Near-finished mansion hits market as mortgagee sale

207 Sunshine Blvd, Mermaid Waters A newly built mansion has collapsed within sight of the finish line, hitting the market as a rare mortgagee-in-possession sale exposing the heartbreaking toll of soaring holding costs. The six-bedroom, four-bathroom home at 207 Sunshine Blvd, Mermaid Waters, is 80 per cent complete but has been abandoned before the final fixtures could even be installed. Now in the hands of the banks, the forced sale serves as a brutal cautionary tale as a multimillion-dollar renovation frenzy sweeps southeast Queensland. The unfinished 288sq m home on a 613sq m block is marketed by Matt Conduit and Dean Muldoon of LJ Hooker Broadbeach via an expressions of interest campaign closing October 8. “A rare opportunity has emerged to secure this substantial brand-new residence in highly sought-after Mermaid Waters,” the listing states. The property was near completion when it was seized by the banks The agents note the property presents an “exceptional opportunity for builders, investors or owner-occupiers looking to complete an outstanding residence and capitalise in one of the Gold Coast’s most desirable residential locations”. Records show the owners paid $1,241,500 f...