A house in Fife at the centre of an incredible bidding war eventually sold for £600,000 above the asking price.
The boom sparked by the Covid-19 pandemic has seen a number of properties selling for much more than they would have 18 months ago, as more people adjust to a new life of home working.
However, no one could have predicted the price the “wonderful” Old Bake House would eventually go for.
Set on Earlsferry’s waterfront, the three-bedroom home has direct access to one of Scotland’s most beautiful beaches.
The second-floor dormer window and first-floor balcony, in particular, provide stunning elevated outlooks over one of Fife’s finest stretches of sand.
The original bake house that once supplied the local bakeries was built on the site in the 1850s before being redeveloped as a home in the 1940s.
Offers over £1.1 million were sought for the home, which is around 13 miles from St Andrews.
But when sealed bids were opened last Tuesday, the lowest offer for the three-bedroom property was £1.3m – £200,000 over the asking price.
With 15 notes of interest, it was an offer of £1.7m which was accepted, 55% above the asking price.
Renovation carried out on property
The house had been extended and renovated in a project that was completed last year, with the works spearheaded by architects Robin Hopkins and Gillespie & Scott.
It now boasts a new pantile roof with a new dormer window.
The house was rewired and replumbed throughout, and the balcony has been extended and resurfaced.
Rural properties and those on the coast have been in demand since the end of lockdown, as families seek bigger homes away from towns and cities.
People south of the border who can work remotely are cashing in on their high-value homes and moving to Scotland, it has been reported by property firm Gilson Gray.
Parts of Fife see 26% rise in property prices
As reported in The Courier earlier this month, parts of Fife have seen property prices soar by more than 26% in a year.
Houses in East Fife, which includes towns such as Elie, Anstruther and St Andrews, saw the biggest jump.
Properties there surged 26.1% to £268,017 on average, drastically higher than other parts of the Kingdom.
PROPERTY: Wonderful Earlsferry house has direct beach access and phenomenal sea views