at early and adolescent child stage. But let the home speak to you first and then decide how important that detail may be.

In terms of location, it is close to schools such as St Leonards, Haileybury and Brighton Secondary, but it's a bit more than a quick walk to the beach and the train.

It's got all a family wants, at a level of inspiration very rare in Bayside - and that is, as far as I know, historically non-existent in East Brighton.

Which may be the issue for all the players vying to win this prize.

This is East Brighton, and you simply don't get the asking price, the Expressions of Interest selling campaign or, for that matter, homes like 41 Binnie in this neck of the woods. You might expect that in Brighton or Toorak, but not Brighton East.

The $3m+ price tag where this is likely to end up, will be a new Everest for Brighton East. That will present issues to some buyers in terms of possible overcapitalisation, and future resale value - given the number now.

So value could be a vexed question on 41 Binnie, and it may well provoke arguments. No "head" advisor will tell you to press the button on 41 Binnie - there simply is no clearcut logical financial answer here. Instead you may need to turn to your emotions and ask them for guidance.

The buyer of this home won't be a price buyer, or someone who makes their decisions based on finances alone - the buyer of this home will have to push past the crowd-thinking, and be one out from the norm - just like the current owner has.

If you are an aspirant, then perhaps some readings on EOI may help you set out a game plan to give you your best chance of getting your results in line with your desires.

Read our two recent Masterclass Articles on Expressions of Interest. These articles came from a number of homes we have bought under Expressions of Interest, including the nearby 38 Cochrane Street a few weeks ago for circa $4m. There could well be some of those underbidders looking at 41 Binnie.

http://marketnews.com.au/2014/02/expressions-of-interest-how-to-deal-in-the-fog/

http://marketnews.com.au/2014/03/following-up-expressions-of-interest-%E2%80%93-the-rowland-st-and-other-eoi-results/